Advertise | Bookmark | Contact Us | E-Mail List |  | Update Page | 

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

Prelude To A 2008 Event: Paper Gold Manipulation Intensifies
By: Dave Kranzler

GoldSeek Radio Nugget: Gerald Celente and Chris Waltzek

War on Americans
By: Gary Christenson

Signal vs. Noise in the Gold Market
By: Jordan Roy-Byrne CMT, MFTA

Chinese Gold Market: Still in the Driving Seat
By: Ronan Manly

Financial Terrorism In The UK – Collusion between Government, Regulators and Two Bailed-Out UK Banks
By: GoldCore

Gold Seeker Closing Report: Gold Erases Early Losses to End Unchanged
By: Chris Mullen, Gold Seeker Report

Ira Epstein's Metals Video 7 18 2018
By: Ira Epstein

Housing Market Collapse 2.0 Has Begun
By: David Haggith

Will the Fed’s Tightening Trigger Another Crisis?
By: Arkadiusz Sieron


GoldSeek Web

Gold & Silver Market Morning

 -- Published: Wednesday, 7 May 2014 | Print  | Disqus

Gold Today – The gold price closed at $1,307.80 down $2.70 yesterday, in New York. In Asia the gold price was lifted to $1,313 and London held those levels ahead of the Fixing. The euro weakened to $1.3926. The gold Fixing was set at $1,311 up $2.50 and in the euro at €942.081 up €2.472. Ahead of New York’s opening the gold price stood at $1,311 and in the euro at €941.13.


Silver Today – The silver price closed at $19.56 down 5 cents on Tuesday, in New York. Ahead of New York’s opening, it was trading higher at $19.69.


Gold (very short-term)


We expect the gold price has the potential to break higher, but may consolidate still, today in New York.


Silver (very short-term)


We expect the silver price to continue to follow gold, today in New York.


Price Drivers

Chinese demand remains strong but not chasing prices and yet is bringing in upward pressure on the gold price and by extension the silver price. Today’s gold and silver price battle is up against overhead resistance between $1,310 and $1,320. Yesterday saw no sales from the SPDR gold ETF or from the Gold Trust. Their respective holdings now stand at 782.852 tonnes and 164.02 tonnes. [For more on this, subscribe to  and and visit to hold gold out of reach of potential confiscation] If no sales continue during this week, then the upward pressure on the gold price may prevail. New sales from the SPDR gold ETF would have to be substantial to impact the gold price now.


The dollar continues to have a weaker bias today against most currencies. While the E.C.B. is concerned with the dollar/euro exchange rate a weaker dollar overall, exacerbates the euro’s problems. It is necessary, in the eyes of the E.C.B., to weaken the euro against all currencies, including a weakening U.S. $. But the Governing Council of the E.C.B. took no action yesterday to weaken the euro, but with it moving half a cent away from the psychologically important of $1.40, we continue to expect action from the E.C.B. to directly weaken the euro via more money printing. Any actions that weaken the euro weaken its value against gold and silver.


The Indian elections finish at the weekend, so expectations of an Indian government easing of gold and silver import restrictions come back. With ‘Official’ imports of gold down 50% but smuggling estimated at replacing half of that, expected increased demand for gold is capable of lifting the gold price substantially in the current market. However, it may be that the new government takes its time before easing restrictions and then only on a ‘graduated basis’.


Silver – The silver price is marking time as the gold price tackles overhead resistance.




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


Global Gold Price (1 ounce)



Friday 17th














| Digg This Article
 -- Published: Wednesday, 7 May 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 - 2018 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, its affiliates or advertisers. 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, is strictly prohibited. In no event shall or its affiliates be liable to any person for any decision made or action taken in reliance upon the information provided herein.