-- Published: Thursday, 26 June 2014 | Print | Disqus
Gold Today – The gold price closed at $1,319.3 up $0.30 on Wednesday in New York. In Asia prices pulled back to $1,315.80. In London, the Fix was set at $1,311.50 down 50 cents and in the euro at €962.993 down €1.429, while the euro stood stronger at $1.3619. Ahead of the opening in New York the gold price was trading at $1,310.60 and in the euro at €962.37.
Silver Today – The silver price closed at $21.03 up 11 cents, in New York. Ahead of New York’s opening, silver was trading at $20.83.
Gold (very short-term)
Gold should consolidate, in New York today gathering itself for an assault on overhead resistance.
Silver (very short-term)
We expect silver to consolidate with gold, in New York today.
There were no purchases of gold into the SPDR gold ETF but a purchase of o.42 of a tonne into the Gold Trust in the U.S. on Wednesday. The holdings of the gold ETFs stand at 785.016 tonnes in the SPDR gold ETF and at 163.62 tonnes, in the Gold Trust. At one point in the U.S. day the gold price reached over $1,323 before pulling back ahead of the close. The pressure in the market is an ‘upward drift’ effect as the gold and silver prices are re-grouping aiming at an assault on overhead resistance again.
The last few years have seen the reputation of banks and bankers virtually destroyed. Recently these included the charges of rigging global markets even extending into the world of gold. Until recently the shareholders were made to pay, not the bank executives involved. Now the charges have moved up from individual traders to the bank itself. Today charges of fraud have been laid against Barclays over High-Frequency-Trading. The bank informed clients that such practices were for their benefit and improved liquidity. Now regulators describe such a practice as giving them a ‘huge advantage’ over others and through the off-market trading [40% of all trading is off-market] and exposing client investors to ‘predators’. Sad to say regulations will not stop turpitude, simply direct them down another road to the same place. Such attitudes go to the very heart of capitalism, the race for profits. Each scandal reinforces the case for gold, an investment trusted in the worst of environments. Even the gold market [not gold itself] has come under the spotlight and banker’s ‘rigging’ exposed. But gold throughout history has retained its value over the longer term, no matter how it is interfered with.
Iraq is now seeing Syria and Iran entering the fray in Iraq. Jordan might be next and then as the sectarian war grows other nations. It is remarkable that events have developed with such speed and shown themselves to be degenerative and unstoppable. The U.S. has lost its influence over the war there. This is very gold positive! [Subscribe www.GoldForecaster.com - see www.Stockbridgemgmt.com to protect yourself from penalties from holding your gold overseas when it is to be confiscated].
Silver– Silver is pausing waiting for gold to lead the way again. [www.SilverForecaster.com]
Julian D.W. Phillips for the Gold & Silver Forecasters
Global Gold Price (1 ounce)
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-- Published: Thursday, 26 June 2014 | E-Mail | Print | Source: GoldSeek.com