New York tried to take the gold price down through $1,607 but closed higher at $1,622. Asia lifted it over $1,624. At the opening London took it to $1,620 where it held up to the Fixing, which was set at $1,621.00 and in the euro at €1,265.813. The euro held yesterday’s level of €1: $1.2793. Ahead of New York’s opening the gold price held at $1,621.30 notably higher in the euro, with the euro at €1: $1.2794 leaving gold in the euro at €1,267.23.
Silver recovered back to early levels of yesterday at $29.30 again steady and unmoved by the better tone in the gold market. Ahead of New York the silver price fell again to $29.26 barely changed on yesterday.
Gold (very short-term)
Again, the gold price should have a mixed to better day, in New York today.
Silver (very short-term)
Again, the silver price should have a mixed to better day, in New York today.
Is Hungary the new Greece? Its bonds are trading at 10 – 11% and it badly needs IMF and EU funding, which may be in jeopardy.
The plight of Hungary highlights the Eurozone’s dilemma. E.U. lawmakers want “more Europe” and less financial nationalism. Hungary’s current government is trying to limit the independence of its central bank causing its request for E.U. and I.M.F. to be viewed with a raised eyebrow. For the Eurozone to succeed the Eurozone, not any individual nation, will eventually have to dominate national financial interests. This leaves the economically strong members of the Eurozone dominant. Can such a path succeed in the future? We believe that the trials and tribulations that lie ahead will be positive for gold and eventually, after shedding the weakest of the weaker members, positive for the euro.
Right now, the demand for gold is resurgent. The pattern that New York takes down the gold price has changed in the last couple of days, as we saw yesterday when it was New York that lifted the price.
Likewise the link between the euro’s moves and the gold price [hardly credible] is also breaking down. We see the euro now at a recent low at $1.2782 while the gold price continues to recover. Has the break between the two? If so, it indicates that gold in Europe is proving a safe haven. More than that, it shows that the gold world does not see the two linked