Gold and Silver Market morning, November 27, 2012

IMG Auteur
 
Published : November 27th, 2012
502 words - Reading time : 1 - 2 minutes
( 1 vote, 5/5 )
Print article
  Article Comments Comment this article Rating All Articles  
0
Send
0
comment
Our Newsletter...
Category : GoldWire

 

 

 

 

Gold Today –New York closed at $1,748.40 up nearly $20 on last week. This morning, Asian and London dealers held the price at yesterday’s levels of $1,748 ahead of London’s opening. It was Fixed at $1,747.25 down $3.25 on yesterday afternoon. In the euro it was Fixed at €1,349.540 almost the same as yesterday in very thin trading, while the euro was slightly stronger at €1: $1.2947. Ahead of New York’s opening, gold was almost the same at $1,746.75 and in the euro at €1,348.63.


Silver Today – New York closed at $34.08 and slipped slightly. It then traded at $34.07 ahead of New York’s opening.


Gold (very short-term)



Gold is expected to consolidate, moved by the euro, with a weaker bias, in New York today.


Silver (very short-term)


Silver is expected to consolidate, moved by the euro, with a weaker bias, in New York today.


Price Drivers


Gold & Silver – At last Greece has its bailout and it government debt level is deemed to be sustainable, so E.U. leaders believe. Some media analysts expect a need to arise for a further debt write down in the future. A message coming through is that Greece must be seen to implement austerity measures, not simply to agree to do so. Our, “what if” is, what if the Greek economy continues to shrink? The Eurozone is. Nevertheless it was thought that the euro would strengthen and gold would rise in the dollar, but it hasn’t. We have rarely believed that the €: $ exchange rate reflected real values, simply the sum total on capital and trade movements at that time. This rate is not designed to reflect public opinion even when positive.


[Subscribe to our newsletters at www.GoldForecaster.comand www.SilverForecaster.com]


Likewise the gold price should not be static in the euro. From the technical point of view we are watching to see if overhead resistance is turning back the gold price or not. The next few days will tell us which way it is headed from now on.


Indian demand is recovering to former high levels. Yes it is down from 969 tonnes last year but now sits over an expected 800 tonnes. Fears that it would drop to 640 tonnes this year have been corrected by lower Rupee prices and high festival demand. We would have been most surprised if it hadn’t because Indian demand is endemic to Indian culture more than it is in any country east of Greece, except China. It is a deep feature of Indian family life and tradition. Meanwhile China’s demand is continuing to rise and is expected to go over 1,000 tonnes in the next few years. Can the gold supply meet this demand?


Silver – The silver price is also still being moved as a counter to the dollar and riding tandem with the euro.


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 : China | Greece | India | All
Gold and Silver Prices for these countries : China | Greece | India | All
<< Previous article
Rate : Average note :5 (1 vote)
>> Next article
Comments closed
Latest comment posted for this article
Be the first to comment
Add your comment
Top articles
Latest Comments
The Fed Is Confused about What Drives Inflation
18 Octneville
Hi Frank, Thanks for your article.......The fact of the matter is that LIES LIKE EVERYTHING ELSE DRIVES INFLATION , which as it so happens is 'THE'...
What kind of person runs for public office ?
17 OctThemis1
I liked the use of the self-actualization chart within the context of politicians and their motives. It probably applies to many in Hollywood as w...
The Silliness of the Bretton Woods Years
16 OctThe Recusant
KUDOS! The book is anti-gold slanted throughout and subtly mocks those that value gold as seen in that silly Las Vegas Golden Rooster tale. As I pr...
The Future (Not)
14 OctS W.-1
I have it on good authority that the Aliens living in Antarctica have discovered a way of turning Ice into Oil. All we have to do to secure ou...
Betrayal!
09 OctThemis1
I agree 100% with all the points you made. You have summarized my own anger and the reasons for it. My only consolation is that I believe the eli...
A silver price-suppression theory gets debunked
07 OctDoom-1
I think he linked the wrong article, because there's minimal facts and logic there relevant to price suppression. It's a shame, because I really wo...
Light It Up
07 OctThemis
I keep wondering whether the US is fermenting a war with North Korea so as to indirectly draw China in and delay implementation of the yuan-for-oil...
One Nation Under Gold (2017), by James Ledbetter
05 OctThe Recusant1
Sadly, I too hoped for a more even-handed assessment of gold in our economic history. The book IS biased and by the time I got to the 20th century ...
Most commented articlesFavoritesMore...
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS