-- Published: Thursday, 6 February 2014 | Print | Disqus
Gold Today –The New York gold price was slightly lower at $1,257.90 up $3.20 at the close on Wednesday. Asia held it there ahead of London’s opening. London set the gold price at $1,258.50, $1.50 up on Wednesday. In the euro, it Fixed at €930.637 up €0.284, while the dollar stood at $1.3523 barely changed. Ahead of the opening in New York gold stood at $1,261.30 and in the euro at €932.50.
Silver Today –The silver price closed up at $19.85 up 36 cents in New York. Ahead of New York’s opening, it was trading at $20.09.
Gold (very short-term)
Gold will trade in a tight range ahead of a strong move this week or next, in New York.
Silver (very short-term)
Silver will trade in a tight range ahead of a strong move this week or next, in New York.
Monday saw no change in the holdings of the SPDR gold ETF [GLD] but a rise in the Gold Trust gold ETF of 0.72 tonnes left their respective holdings at 797.053 tonnes and 162.58 tonnes.
The tight trading range of the gold price is getting tighter by the day, telling us that the strong move that is coming will be very strong.
However, the market was thin yesterday, but light producer selling was absorbed by buyers easily. There is no reason why turnovers should rise today, but the market is vulnerable to increased volumes either way.
On balance the Technical picture is showing a more positive picture. If this, more positive mood, holds through the end of the week, it bodes well for next week for gold and more particularly so for silver.
As we said yesterday, “All in all, this week looks like it is the ‘quiet before the storm’!”
New Technology in gold mining: When the use of cyanide in gold mining and the amount of ore that could be extracted, it revolutionized gold mining. Today, new technology will have the impact that ‘fracking’ is having on the oil industry.
AngloGold Ashanti Ltd., the third- largest producer of the gold in the world, expects to extend the life of its South African mines by as much as 30 years using reef-boring technology that taps new ore from previously drilled areas. The boring machines, which AngloGold has developed with its suppliers, are able to remove just the gold-bearing ore from the reef, replacing it with cement and chemicals that stabilize the mining structure. Using technology rather than manual labour means the company can operate 24 hours a day.
South Africa has fallen back to around 170 tonnes of gold production a year, but this technology may well reverse the fall. There are three South African gold mining companies we favour now. . [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 continues to rise as the gold price holds relatively still.
Julian D.W. Phillips for the Gold & Silver Forecasters
Global Gold Price (1 ounce)
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-- Published: Thursday, 6 February 2014 | E-Mail | Print | Source: GoldSeek.com