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Gold & Silver Market Morning: Sept-8-2014

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Published : September 08th, 2014
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Category : GoldWire

Gold Today – The gold price closed at $1,268.80 up $5.90 on Friday in New York. In Asia and London, gold prices were holding those levels.The gold price was Fixed at $1,267.25 up $3.25 and in the euro at €978.874 up €3.189 while the euro was weak at $1.2946. Ahead of New York’s opening, gold was trading at $1,264.80 and in the euro at €978.57.

Silver Today – The silver price closed in New York at $19.20 up 12 cents. Ahead of New York’s opening it was trading at $19.17.

Gold (very short-term)

We expect gold to consolidate with a weaker bias, in New York today.

Silver (very short-term)

We expect silver to consolidate with a weaker bias, in New York today.

Price Drivers

There were no sales or purchases of gold to or from the SPDR gold ETF or the Gold Trust, on Friday. The holdings of the gold ETFs stand at 785.725 tonnes in the SPDR gold ETF and at 165.23 tonnes in the Gold Trust.

The brutal fall of the euro was halted and the week sees it holding the lower levels and trying to recover. But the path continues downward towards $1.20 to the U.S. dollar. The E.C.B. hopes that that will improve global competitiveness and boost growth too, while making gold attractive in the E.U.

Subscribe to www.GoldForecaster.com & www.SilverForecaster.com – to protect against confiscation and penalties -see www.Stockbridgemgmt.com.

The week started with news from Japan that in the second quarter revision of GDP figures the Japanese economy shrank 7.1% after the imposition of 8% sales Tax, lifted from 5%. The nature of the thrifty Japanese consumer is such that they will not be forced out to spend. However, they are fully aware of the government’s intention to see a lower exchange rate, which makes them turn to overseas investments as well as to gold. Will this process continue? We think so as the Yen could fall back to 120 to the U.S. dollar. However, neither gold demand from the E.U. nor Japan will match the demand expected from India plus China in the last quarter of the year.

The news out of China is that trade figures are up 9.4% dispensing with fears of a slowing China. Demand for gold from Asia continues on a steady robust path but without the excitement of last year when the gold price fell below $1,200. It is difficult for western investors to understand that investors in Asia are not chasing profits as they do in the developed world. The objective in Asia is to put savings away into something that will simply hold its value for the difficult days. That means the more ounces that can be bought with the same money, the better. Passive money managements has proved sound in Asia.

Silver– The silver price appears to be leading the way down for gold at the moment. We expect it to fall further than gold for now.www.SilverForecaster.com]

Regards,

Global Gold Price (1 ounce)

Today

Yesterday

Franc

Sf1,178.10

Sf1,176.86

US

$1,264.80

$1,264.90

EU

€978.57

€976.26

India

Rs.76,261.12

Rs. 76,444.23


Data and Statistics for these countries : China | India | Japan | All
Gold and Silver Prices for these countries : China | India | Japan | All
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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
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