Gold & Silver Market Morning: May 24, 2013

IMG Auteur
Published : May 24th, 2013
515 words - Reading time : 1 - 2 minutes
( 0 vote, 0/5 )
Print article
  Article Comments Comment this article Rating All Articles  
0
Send
0
comment
Our Newsletter...
Category : GoldWire

Gold Today - The gold price consolidation is pointing higher with New York closing around $1,390, where it held through Asia and London's morning ahead of the ix. It Fixed at $1,385.25 down $0.75 on yesterday's Fixing and in the euro at ?1,068.948 down ?6.0, while the euro was slightly changed at ?1: $1.2959 up 75 cents against the U.S. dollar. Ahead of New York's opening it stood at $1,391.00 and in the euro at ?1,073.18.

Silver Today - Silver closed at $22.50, in New York yesterday. Ahead of New York's opening silver stood at $22.50 again not reacting to the gold's moves.

Gold (very short-term)

The gold price should continue to consolidate below $1,400, in New York today.

Silver (very short-term)

The silver price will follow gold, with a steady bias, in New York today.

Price Drivers

Gold & Silver - The SPDR gold ETF saw sales on Thursday of 2.703 tonnes making 25.783 tonnes sold this week so far from the SPDR gold ETF. The selling was sufficiently small to allow the gold price to remain strong in New York holding at $1,390 until the Fix in London on Friday. Today the strength of gold persisted ahead of New York's opening. We are now looking not only to see when the selling from the SPDR gold ETF halts, but whether bold buying is overwhelming the selling from there now. Currently it seems as if it is. This is positive for the gold price.

Elsewhere in the world demand for gold remains strong. Central banks bought 109 tonnes of gold in the first quarter of 2013. But the heavy demand for gold still comes from Asia.

In India May 16th is the time the marriage season ends, despite the 'official' extension of the season into July. This affects all Indian Hindu gold buyers, even with increased urbanization, removing the seasonal impact on cash flows to investors to a large extent. The Monsoon season is now almost upon us and in the past affected 70% of Indian gold buyers. With rapidly increasing urbanization that number had fallen quite substantially. It is the religious influence of the 'auspicious' times to buy that dominates all Indians. We expect demand from them to return with gusto in September. Wholesalers [if they are allowed to do so now] buy through the summer, 'on the dips' ready for the Fall.

Smuggling of gold is now gaining momentum. We expect to see a growth in the imports of silver into India as this facilitates gold smuggling.

But Chinese buying of gold is very robust presently and growing as the gold price stands at present low levels.

[Subscribe to our newsletters at www.GoldForecaster.com and www.SilverForecaster.com]

On the supply side as we have highlighted before we are seeing a rapid contraction from scrap sellers as well as from newly mined gold, barely breaking even now in some mines.

Silver - The silver price remains steady waiting for a clear direction from gold. It will take a breakout from gold to make silver move strongly, either way.

Regards,

Global Gold & Silver Prices
 
CAD
EUR
GPB
JPY
CHF
USD
 
Silver
23.31
17.43
14.91
2,280.90
21.66
22.56
Gold
1,435.58
1,073.14
917.81
140,437.43
1,334.03
1,388.85

Data and Statistics for these countries : India | All
Gold and Silver Prices for these countries : India | All
<< Previous article
Rate : Average note :0 (0 vote)
>> Next article
Julian Philips' history in the financial world goes back to 1970, after leaving the British Army having been an Officer in the Light Infantry, serving in Malaya, Mauritius, and Belfast. After a brief period in Timber Management, Julian joined the London Stock Exchange, qualifying as a member. He specialised from the beginning in currencies, gold and the "Dollar Premium". At the time, the gold / currency world exploded into action after the floating of the $ and the Pound Sterling. He wrote on gold and the $ premium in magazines, Accountancy and The International Currency Review. Julian moved to South Africa, where he was appointed a Macro economist for the Electricity Supply Commission, guiding currency decisions on the multi-Billion foreign Loan Portfolio, before joining Chase Manhattan the the U.K. Merchant Bank, Hill Samuel, in Johannesburg, specialising in gold. He moved to Capetown, where establishing the Fund Management department of the Board of Executors. Julian returned to the 'Gold World' over two years ago and established "Gold - Authentic Money" and now contributing to "Global Watch - The Gold Forecaster".
WebsiteSubscribe to his services
Comments closed
Latest comment posted for this article
Be the first to comment
Add your comment
Top articles
Latest Comments
Why You Must Own Silver in 2018
23 JanDoom-1
I don't know about your prediction, but, yeah, until the "we can short it infinitely often" issue is addressed, silver can only be whatever price t...
Why You Must Own Silver in 2018
23 JanThautikus0
Silver over $20.00 US, pipe dream much. Never happen. Silver will be capped with untold millions of ounces of naked shorts. The Bullion Banks and C...
Predicting The Next Crisis, Programming Behavior: “The Ability To T...
18 JanS W.
Excellent article with a small touch of healthy paranoia. Good idea, 'leave the phone at home sometimes' Go smell the roses !
Racism-O-Rama
18 JanS W.
Fancy specialising in race and gender studies ! And then do exactly what? I suspect, write papers ad infinitum that hardly anyone would read.
Who Moved My Xanax?
17 JanThemis0
I actually agree with a lot of what Trump says while deploring the tone and his lack of judgment in making such remarks publically while in office.
Socialist Dystopia: Starving Venezuelans Loot As Runaway Inflation ...
17 JanThemis
There is a 19th century English word that is particularly appropriate in this instance - "kakistocracy", i.e. government by the worst or least qual...
Who Moved My Xanax?
15 JanMr. Gnawbone1
It is an exploitation of the ignorant and uninformed population, but that is what happens when they pay attention to meaningless information and ...
Racism-O-Rama
15 JanMr. Gnawbone1
It sounds racist, so it has to be. Overton Bubble at work, the faculty were programed to respond as if to a Pavlovian Bell. There is no way to ch...
Most commented articlesFavoritesMore...
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS
Take advantage of rising gold stocks
  • Subscribe to our weekly mining market briefing.
  • Receive our research reports on junior mining companies
    with the strongest potential
  • Free service, your email is safe
  • Limited offer, register now !
Go to website.