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

Gold Seeker Weekly Wrap-Up: Gold and Silver Gain on the Week While Stocks Drop 6%
By: Chris Mullen, Gold Seeker Report

Gold and Silver Possession Is a Constitutional Right - and a Practical Imperative
By: David Smith

Will Gold Breakout? 3 Things to Watch
By: Jordan Roy-Byrne CMT, MFTA

COT Gold, Silver and US Dollar Index Report - March 23, 2018

Hidden No More, The Currency Wars Take Center Stage
By: Nathan McDonald

Trading Barbs Down To The Wire
By: Brady Willett

Gold Juniors’ Q4’17 Fundamentals
By: Adam Hamilton, CPA

GoldSeek Radio Nugget: Bill Murphy and Chris Waltzek

Markets Have Gone “Thelma and Louise”
By: Gary Christenson

Debt Cycles and Gold
By: Arkadiusz Sieron


GoldSeek Web

Gold & Silver Market Morning

 -- Published: Friday, 9 May 2014 | Print  | Disqus

Gold Today – The gold price closed at $1,289.20 down only $0.20 yesterday, in New York. In Asia and London the gold price lifted back to $1,291. The gold Fixing was set at $1,289.00 down $2.25 and in the euro at €933.246 up €7.22 while the euro stood at $1.3812 nearly 2 cents down from the week’s peak. Ahead of New York’s opening the gold price stood at $1,289.40 and in the euro at €933.33.


Silver Today – The silver price closed at $19.17 down 14 cents on Thursday, in New York. Ahead of New York’s opening, it was trading higher at $19.19.


Gold (very short-term)


Again, we expect the gold price to attempt to recover to +$1,300, today in New York.


Silver (very short-term)


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


Price Drivers

Mario Draghi, head of the European Central Bank expressed serious concern over the high exchange rate of the euro and gave a clear indication that in June action would be taken to resolve it. We note that the G-7, when it was the G-8, agreed not to take direct action to weaken exchange rates. But ‘a rose by any other name, smells as sweet’. So while action will be taken, likely to lower interest rates into negative territory, we are puzzled at what action to expect. Simple quantitative easing is difficult because buying government bonds in the E.C.B. is seen as financing governments which is not allowed. And Mr. Draghi is a forceful man who will take action to weaken the euro exchange rate even indirectly. To that end the euro has fallen back from the week’s peak of $1.3993 to $1.3812 today, but Mr. Draghi will want much more than this. The knee-jerk reaction of the gold price by traders will be to attempt to make it fall with the euro, but we believe that the E.C.B.’s action will disturb markets, as inflation is stoked. It is the stoking of inflation in the developed world that supports the gold price there, but we remind ourselves that the body of demand for gold is coming from Asia and will continue to do so.


There were no sales from the SPDR gold ETF or from the Gold Trust. Their respective holdings still stand at 782.852 tonnes and 164.02 tonnes. The gold price had a quiet day remaining on support within its recent trading range. It could go either way so we should be ready for a volatile day with a better prospect of a rise than a fall. [For more on this, subscribe to  and and visit to hold gold out of reach of potential confiscation]


In India the traditional gold buying season is coming to an end as farmers turn their attention to planting ahead of the monsoon’s arrival there. In the past 70% of India’s demand came from the agricultural community, but as urbanization and communications improve alongside greater knowledge of gold markets, the Indian seasonal influence on gold diminishes. The gold ‘doldrums’ there used to last from now until end August, but in the last few years this has been the time when record gold prices were seen. So we do not lend too much weight to this influence now.


Silver – The silver price remains cautious with gold waiting for gold to give direction.




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


Global Gold Price (1 ounce)

















| Digg This Article
 -- Published: Friday, 9 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 - 2017 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.