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Gold & Silver Market Morning

 -- Published: Thursday, 10 July 2014 | Print  | Disqus

Gold Today – The gold price closed at $1,327.70 up $8.00 on Wednesday in New York. In Asia, prices rose to $1,329.00 ahead of the London’ opening. London took the gold price up to $1,343.25 at the Fix up $20.75 and in the euro at €985.221 up €13.509, while the euro was stronger at $1.3634. Ahead of New York’s opening, gold was trading at $1,342.70 and in the euro at €986.19.


Silver Today – The silver price closed in New York at $21.11 up 7 cents. Ahead of New York’s opening it was trading at $21.50.


Gold (very short-term) We expect gold to pause before rising further in New York today.


Silver (very short-term) We expect silver to move up with gold in New York today.


Price Drivers

There were no purchases or sales of gold into the SPDR gold ETF or the Gold Trust on Wednesday. The holdings of the gold ETFs stand at 800.284 tonnes in the SPDR gold ETF and at 164.28 tonnes in the Gold Trust. 


Gold has broken through overhead resistance, but may take in the view from this new height before moving higher. The Technical picture for gold continues to be positive alongside its global fundamentals. It is important to note that the gold price broke through resistance at the Fixing in London, where the bulk of the world’s [not contracted] gold is dealt. This implies physical demand. This did not come from the U.S. It could be that the market was attempting to pre-empt the easing of import restrictions in India. However, we need to stand back and see the ‘big’ picture. This tells us that for the last year, gold has been consolidation in the $1,200 to $1,300 area taking all available physical gold off the market over time. Supply has dropped back as the supply from the U.S. has dried up taking the gold price to between $1,300 and $1,330 where a strong base has been built. This was after a reverse ‘head-and-shoulders’ formation was built around $1,200. When a market is drained of supplies with pent-up demand waiting at the point just below this strong base, then it does not take an exuberant market to make it sensitive and keen to move higher. Demand now has to pay higher prices to get the gold it wants, even small amounts because supplies are just not there, at these prices. If demand gets any bigger, then prices rise faster. Please note this is not speculative or excited demand currently, but the sheer weight of a flowing, steady, long-term current of rising demand into gold. Call it a ‘turning of the tide’.


With India’s budget being given to their Parliament today, at the time of writing nothing had been heard on gold import duties and gold import restrictions. It appears that this is now no longer necessary for prices to rise. [Subscribe – ensure your gold will not be confiscated and you not penalized -see ].


Silver– Silver will feel the ‘shunt effect’ from gold soon. []




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


Global Gold Price (1 ounce)

















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