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Gold and Silver Market Morning: Oct-1-2015

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Published : October 06th, 2015
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Category : GoldWire

Gold Today -New York closed with the gold price at $$1,135.70 down $1.60 yesterday in New York. China remains closed until Thursday in its 'Golden Week' holiday. When London opened the gold price rose to $1,140.00 after which it was set at $1,136.90 up from $1,134.35 at the LBMA gold setting. The dollar Index was up at 95.89 from 95.58 and the dollar trading against the euro at $1.1217 down from $1.1268. In the euro the fixing was ?1,013.55 up from ?1,006.70.Ahead of New York's opening gold was trading at $1,138.45 and in the euro at ?1,114.93.

Silver Today - The silver price closed at $15.62 up from $15.24 or over $1 in two days. Ahead of New York's opening, silver was trading at $15.70.

Gold (very short-term)

The gold price should consolidate today, with a stronger bias, in New York.

Silver (very short-term)

The silver price should consolidate today, with a stronger bias, in New York.

Price Drivers

There continues to be upward pressure on the gold and silver prices, despite Shanghai being closed. It is impossible not to draw the conclusion that the physical gold market is separate from the New York COMEX market and London prices. This is because gold and silver prices are made in New York, primarily by dealers and traders reflecting sentiment on COMEX. The perception there reflects expectations for rise in interest rates as well as for the dollar. While the dollar remains in a bull market, we are of the opinion that the Treasury will not permit it to rise to the point the U.S. suffers more on the international competitive front. This is supported by the reality that the peak of $1.07 against the euro and peak on the dollar index, close to 100, have not even been approached since then, surprisingly. After the jobs report the dollar fell a full two cents against the euro and remains close to that level even now.

Record short gold positions continue to be closed and long gold positions opened on COMEX since last Friday.

But against this positive background we saw a sale of 0.221 of a tonne from the SPDR gold ETF and a sale of 0.03 from the Gold Trust. This leaves the holdings of the SPDR gold ETF at 688.983 tonnes and 160.62 tonnes in the Gold Trust. We see this sale as small relative to the volumes being traded currently, so will not influence the gold price. Additions to the gold ETFs in the U.S. in the last two weeks point to a positive attitude to gold growing in the U.S. slowly but surely now.

The Technical picture is now moving to a critical point which may see a strong move this week. [More in our newsletter -Subscribewww.goldForecaster.com [See a site where protection from confiscation is offered to gold owners:www.Stockbridgemgmt.com ]

Silver-Silver continues to outperform gold having risen over a dollar in the last two days. If gold does breakout to the upside we may see a sprint higher by the gold price. -Subscribe www.SilverForecaster.com ]

Regards,

Global Gold Price (1 ounce)

Today

Yesterday

Franc

Sf1,109.53

Sf1,101.16

US

$1,138.45

$1,133.00

EU

?1,114.93

?1,107.60

India

Rs.74,468.29

Rs. 73,964.51

China

Y 7,236.05

Y 7,195.34


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