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 19, 2012

IMG Auteur
 
Published : November 19th, 2012
510 words - Reading time : 1 - 2 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 $1,711.9 down just over $2.00 on Friday. This morning, Asia and London dealers took higher to trade at $1,723.45 ahead of London’s opening. It was Fixed at $1,723.25 up $13.25 and in the euro at €1,349.663 up €7 from yesterday while the euro was at €1: $1.2768. Ahead of New York’s opening, gold was slightly stronger at $1,724.45 and in the euro at €1,350.49.


Silver Today – Silver showed a robust steadiness at $32.25 down 33 cents, on Friday, in New York. Ahead of the opening in London it rose back to 32.63 until, ahead of New York’s opening it stood at $32.70.


Gold (very short-term)



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


Silver (very short-term)


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


Price Drivers


Gold & Silver – While the week started with the promise of more urgent crises in Greece and the possibility of a financial accident in timing ever present, news on a much deeper fundamental driver of the gold and silver prices was announced over the weekend. As the new leadership in China announces future intentions, the head of the People’s Bank of China [its central bank] announced that next on its agenda is the convertibility of the Yuan. While it will be phased in so as to contain disruptions in capital and foreign exchange markets is it important to understand the ramifications of this short, medium and long-term on the gold and silver prices. [We look at these in the next issue of our weekly commentary, [please subscribe] in our newsletters at www.GoldForecaster.comand www.SilverForecaster.com]


Many expect the arrival on a new global reserve currency will see it appreciate in foreign exchanges. Perhaps that is because that’s what outsiders want. But China will do what’s good for China, so it is unlikely they will throw their important international competitive edge by allowing that. Internally this would mean a weakening of gold and silver prices, also an unlikely move in view of the fact that the Chinese government has encouraged its people to invest in gold. If a government approved appreciation of the Yuan saw gold and silver prices fall heavily in the Yuan it would place pressure on their popularity. China’s government is keenly aware of the danger of not promoting personal wealth and the lifting out of poverty all the citizens of China. Just as the U.S., from 1971 onwards, promoted the expansion of the volume of dollars outside the U.S., as they were linked to the oil price, so demand for the Yuan internationally is a chance to expand the issue of Yuan externally. This will facilitate international trade in the Yuan, likely at the expense of the dollar.


Silver – Silver is rising higher than gold today as it shows stronger short-term fundamental strength.


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 : Robust |
Data and Statistics for these countries : China | Greece | India | All
Gold and Silver Prices for these countries : China | 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
Bondholders “Bailed In” In Austr...
15:57Argus
Shortly after the Cyprus test run, Canada's budget document made provision for bail-ins in the event of significant 'systemic risk' to the banking ...
Illinois Pension Plans 39% Funde...
02 Marovertheedge
And it gets even worse. The unfunded pension liability monies aren't invested and never will be. You can't pay pensions out of an unfunded ...
China is about to overthrow Lond...
28 Febneville
This a good slap in the face for the downright crooked bullion banks,traders that have been front running ie algorythm trading etc It had to ta...
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 $200,000 a day on Google a...
Emails From Kiev: Free Speech Va...
25 Febovertheedge
"The problem is, the asshats associated with Poroshenko are even worse than he is." I'm assuming you mean the predators in the US White Ho...
Most commented articlesFavoritesMore...
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS
Mining Company News
Major DrillingMDI.TO
Announces Third Quarter Results and Declares Dividend
CA$ 6.34-7.98%Trend Power :
Corporate news
UR-Energy(Ur)URE.TO
Releases 2014 Year End Results
CA$ 1.14+2.70%Trend Power :
Financials
Rockwell(Cu-Gems-Ni)RDI.TO
Announces Filing of Preliminary Short Form Prospectus
CA$ 0.25+0.00%Trend Power :
Corporate news
Cardero Res.(Ag-Au-Cu)CDU.TO
Announces Proposed Reverse Takeover of Artha Resources
CA$ 0.04-12.50%Trend Power :
Corporate news
Goldcorp(Cu-Le-Zn)G.TO
declares third monthly dividend payment for 2015
CA$ 26.18-1.54%Trend Power :
Corporate news
Integra Gold(Gems-Ag-Au)ICG.V
Files PEA Technical Report on SEDAR
CA$ 0.32-2.99%Trend Power :
Corporate news
Fjordland Expl.(Ag-Au-Co)FEX.V
Geophysical Survey Outlines Strong Conductors on South Voisey's Bay Nickel Project
CA$ 0.03+0.00%Trend Power :
Corporate news
Clifton StarCFO.V
Announces Private Placements and Settlement of its Osisko Litigation Raising $11 million
CA$ 0.18+0.00%Trend Power :
Corporate news
Marathon GoldMOZ.TO
Hits 3.02 g/t Au over 32.9 meters (TT) in Step-Out Drilling, Valentine Gold Camp, Newfoundlan
CA$ 0.31+3.33%Trend Power :
Corporate news
Chalice Diamond(Gems)COD.V
Sulliden Mining Capital to acquire Coastal Gold, an Advanced Gold Project in Newfoundland
CA$ 0.02+0.00%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.