Chart usGOLD   Chart usSILVER  
 
Food for thought
The government is the only agency that can take a valuable commodity like paper, slap some ink on it, and make it totally worthless.
Ludwig von Mises  
Search for :
LATEST NEWS  :
MINING STOCKS  :
Subscribe
Write Us
Add to Google
Search on Ebay :
PRECIOUS METALS (US $)
Gold 1232.76-0.44
Silver 18.660.00
Platinum 1359.501.75
Palladium 831.00-0.50
WORLD MARKETS
DOWJONES 17024-3
NASDAQ 4510-9
NIKKEI 15912-37
ASX 5446-29
CAC 40 4399-30
DAX 9607-52
HUI 218-2
XAU 91-1
CURRENCIES (€)
AUS $ 1.4332
CAN $ 1.4267
US $ 1.2936
GBP (£) 0.7976
Sw Fr 1.2089
YEN 138.6460
CURRENCIES ($)
AUS $ 1.1081
CAN $ 1.1029
Euro 0.7731
GBP (£) 0.6166
Sw Fr 0.9346
YEN 107.1820
RATIOS & INDEXES
Gold / Silver66.06
Gold / Oil13.14
Dowjones / Gold13.81
COMMODITIES
Copper 3.100.01
WTI Oil 93.810.89
Nat. Gas 3.90-0.03
Market Indices
Metal Prices
RSS
Precious Metals
Graph Generator
Statistics by Country
Statistics by Metals
Advertise on 24hGold
Projects on Google Earth
Gold and Silver Market morning, December 20, 2012
Published : December 20th, 2012
518 words - Reading time : 1 - 2 minutes
( 1 vote, 5/5 ) Print article
 
    Comments    
Tweet

 

 

 

 

Gold Today –New York closed at $1,669.3 down nearly $30 in two days. This morning there was no rush to support the price or turn it around. It slipped slightly as the euro continued to strengthen to $1,667.00 where it Fixed this morning, In the euro it was Fixed at €1,259.254 down €30 on two days ago, while the euro was slightly stronger at €1: $1.3238. Ahead of New York’s opening, gold was $1,670.40 and in the euro at €1,259.97.

 

Silver Today – Silver closed lower at $31.1 the lowest it has been for some time in New York yesterday. It opened in London a similar level and traded there at $31.13. Ahead of New York’s opening silver stood at $31.23.

 

Gold (very short-term)

 

Gold is expected to look for support at these or lower levels, in New York today.

 

Silver (very short-term)

 

Silver is expected to look for support at these or lower levels, in New York today.

 

Price Drivers

 

Gold & Silver – While equity markets are determined to take a positive view of the ‘Fiscal Cliff’ talks the realities are that politicians are taking this game of ‘chicken’ right to the brink of the precipice. Republicans are aware that if they accept Tax hikes they will lose voter support while Obama in his second and last term has little to lose by sticking to his position. So while most observers realize the need for politicians to go to the brink for the sake of votes, they all believe some compromise will be the result. It reminds us of a long-bowman pulling the string of his bow to breaking point before releasing the arrow. Markets believe that the ‘relief rally’ will impact gold and silver negatively and are discounting it. But if politicians fall over the ‘cliff’ gold and silver might turn out to be the arrow? What is a fact of recent history is that gold and silver are approaching huge support in the lower $1,600 area. [Subscribe to our newsletters at www.GoldForecaster.com and www.SilverForecaster.com].

 

What has become very clear is that Asian demand is not so price sensitive as to rush in on lower prices, as we are seeing now. Asian demand relates itself to Asian situations. Lower Rupee prices do precipitate some buying but must first soak up Indian supplies. Chinese demand relates to disposable income availability. These must work through over time and don’t rush in and out as speculators are able to do.

 

Central Bank demand looks for volume not prices. While we believe that all these aspects of demand are active they are not instantly price sensitive. This allows for the price action we are seeing now. The volatility present in the market is momentum driven and follows the Technical picture.

 

As the festive season is almost on us, jewelry demand has slowed as manufacturing for this season has finished.

 

Silver – Silver is sitting on strong support now.

 

Regards,

 

Julian D.W. Phillips for the Gold & Silver Forecasters

 

Global Gold Price (1 ounce)

Today

3 days ago

Franc

Sf1,568.37

Sf1,583.02

US

$1,692.15

$1,702.50

EU

1,295.08

€1,301.01

India

Rs.91,613.85

Rs.92,959.11


 

 

Data and Statistics for these countries : India | All
Gold and Silver Prices for these countries : India | All
Tweet
Rate :Average note :5 (1 vote)View Top rated
Previous article by
Gold Forecaster
All articles by
Gold Forecaster
Next article by
Gold Forecaster
Receive by mail the latest articles by this author  
Latest comment posted for this article
Be the first to comment
Add your comment
TOP ARTICLES
MOST READ
TOP RATED
MOST COMMENTED
Editor's picks
RSS feed24hGold Mobile
Gold Data CenterGold & Silver Converter
Gold coins on eBaySilver coins on eBay
Technical AnalysisFundamental Analysis
Most recent articles by Gold Forecaster
1/16/2013
1/14/2013
1/7/2013
12/20/2012
12/18/2012
All Articles
Comment this article
You must be logged in to comment an article8000 characters max.
 
Sign in
User : Password : Login
Sign In Forgot password?
 
Receive 24hGold's Daily Market Briefing in your inbox. Go here to subscribe or unsubscribe.
Disclaimer