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

GoldSeek Radio Nugget: Bill Murphy and Chris Waltzek

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

Debt Cycles and Gold
By: Arkadiusz Sieron

Global Trade War Fears See Precious Metals Gain And Stocks Fall
By: GoldCore

Gold Seeker Closing Report: Gold and Silver Pare Yesterday’s Gains; Dow Drops 700+
By: Chris Mullen, Gold Seeker Report

SSR Mining begins drilling at Eagle Plains (TSX-V: EPL) Fisher Gold Property
By: Nicholas LePan,

Worried About Rising Rates? I Believe this Strategy Could Be the Answer
By: Frank Holmes

Is It The Trade War Threats Or Extreme Overvaluation?
By: Dave Kranzler

GoldSeek Radio Nugget: Peter Schiff and Chris Waltzek

When Is Three Better for Gold Than Four?
By: Arkadiusz Sieron


GoldSeek Web

Gold & Silver Market Morning

 -- Published: Wednesday, 4 June 2014 | Print  | Disqus

Gold Today – The gold price closed at $1,246.30 on Tuesday, up $3.20 cents in New York. In Asia and London the price slipped slightly by $1 until the Fix, where it was set at $1,246.00 up $1.75 and in the euro at €915.840 up €1.421, while the euro stood at $1.3605. Ahead of the opening in New York the gold price was trading at $1,246.00 and in the euro at €915.27.


Silver Today – The silver price closed at $18.84 up 9 cents, in New York. Ahead of New York, silver was trading at $18.83.


Gold (very short-term)


The gold price could react to the E.C.B. announcements, in New York today.


Silver (very short-term)


The silver price should follow gold either way, in New York today.


Price Drivers

There was a purchase of 1.797 tonnes into the SPDR gold ETF yesterday while there was no change in the holdings of the Gold Trust. This left their holdings at 787.076 tonnes in the SPDR gold ETF and 163.41 tonnes in the Gold Trust. This shows that on balance U.S. institutions are turning positive on gold ahead of the E.C.B. announcements today.


The focus of the gold market today is now on the unfortunate Mario Draghi with the full weight of not just the E.C.B. on his shoulders, but of the E.U. itself. The governments of the E.U. are now even less able to promote effective growth in that region at a time when it is needed to stave off deflation. The ball is thrown into his court. Neither he nor the E.C.B. can do it without the full support of the member states of the E.U. All he is expected to do today is to lower interest rates to zero or lower and to produce some sort of Q.E. to stimulate liquidity in the hope that it drop’s the euro’s exchange rate to the point where E.U. competitiveness is bolstered and through that, growth is achieved.


Many institutions expect the gold price to follow the euro down assuming that the gold price will go the opposite way to the dollar like the euro does. But we have seen the gold price move independently of both recently. Will it do so today or will it fall too? It should rise as the economic dilemma facing Europe elevates uncertainty, benefitting the gold price. That makes today a potentially lively day for gold and silver. Let’s see what happens.


The gold price has settled at $1,245 waiting for reactions. The gold price could go either way. We repeat that the fundamentals favor higher prices whereas the Technical picture favors lower prices, but not much lower. [For more on this subscribe to and visit to protect yourself from penalties from holding your gold overseas when it is to be confiscated].  


Silver – The silver price remains driven by investment factors not industrial factors [More in the].  It will follow gold today, as usual.




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


Global Gold Price (1 ounce)

















| Digg This Article
 -- Published: Wednesday, 4 June 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.