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Gold & Silver Market Morning

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Published : September 03rd, 2015
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Category : GoldWire

Gold Today -On Monday New York closed at $1,133.60 down $6.20. The dollar was stronger at $1.1335 at the close up from $1.1496, against the euro, with the dollar Index stronger at 95.91 down from 95.39 yesterday. The LBMA gold price was set at $1,130.05 down $9.95 today. The euro equivalent was ?1,006.86 down ?5.35. Ahead of New York's opening, gold was trading at $1,129.15 and in the euro at ?1,006.15.

Silver Today - The silver price closed at $14.69 up 9 cents over yesterday's close in New York. Ahead of New York's opening today it was trading at $14.70.

Gold (very short-term) The gold price will consolidate ahead of a strong move soon, in New York.

Silver (very short-term) The silver price will consolidate ahead of a strong move soon, in New York.

Price Drivers

With Asian demand absent from the gold arbitrage market the full pricing power over gold lay in the hands of London and New York. This gives speculators far greater pricing power than usual. They are starting to use this power to push gold prices down but not silver prices. But so far the gold price is still in narrow consolidation pattern. Speculators have two more days of this power, so let's see what today brings!

Currency markets are relatively calm for now but give us the impression that this may change suddenly soon. There are several reasons why. There is now an expectation that the E.U. may increase the amount of quantitative easing to increase lending because, so far it has simply stemmed deflation and given only small growth. Secondly, global growth is proving disappointing with little evidence of improving. Thirdly, financial market sensitivity is very high. Fourthly, expectations of a rate hike could be fulfilled either this month or next with evidence that when it comes, currency, equity and bond markets will be volatile. This mix could prove toxic.

For gold and silver the question remains, will they be a quiet place in the storm? - Subscribewww.goldForecaster.com [See a site where protection is offered for gold owners:www.Stockbridgemgmt.com ]

There were no purchases or sales from or to the SPDR gold ETF but a sale of o.03 of a tonne from the Gold Trust yesterday. This leaves the holdings of the SPDR gold ETF at 682.595 tonnes and 161.14 tonnes in the Gold Trust.We don't expect the small investor to move his position in the gold ETFs in the days to come but do expect large investors to move into or out of these funds. It is more likely that they will increase their holdings as at the moment the typical U.S. institution is out of the gold market.While it is perceived that there exists a bull market in the dollar, this will not change. But of note was the way the dollar fell in the early part of the turmoil, due to 'carry trade' adjustments. We would not bank on a dollar bull market taking it higher in the current climate!

Silver- Silver will be stronger than gold today. Subscribe www.SilverForecaster.com

Regards,

Global Gold Price (1 ounce)

Today

Yesterday

Franc

Sf1,095.78

Sf1,100.13

US

$1,129.15

$1,136.85

EU

?1,006.15

?1,011.48

India

Rs.74,755.38

Rs. 75,250.94

China

Y 7,176.76

Y 7,236.39


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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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