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Gold & Silver Market Morning

 -- Published: Friday, 11 July 2014 | Print  | Disqus

Gold Today – The gold price closed at $1,335.80 up $8.10 on Thursday in New York. In Asia, prices rose to $1,337.00 ahead of the London’ opening. London held the price around that level then Fixed at $1,336.50 down $6.75 and in the euro at €981.782 down €3.439, while the euro was weaker at $1.3613. Ahead of New York’s opening, gold was trading at $1,336.80 and in the euro at €982.55.


Silver Today – The silver price closed in New York at $21.38 up 27 cents. Ahead of New York’s opening it was trading at $21.43.


Gold (very short-term)  We expect gold to still 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 sales of o.237 tonnes of gold from the SPDR gold ETF but none from the Gold Trust on Thursday. 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 is now resting on support, that, until yesterday was overhead resistance, preparing to move higher. It may have to consolidate more at these levels before going up. The Technical picture for gold continues to be positive alongside its global fundamentals. Our comments from yesterday still stand. The media is battling to assert that it was either the conflict in Israel, the problems at the ‘Holy Spirit’ [Espirito Santo] bank in Portugal, where a black hole of up to €1.8 billion has appeared in a country where there is no growth and where national debt stands at 129% of Gross Domestic Product, or ‘safe haven’ demand from other quarters. The reality is that the gold price is buoyant in a ‘flowing’ tide and should continue to be so in the days and weeks ahead. All of the problems that are being quoted as the cause for gold’s rise are actually combining to show this world has a very uncertain and potentially volatile future particularly in the monetary sphere.


The Indian budget was a big disappointment for the Indian gold market as no mention was made of the continuing gold restrictions and very high duties. One of the long-term features of the gold market throughout history is that governments can manipulate, restrict, tax and ‘rig’ the gold markets, but eventually gold will throw off these restraints and find a level that continues to reflect its value in the entire world. Governments cannot force investors to trust them long-term. India in the last century banned gold imports and still they came in. Likewise today the same is true. In the belief that the government was going to alleviate the pressure on gold imports, Indians held back their buying. Now they are expected to re-stock and more than that to professionalize their smuggling and make it grow. We do not now expect relief for gold importers from government who will focus on cutting back the Current Account Deficit and making the Rupee stronger. [Subscribe – ensure your gold will not be confiscated and you not penalized -see ].


Silver– Silver is beginning to show a stronger behavior which should continue as gold rises. []




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


Global Gold Price (1 ounce)

















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