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Gold Today -The New York gold price closed Monday at $1.078.50.In Asia it held there but in London it broke higher to see the LBMA price set at $1,083.85 up from yesterday's $1,078.00 with the dollar index higher at 99.42 up from 98.94 yesterday. The euro was at $1.0741 down from $1.0902 against the dollar. The gold price in the euro was set at ?1,009.03 up from ?1,001.86 as the euro continued weakening.Ahead of New York's opening, the gold price was trading at $1,086.25 and in the euro at ?1,011.08. Silver Today -The silver price in New York closed at $13.99 up 13 cents. Ahead of New York's opening the silver price stood at $14.00. Gold (very short-term)The gold price will be stronger in New York today. Silver (very short-term) The silver price will be stronger in New York today. Price Drivers Please note that gold continues to rise with the dollar as the euro's fall is heavy again! We continue to watch the Dollar Index and euro support at $1.07. It could slip to $1.05 which remains support as does $1.07. The gold price has, at last broken through overhead resistance! This has been well over a year in coming. What is dramatic is that it has broken its relationship with the dollar and the euro and is rising as the dollar rises. This signifies that the monetary world perceives more is happening than a weakening euro and a falling/strengthening dollar. Something in the structure of the monetary system is in the process of breaking down. The next few weeks should clarify what. The global sell-off in equities is contributing as is the exit of capital from emerging markets. The fall in the oil price too is pointing to the growing dangers of deflation. We see considerable doubts about the recovery and general global financial markets across the world contributing to what is happening there today. Yesterday saw no sales from the SPDR gold ETF but saw a sale of 0.03 of a tonne from the Gold Trust. The holdings of the SPDR gold ETF are now at 642.368 tonnes and at 152.55 tonnes in the Gold Trust. Demand for gold in the U.S. via the gold ETFs is overwhelming the supply. This is not sufficient to affect the gold price either way. More inwww.goldForecaster.com [To find protection from confiscation: www.Stockbridgemgmt.com ] We see the climate for gold and silver changing from winter to summer right now. Silver- The silver price is moving up with gold now. - Subscribe www.SilverForecaster.com Regards, Global Gold Price (1 ounce) | | Today | Yesterday | Franc | Sf1,095.86 | Sf1,070.89 | US | $1,086.25 | $1,072.55 | EU | ?1,011.08 | ?983.81 | India | Rs.72,602.23 | Rs. 71,315.76 | China | Y 7,120.04 | Y 7,010.24 |
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