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Gold & Silver Market Morning

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Published : December 17th, 2014
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Category : GoldWire

Gold Today –New York closed at $1,196.30 up $4.60 before Asia took it up to $1,199. The euro rose slightly to $1.2490 with a wide spread.In London gold rose and the gold Fixing was set at $1,199.00 down $0.25 and in the euro, at €962.357 up €2.112 while the euro was half a cent weaker at $1.2459. Ahead of New York’s opening gold was trading in London at $1,198.10 and in the euro at €962.18.

Silver Today – The silver price fell disproportionately to $15.74 down again by 38 cents, in New York. Ahead of New York’s opening it was trading at $15.87.

Gold (very short-term) The gold price will consolidate, in New York, today.

Silver (very short-term) The silver price will consolidate, in New York today.

Price Drivers

We wait to see if the phrase, ‘for a considerable time’ [before interest rates are lifted] is removed from Janet Yellen’s statement today. If this is the case we believe bond and equity markets will discount the time when rates are raised, to their detriment. Savvy investors we talk to are still long of equities, but know turbulence is here. In the main, U.S. traders/investors are mainly out of gold, so their only next move is to buy. It is a question of when?

There were 1.793 tonnes of gold sold from the SPDR gold ETF but none from the Gold Trust yesterday. The holdings of the SPDR gold ETF are at 721.564 and at 161.44 tonnes in the Gold Trust. These sales are still too small to impact the gold price.

Once again, the ‘bear-raid’ on the gold price was repulsed. Today sees prices where Asia will buy around $1,200. The quick retreat by bears and the settling of the price around $1,200 is more evidence that trader’s and speculator’s power over the price of gold is weakening and Asian demand growing in influence over that price.We have seen a series of ‘bear-raids’ over the last two years most of which have been successful in taking gold down from $1,650 to $1,137. But each raid in 2014 has seen a diminishing rate of success. In the last few weeks traders and speculators have hit the gold price at the quietest time of day in the 24-hour market. The one that took gold down to $1,137 was short lived because there was no physical selling to hold it down. This week’s raid was even more short-lived for the same reason. This is positive for the gold price going forward as we are becoming more and more convinced that the ‘bottom’ is in for gold. There may be more ‘bear-raids’ but we see them having limited success.

We believe that holders of gold in the Ruble are getting close to taking their profits and should rather hold their gold in the Yen, thereafter. While the Ruble could fall further, the fundamentals don’t warrant such moves. But speculation or panic has a way of going too far, so any further fall could well be an expression of just that. The Ruble is at 67 to the dollar. With the U.S. tightening sanctions this week too and the oil price still falling, more falls could come. [Subscribe to www.GoldForecaster.com & www.SilverForecaster.com]

Silver– The silver price is heavily oversold, waiting to see if gold can hold or rise. www.SilverForecaster.com

Kind Regards,

Global Gold Price (1 ounce)

Today

Yesterday

Franc

Sf1,155.39

Sf1,153.13

US

$1,198.10

$1,200.80

EU

€962.18

€960.14

India

Rs.76,217.13

Rs. 76,316.84


Data and Statistics for these countries : India | All
Gold and Silver Prices for these countries : India | All
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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".
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You have me confused Julian. When you say "We believe that holders of gold in the Ruble. . . . ." I take it you are not talking about someone holding a Gold Coin denominated in Rubles. On the other hand, a person could not be holding gold in the Ruble if he or she were not holding a Ruble made of Gold. You have me wondering if I should trade my 1/10th ounce Gold coin held in the Krugerrand for a 1/10th ounce Gold Panda coin held in the Yuan !
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Gypsie, my take on what he's saying is on paper gold, not actual gold that you are holding in your hand. In that way, gold is gold, though Pandas have a higher premium, that actually scares me some. I like to buy gold coins as close as I can to the actual spot. I hold a couple 1/10 Krugerrands myself, and feel they are just as good as a Panda or a $5 Gold Eagle. I could be wrong, and if I am, I hope someone corrects me. But again, I believe he is talking about paper gold that is valued in Rubles vs the Yuan.
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If you trade XAU/RUB and have bought XAU using RUB, you should have closed your position as he advised. Then you should have switched, buying gold with JPY, as JPY dropped vs gold. Both recommendations worked well.
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If you trade XAU/RUB and have bought XAU using RUB, you should have closed your position as he advised. Then you should have switched, buying gold with JPY, as JPY dropped vs gold. Both recommendations worked well. Read more
end - 12/19/2014 at 10:55 AM GMT
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