Advertise | Bookmark | Contact Us | E-Mail List |  | Update Page | UraniumSeek.com 

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

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

GoldSeek Radio Nugget: Charles Hughes Smith and Chris Waltzek
By: radio.GoldSeek.com

What Gold Needs to Do Now
By: Rick Ackerman

Asian Metals Market Update: December-14-2017
By: Chintan Karnani, Insignia Consultants

Gold Seeker Closing Report: Gold and Silver Gain About 1% and 2%
By: Chris Mullen, Gold Seeker Report

Bitcoin Total Wipeout Alert
By: Clive Maund

Ira Epstein's Metals Video 12 13 2017
By: Ira Epstein

Hope for the day of deliverance but avoid predicting it
By: Chris Powell

The Fed is Arranging Deck Chairs on the Titanic (the Iceberg Comes in 2018).
By: Graham Summers

Out Of Money By November 29th - Social Security Indexing Part 3
By: Daniel R. Amerman, CFA

BullionStar Perspectives - Eric Sprott - The Gold Market
By: BullionStar

 
Search

GoldSeek Web

 
Gold & Silver Market Morning: May 28, 2014


 -- Published: Wednesday, 28 May 2014 | Print  | Disqus 

Gold Today – The gold price closed at $1,263.00 down $29.00 or 2.3% on Tuesday, in New York. In Asia the price was lifted slightly to $1,265 ahead of London, where it was Fixed at $1,265.25 down $17.75 and in the euro at €928.828 down €11.65 while the euro stood unchanged at $1.3620. Ahead of the opening in New York the gold price was trading at $1,265.20 and in the euro at €928.86.

 

Silver Today – The silver price closed at $19.05 down 25 cents or 1.5% on Tuesday, in New York. Ahead of New York, silver was trading at $19.10.

 

Gold (very short-term)

 

The gold price should consolidate, in New York.

 

Silver (very short-term)

 

The silver price is should consolidate, in New York.

 

Price Drivers

We saw a stronger fall in gold of 2.25% than in silver of 1.5% yesterday. Will silver fall further to catch up or did gold fall too far? We should see some reactions in the next day or so. We remember in the past that Asia is not rapid in its reactions, so we expect to see that come by week’s end. However, we have to question the ability of this fall to hold lower levels. Why, because there were buyers of gold into the U.S. based SPDR gold ETF of 8.386 tonnes [not sellers!] taking the holdings of the SPDR gold ETF and the Gold Trust stand to 785.279 tonnes and 164.02 tonnes. This was a large purchase and it did not affect the price in the U.S. immediately, when normally purchases or sales over 4 tonnes impact heavily. We were so surprised that we checked our figures and historic data to see if we had the figures wrong, but no, the purchase was heavy and real.

 

So we wait to see market reactions to this price and to this buying. We are certain speculators trading prices will not fight the flow of the market, so if short, will cover their positions soon. We are likely to see the volatility we warned of yesterday come through over the next few days! Expect to see a lively if confusing market too.

 

While the frantic Chinese buying in the first few months of last year are not being repeated at the same level as then, demand from China is steadily growing and in line with the growth of the Chinese middle classes there. The frantic buying of last year was sparked by the $200 drop in a fortnight, so we are aware that there can be a spurt in buying from China when they see prices falling rapidly. Will we see this again? The next week should answer that question.

 

Some banks have attributed the fall to the weaker euro, a very thin argument in our view as gold fell in both currencies. The euro and gold broke their relationship after the E.C.B. started to focus on the overpriced euro. Gold then rose in all currencies. If dealers have now readjusted gold prices to follow the euro down, we expect the demand for gold to make them adjust their prices [For more on this subscribe to www.GoldForecaster.com and visit www.Stockbridgemgmt.com to protect yourself from penalties from holding your gold overseas when it is to be confiscated].  

 

Silver – The silver price fell less than gold! [More in the www.SilverForecaster.com]

 

Regards,

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

Global Gold Price (1 ounce)

 

Today

Monday

Franc

Sf1,136.02

Sf1,149.02

US

$1,265.20

$1,283.10

EU

€928.86

€940.34

India

Rs.74,476.00

Rs.75,747.81

 


| Digg This Article
 -- Published: Wednesday, 28 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 - 2017



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

The views contained here may not represent the views of GoldSeek.com, its affiliates or advertisers. GoldSeek.com 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, is strictly prohibited. In no event shall GoldSeek.com or its affiliates be liable to any person for any decision made or action taken in reliance upon the information provided herein.