-- Posted Tuesday, 10 September 2013 | | Disqus
Gold Today –New York closed at $1,386.50 down $2.00 on Monday. Asia watched it slip a dollar as did London to $1,375. London Fixed it at $1,373 down $13 and in the euro at Fixed at $1,386.00 up nearly $20.00 and in the euro at €1,037.322 down €13.23. Ahead of New York’s opening gold was trading at $1,372.20 and in the euro at €1,036.09.
Silver Today – Silver closed at $23.67 down 14 cents in New York on Monday. Ahead of New York’s opening it traded at $23.30.
Gold (very short-term)
The gold price may show a weaker bias, while continuing to consolidate today in New York.
Silver (very short-term)
The silver price may show a weaker bias, while continuing to consolidate in New York today.
Price Drivers
Gold & Silver – The gold market started the day trying to eliminate the ‘Syria’ factor from the gold price as the dollar weakened, by falling $7 as overhead resistance continued to press the gold price down, but in thin trading.
While the U.S. is sceptical of the handing over of chemical weapons to the U.N. it appears that the danger of an immediate Middle East escalation with U.S. involvement in Syria is on ‘hold’ at least. The danger of the conflict in that region descending into a purely sectarian war has not gone away. Indeed, that is what it is. Many would say that is has been for the last year at least. The key question is, “when will it impact on the oil price?” Then the whole world will be involved, chemical weapons or not. It seems to be a question of when, not if.
Once it impacts on the oil price it will affect everybody on this planet one way or another.
Meanwhile back in the gold market, the demand factors continue to outweigh the supply with premiums remaining on gold prices in both China and India. [We cover that in our weekly newsletter - Subscribe to our newsletters at www.GoldForecaster.com and www.SilverForecaster.com]
The SPDR and Gold Trust gold ETF holdings again dropped on Monday. The total of the SPDR gold ETF holdings is at 917.126 tonnes a drop of 2.154 tonnes while the holdings of the Gold Trust dropped slightly to 178.17 tonnes, together totalling 1,095.252 tonnes. The price at which New York closed showed that the sale had only a slight impact on the gold price, which carried over to London in thin trade. We do not consider this the start of significant U.S. selling of gold.
J.P. Morgan Chase appears to have re-bought much of the gold it sold and is now long of the gold price. More and more respected U.S. respected analysts are turning long of gold now.
Silver – The silver price while stronger than gold it continues to follow it.
Regards,
Julian D.W. Phillips for the Gold & Silver Forecasters
Global Gold Price (1 ounce) |
| Today | 1 day ago |
Franc | Sf1,283.01 | Sf1,300.34 |
US | $1,372.20 | $1,387.25 |
EU | €1,036.09 | €1,052.06 |
India | Rs.87,861.97 | Rs.90,476.45 |
-- Posted Tuesday, 10 September 2013 | Digg This Article
| Source: GoldSeek.com
