-- Published: Wednesday, 26 February 2014 | Print | Disqus
Gold Today – The New York gold price closed at $1,340.60 up $2.80 on Tuesday in New York. Asia held there as did London. London Fixed it at $1,340.00 up $7.25 cents. In the euro, it Fixed higher at €975.326 up nearly €6.00, while the dollar stood at $1.3739 barely changed. Ahead of the opening in New York gold stood at $1,339.55 and in the euro at €975.00.
Silver Today –The silver price closed at $21.86 down 15 cents in New York. Ahead of New York’s opening, it was trading higher at $21.87.
Gold (very short-term)
Gold will continue to consolidate with a positive bias, today in New York.
Silver (very short-term)
Silver will continue to consolidate with a positive bias, today in New York.
[Get the bigger, longer picture from www.GoldForecaster.com and www.SilverForecaster.com to subscribe and visit www.StockbridgeMgMt.com to hold gold so it can’t be confiscated]
There were purchases of gold into the SPDR gold ETF [GLD] on Tuesday of 1.099 tonnes but none into the Gold Trust, which left their respective holdings at 803.704 tonnes and 164.24 tonnes. This is the third time in the last week that purchases were made. Again, this denotes a more positive attitude to gold among U.S. investors alongside short covering and the building of long positions on COMEX.
Premiums on the gold price on the Shanghai Gold Exchange have evaporated. While the demand for gold in Hong Kong in January was lower in January than in December, the change can be attributed to seasonal factors. We cannot for certain state that this was due to falling demand as it could just as easily be to supply constraints being eased. We are certain that this is a positive feature for gold demand in China as the authorities want to see a premium free gold price. This is why they have been expanding the number of licenses for gold imports.
There is a great deal of talk that Singapore will become the gold hub in the Far East. We find this difficult to accept, because the homes of Asian demand are India and China. It is more logical that Shanghai becomes the Asian hub of gold, not even Hong Kong, because the People’s Bank of China would like to see the gold market under their direct wing. The loss of the premium on the gold price is not symptomatic of falling Chinese demand. Chinese demand, believe will continue to grow and provide a tidal support for the rising gold price.
The instability in the Ukraine and now in Turkey [ahead of elections] is purely political with no religious undertones. Its impact on gold will therefore be positive, more so in the emerging world than in the developed world.
Silver – The silver price continues to move cautiously with gold, as it rises.
Julian D.W. Phillips for the Gold & Silver Forecasters
Global Gold Price (1 ounce)
| Digg This Article
-- Published: Wednesday, 26 February 2014 | E-Mail | Print | Source: GoldSeek.com