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
512 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 :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
Latest comment posted for this article
Be the first to comment
Add your comment
Top articles
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS
Mining Company News
Coronado Res.(Au-Cu)CRD.V
Initiates Strategic Review of Assets
CA$ 0.30+0.00%Trend Power :
Corporate news
Global Minerals(Cu-Sb-Au)CTG.V
IIROC Trading Halt - CTG
CA$ 0.00-83.33%Trend Power :
Corporate news
Erdene(Au-Cu-Mo)ERD.TO
Erdene Announces Private Placement
CA$ 0.12+0.00%Trend Power :
Corporate news
Foran Mining(Ag-Au-Cu)FOM.V
Foran Announces Best Hole Drilled to Date in the Bigstone Copper Zone: 2.0% Cu over 105m, including 4.1% Cu over 20m
CA$ 0.36-24.47%Trend Power :
Corporate news
Beacon Minerals(Ag-Au-Cu)BCN.AX
Completion of Fourth Milling Campaign
AU$ 0.00+0.00%Trend Power :
Corporate news
Impact Minerals(Au-Ni-Ur)IPT.AX
High Grades of Rare but Potentially Economic PGM Elements Assayed at Broken Hill
AU$ 0.02+30.77%Trend Power :
Corporate news
Golden Arrow Res.(Cu-Au-Ag)GRG.V
Golden Arrow Comments on Recent Trading Activity
CA$ 0.35+2.94%Trend Power :
Corporate news
Icon EnergyICN.AX
Icon Energy Ltd Appendix 3E Daily Buy-back Notice
AU$ 0.06+0.00%Trend Power :
Corporate news
Panoramic Res.(Co-Cu-Ni)PAN.AX
More good hits at Savannah, mineralisation extended
AU$ 0.43-2.27%Trend Power :
Exploration and drilling
Titanium Corp(Oil-Ti)TIC.V
Titanium Corporation Reports Fiscal 2015 Second Quarter Results and Update on Progress
CA$ 0.85-5.56%Trend Power :
Corporate news
Comments closed
Subscribe to 24hGold’s daily market briefing
  • Prices and data of precious metals in 119 currencies and world mining companies
  • Daily analysis of the economy, markets and more
  • Free, daily and indispensable
Stay informed, subscribe now !
* Your email will never be shared.