Gold Today –New York gold closed at $1,620.70 up $5 on the day. Asia and London initially took it to $1,622 but when the euro moved stronger to €1: $1.2459 up from €1: $1.2360 gold started to rise after the Fix which was set at $1,624.00. In the euro it was Fixed at €1,308.939 slightly down on yesterday. After the Fix and just ahead of New York’s opening, gold ran up to $1,636 in the middle and in the euro to €1,313.42.
Silver Today – Silver in New York closed at $28.81 after which London took it to $29.24 where it stood just ahead of New York’s opening.
Gold (very short-term)
Gold may well be stronger, today in New York.
Silver (very short-term)
Silver may well be stronger, today in New York.
Price Drivers
Gold & Silver –The strength of the last couple of days in both gold and silver is symptomatic of the change of season for the gold world in particular. When we look back to the end of the last ‘gold season’ in May we see that the “Doldrums” for gold and silver proved to be just that. Named after that patch of sea in the southern Atlantic where the winds don’t blow, just away from the Trade Winds that blew shipping across the Atlantic. The gold price during this time has simply marked time and consolidated. But this consolidation period was a long one, even longer than after the one we saw at the onset of the ‘credit crunch’ in 2007/8. In both cases the falls were about 20% from the peak and the period of consolidation well over a year. If you have followed this daily report of our newsletters, you will know that the reasons for the falls are in the process of being removed. We expect these changes to affect the markets in gold and silver in terms of price performance on both the upside and the downside. [To follow our weekly commentary, please subscribe to our newsletters at www.GoldForecaster.com and www.SilverForecaster.com]
We expect this week to show new life as the ‘Trade Winds’ begin to blow again from now on and through the final quarter of the year. You the reader, would be wise to start paying much closer attention to the gold and silver markets from now on if you are to maximize you potential profits from now on.
Silver - Silver was quicker off the mark than gold today. Does this point the way ahead in the days to come?
Regards,
Julian D.W. Phillips for the Gold & Silver Forecasters
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