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Gold Today –New York
closed at $1,721.20 up nearly $12.00. This morning, Asia and London dealers
held it at that level before it rose to Fix at $1,723.25 up $5.00 and in the
euro at €1,330.592 up €9 while the euro was slightly lower at
€1: $1.2960. Ahead of New York’s opening gold stood at $1,723.25
and in the euro at €1,328.69.
Silver Today –
Silver closed higher at $32.25 up 50 cents in New York yesterday. It then
rose to $32.57 in London, ahead of New York’s opening it stood.
Gold (very short-term)
Gold will
consolidate with a stronger bias, in New York today.
Silver (very
short-term)
Silver will
consolidate with a stronger bias, in New York today.
Price Drivers
Gold & Silver – There is a
major discussion taking place in the gold world about whether the
confiscation of gold will take place or not. On the one side, quite
correctly, seasoned gold experts are saying there will be no confiscation
without compensation and that there is no likelihood of confiscation, because
in 1933 it was done to increase the money supply. However, today, we believe
it can and will happen but for another reason. We believe there will be
compensation and payment via government securities or cash, at market related
rates. The reason for confiscation will be to reinforce confidence to failing
currency values. We have watched confidence in the value of the world’s
leading currencies steadily erode over the last seven years and we could well
be on the brink of further major falls. To give currencies a semblance of
real value, such that will convince banks both commercial and central, there
is a need to bring gold back to a pivotal role in the monetary system. With
gold soon to be raised to a level I asset on bank balance sheets, the demand
for gold from the banking system will be a new demand factor that cannot be
satisfied from the international market. To satisfy that demand we believe
that confiscation is necessary in a few or more countries. For more information
on this, e-mail us at admin@stockbridgemgmt.com [To follow our weekly commentary, please subscribe to our newsletters at www.GoldForecaster.com and www.SilverForecaster.com]
Silver – Silver is now building support at $32.
Regards,
Julian D.W. Phillips
for the Gold & Silver Forecasters
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Global
Gold Price (1 ounce)
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Today
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3 days ago
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Franc
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Sf1,603.74
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Sf1,596.84
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US
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$1,723.25
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$1,719.25
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EU
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1,328.69
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€1,322.25
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India
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Rs.92,542.83
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Rs.92,607.40
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