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Gold & Silver Prices in

Gold and Silver Market morning, November 20, 2012

IMG Auteur
 
Published : November 20th, 2012
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Category : GoldWire

 

 

 

 

Gold Today –New York closed at $1,732.10 up $21.6 on yesterday. This morning, Asia and London dealers took higher to trade at $1,723.45 ahead of London’s opening. It was Fixed at $1,734.00 up $10.75 on yesterday morning’s Fix. In the euro it was Fixed at €1,354.053 up €4.5 from yesterday while the euro was at €1: $1.2806. Ahead of New York’s opening, gold was almost the same at $1,733.79 and in the euro at €1,353.73.


Silver Today – Silver continued to show its power yesterday and rose to $33.12 up nearly 90 cents on yesterday, in New York. It then traded at $33.10 until, ahead of New York’s opening it stood at $33.18.


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 – Greece is now at the point where it really can’t leave the Eurozone. It has past the point where it was able to leave the Eurozone and rebuild itself. Now it can only be thrown out by it. Lenders are now discussing the way forward with the I.M.F. saying it must be left with hope of a recovery and the E.U. acting like jaundiced creditor aware that they may have to write off more amounts in the future. It is now a case of, will it benefit the E.U. to keep Greece as a member or not. To really get the shape of the Eurozone now one has to look at the overall picture of the zone that is now in a recession that is likely to get worse in 2013. In the past few days we have implied that the recession is defeating the ‘accountants’ attempts to contain the crisis as debt to G.D.P. ratios rise. Unless the E.U. adjusts to this moving situation the crisis will look worse and worse. Today a second ratings agency downgraded France and this time by itself and not part of a general E.U. wide downgrade. This emphasizes our point that moving or decaying situations cannot be resolved by fixed schedules of adjustment, the schedules have to be moving as well. Consequently, more and more commentators are taking a dimmer and dimming view of the future of the E.U. [We look at these in the next issue of our weekly commentary, [please subscribe] in our newsletters at www.GoldForecaster.comand www.SilverForecaster.com]


Meanwhile U.S. gold market are still fixated on the gold actions of George Soros and John Paulson two leading U.S. investors, who have lifted their investments in the gold SPDR E.T.F. recently. The U.S. based gold E.T.F. is receiving renewed support from U.S. investors reacting to the future prospects of Quantitative Easing and the future of the U.S. dollar’s buying power.


Silver – Silver is more than robust, it is vigorous as it leapt through $33.


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 : France | Greece | India | All
Gold and Silver Prices for these countries : France | Greece | India | All
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