• Gold: 1,198.01 -9.24
  • Silver: 14.33 0.02
  • Euro: 1.175 -0.003
  • USDX: 94.242 0.33
  • Oil: 71.19 0.94

Silver Market Morning

Julian D.W. Phillips
|
Friday, November 23rd

http://news.goldseek.com/2011/marketmorning.jpg

Gold Today –New York closed at $1,729.20 barely changed on yesterday. This morning, Asian and London dealers took the gold price higher to trade at $1,734 ahead of London’s opening. It was Fixed at $1,734.75 up $5.00 on yesterday morning’s Fix. In the euro it was Fixed at €1,345.393 up €1 from yesterday while the euro was slightly stronger at €1: $1.2894. Ahead of New York’s opening, gold was almost the same at $1,733.79 and in the euro at €1,343.73.

 

Silver Today – As gold rose slightly silver moved with it closing barely changed as well, at $33.33 but climbed slightly in line with gold to $33.47 in London. It then traded at $33.45 until, ahead of New York’s opening it stood at $33.41.

 

Gold (very short-term)

 

Gold is expected to make a strong move shortly, either way, in New York today.

 

Silver (very short-term)

 

Silver is expected to make a strong move shortly, in New York today.

 

Price Drivers

Gold & Silver – Little of significance to the gold and silver world has happened in the last day. But the gold and silver prices are trading in a tighter and tighter trading area. When this happens you will see us give a short-term comment as we have above, saying we expect a strong move, either way. Our persistent readers will see that we are nearly always accurate on this. It is up to your appreciation of the fundamental picture to see which way it is going. We leave that to you, as you are responsible for your own investments and why you have them. You may well ask, why does this happen? Over time the numbers of buyers and sellers dominating at a particular price move it one way or the other. As they reach a price where the buyers and sellers match each other the price sees this narrowing trading band. The price on a chart forms a ‘pennant’ [after the triangular flag] and like a see-saw with equal weights on each end, a small addition or subtraction of weight send it strongly one way or the other. It can be triggered by dealers and traders who add or subtract that extra amount and make decent profits from the subsequent move. But sometimes, when they do this long-term buyers or sellers jump in to really move the price and speculators change their positions to accelerate the move. In today’s market for gold, central banks can remove available stock in the market and so prepare the ground for such a move, but upwards, when they’re around. [Subscribe to our newsletters at www.GoldForecaster.comand www.SilverForecaster.com]

 

Because gold and to a lesser extent silver are ‘investment’ metals the full spectrum of news that can affect the price is enormous and global. This is because gold is money when the chips are down. Much of gold’s rise has been due to paper money and its system’s decline. Until confidence in paper money declines beyond its value as a ‘means of exchange’ paper money will be used to measure its value, making currency price forecasting an uncertain process. After all, if paper money loses its value, how can it measure gold’s?

 

Silver – Silver’s move either way is likely to outpace gold’s!

 

Regards,

 

Julian D.W. Phillips for the Gold & Silver Forecasters

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