In the same category

Gold & Silver Market Morning

IMG Auteur
Published : August 19th, 2014
568 words - Reading time : 1 - 2 minutes
( 2 votes, 5/5 )
Print article
  Article Comments Comment this article Rating All Articles  
0
Send
0
comment
Our Newsletter...
Category : GoldWire

Gold Today – The gold price closed at $1,298.90 down $5.20 on Monday’s level in New York. In Asia and early London, gold prices hugged the $1,300 level. The gold price was Fixed at $1,300.25 down $2.50 and in the euro at €973.251 up €0.323, while the euro was weaker at $1.3360. Ahead of New York’s opening, gold was trading at $1,300.50 and in the euro at €974.12.

Silver Today – The silver price closed in New York at $19.68 up 6 cents. Ahead of New York’s opening it was trading at $19.67.

Gold (very short-term) We expect gold to consolidate, in New York today.

Silver (very short-term) We expect silver to consolidate, in New York today.

Price Drivers

There were purchases of 1.832 tonnes into the SPDR gold ETF but none into the Gold Trust on Monday. The holdings of the gold ETFs stand at 797.691 tonnes in the SPDR gold ETF and at 165.93 tonnes, in the Gold Trust.The purchase slowed attempts by traders to push prices down. Should we see a large purchase now into the SPDR gold ETF we are sure it will push prices back up against overhead resistance once more. But we need to see a swell in demand before the gold price can break overhead resistance and move much higher.

The market remains thin and easily pushed around, to a small degree, by traders. We expect this to remain the situation until September arrives, as we have said before. Many have expected the geo-political disturbances in Iraq and in the Ukraine to have had much more influence on the gold and silver prices. However, it is clear that for any news item to do that it needs to be related to investors who will go out and buy or sell gold and silver in markets directly affected by that news. But these two items will have an impact on longer term stability and uncertainty and this will influence gold and silver investors, but not immediately. Hence the quiet markets in gold and silver for the last few months.These news items could burst open into more serious gold-related items should they lead to a broad economic decline or to a direct impact on the oil price.

We saw a report today that said $20 billion of property has been bought in the U.S. recently. The Chinese felt that it could not be confiscated there. They are right if they themselves move to their property too, but if they don’t their government need only to pressure them to sell to force them to repatriate their funds. But it brings to the fore the concept seemingly accepted in China that the gold owned by individuals, remains theirs until the government decides that it is needed for strategic financial reasons.This does not deter Chinese buyers of gold.

The euro has begun to weaken again, dropping half a cent this week, so far. Arbitrageurs sell New York gold and by gold in the euro to smooth out the difference. But we continue to expect gold to rise in all currencies when the market moves out of the ‘doldrums’. [Subscribe www.GoldForecaster.com – ensure your gold will not be confiscated and you not penalized -see www.Stockbridgemgmt.com].

Silver– Silver is cautiously waiting for gold to lead the way.[www.SilverForecaster.com]

Regards,

Global Gold Price (1 ounce)

Today

Yesterday

Franc

Sf1,179.36

Sf1,176.61

US

$1,300.50

$1,301.70

EU

€974.12

€971.78

India

Rs.79,018.38

Rs. 79,221.46


Data and Statistics for these countries : China | India | Iraq | Ukraine | All
Gold and Silver Prices for these countries : China | India | Iraq | Ukraine | All
<< Previous article
Rate : Average note :5 (2 votes)
>> 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
Take advantage of rising gold stocks
  • Subscribe to our weekly mining market briefing.
  • Receive our research reports on junior mining companies
    with the strongest potential
  • Free service, your email is safe
  • Limited offer, register now !
Go to website.