LIVE Gold Prices $  | E-Mail Subscriptions | Update GoldSeek | GoldSeek Radio 

Commentary : Gold Review : Markets : News Wire : Quotes : Silver : Stocks - Main Page 

 GoldSeek.com >> News >> Story  Disclaimer 
 
Latest Headlines

Rigged Market Socialism
By: Michael Ballanger

Western Central Banks: Robert Mugabe Rides Again?
By: Stewart Thomson

The coming supply crunch
By: Richard (Rick) Mills

Crash Update: Rally in Progress
By: Gary Savage

Precious Metals Update Video: New buying in metals
By: Ira Epstein

Technical Scoop - The hits just keep on coming
By: David Chapman

All Is Not Well in the Gold Paper Markets
By: Clint Siegner

SWOT Analysis: U.S. Gold Coins Bought at Fastest Pace in Three Years
By: Frank Holmes, US Funds

How much gold does China really have and how will it be used?
By: Chris Powell, GATA

Gresham’s Law And The Gold And Silver Squeeze
By: Dave Kranzler

 
Search

GoldSeek Web

 
Gold & Silver Market Morning



-- Posted Friday, 3 May 2013 | | Disqus

http://news.goldseek.com/2011/marketmorning.jpg

 

Gold Today – Gold closed in New York at $1,466.80 up $8 in New York yesterday.  In Asia, rose further to $1,474. In London it Fixed at $1,476.50 up $20.50 and in the euro at €1,124.952 up nearly €19 with the euro at €1: $1.3125 against the dollar. Ahead of New York’s opening it stood at $1,478.30 and in the euro at €1,126.62.

 

Silver Today – Silver closed at $23.79 up 16 cents, in New York yesterday. Ahead of New York’s opening silver stood at $24.17.

 

Gold (very short-term)

 

The gold price will continue to consolidate with a stronger bias, in New York today.

 

Silver (very short-term)

 

The silver price will continue to consolidate with a stronger bias, in New York today.

 

Price Drivers

Gold & Silver – While the Chinese market needed to gain momentum yesterday before it was in full swing we now see that happening.  But what has begun to stand out strongly are the  premiums being placed on physical gold globally and the waiting times being put on delivery of orders for gold. On this we note that a supplier does not have the discretion to sell gold then wait a while before buying it for clients, that would be speculating, which any dealer with common sense just wouldn’t do. This means that they have to go into the market to buy when such situations arise, irrespective of the price. So the impact of the shortages will continue to place an upward pressure on the gold price until such bottlenecks have been removed.

 

More importantly with 35% to 40% of global gold supply coming from “scrap sales” of gold, such suppliers are most unhappy with the price falls from $1,650 a level that has held for almost two years now. They see current prices too low for selling their gold with a view to buying it back at lower prices, so their current sales are reducing. Of course where a mother is giving gold to her daughter such sales are followed by an immediate buy and usually are not seen in the market place and are a simple transfer of ownership. Gold mines have to lower the size of their resources as they stop including grades that are unprofitable at these levels, so supply from the mines must drop with falling prices too. Balance strong current demand against falling supply, and you have the direction of the gold price tide. But the day-to-day waves of speculation continue to shove the price around seemingly ignoring this tide. But a fact of life is that tides will always dominate the waves on the sea shore.

 

The SPDR gold ETF again saw sales, this time of 6.06 tonnes making nearly 14 tonnes sold this week from the fund this week so far.  [Subscribe to our newsletters at www.GoldForecaster.com and www.SilverForecaster.com]

 

Silver – Silver is now moving in tandem with the gold price. It seems as though it is at last reverting to its usual pattern of doing so.

 

Regards,

 

Julian D.W. Phillips for the Gold & Silver Forecasters

 

Global Gold Price (1 ounce)

 

Today

3 days ago

Franc

Sf1,378.07

Sf1,350.73

US

$1,478.30

$1,455.45

EU

1,126.62

€1,104.50

India

Rs.79,820.81

Rs.78,397.81


-- Posted Friday, 3 May 2013 | Digg This Article | Source: GoldSeek.com

comments powered by Disqus



 



Increase Text SizeDecrease Text SizeE-mail Link of Current PagePrinter Friendly PageReturn to GoldSeek.com

 news.goldseek.com >> Story

E-mail Page  | Print  | Disclaimer 


© 1995 - 2019



GoldSeek.com Supports Kiva.org

© GoldSeek.com, Gold Seek LLC

The content on this site is protected by U.S. and international copyright laws and is the property of GoldSeek.com and/or the providers of the content under license. By "content" we mean any information, mode of expression, or other materials and services found on GoldSeek.com. This includes editorials, news, our writings, graphics, and any and all other features found on the site. Please contact us for any further information.

Live GoldSeek Visitor Map | Disclaimer


Map

The views contained here may not represent the views of GoldSeek.com, Gold Seek LLC, its affiliates or advertisers. GoldSeek.com, Gold Seek LLC makes no representation, warranty or guarantee as to the accuracy or completeness of the information (including news, editorials, prices, statistics, analyses and the like) provided through its service. Any copying, reproduction and/or redistribution of any of the documents, data, content or materials contained on or within this website, without the express written consent of GoldSeek.com, Gold Seek LLC, is strictly prohibited. In no event shall GoldSeek.com, Gold Seek LLC or its affiliates be liable to any person for any decision made or action taken in reliance upon the information provided herein.