Close X Cookies are necessary for the proper functioning of 24hGold.com. By continuing your navigation on our website, you are accepting the use of cookies.
To learn more about cookies ...
EnglishFrench
Gold & Silver Prices in

Gold and Silver Market morning, November 06, 2012

IMG Auteur
 
Published : November 06th, 2012
409 words - Reading time : 1 - 1 minutes
( 0 vote, 0/5 )
Print article
  Article Comments Comment this article Rating All Articles  
0
Send
0
comment
Our Newsletter...
Category : GoldWire

 

 

 

 

Gold Today –New York closed at $1,684.10 down nearly $37.00. This morning, Asia and London dealers lifted it back over $1,690 before it rose to Fix at $1,691.75 and in the euro at €1,321.576 while the euro was much lower at €1: $1.228.04. Ahead of New York’s opening gold stood at $1,693.25 and in the euro at €1,322.44.


Silver Today – Silver closed higher at $31.15 down $1.10 in New York yesterday. It then rose to $31.42 in London, just ahead of New York’s opening.


Gold (very short-term)



Gold will consolidate with a weaker bias, in New York today.


Silver (very short-term)


Silver will consolidate with a weaker bias, in New York today.


Price Drivers


Gold & Silver – Greece has reached the end of its economic tether. The country is in deep recession, capital fled the country some time ago and there are no prospects for an economic revival, while its national debts continue to grow. It needs another bailout just to survive. There is little prospect of Greece being able to repay any new debt in the future. The result for gold and silver has been that the euro tumbled 2% from its high taking them with it down against the U.S. dollar. In the euro the fall was modest.


We expect the euro to remain both volatile and sensitive to day-to-day news from Greece. In the end the Eurozone may well see ant new debt to Greece quickly become toxic and potentially drag down the euro still further. The Eurozone debt crisis is here to stay. What is currently dangerous is that Greece needs to have more bailout funds by 12th November. The potential for a financial accident in making the payout is very high. The markets will easily be spooked by any missteps that may happen.


Only the change of focus from the Presidential elections to the political gridlock in the U.S. can soften the impact of more drama in Europe. The most important change in the debt crises on both sides of the Atlantic is that the situation is moving to an irreversible status. [To follow our weekly commentary, please subscribe to our newsletters at www.GoldForecaster.com and www.SilverForecaster.com]


Silver – Silver is proving far more volatile than gold. Volatility may worsen both ways!


Regards,


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


Global Gold Price (1 ounce)

Today

3 days ago

Franc

Sf1,603.74

Sf1,596.84

US

$1,723.25

$1,719.25

EU

1,328.69

€1,322.25

India

Rs.92,542.83

Rs.92,607.40


 

 

Data and Statistics for these countries : Greece | India | All
Gold and Silver Prices for these countries : Greece | India | All
<< Previous article
Rate :Average :0 (0 vote)
>> Next article
Latest comment posted for this article
Be the first to comment
Add your comment
Top articles
Latest Comments
A Salvo in the Battle for the Go...
27 Febovertheedge
I would argue that the devil is in the details, i.e. the definition of money. What the people of the US are using is currency. Currency bei...
A Salvo in the Battle for the Go...
26 FebFrankinca1
Sort of written for a PHD in economics, which gold believers (myself) are not often that well educated, have difficulty following. The definition o...
A Salvo in the Battle for the Go...
26 Feb07788525833
The dollar has a monopoly over all other types of money which is rammed down peoples throats by gun and drones , any one wanting to change this...
In Search of the Magic Wand: Car...
25 FebDoom
Yes, stay away from University of Phoenix, a school with a 9% graduation rate, that only gets students because it spends $200,000 a day on Google a...
Emails From Kiev: Free Speech Va...
25 Febovertheedge
"The problem is, the asshats associated with Poroshenko are even worse than he is." I'm assuming you mean the predators in the US White Ho...
The Bull Case For Gold This Year...
25 Febdepourcq
You talked about all the wrong reasons that gold will rise or fall, their is only one that everyone should know. The US has a debt of 18.134 trilli...
The Bull Case For Gold This Year...
25 Febneville
The fact that you are very lowly rated might be one of two things .1.You have been playing this card to often (Bear Joker) 2,The other is that you ...
Interventionism Kills: Post-Coup...
24 Febjox
A nice summary of what actually happened. It's sad that few europeans and even fewer americans are going to read it. My opinion is that US...
Most commented articlesFavoritesMore...
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS
Mining Company News
Tinka Resources(Ag)TK.V
Announces AGM Results
CA$ 0.27-12.90%Trend Power :
Corporate news
Silver Standard(Ag-Au-Cu)SSO.TO
Early Glance: Silver companies
CA$ 6.57-0.90%Trend Power :
Corporate news
Pan American Silver(Ag-Au-Cu)PAAS
Early Glance: Silver companies
US$ 9.68+1.04%Trend Power :
Corporate news
Gold Fields(Cu-Ni-Mo)GFI
Early Glance: Gold companies
US$ 4.65+0.87%Trend Power :
Corporate news
Randgold Res.(Au)GOLD
- Total Voting Rights
US$ 79.19+0.24%Trend Power :
Corporate news
Continental Precious Min.(Ag-Au-Co)CZQ.TO
Engages Golder Associates for the Next Step in the Development of the Viken Project
CA$ 0.56-6.67%Trend Power :
Corporate news
Beaufield Res.(Ag-Au-Ni)BFD.V
Reports Annual General Meeting Results
CA$ 0.04-11.11%Trend Power :
Corporate news
Probe Mines(Ag-Au-Cu)PRB.V
Leading Independent Advisory Firms ISS and Glass Lewis Recommend Shareholders of Probe Mines
CA$ 4.94+0.82%Trend Power :
Corporate news
Newmont(Cu-Le-Ni)NEM
Why the Earnings Streak Will Continue for Newmont Mining (NEM) - Tale of the Tape
US$ 26.33+0.08%Trend Power :
Corporate news
Newmont(Cu-Le-Ni)NEM
Increased Earnings Estimates Seen for Newmont Mining (NEM): Can It Move Higher? - Tale of the Tape
US$ 26.33+0.08%Trend Power :
Corporate news
Comments closed
Subscribe to 24hGold’s daily market briefing
  • Prices and data of precious metals in 119 currencies and world mining companies
  • Daily analysis of the economy, markets and more
  • Free, daily and indispensable
Stay informed, subscribe now !
* Your email will never be shared.