Silver Market Morning
Gold Today –New York closed at $1,780.90. This morning Asia and London took it down to $1,768.00 even though the euro was unchanged at $1.2949. Gold was then Fixed at $1,769.00 and in the euro at €1,364.232, while the euro stood at $1.2967. Ahead of New York’s opening gold stood at $1,768.85 and in the euro at €1,365.89.
Silver Today – Silver closed at $34.51 in New York Friday. London lifted it strongly to $33.85 at the Fix. Ahead of New York’s opening it stood at $33.90.
Gold (very short-term)
Gold should consolidate with a weaker bias, today in New York.
Silver (very short-term)
Silver should consolidate with a weaker bias, today in New York.
Gold & Silver – The prices of gold and silver are consolidating after the rise to tackle $1,800, yet again. As we have said before, the demand needed to move prices higher should come from Asia and the developed world. The main price driver is a buyer that foes not chase prices but is happy to let them fall to bring out good volumes of gold, which they will take up on the fall. Hence, for today, expect the technical picture to dominate in New York.
We do expect Indian demand to come back to the market soon, as prices in the Rupee are well off their highs and reports of opportune buying are coming in, despite this not being an “auspicious” time to buy. But this is not yet leading to strong imports.
We will be issuing an article describing the conditions under which the confiscation of citizen’s gold will take place and just how it will be implemented. This is written based on practical experience from the past. What is clear is that it is insufficient to own gold overseas, if you continue to live in the country where the confiscation order is issued![To follow our weekly commentary, please subscribe to our newsletters at www.GoldForecaster.com and www.SilverForecaster.com].
Silver – Silver is moving tightly with gold now.
Julian D.W. Phillips for the Gold & Silver Forecasters