LIVE Gold Prices $  | E-Mail Subscriptions | Update GoldSeek | GoldSeek Radio 

Commentary : Gold Review : Markets : News Wire : Quotes : Silver : Stocks - Main Page >> News >> Story  Disclaimer 
Latest Headlines

Gold Seeker Report: This Week in Mining Issue #14: A Quiet Week on the Mining Front
By: Chris Marchese, Chief Mining Analyst at

Getting Positioned for the Worst Depression in the History of the World...
By: Clive Maund

Precious Metals Hit Resistance
By: Jordan Roy-Byrne

COT Gold, Silver and US Dollar Index Report - May 22, 2020

Gold Mid-Tiers’ Q1’20 Fundamentals
By: Adam Hamilton, CPA

What re-opening success or failure means for metals
By: Richard (Rick) Mills

Why Silver Stocks Should Be on Investors' Radar
By: Clive Maund

Precious Metals Update Video: Finally got the corrections in metals from overbought terrirtory
By: Ira Epstein

Silver Springboards Higher – What’s Next?
By: Stefan Gleason

Gold: Attack warning yesterday
By: Gary Savage


GoldSeek Web

Gold & Silver Market Morning

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

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  and and visit 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.




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


Global Gold Price (1 ounce)

















| Digg This Article
 -- Published: Friday, 28 March 2014 | E-Mail  | Print  | Source:

comments powered by Disqus


Increase Text SizeDecrease Text SizeE-mail Link of Current PagePrinter Friendly PageReturn to >> Story

E-mail Page  | Print  | Disclaimer 

© 1995 - 2019 Supports

©, Gold Seek LLC

The content on this site is protected by U.S. and international copyright laws and is the property of 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 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, Gold Seek LLC, its affiliates or advertisers., Gold Seek LLC 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, Gold Seek LLC, is strictly prohibited. In no event shall, Gold Seek LLC or its affiliates be liable to any person for any decision made or action taken in reliance upon the information provided herein.