Star Gold, Silver assistance

The debt crisis in Europe and the U.S. approaches helped to go higher gold last week.In fact, gold came within sight of $ US1600 an ounce market that many analysts earlier this year were forecast to be reached later this year.Some are even talking about how the level of $ US1700 in 2012 is now achieved.

(This level may well be reached before in case of insolvency of America.)But the growing concern about the ability of the U.S. government to avoid a failure that drove gold to a 10 day Friday.Comex gold August was set at $ US1, 590.10 an ounce on Friday, until this week, and just below the nominal record price of $ 1594.90 this week.September silver futures rose nearly 7%, closing at $ US39.091 an ounce.

And spot gold rose 0.3% to U.S. $ 1, 591.50 an ounce, near the record $ US1, 594.16 hit on Thursday.Helping the highest in the gold market was the weakness of the euro and U.S. dollar.The Swiss franc and the yen rose.The euro fell 0.8% to $ US1.4157 in New York from $ 1.4265 on July 8.The yen rose 2.6% against the euro to 112.02 yen, the biggest five-day advance since May 6. The dollar lost 1.9% to 79.13 yen from 80.64.

The franc hit in fact a series of new highs against the euro, pushing the country's banks, exporters and other companies.Not surprisingly, Credit Suisse and UBS are cutting thousands of jobs in the country and around the world.(And Macquarie Group is reportedly looking at hundreds of layoffs or changes in its empire in Australia and offshore).Gold prices will continue to find strength this week, while talks of the debt ceiling in the U.S. ballast and investors remain concerned about the chances of default in Greece and some European countries.
If an agreement is reached on lifting the debt ceiling, gold prices fall (as silver), but concerns in Europe is not going away so buying interest to limit the low prices gold.Gold rose 3.2% in the week.

Gold prices have gone up $ US107.50, as it closed at $ US1, 482.60 on 1 July.
Oil rose 1.1% during the week.New York Nymex August delivery settled at $ US97.24 a barrel, gaining $ US1.55 and increased third consecutive week.The September contract closed at $ US97.60, up $ YS1.49.In London, Brent crude for September delivery, the new front month, closed at $ US117.26, up $ 1.Brent crude lost less than 1% to $ US1.07 a barrel.Other commodities were overshadowed by the action of gold and oil.

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