Chart usGOLD   Chart usSILVER  
 
Food for thought
Happiness is that state of consciousness which proceeds from the achievement of one's values.
Ayn Rand  
Search for :
LATEST NEWS  :
MINING STOCKS  :
Subscribe
Write Us
Add to Google
Search on Ebay :
PRECIOUS METALS (US $)
Gold 1282.980.52
Silver 20.380.00
Platinum 1457.501.75
Palladium 871.001.87
WORLD MARKETS
DOWJONES 16563-306
NASDAQ 4370-93
NIKKEI 15520-101
ASX 56238
CAC 40 4246-66
DAX 9407-186
HUI 234-5
XAU 99-2
CURRENCIES (€)
AUS $ 1.4403
CAN $ 1.4606
US $ 1.3386
GBP (£) 0.7930
Sw Fr 1.2169
YEN 137.7500
CURRENCIES ($)
AUS $ 1.0761
CAN $ 1.0911
Euro 0.7471
GBP (£) 0.5925
Sw Fr 0.9091
YEN 102.9020
RATIOS & INDEXES
Gold / Silver62.95
Gold / Oil13.11
Dowjones / Gold12.91
COMMODITIES
Copper 3.230.00
WTI Oil 97.87-0.30
Nat. Gas 3.82-0.02
Market Indices
Metal Prices
RSS
Precious Metals
Graph Generator
Statistics by Country
Statistics by Metals
Advertise on 24hGold
Projects on Google Earth
Gold & Silver Market Morning
Published : May 03rd, 2013
512 words - Reading time : 1 - 2 minutes
( 0 vote, 0/5 ) Print article
 
    Comments    
Tweet
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
Tweet
Rate :Average note :0 (0 vote)View Top rated
Previous article by
Julian D. W. Phillips
All articles by
Julian D. W. Phillips
Next article by
Julian D. W. Phillips
Receive by mail the latest articles by this author  
Latest comment posted for this article
Be the first to comment
Add your comment
TOP ARTICLES
MOST READ
TOP RATED
MOST COMMENTED
Editor's picks
RSS feed24hGold Mobile
Gold Data CenterGold & Silver Converter
Gold coins on eBaySilver coins on eBay
Technical AnalysisFundamental Analysis

Julian D. W. Phillips

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".
Julian D. W. Phillips ArchiveWebsiteSubscribe to his services
Most recent articles by Julian D. W. Phillips
7/31/2014
7/30/2014
7/30/2014
7/30/2014
7/30/2014
All Articles
Comment this article
You must be logged in to comment an article8000 characters max.
 
Sign in
User : Password : Login
Sign In Forgot password?
 
Receive 24hGold's Daily Market Briefing in your inbox. Go here to subscribe or unsubscribe.
Disclaimer