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Gold and Silver Market Morning: Nov-5-2015

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Published : November 05th, 2015
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Category : GoldWire

Gold Today -New York closed at $1,107.50 down $10.20 on Wednesday. In Asia it rose to $1,110.00 before London opened. The LBMA price setting fixed it at $1,107.30 down from $1,118.00 yesterday. The dollar Index was stronger yesterday and rose to 97.94 up from 97.36 at the close of New York. The dollar was stronger at $1.0861 up from $1.0931 against the euro.In the euro the fixing was ?1,019.71 down from ?1,023.25.At New York's opening gold was trading in the euro at ?1,021.56 and at $1,111.15.

Silver Today - The silver price closed at $15.09 down 20 cents over Wednesday's close. At New York's opening, silver was trading at $15.07.

Gold (very short-term)The gold price could move either way strongly today, more likely lower, in New York.

Silver (very short-term) The silver price could move either way strongly today, more likely lower in New York.

Price Drivers

Technically, the gold price is pointing lower. But still we remain in a high risk area with the possibility of a hefty bounce.

Tuesday saw sales from the SPDR gold ETF of 6.199 tonnes making over 16 tonnes sold this week but nothing was sold from the Gold Trust leaving their holdings at 680.105 tonnes and at 160.30 in the Gold Trust. These sales were sufficient to cause such an ongoing fall in the gold price and if they continue, expect more falls. On top of that the Commercials are short again.

What investors and traders should be working out now is the impact of the arriving Yuan Gold Fixing in Shanghai. Bear in mind that it is entirely a physical market with only a minor influence from Futures and Options trading. If, for instance, Futures and Options positions are taken out on a delivery basis then whoever is left holding the position will have to deliver. So who will be left holding the baby as maturity approaches. For sure, speculators who have no intention of delivering will ensure they are out well before maturity. This will lessen the impact of COMEX on the gold price. The arbitrage trade between the two centers will blossom and further squeeze the influence of both London OTC trading and New York's COMEX. With gold likely to return to a greater role in a multi-currency system we would expect developed world selling by institutions to be curtailed so as to keep hold of the gold they have.

The acceptance of the Yuan in the basket of currencies making up the SDR will be the trigger for such developments detailed above.-Subscribewww.goldForecaster.com [See a site where protection from confiscation is offered:www.Stockbridgemgmt.com ]

Silver-Silver prices continue to be high risk and volatile today. -Subscribe www.SilverForecaster.com ]

Regards,

Global Gold Price (1 ounce)

Today

Thursday

Franc

Sf1,106.43

Sf1,107.96

US

$1,111.15

$1,118.30

EU

?1,021.56

?1,023.19

India

Rs.72,974.78

Rs. 73,233.91

China

Y 7,040.25

Y 7,085.88


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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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