Gold Today –New York closed at $1,713.70 down $7.50. This morning, Asia and London dealers were again moving the gold price alongside the euro and took it down further to $1,709.5 before it was Fixed at $1,708.25 down $15 and in the euro at €1,325.766 down €5 while the euro was slightly lower at €1: $1.2885. Ahead of New York’s opening gold stood at $1,709.30 and in the euro at €1,326.74.
Silver Today – Silver closed higher at $32.20 barely changed in New York yesterday. It was pulled back in line with gold to $32.00 in London then rose slightly to $32.02 in London, ahead of New York’s opening.
Gold (very short-term)
Gold will consolidate with a weaker bias, in New York today.
Silver (very short-term)
Silver will consolidate with a weaker bias, in New York today.
Price Drivers
Gold & Silver – The gold and silver markets are trading alongside the euro in the week ahead of the Presidential election. The election is consuming all the attention of the U.S. to the exclusion of most other important matters affecting most other markets. Whether it is electioneering ‘spin’ or reality, the economic data out of the U.S. is turning positive on several front, but whether this is strong enough to convince markets that a recovery is there remains to be seen. Weighed up in the global economy, it seems premature to come to that conclusion. At this point a reminder is needed to point out that the gold price has been rising for seven years now because of the loss of values in currencies and the systemic problems in the monetary system, not on whether there is growth or not. We believe that the loss of value in currencies continues to be unavoidable in the future. [To follow our weekly commentary, please subscribe to our newsletters at www.GoldForecaster.com and www.SilverForecaster.com] Once the Presidential elections are out of the way, alongside the atmosphere of hope they generate, we expect most markets to become volatile as the stark realities of 2013 are brought to the center of investor’s focus.
Silver – Silver is becoming very attractive to the smaller investor in China where it is being bought as the poor investor’s gold. Demand is expected to jump in China this year as its growth continues to outperform the rest of the world.
Regards,
Julian D.W. Phillips for the Gold & Silver Forecasters
About the author
