In the same category

Gold & Silver Market Morning

IMG Auteur
Published : August 17th, 2015
484 words - Reading time : 1 - 1 minutes
( 1 vote, 5/5 )
Print article
  Article Comments Comment this article Rating All Articles  
0
Send
0
comment
Our Newsletter...
Category : GoldWire

Gold Today -On Friday New York closed at $1,115.20, unchanged on Thursday. The dollar was slightly stronger at $1.1100 down from $1.1142 with the dollar Index weaker at 96.69 down from 96.42 on Monday morning. This morning the LBMA gold price was set at $1,117.30 up $0.55. The euro equivalent was ?1,005.67 up ?2.44. Ahead of New York's opening, gold was trading in tight 30 point spread still around $1,121.65 and in the euro at ?1,008.22.

Silver Today - The silver price closed at $15.22 down 19 cents in New York on Friday. Ahead of New York's opening today it was trading at $15.37.

Gold (very short-term) The gold price should consolidate in New York with a firmer bias, today.

Silver (very short-term) The silver price should consolidate with a firmer bias, in New York, today.

Price Drivers

Last week the IMF confirmed that the Chinese economy is now the largest in the world. What does this mean for gold and silver investors? With the love for gold the Chinese and other Asian nations have, it means that demand for gold from there will persist and grow all the way. Other Asian demand will follow it alongside the growth in demand from India. We are two weeks from the start of the 'gold season'.

More importantly for global demand for gold and silver it means that the monetary system of the last 60+ years will have to change as China exerts a different force over the global monetary system, making the peaceful currency system we have seen over all these year [Dollar hegemony] weaken and change into a multi-currency system in a more uncertain and unstable world. This brings gold and silver back to an important role in the extreme times we face. We have seen the start of this in the last two weeks. - Subscribewww.goldForecaster.com [See our new gold buying, transferring and storing operation:www.Stockbridgemgmt.com ]

We have seen sales of 31 tonnes of gold from Paulson's ETF by the end of June and purchases of 9.15 tonnes by Druckenmiller. These are large funds and not prone to speculation in physical gold sales and purchases. However, there could be advantages to selling COMEX positions alongside such sales, profiting from subsequent price falls, but this would conflict with the big buyers coming into the market. We are inclined to believe that neither of these two funds played speculative games in the last month but that the large bear raids came from other sources.

There were no sales or purchases in either the SPDR gold ETF or the Gold Trust on Friday leaving the holdings of the SPDR gold ETF at 671.867 tonnes and 161.02 tonnes in the Gold Trust.

Silver- Silver is still ready to run. Subscribe www.SilverForecaster.com

Regards,

Global Gold Price (1 ounce)

Today

Yesterday

Franc

Sf1,093.27

Sf1,090.12

US

$1,121.65

$1,119.10

EU

?1,008.22

?1,001.79

India

Rs.73,254.96

Rs. 72,758.29

China

Y 7,228.25

Y 7,205.38


Data and Statistics for these countries : China | India | All
Gold and Silver Prices for these countries : China | India | All
<< Previous article
Rate : Average note :5 (1 vote)
>> Next article
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
Comments closed
Latest comment posted for this article
Be the first to comment
Add your comment
Top articles
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS
Take advantage of rising gold stocks
  • Subscribe to our weekly mining market briefing.
  • Receive our research reports on junior mining companies
    with the strongest potential
  • Free service, your email is safe
  • Limited offer, register now !
Go to website.