Advertise | Bookmark | Contact Us | E-Mail List |  | Update Page | 

Commentary : Gold Review : Markets : News Wire : Quotes : Silver : Stocks - Main Page >> News >> Story  Disclaimer 
Latest Headlines

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

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

U.S. ENERGY INDEPENDENCE?? Still Importing Nearly 8 Million Barrels Of Oil Per Day
By: Steve St. Angelo

War is a racket — and so is the state
By: George Smith

Gold Seeker Weekly Wrap-Up: Gold and Silver Fall Over 1% on the Week
By: Chris Mullen, Gold Seeker Report

Gold Standard Requirements And Currency Crisis
By: Jim Willie CB

Keith Weiner: Uncle Sam's Debt-Money System is Immoral, Tantamount to Theft
By: Mike Gleason

COT Gold, Silver and US Dollar Index Report - July 13, 2018


GoldSeek Web

Gold & Silver Market Morning

 -- Published: Wednesday, 29 January 2014 | Print  | Disqus

Gold Today –New York pulled back slightly to $1,254.10 from $1,255 at the close on Tuesday. Asia took it to $1,255.30 ahead of the opening in London. The dollar traded barely changed at $1.3664. London held it around there until it Fixed at $1,254.75 up $1.25 on Tuesday. In the euro, it Fixed at 917.886 down 1.237 reflecting a slightly stronger dollar which stood at $1.3670. Ahead of the opening in New York gold stood at $1,259.05 and in the euro at €921.47.


Silver Today –The silver price slipped to $19.58 down 5 cents at the close in New York. Asia took it back up to $19.63 and held it there before London’s opening. Ahead of New York’s opening, it was trading at $19.67.


Gold (very short-term)


We expect gold to consolidate with a positive bias today, in New York.


Silver (very short-term)


We expect silver to consolidate with a positive bias, in New York.


Price Drivers

Monday saw no sales of gold from the SPDR gold ETF [GLD] and none sold from the Gold Trust gold ETFs, leaving their respective holdings at 790.456 tonnes and 161.37 tonnes. Gold and silver prices remain on support and strong support at that.


The news of the day remains emerging market currencies, in particular, the Turkish Lira and the South African Rand. International banks have in the past borrowed cheap dollars to get the interest arbitrage opportunities. But the time has come for these “carry trades” to be unwound. In the hope of stopping the capital outflows, the Turkish central bank raised interest rates from 7.75% to 12%, a massive hike that the media are trying to translate into a solution to the value problems of the Lira. Past experience of such moves points not to a solution but to desperation. If you are owed money by a dubious debtor and they come with an offer of more interest, would that give you confidence? When capital flees a country from locals, governments impose Exchange Controls. When foreign capital flees the country little can be done except to force on them longer term repayment schedules. At the moment the calmness to go that route is not there, so be prepared for more capital outflows. South Africa still has Exchange Controls in position from 1986 so can simply tighten these to slow the outflow. They are reviewing interest rates there today so we could hear an announcement later. With the S.A. mining industry the victim of ongoing strikes and heavy current account deficits, South Africa could follow Turkey and suffer a plunging exchange rate, once more. In Oct 2012 the Rand was 6.80: $1. This week it hit R11.21. Unless quick action is taken, we expect the Rand to trade at somewhere south of R12: $1 soon. Gold prices are jumping in those currencies as they fall. [Find out more from and to subscribe to our newsletters and visit to hold gold so it can’t be seized]


Silver – The silver price is again riding tandem with the gold price and showing the same firmness.




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


Global Gold Price (1 ounce)

















| Digg This Article
 -- Published: Wednesday, 29 January 2014 | E-Mail  | Print  | Source:

comments powered by Disqus


Increase Text SizeDecrease Text SizeE-mail Link of Current PagePrinter Friendly PageReturn to >> Story

E-mail Page  | Print  | Disclaimer 

© 1995 - 2018 Supports

©, Gold Seek LLC

The content on this site is protected by U.S. and international copyright laws and is the property of 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 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, its affiliates or advertisers. 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, is strictly prohibited. In no event shall or its affiliates be liable to any person for any decision made or action taken in reliance upon the information provided herein.