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

Gold Seeker Closing Report: Gold and Silver Fall While Stocks Edge Higher
By: Chris Mullen, Gold Seeker Report

Michael Pento: Epic Stock Market And Fixed Income Bubble Will Not End Well
By: Mike Gleason

100% Bullish Signal for Precious Metals Sector
By: Przemyslaw Radomski, CFA

Jack Chan's Weekly Precious Metals Market Update
By: Jack Chan

SWOT Analysis: Is Gold Set to Rise in 2018?
By: Frank Holmes

The Process Through Which the First Major Central Bank Goes Bust Has Begun
By: Graham Summers

The Dow Gold Ratio
By: Rambus

Friday’s COT Report: A WTF Moment For the Ages?
By: Ed Steer

Finally, Gold Speculators Start To Bail, Setting Up A Big Q1 2018
By: John Rubino

Gold Demand in the Singapore Bullion Market
By: BullionStar

 
Search

GoldSeek Web

 
Gold & Silver Market Morning


 -- Published: Tuesday, 15 July 2014 | Print  | Disqus 

http://news.goldseek.com/2011/marketmorning.jpg

Gold Today – The gold price closed at $1,306.70 down $31 on Monday in New York. In Asia and early London, prices began to recover rising to $1,310 ahead of London’s opening.  The gold price was Fixed at $1,312.00 down $9.60 and in the euro at €965.203 down €4.664, while the euro was weaker at $1.3593. Ahead of New York’s opening, gold was trading at $1,311.60 and in the euro at €964.80.

 

Silver Today – The silver price closed in New York at $20.92 down 51 cents. Ahead of New York’s opening it was trading at $20.97.

 

Gold (very short-term) We expect gold to consolidate with a positive bias in New York today.

 

Silver (very short-term)  We expect silver to consolidate with a positive bias today.

 

Price Drivers

After what is looking like a halted attempt to thrash the gold price with a ‘bear-raid’ followed by the sale of futures contracts to the value of $1.37 billion [the equivalent of 32 tonnes of gold] we saw U.S. gold investors jump in with both feet to buy 8.681 tonnes of gold into the SPDR gold ETF on Monday and 0.78 of a tonne into the Gold Trust. The holdings of the gold ETFs stand at 808.728 tonnes in the SPDR gold ETF and at 165.06 tonnes in the Gold Trust. 

 

If the recovery continues on the physical front we expect to see just as heavy short covering as we saw naked shorts. Bear in mind that COMEX is a financial market not a gold market as only around 5% of trades result in a physical movement of gold. We were surprised at the vigor of U.S. gold investors buying so much gold. The purchases certainly stopped the gold price fall in its tracks.  We will re-issue an article we produced on why such a bear-raid could not succeed, in our opinion. The gold price now needs to consolidate further before taking on $1,330 again. However, the market is likely to prove volatile while this process continues.

 

The I.M.F. has castigated the E.U. for its low growth and the increasing likelihood of deflation. The burden is squarely on the shoulders of the E.C.B. as the overall government continues to fail to promote growth. Hence it is becoming a near certainty that Draghi will adopt a form of Quantitative Easing, tailored for the E.U. This should, when it comes, lead to a weaker euro and be very good for gold.

 

In India, now that hope of an easing of gold import restrictions have faded we expect the insatiable appetite for gold in India to turn more vigorously to smuggled gold. No doubt Indian investors, who were waiting for the relief, will now accept current duty levels and re-stock. While the World Gold Council guesstimated smuggled amounts of gold at 250 tonnes the real figure could be much higher. Smugglers are unlikely to provide reliable numbers. We believe that the level of premiums on the internal price of gold will prove to be a good indicator of the levels of smuggling. The lower they are the closer to internal Indian demand the smuggled amount must be. It is the quiet time of the year for gold there, but this is set to change in September. [Subscribe www.GoldForecaster.com – ensure your gold will not be confiscated and you not penalized -see www.Stockbridgemgmt.com ].

 

Silver– Silver will recover with gold. [www.SilverForecaster.com]

 

Regards,

 

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

 

Global Gold Price (1 ounce)

 

Today

Yesterday

Franc

Sf1,171.06

Sf1,177.39

US

$1,311.60

$1,321.80

EU

€964.80

€969.95

India

Rs.79,584.54

Rs.79,499.61

 


| Digg This Article
 -- Published: Tuesday, 15 July 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.