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

GoldSeek Radio: Ralph Acampora and CEO Niko Cacos, and Chris Waltzek
By: radio.GoldSeek.com

The Real Cost of Low-Fee Funds
By: John Mauldin

Equity Management Associates: Reversion to mean would send monetary metals soaring
By: Chris Powell

Brinkmanship
By: Trey Reik

The Coming Inflation Threat: The Worst Of Both Worlds
By: Charles Hugh Smith

SPX/Gold, 30yr Yields and Yield Curve - Amigos 1, 2 and 3 Updated
By: Gary Tanashian

Gold Seeker Weekly Wrap-Up: Gold and Silver Find Slight Gains on the Week
By: Chris Mullen, Gold Seeker Report

Ira Epstein's Metals Video 10 19 2018
By: Ira Epstein

COT Gold, Silver and US Dollar Index Report - October 19, 2018
By: GoldSeek.com

Gold Is Becoming Cool Again
By: John Rubino

 
Search

GoldSeek Web

 
Gold & Silver Market Morning


 -- Published: Friday, 28 March 2014 | Print  | Disqus 

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

Gold Today – The New York gold price closed at $1,292.50 down $8.50 on Thursday in New York. All the falls in the last week have happened in New York, but on thin trade. Asia lifted it to $1,296. London then held it at $1,295 at the opening. The gold price was Fixed in London at $1,295.75 up $0.75. In the euro, it Fixed at €944.149 up €2.057 as the dollar stood at $1.3724 up from $1.3846: €1. Ahead of the opening in New York gold stood at $1,295.40 and in the euro at €943.07.

 

Silver Today – The silver price closed at $19.75 the same as yesterday in New York. Ahead of New York’s opening, it was trading at $19.74.

 

Gold (very short-term)

 

We expect the gold price look for a bottom again, then consolidate, in New York.

 

Silver (very short-term)

 

We expect the silver price look for a bottom and then consolidate, in New York.

 

Price Drivers

In continuing very thin physical trade in global gold markets gold prices were pulled back ahead of the ‘roll over’ and closing of options on COMEX. New York is entirely responsible for pulling prices down. As we said yesterday this process will continue until we enter the new month. We expect buyers to see below $1,300 as being a good entry point, more likely next week.

 

While the premium on gold prices in China has evaporated we do not believe that this has caused demand to soften. The issuing of new licenses to more banks will create a more competitive environment on the Shanghai Gold Exchange, removing premiums as liquidity increases. Reports for the year’s imports to date, through Hong Kong, point to growing Chinese demand. But we must point out that this does not include March’s numbers. We should also point out that Hong Kong is not the only port of entry for gold. This is clear when one examines the physical deliveries from the Shanghai Gold Exchange.  As a result, import numbers of tonnes imported to Hong Kong understate total gold imports to China.

 

Monday see the publication of the Indian Budget to their Parliament and is the day when the Finance Minister reports on the review of the gold import restrictions. As we watch the strengthening of the Rupee over the last few weeks it is becoming clear that either the Current Account Deficit in India is falling or the central bank is managing the exchange rate well, or both. It was the state of the Current Account Deficit that was to be the deciding point on a change in gold import restrictions, so we are expecting a positive announcement on this front on Monday. If removed entirely, we would expect an additional 5oo tonnes of demand to be unleashed onto global physical markets. [For more on this, subscribe to www.GoldForecaster.com  and www.SilverForecaster.com and visit www.StockbridgeMgMt.com to hold gold out of reach of potential confiscation]

We saw no change in the holdings of the SPDR gold ETF or the Gold Trust. Their respective holdings remain at 816.972 tonnes and 166.14 tonnes.  

 

Silver – The silver price riveted to the gold price.

 

Regards,

 

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

 

Global Gold Price (1 ounce)

 

Today

Yesterday

Franc

Sf1,149.21

Sf1,148.63

US

$1,295.40

$1,295.65

EU

€943.07

€941.74

India

Rs.77,672.18

Rs.78,140.65

 


| Digg This Article
 -- Published: Friday, 28 March 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 - 2018



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.