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

Exploration Update: Golden Arrow’s Pescado Project
By: Nicholas LePan, SilverSeek.com

GoldSeek Radio Nugget: Charles Hughes Smith and Chris Waltzek
By: radio.GoldSeek.com

Strap Yourself In - We Are About To See Some Big Moves In Metals
By: Avi Gilburt

Visit the Top Blockchain and Cryptocurrency Power Hubs of the World
By: Frank Holmes

Gold’s Upside Target
By: Przemyslaw Radomski, CFA

Dollar Crisis
By: Gary Savage

What Gold Needs to Do Now
By: Rick Ackerman

Year-end Rate Hike Once Again Proves To Be Launchpad For Gold Price
By: GoldCore

Asian Metals Market Update: December-14-2017
By: Chintan Karnani, Insignia Consultants

Gold Seeker Closing Report: Gold and Silver Gain About 1% and 2%
By: Chris Mullen, Gold Seeker Report

 
Search

GoldSeek Web

 
Gold & Silver Market Morning


 -- Published: Monday, 10 February 2014 | Print  | Disqus 

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

Gold Today –The New York gold price was almost unchanged at $1,267.10 up nearly $10 at the close on Friday. Asia took it up to $1,272.50 ahead of London’s opening on Monday. London set the gold price at $1,273.50 up $13.50 up on Friday. In the euro, it Fixed at €933.856 up 5.132, while the dollar stood at $1.3637, again, weaker. Ahead of the opening in New York gold stood at $1,273.18 and in the euro at €933.72.

 

Silver Today –The silver price closed up at $20.03 up 9 cents in New York. Ahead of New York’s opening, it was trading at $20.18.

 

Gold (very short-term)

 

Gold will trade attack overhead resistance today, in New York.

 

Silver (very short-term)

 

Silver will trade attack overhead resistance today, in New York.

 

Price Drivers

Friday saw no change in the holdings of the SPDR gold ETF [GLD] or the Gold Trust gold ETF leaving their respective holdings at 797.053 tonnes and 162.58 tonnes. We are now in the fourth week where no sales have come from the two U.S. based gold Exchange Traded Funds.  If none occur this week we would see it as a confirmation that such sales have stopped until prices are much higher than they are now. This, alone, will act as a gold and silver price driver from now on.

 

Today sees the return of Chinese demand, which has already taken gold up against overhead resistance. The mere fact that it is attacking resistance once more tells us that it is already overwhelming such resistance. We expect a vigorously active week in gold. [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]

 

The euro and the U.S. dollar started the week at last week’s levels just over $1.36: 1. We caution readers against seeing the strength in gold as a result of disappointing economic data coming from the U.S. As you see from the U.S. ETFs the buying/selling of gold does not happen at the publication of such data. Speculators may act so on the futures market, but this is only small amounts of physical gold. The main demand [up to 70% of global physical demand] emanates from Asia. It is the renewed demand from China this week that will move gold and silver prices.

 

The overall global economy is being dragged down by the Eurozone which is in a dubious state of recovery. Deflation remains a real threat there. This is being reflected in both the U.S. and China economies in this increasingly global world. One measure of the decline is in the halving of the Baltic Dry shipping rates which are down by half this year so far.

 

But again we caution that gold is not rising because of that. It is simple raw, financial-security seeking, gold demand in China, in particular, that will drive gold and silver prices in the near term.

 

Silver – The silver price is moving with gold once more.

 

Regards,

 

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

 

Global Gold Price (1 ounce)

 

Today

Yesterday

Franc

Sf1,142.23

Sf1,136.59

US

$1,273.18

$1,260.15

EU

€933.72

€928.87

India

Rs.79,306.38

Rs.78,633.36

 


| Digg This Article
 -- Published: Monday, 10 February 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 - 2017



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.