Advertise | Bookmark | Contact Us | E-Mail List |  | Update Page | UraniumSeek.com 

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

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

Pay Attention Moment- Time to wake up from your Summer Slumber
By: Plunger

Gold Bears Are Roaring Louder
By: Avi Gilburt

The explosive questions the gold riggers won't answer -- and the press won't ask
By: Chris Powell

Gold Resource Corporation Reports Preliminary Second Quarter Production of 5,806 Gold Ounces and 593,955 Silver Ounces Maintaining 2018 Annual Outlook
By: Gold Resource Corporation

Gold Resource Corporation Mina Gold Phase Two Drill Results and Gold Mesa Property Update
By: Gold Resource Corporation

Trump, Russia, Brexit and the Demand For Gold and Silver – GoldCore Video Interview
By: GoldCore

GoldSeek Radio: Dr. Stephen Leeb and Arch Crawford, and Chris Waltzek
By: radio.GoldSeek.com

The Debt Train Will Crash
By: John Mauldin

A Macro (Amigos) Update for Mid-Summer
By: Gary Tanashian

Student Debt Bubble Expands As Parents Do More Of The Borrowing
By: John Rubino

 
Search

GoldSeek Web

 
Gold & Silver Market Morning


 -- Published: Wednesday, 8 January 2014 | Print  | Disqus 

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

Gold Today –Yesterday the gold price in New York fell to $1,232.30 down $5.70 with the dollar steady at $1.3623: €1. Today the gold price was Fixed at $1,225.50 down $11 on yesterday. In the euro it Fixed at 902.502 down 5.422. Ahead of the opening in New York gold stood at $1,226.00 and in the euro at €902.333. The dollar stood at $1.3586:  €1

 

Silver Today –The silver price 18 cents lower at $19.87. Ahead of New York’s opening, it was trading at $20.10.

 

Gold (very short-term)

 

We expect the gold price to consolidate with a weaker bias today, in New York.

 

Silver (very short-term)

 

We expect the silver price to consolidate with a weaker bias today, in New York.

 

Price Drivers

On Monday there was an attempt to fracture the gold price as COMEX sales of over 4,000 contracts [1.2 tonnes of gold] in one minute knocked the price back to $1,212, but in a very short period of time the price recovered fully. Another attempt was made yesterday but with thinner volumes over a longer period. Neither of these two sales came with sales of physical gold. This tells us that the price is well supported at these levels and psychologically strong. It will take substantial sales of physical gold to change this picture.  Certainly, support above $1,200 is getting stronger, but overhead resistance at $1,240 - $1,250 is heavy. With this in mind, yesterday saw no sales from the SPDR or Gold Trust gold ETFs, whose holdings remain at 794.621 tonnes and 161.83 tonnes respectively.  

 

In the developed world we continue to get positive economic data indicating that growth is improving slightly. But there are so many structural dangers to such growth that could impinge on hopes that developed economies are ‘out of the woods’. Nevertheless, equity markets in that world are positive, primarily encouraged by low interest rates [which could persist for years more].

 

We repeat what we said in the past that, rising equity markets are not counter to gold prices. Yes, in the U.S. institutions have sold gold to invest in the equity markets there, but outside the U.S. there has been no similar selling of gold. Should interest rates begin to rise, equity markets will fall, as will economic growth alongside foreign exchange rates. This is a time bomb with the Fed dictating when it will go off.

 

For those who feel that gold will not rise until ‘Hell freezes over’, we note that yesterday, ‘Hell’ [a town in Michigan] froze over.

 

The case for gold in portfolios in markets outside the U.S. remains intact. It is in these markets that global gold demand is in the region of 75% of all global demand. [Find out more from www.GoldForecaster.com and www.SilverForecaster.com to subscribe to our newsletters and visit www.StockbridgeMgMt.com to hold gold so it can’t be seized]  

 

Silver – The silver price was quick to drop as gold fell yesterday and may well fall faster than gold today.

 

Regards,

 

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

 

Global Gold Price (1 ounce)

 

Today

Yesterday

Franc

Sf1,117.25

Sf1,123.56

US

$1,226.00

$1,240.00

EU

€902.333

€908.62

India

Rs.76,159.12

Rs.77,283.00

 


| Digg This Article
 -- Published: Wednesday, 8 January 2014 | E-Mail  | Print  | 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 - 2018



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

The views contained here may not represent the views of GoldSeek.com, its affiliates or advertisers. GoldSeek.com 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, is strictly prohibited. In no event shall GoldSeek.com or its affiliates be liable to any person for any decision made or action taken in reliance upon the information provided herein.