Gold and Silver's prices Daily June 22nd, 2011

6:03 AM

Unknown

Gold and Silver's prices Daily June 22nd, 2011

mines,gold,silver,oil,gazz,coal,prices,market,asia, europa,america,africa

Asia ended its day in the region of $1,541.80 Greek Parliament’s vote of confidence today. In the euro it was sitting at €1,075.85 ahead of London’s opening. The euro is sitting at Friday’s levels at €1: $1,4331 before London opened. At the Fix in London, gold in the dollar was $1,543.00 and in the euro at €1,077.21.

Ahead of New York’s opening gold was trading at $1,544.65. In the euro, gold stood at €1,076.48 unchanged. The euro was stronger at €1: $1.4349.

Silver is under the influence of the London silver Fixing, which was set at $36.22 where it is trading still ahead of New York.

Gold - Very Short-term

Dollar will stick close to the London Fixing levels ahead of the Greek vote of confidence, after which we expect it to move rapidly one way or the other.

Silver – Very Short-term

Dollar & euro silver price may follow gold today in whatever it does in New York today.

Silver & Gold Price Drivers

At the time of writing the markets were still waiting with bated breath for the result of the vote of confidence in the Greek Prime Minister.

The First World War was started by one gunshot in Sarajevo. If Greece does not give Papandreou his confidence vote, then expect over the next few week to see a ‘ripple’ effect travel throughout the developed world. However, in Greece, the feeling is that he is almost certain to get his vote. The pressure forces his opponents to realize that he is sitting on the edge of a financial precipice.

A failure to get support will be very gold-positive. If the vote of confidence is passed then traders will favor selling gold, but long-term holders will be unaffected. The mood in Europe is that Papandreou will get his vote of confidence.

The news out of Asia is that demand for gold is up over 500% in May over April and 222% up on the same time last year. As we said yesterday, “It is well to remember that more than 50% of gold demand comes from the emerging world and less than 10% from the U.S.A.”