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Gold & Silver Market Morning

 -- Published: Wednesday, 21 May 2014 | Print  | Disqus

Gold Today – The gold price closed at $1,293.00 unchanged from yesterday, in New York. In Asia the price held at that level as it did in London.  The gold Fixing was set at $1,292.00 up $0.50 and in the euro at €942.653 down €0.805 while the euro stood at $1.3706. Ahead of New York’s opening the gold price was at $1,293.80 and at €944.07.


Silver Today – The silver price closed at $19.41 up 10 cents yesterday, in New York. Ahead of New York’s opening, it was trading at $19.44.


Gold (very short-term)


The gold price will continue in a tight trading range before a strong move either way, in New York.


Silver (very short-term)


The silver price will continue in a tight trading range before a strong move either way, in New York.


Price Drivers

Perhaps the strongest fundamental that came from the World Gold Council report for 2013 was the conclusion that the drop in Indian demand allowed the market to remain balanced between demand & supply. Its return, even in part will disturb that balance in favor of higher prices. So the question of when this will happen becomes key to the future of the gold price, this year. A look at the performance of the Indian Rupee since the election results shows it stronger and likely to strengthen even more. In itself this points to a lower current account deficit, an important factor that initiated gold import restrictions.  [More on this in the next issue of the Gold Forecaster -]


Commentary on the latest Central Bank Gold Agreement has omitted any mention of leasing of gold by central banks. This is an equally important factor as the amount of gold to be sold or not to be sold. We covered this a few issues earlier than today in the Gold Forecaster and will now have this on our site.  The situation calls for some very important action by central banks before they hit a major crisis.


There were sales of 1.797 tonnes of gold from the SPDR gold ETF but none from the Gold Trust yesterday. Their respective holdings stand at 780.188 tonnes and 164.02 tonnes. This was insufficient to move the gold price.


If in the Credit Swiss case the Swiss bank disclosed the names of individual clients it would have broken Swiss law and meant prison for the CS executives involved. This tells us that Switzerland remains a robust place of safety for law abiding individual’s assets. This means that storage companies with only Swiss based activities is the best place to hold precious metals. A company with wider global activities could be squeezed like UBS & CS have been. But, more importantly gold held in straightforward gold storage companies remains vulnerable too, even there or any other place in the world. Hence the structure of your gold storage company is equally as important as the jurisdiction it is based in. Ignore this to your peril! [contact  ]


Silver – The silver price remains inclined to rise at the slightest opportunity in line with gold. [More in the]




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


Global Gold Price (1 ounce)

















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 -- Published: Wednesday, 21 May 2014 | E-Mail  | Print  | Source:

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