Gold Today –On Wednesday the gold price in New York closed again at $1,240 with Asia lifting it $2 higher. The dollar was slightly stronger at $1.3602: €1 ahead of London’s opening. In London the gold price was Fixed at $1,241.00 up $3.75 on yesterday. In the euro it, Fixed at €912.634 up €4.027. Ahead of the opening in New York gold stood at $1,241.20 and in the euro at €912.45. The dollar stood at $1.3604:  €1

Silver Today –The silver price copied gold’s performance with almost no movement at all in New York yesterday with Asia holding it there before London’s opening. Ahead of New York’s opening, it was trading at $20.06.

Gold _{(very short-term)}

Again, the gold price will have a narrow trading range ahead of a strong move, in New York today.

Silver _{(very short-term)}

Again, the silver price will have a narrow trading range ahead of a strong move, in New York today.

Price Drivers

 Yesterday saw no sales from the SPDR gold ETF or the Gold Trust gold ETF leaving their respective holdings at 789.556 and 161.37 tonnes respectively. We expect to see sales on a Friday and keep an eye on their impact on the gold price.

The gold price is still in a very tight trading range ahead of a strong move either way.  We [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] Let’s emphasize that the price could go either way, due to global factors. If the prices are dependent on U.S. sentiment we expect a downward move. If precious metal prices are dependent on physical demand including the Far East then prices will rise. Again the markets in precious metals have moved into a high risk phase. This is no place for the faint hearted!

After the Volker rule prevented banks from trading on the capital with them, the same is now being proposed in Europe. But we do not expect binding laws to be enacted before 2018. Whether Europe can agree on that after the struggle they have had with defining bad debt across the Eurozone remains to be seen. If they are able to do this then we would expect markets and precious metal prices to lose a considerable degree of the volatility they experience at present. But that prospect remains five years away still.

We again as always suggest Subscribers ensure they have their stop loss protections in place and keep a close eye on the markets today!

Silver – The silver price is waiting for gold to give it direction.

Regards,

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

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 -- Published: Friday, 17 January 2014 | E-Mail  | Print  | Source: GoldSeek.com

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