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

Commentary : Gold Review : Markets : News Wire : Quotes : Silver : Stocks - Main Page 

 GoldSeek.com >> News >> Story  Disclaimer 
 
Latest Headlines

Gold Market Update - Precious Metals sector investors feeling despondent
By: Clive Maund

GoldSeek Radio Nugget: Gerald Celente & Louis Navellier
By: Chris Waltzek, GoldSeek Radio

Not Just a Trade War, But a Shooting War With China
By: Doug Casey

Precious Metals Update Video: Gold needs to hold $1,266 area (monthly chart trend)
By: Ira Epstein

Are You Being Tossed Around By The China News?
By: Avi Gilburt

Far Bigger Concerns Than Game of Thrones
By: Rick Ackerman, Rick's Picks

COT Gold, Silver and US Dollar Index Report - May 17, 2019
By: GoldSeek.com

Gold Miners’ Q1’19 Fundamentals
By: Adam Hamilton, CPA, Zeal Research

Three safe-haven reasons to own gold
By: Richard (Rick) Mills, Ahead of the herd

Trump’s China Blunder
By: Peter Schiff, President and CEO Euro Pacific Capital

 
Search

GoldSeek Web

 
Gold & Silver Market Morning


 -- Published: Tuesday, 20 May 2014 | Print  | Disqus 

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

Gold Today – The gold price closed at $1,293.1 down $2.50 on Monday, in New York. In Asia the price dropped to $1,291 ahead of London’s opening, where London held it. The gold Fixing was set at $1,291.50 down $9.50 and in the euro at €943.458 down €5.208 while the euro stood at $1.3689. Ahead of New York’s opening the gold price stood at $1,293.00 and in the euro at €943.45.

 

Silver Today – The silver price closed at $19.31 down 5 cents on Monday, in New York. Ahead of New York’s opening, it was trading higher at $19.40.

 

Gold (very short-term)

 

The gold price will consolidate with a positive bias today, in New York.

 

Silver (very short-term)

 

The silver price will consolidate with a positive bias today, in New York.

 

Price Drivers

The World Gold Council has issued its report on 2014 first quarter demand and supply. Overall demand is virtually unchanged on the first quarter of 2013 at 1,074.5 tonnes compared to 1,077.2 tonnes. But this does not paint the full picture. [We will do this in the next issue of the Gold Forecaster - www.GoldForecaster.com] This time last year Indian demand was in full swing, ahead of the imposition of gold import restrictions in August 2013. Investment demand [bar and coin] demand was down 39% year-on-year, while outflows from ETFs slowed to a virtual halt compared with outflows of 176.5 tonnes in Q1 last year. These respective changes more or less cancelled each other out and the net impact on investment was almost zero. Chinese jewelry demand remains at record levels [+10%] at 570.7 tonnes, this was the largest Q1 volume since 2005.

 

Central Banks continue to buy at an annualized rate of 488 tonnes per annum. A new and different Central Bank Gold Agreement has been announced. The absence of a clause on gold leasing by central banks is worrying.

 

Lower prices caused scrap sales to fall by a 46.6 tonnes but were compensated for by an increase in mine production of 55.7 tonnes from mine supply.

 

There were no sales or purchases of gold from the SPDR gold ETF or the Gold Trust on Monday. Their respective holdings stand at 781.985 tonnes and 164.02 tonnes.

 

We note that in the Credit Suisse Tax Evasion case in the U.S. no names of U.S. clients were disclosed to the U.S. authorities. Swiss Banking Secrecy has actually been maintained. The Swiss have rejected U.S. clients for the last two years, but there are organizations that still accommodate them there [visit www.StockbridgeMgMt.com]. It is clear that the U.S. authorities have acted within their own Jurisdiction not in that of Switzerland. It shows gold investors that it is not where their gold is stored but the importance of the Jurisdiction of the Gold Storage company and its support of investor ownership integrity that counts.

 

Silver – The silver price fell further than gold as usual and will continue to follow it. [More in the www.SilverForecaster.com]

 

Regards,

 

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

 

Global Gold Price (1 ounce)

 

Today

Monday

Franc

Sf1,153.29

Sf1,158.80

US

$1,293.00

$1,300.20

EU

€943.45

€947.70

India

Rs.75,879.71

Rs.76,159.22

 


| Digg This Article
 -- Published: Tuesday, 20 May 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 - 2019



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


Map

The views contained here may not represent the views of GoldSeek.com, Gold Seek LLC, its affiliates or advertisers. GoldSeek.com, 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 GoldSeek.com, Gold Seek LLC, is strictly prohibited. In no event shall GoldSeek.com, 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.