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Gold and Silver Market morning, November 16, 2012

IMG Auteur
 
Published : November 16th, 2012
527 words - Reading time : 1 - 2 minutes
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Category : GoldWire

 

 

 

 

Gold Today –New York closed at $1,714 down $11. This morning, Asia and London dealers took it marginally lower to trade at $1,710 at London’s opening. It was Fixed at $1,710.00 down $13.50 and in the euro at €1,342.756 down €9 from yesterday while the euro was at €1: $1.2735. Ahead of New York’s opening gold was trying to slip lower $1,708.83 and in the euro at €1,341.73.


Silver Today – Silver showed a robust steadiness at $32.58 down 5 cents only, yesterday, in New York. In London in the morning it slipped back to 32.29 until, ahead of New York’s opening it stood at $32.29.


Gold (very short-term)



Gold is expected to consolidate with a weaker bias, in New York today.


Silver (very short-term)


Silver is expected to consolidate with a weaker bias, in New York today.


Price Drivers


Gold & Silver – In response to the news that the Eurozone is now in a double-dip recession the euro has started to slip and traders and dealers are pulling gold lower slightly, with it. We do suggest that readers of this report take a moment and reflect on the risks to politicians if the U.S. falls over the ‘fiscal cliff’. Politically the game thereafter will be a blame game. With so-called popular support, Obama and the Democrats will try to blame ‘rich’ Republicans for the mess. So we expect that the Republicans will give tax ground to retain support of the electorate. After all, the consequential recession will be fresh in the voter’s memory when the next elections come. Our conclusion is that a resolution will come, but whether it needs to be again renegotiated thereafter, or the rich will accept higher taxes, remains to be seen. A resolution means a continuance of what is happening today, but with a bit more hope? Is that sufficient to force gold and silver down? We do not believe it will be. The reasons behind gold’s rise extend much further than U.S. politics to the east and emerging central banks. In the best scene, the U.S. economy will continue to be flat and leave monetary risks as high as they are today. So the best result will be a continuation of today. The worst is that a recession will quickly become ‘stagflation’. Both leave gold and silver soundly supported. [To follow our weekly commentary, please subscribe to our newsletters at www.GoldForecaster.comand www.SilverForecaster.com]


Gold and silver investors should also look far beyond today at why gold is nearly 50 times higher today than in 1971. The changes in the structure of the world, in the structure of business and the consequential risks are part and parcel of precious metal’s fundamentals that have built up over the last 40 years. Will these change in the near future? Investors should not be distracted by the wind and the surf hitting metals but keep their eyes on the currents driving them.


Silver – Silver remains a currency play today and stay volatile.


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


 

 

Companies Mentionned : Metals X | Robust |
Data and Statistics for these countries : India | All
Gold and Silver Prices for these countries : India | All
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