-- Published: Tuesday, 11 February 2014 | Print | Disqus
Gold Today –The New York gold price was almost unchanged at $1,274.60 up $7.50 at the close on Monday. Asia took it up to $1,285 ahead of London’s opening on Tuesday. London pulled it back $2 initially before London set the gold price at $1,282.75 up $9.25 up on Monday. In the euro, it Fixed at €938.094 up €4.238, while the dollar stood at $1.3674, again, weaker. Ahead of the opening in New York gold stood at $1,284.30 and in the euro at €939.78.
Silver Today –The silver price closed up at $20.05 up 2 cents in New York. Ahead of New York’s opening, it was trading at $20.18.
Gold (very short-term)
Gold will confirm overhead resistance is broken today, in New York.
Silver (very short-term)
Silver will confirm overhead resistance is broken today, in New York.
Friday saw no change in the holdings of the SPDR gold ETF [GLD] but a purchase of 0.6 of a tonne into the Gold Trust gold ETF leaving their respective holdings at 797.053 tonnes and 163.18 tonnes. As we said yesterday, “this, alone, will act as a gold and silver price driver from now on.”
You will note above how Asian demand after New York’s close lifted the gold price above resistance $10 higher before London opened. This confirmed our forecast of the last few weeks that a break in resistance and a cessation of U.S. selling of gold would see a restructuring of the gold market. We expect this to continue in the days and weeks ahead. Remember folks, you read it here first and have done for a few weeks! [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]
As a result we expect to see short covering out of the developed world which could accelerate the rise today.
The demand from Asia is primarily from China. We have pointed to the potential demand for gold from China for a long time as being generational. The Head of Goldman Sachs stated yesterday that, “The China growth story is going to be the story of the next 30-40 years,” CEO Lloyd Blankfein said. The same will apply to both gold and silver.
With India expected still to ease the restrictions on importing gold into India and for them to lower the duties on gold and silver [we expect this in the budget at the end of March] the gold market has a turbo charger in its performance on the way. The performance of the gold price will reflect the absence of U.S. based gold selling until then. From its performance in the next two months, we will be able to see just what lies in store for gold for the next year and probably years.
The U.S. dollar weakened slightly to $1.3666: €1.
Silver – The silver price is moving cautiously with gold almost in tandem.
Julian D.W. Phillips for the Gold & Silver Forecasters
Global Gold Price (1 ounce)
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-- Published: Tuesday, 11 February 2014 | E-Mail | Print | Source: GoldSeek.com