Close X Cookies are necessary for the proper functioning of 24hGold.com. By continuing your navigation on our website, you are accepting the use of cookies.
To learn more about cookies ...
EnglishFrench
Gold & Silver Prices in

Gold & Silver Market Morning

IMG Auteur
Published : May 03rd, 2013
518 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
24hGold - Gold  Silver Market ...

Gold Today - Gold closed in New York at $1,466.80 up $8 in New York yesterday.In Asia, rose further to $1,474. In London it Fixed at $1,476.50 up $20.50 and in the euro at ?1,124.952 up nearly ?19 with the euro at ?1: $1.3125 against the dollar. Ahead of New York's opening it stood at $1,478.30 and in the euro at ?1,126.62.

Silver Today - Silver closed at $23.79 up 16 cents, in New York yesterday. Ahead of New York's opening silver stood at $24.17.

Gold (very short-term)

The gold price will continue to consolidate with a stronger bias, in New York today.

Silver (very short-term)

The silver price will continue to consolidate with a stronger bias, in New York today.

Price Drivers

Gold & Silver - While the Chinese market needed to gain momentum yesterday before it was in full swing we now see that happening.But what has begun to stand out strongly are thepremiums being placed on physical gold globally and the waiting times being put on delivery of orders for gold. On this we note that a supplier does not have the discretion to sell gold then wait a while before buying it for clients, that would be speculating, which any dealer with common sense just wouldn't do. This means that they have to go into the market to buy when such situations arise, irrespective of the price. So the impact of the shortages will continue to place an upward pressure on the gold price until such bottlenecks have been removed.

More importantly with 35% to 40% of global gold supply coming from "scrap sales" of gold, such suppliers are most unhappy with the price falls from $1,650 a level that has held for almost two years now. They see current prices too low for selling their gold with a view to buying it back at lower prices, so their current sales are reducing. Of course where a mother is giving gold to her daughter such sales are followed by an immediate buy and usually are not seen in the market place and are a simple transfer of ownership. Gold mines have to lower the size of their resources as they stop including grades that are unprofitable at these levels, so supply from the mines must drop with falling prices too. Balance strong current demand against falling supply, and you have the direction of the gold price tide. But the day-to-day waves of speculation continue to shove the price around seemingly ignoring this tide. But a fact of life is that tides will always dominate the waves on the sea shore.

The SPDR gold ETF again saw sales, this time of 6.06 tonnes making nearly 14 tonnes sold this week from the fund this week so far. [Subscribe to our newsletters at www.GoldForecaster.com and www.SilverForecaster.com]

Silver - Silver is now moving in tandem with the gold price. It seems as though it is at last reverting to its usual pattern of doing so.

Regards,

Global Gold Price (1 ounce)

Today

3 days ago

Franc

Sf1,378.07

Sf1,350.73

US

$1,478.30

$1,455.45

EU

1,126.62

?1,104.50

India

Rs.79,820.81

Rs.78,397.81


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
Absent Without Leave
21 JunS W.
Bail ins for sure. It was agreed at the G20 in Brisbane. You are not really a share holder. You are an unsecured creditor to the bank a...
Absent Without Leave
19 JunJ.3
Perhaps all the international shenanigans are the smoke and mirrors intended to obfuscate the view of the looming financial catastrophe. When the ...
Gold Price Cuts Post-UK Election Loss, ETF Investors Sell, Nasdaq D...
16 JunSam Maher
"the SPDR Gold Trust (NYSEArca:GLD) – saw its sharpest liquidation since March in the week-ending Thursday, with shareholders cutting the fund's si...
Things To Come
13 Junkevthorne3
If voting for 'parties' actually made a difference they would have not legalised it. Since 1914, it's been the supply of currency that has governed...
Things To Come
12 Jun Roygbiv0
And JHK ruined your life because he then voted for Obamba ? For Jim C.
Things To Come
12 JunJim C.-1
Surely Kunstler cannot be ignorant of economics, of the direct correlation between the production of wealth and Capitalism, and the subsequent crea...
The Escape from Collectivism - Jeff Thomas
10 Junsam_site-2
As I said before, collectivism depends on handicapping the public to create a nation of clinging, helpless, entitled patients and is a top priority...
The Government Is Desperate To Re-Stimulate Housing Sales - Dave Kr...
09 Junmlyons1
While they are picturesque, the Canadian Federal Parliament buildings (shown in the picture) have little connection with an article related to the ...
Most commented articlesFavoritesMore...
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS