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Gold Today -The New York gold price closed Monday at $1.075.00.In Asia and London, prices rebounded to $1,077.00 with the dollar index higher at 98.94 up from 98.41 yesterday. The LBMA gold price setting was set at $1,078.00 up from $1,072.70. The euro was at $1.0902 down from $1.0922 against the dollar. The gold price in the euro was set at ?1,001.86 up from ?983.95 as the euro weakened.Ahead of New York's opening, the gold price was trading at $1,078.50 and in the euro at ?1,002.46. Silver Today -The silver price in New York closed at $13.86 up 5 cents. Ahead of New York's opening the silver price stood at $13.97. Gold (very short-term)The gold price will consolidate in New York today. Silver (very short-term) The silver price will consolidate in New York today. Price Drivers Please note that gold is rising with the dollar and as the euro's fall is heavy! We continue to watch the Dollar Index and euro support at $1.07. We expect gold to continue chipping away at overhead resistance at $1,080 today. The last week has seen sales of 1.91 tonnes from the SPDR gold ETF and a sale of 0.63 of a tonne from the Gold Trust. The holdings of the SPDR gold ETF are now at 642.368 tonnes and at 152.58 tonnes in the Gold Trust. These sales appeared to be from stale bulls, believing the gold price won't break through resistance. The dramatic falls of global equity markets at the start of this year has been expected for some time. After all, in a rising interest rate environment and the prospect of a slowing recovery in the U.S. and elsewhere which may even lead to a recession later in the year, one has to ask the question, "Why hold equities?" Each day one reviews, "Is more profit left in the market? Will dividend cash flow warrant the continued holding of equities?" If the answer is no to these questions then alternative investments should be sought for a portfolio to continue growing. We expect further equity market falls and for the U.S. Investor to review where he should be holding his wealth. But the falls in the equity market and soon the bond markets, are not simply a question of profit taking, but imply a deeper malaise in global markets. More inwww.goldForecaster.com [To find protection from confiscation: www.Stockbridgemgmt.com ] When governments rescue equity markets as in China, they only postpone future falls and provide a good exit price for investors. With the 6-month ban on selling the equity market in China coming to an end on the 8th January fears are that the falls will continue. In such a climate the prospects for gold [close to or at its bottom] are good. Silver- The silver price is marking time until gold breaks through $1,080 or turns down today. - Subscribe www.SilverForecaster.com Regards, Global Gold Price (1 ounce) | | Today | Yesterday | Franc | Sf1,089.18 | Sf1,070.89 | US | $1,078.50 | $1,072.55 | EU | ?1,002.46 | ?983.81 | India | Rs.71,818.93 | Rs. 71,315.76 | China | Y 7,030.31 | Y 7,010.24 |
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