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Gold & Silver Market Morning

 -- Published: Thursday, 17 July 2014 | Print  | Disqus

Gold Today – The gold price closed at $1,298.50 up $4.40 on Wednesday in New York. In Asia and early London, prices recovered to over $1,305 ahead of London’s opening.  The gold price was Fixed at $1,302.75 up $5.25 and in the euro at €962.647 up €4.517, while the euro was weaker at $1.3533. Ahead of New York’s opening, gold was trading at $1,304.10 and in the euro at €964.00.


Silver Today – The silver price closed in New York at $20.75 up 4 cents. Ahead of New York’s opening it was trading at $20.80.


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 in New York today.


Price Drivers

There were sales of 2.694 tonnes of gold from the SPDR gold ETF but none from the Gold Trust on Wednesday. The holdings of the gold ETFs stand at 806.034 tonnes in the SPDR gold ETF and at 165.06 tonnes in the Gold Trust.  Sales and purchases from these funds continue to affect the gold price in the U.S. The battle of the shorts on COMEX and physically long buyers continues. The technical picture remains positive for gold and silver. 

It is reported that Chinese buying of U.S. Treasuries matches the cut back in the QE program of the Fed. This has assisted the Fed keep yields at record lows. But this begs the question, “Can Chinese buying of Treasuries interfere with attempts by the Fed to lift interest rates when the time comes?” The Chinese are buying to hold the exchange rate of the Yuan down retaining their pricing competitiveness while assisting the Fed to encourage growth. After all when the consumers have money to spend their now established thriftiness turns them to cheaper Chinese imports.


Reports from India showed that Indian gold buyers did not wait for the new government to drop duties from gold imports but took them 65.13% higher to $3.12 billion from $1.88 billion against the same month last year. This represents approximately 75 tonnes in June up from 44 tonnes in May, a period normally the quiet time for gold in India. Annualised the difference is 540 tonnes [May] and 900 tonnes [June]. This excludes smuggling guesstimated at 250 tonnes by the WGC. This confirms that Indian gold demand remains robust alongside Chinese demand. It is against this that COMEX, non-physical, shorting of gold is battling. [Subscribe – ensure your gold will not be confiscated and you not penalized -see ].


The euro took a beating in the U.S. forex markets yesterday falling to $1.3525 down from $1.3605. This is reflected in the strength of gold in the euro, confirming gold is not following the path of moving with the euro against the dollar.


Silver– Silver continues to act with gold as an investment [counter-currency] metal. []




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


Global Gold Price (1 ounce)

















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