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Gold & Silver Market Morning

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Published : January 22nd, 2015
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Category : GoldWire

Gold Today –New York closed at $1,293.50 up $0.80 as the euro started to weaken again. In Asia and early London the gold price slipped slightly to $1,287.1 with the euro a tad stronger at $1.1581. The Fix saw the gold price set at $1,287 down $11.00 and in the euro, at €1,107.955 down €13.718, while the euro was stronger at $1.1616. Ahead of New York’s opening gold was trading in London at $1,286.60 and in the euro at €1,106.94.

Silver Today – The silver price closed at $18.15 up 22 cents. Ahead of New York’s opening it was trading at $18.07.

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

There were sales of 1.792 tonnes of gold from the SPDR gold ETF and a purchase of 2.2 tonnes into the Gold Trust on Wednesday. The holdings of the SPDR gold ETF are at 740.451 and at 167.62 tonnes in the Gold Trust.On balance the U.S. continues to buy. [Subscribe to www.GoldForecaster.com & www.SilverForecaster.com].

Today, the long awaited announcement of Q.E. is going to be made. Talk is of a program to buy €50 billion worth of bonds a month until over €1 trillion has been bought in several years time. The hype is that this will lead to economic growth. Perhaps a more realistic appraisal is that it will deflect any banking or sovereign debt crisis by keeping the banking and national debt systems relatively ‘healthy’ while consumers struggle to instigate growth over time. In such an environment Draghi hopes that deflation will not cause the feared wounds it usually causes. If a ‘Greece exit’ takes place, then the seismic shocks will have a buffer now. With the clear disunity amongst the economically ‘strong’ member states and the weak, the E.U. continues to look vulnerable and the euro falling. Draghi is doing a very good job, seemingly without the help of the governments he serves.

Whatever economic growth comes over time is more likely to be assisted by lower oil prices. Add the fall in the oil price to the fall in the euro and we see that oil prices are down in the E.U. by around 60% on last year, against 50% in the U.S. with more to come, we feel.

In this global environment gold will continue to be attractive as fears for the future remain in position and confidence in the E.U. economy at a low level.

In China we are moving fast to the Chinese New Year on the 17th February and remain in the ‘marriage season’ in India at an ‘auspicious’ time of the year for buying gold. In the first week of the year demand was 15% higher than in the week ending 2014 in China. We see this demand rising in the next few weeks.

Silver– The silver price is keen to hold its gains waiting for gold to hold above $1,300. www.SilverForecaster.com

Regards,

Global Gold Price (1 ounce)

Today

Yesterday

Franc

Sf1,103.71

Sf1,123.44

US

$1,286.60

$1,298.40

EU

€1,106.94

€1,122.21

India

Rs.79,362.63

Rs. 80,000.27


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