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Gold & Silver Market Morning

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Published : February 18th, 2015
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Category : GoldWire

Gold Today ?New York closed at $1,208.50 down $14.00. In Asia the gold price was lifted to $1,210.45. London Fixed the gold price at $1,206.50 down $15.25 and in the euro, at ?1,059.356 down ?13.201, while the euro was almost unchanged at $1.1389.Ahead of New York?s opening gold was trading in London at $1,206.10 and in the euro at ?1,059.56.

Silver Today ? The silver price closed at $16.51 down 44 cents. Ahead of New York?s opening it was trading at $16.45.

Gold (very short-term) The gold price will look for a bottom, today in New York.

Silver (very short-term) The silver price will look for a bottom, in New York, today.

Price Drivers

There were no sales or purchases into or from the SPDR gold ETF and none from the Gold Trust on Tuesday as gold prices slipped back as Chinese demand wound down as the Chinese Lunar New Year began. It last from now until the 24th February. As Chinese demand has been such a support for the gold price, its absence will leave the gold price vulnerable to further falls. The holdings of the SPDR gold ETF are at 768.263 and at 167.03 tonnes in the Gold Trust.We expect support to be really tested for the next week and a half. Indeed, from now until the end of the month, the gold market may well see thin trade and give speculators and traders free rein to move the gold price wherever it wants to. Below current levels in the gold price lies very well tested support so the extent of gold?s vulnerability should not be over estimated.

It seems to us that the new Greek government is ensuring every effort is made to get some accommodation from the E.U. but it seems to have zero expectations. Hindsight will then confirm they tried every option before having to choose the inevitable. We also get the impression that the E.U.?s intransigence is immovable and that both sides expect an inevitable conclusion. To us our main question will be, ?Will action be taken to leave the Eurozone this weekend or next weekend.? The flow of capital and the massively falling tax revenues to the government well may force the decision earlier rather than later.

Yesterday we said, ??But we do not believe it will end up a Greek tragedy. We see that within one year Greece will start to thrive.? We explain this, in detail, in our next issue of the Gold Forecaster, as Capital/Exchange Controls are implemented in Greece. [Subscribe to www.GoldForecaster.com & www.SilverForecaster.com].

We note that the Technical picture for gold has not turned negative so we look forward to an indecisive week in terms of the direction of both gold and silver. However, the news out of the U.S. is that Paulson?s fund, the largest shareholder of the SPDR gold EZTF continues to leave its huge holdings unchanged.

Silver? The silver price took another knock yesterday and may well find the next week will see it fall further. The decision investors much make in the next week is, ?Are they being presented with a wonderful buying opportunity or have they waited too long to sell??

www.SilverForecaster.com

Regards,

Global Gold Price (1 ounce)

Today

Yesterday

Franc

Sf1,133.01

Sf1,135.67

US

$1,206.10

$1,220.00

EU

?1,059.56

?1,068.06

India

Rs.75,182.24

Rs. 75,878.63


Data and Statistics for these countries : Greece | India | All
Gold and Silver Prices for these countries : 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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