In the same category

Gold & Silver Market Morning

IMG Auteur
Published : February 07th, 2014
542 words - Reading time : 1 - 2 minutes
( 1 vote, 5/5 )
Print article
  Article Comments Comment this article Rating All Articles  
0
Send
0
comment
Our Newsletter...
Category : GoldWire

Gold Today –The New York gold price was almost unchanged at $1,257.40 down 50 cents at the close on Thursday. Asia took it up to $1,261.35 ahead of London’s opening. London set the gold price at $1,260.00 up $1.50 up on Thursday. In the euro, it Fixed at €928.724 down nearly €2, while the dollar stood at $1.3567 slightly weaker. Ahead of the opening in New York gold stood at $1,260.15 and in the euro at €928.87.

Silver Today –The silver price closed up at $19.94 up 9 cents in New York. Ahead of New York’s opening, it was trading at $19.85.

Gold (very short-term)

Gold will trade in a tight range ahead of a strong move today or next week, in New York.

Silver (very short-term)

Silver will trade in a tight range ahead of a strong move today or next week, in New York.

Price Drivers

Thursday saw no change in the holdings of the SPDR gold ETF [GLD] or the Gold Trust gold ETF leaving their respective holdings at 797.053 tonnes and 162.58 tonnes.

The tension in the tight trading range of the gold price is telling us that the strong move that is coming is just about here.

The market rise in Asia, although only a few dollars, coincides with the re-opening of China’s gold markets across the country. Since Tuesday only Hong Kong has been open. The opening implies preparation for demand from there to resume next week.

The Eurozone kept their interest rates on hold yesterday as did the U.K. but the difference is that the U.K. is seeing palpable growth whereas the data from the E.U. is mixed not giving a clear direction. Deflation remains a threat as inflation is half what the E.C.B. wants it to be. What has changed in the global economy is that the U.S. needs the rest of the world to grow economically for its own growth to continue. In the past it didn’t, but with the emerging world now reaping 40% of the world’s cash flow, it is an important factor in every nation’s growth.

Economic and political uncertainty has grown in the last few years, not subsided. With major changes on the way in the global economy and monetary system that uncertainty just won’t go away. The switch from gold to equities by U.S. institutions via their selling of SPDR gold ETF shares [GLD] appears to be just about complete, but now the latest data from the U.S. has disappointed and removed the boisterousness from U.S. markets. Questions are again being raised as to the certainty of global growth. A look to the future tells us one point very clearly; the case for selling gold has not been made! [Find out more from www.GoldForecaster.com and www.SilverForecaster.com to subscribe to our newsletters and visitwww.StockbridgeMgMt.com to hold gold so it can’t be seized]

Readers of this daily report should note that the ‘quiet before the storm’ is on the brink of ending and we forecast a volatile week in the gold and silver markets, next week. – Brace yourselves!

Silver –The silver price is marking time ahead of next week.

Regards,

Global Gold Price (1 ounce)

Today

Yesterday

Franc

Sf1,136.59

Sf1,140.09

US

$1,260.15

$1,261.30

EU

€928.87

€932.50

India

Rs.78,633.36

Rs.78,711.43


Data and Statistics for these countries : China | Hong Kong | India | All
Gold and Silver Prices for these countries : China | Hong Kong | India | All
<< Previous article
Rate : Average note :5 (1 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
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS