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Gold & Silver Market Morning

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Published : July 23rd, 2015
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Category : GoldWire

Gold Today -After New York closed at $1,093.90 down $6.30 after closing at $1,100.20 on Tuesday. This morning in Asia the gold price rose back to $1,097 before the LBMA gold price was set at $1,101.65.The dollar was weaker at $1.0996 after yesterday's $1.0940 against the euro, with the dollar Index down to 97.03 from 97.28 yesterday. The euro equivalent was ?1,001.86 down from ?1,002.74 yesterday. Ahead of New York's opening, gold was trading in London at $1,101.80 and in the euro at ?1,001.73.

Silver Today - The silver price closed at $14.80 down 1 cent in New York. Ahead of New York's opening it was trading at $14.87.

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

The 'bear raid' continues with another 2.384 tonnes of gold sold from the SPDR gold ETF on top of the16 tonnes sold since Sunday night. The Gold Trust saw sales of 0.48 of a tonne yesterday. But there is a difference today. The impact on the gold price was zero as the gold price rose back to $1,097 in Asia. The holdings of the SPDR gold ETF are at 687.309 tonnes and 167.28 tonnes in the Gold Trust.

Retail demand in China is now jumping as it is in India, but it has still to reflect in London's demand. The price rise in London was mainly due to a weaker dollar. But in both India and China premiums are rising with sales doubling in Hong Kong. Retail demand in these countries needs to feed through to Shanghai before we see this demand damage the 'bear raid'. One cannot know if the bears will continue their raids or how much gold they have to orchestrate their raids. The triggering of 'stop loss' protections has happened but will not continue unless more raiding takes place. How much demand will come from Asia now that it is picking up is key but if it matches the gold arbitraged into China, then the bears will have to cover their short positions. When we have more information we will be able to see where gold and silver are going. Gold coins buyers are rampant!

Many feel gold could have had its day, but such views are not those of long-term investors or central banks. With Russia continuing to build its gold reserves buying in its own production it is removing this supply from the global market, much as we believe China is doing. Kazakhstan takes all its local production into reserves and has done for years now. This adds to the reality that market prices in New York and London do not reflect global demand. Subscribewww.goldForecaster.com [See our new gold buying, transferring and storing website: www.Stockbridgemgmt.com ]

Silver- Silver ignored gold's fall below $1,100 and has done so on its rise back there again. Investors should again ask why? Subscribe www.SilverForecaster.com

Regards,

Global Gold Price (1 ounce)

Today

Yesterday

Franc

Sf1,053.16

Sf1,049.80

US

$1,101.80

$1,114.60

EU

?1,001.73

?1,001.33

India

Rs.70,256.28

Rs. 69,583.87


Data and Statistics for these countries : China | Hong Kong | India | Kazakhstan | Russia | All
Gold and Silver Prices for these countries : China | Hong Kong | India | Kazakhstan | Russia | 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".
WebsiteSubscribe to his services
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