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

Buckle Up For A Golden Ride
By: Stewart Thomson

Mining Stocks Have Not Been Cheaper In The Last 78 Years
By: Dave Kranzler

Prolonged Correction Levels Opened Up
By: Ricky Wen

Revisiting the age-old relationship between interest rates and prices
By: Steven Saville

Rome vs Brussels. Will That Battle Benefit Gold?
By: Arkadiusz Sieron

IMF Warning Highlights Gold’s Importance As A Diversification and Happy Birthday GoldCore
By: GoldCore

Sentiment Is The Most Important Factor Upon Which To Focus In The Gold Market
By: Avi Gilburt

Let's See Bulls Shrug Off 3.6% T-Bond Rate
By: Rick Ackerman

Here's How Hungary Reduced Risk Without Forfeiting Returns
By: Frank Holmes

Ira Epstein's Metals Video 10 22 2018
By: Ira Epstein

 
Search

GoldSeek Web

 
Gold & Silver Market Morning


 -- Published: Thursday, 7 August 2014 | Print  | Disqus 

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

Gold Today – The gold price closed at $1,306.40 up $18.30 in New York. In Asia and early London, prices held those levels as the euro held around $1.3377.  The gold price was Fixed at $1,302.00 up $13.50 and in the euro at €973.531 up €9.265, while the euro was at $1.3374 reflecting a slightly stronger euro. Ahead of New York’s opening, gold was trading at $1,307.50 and in the euro at €977.20 pointing to a stronger gold price in New York.

 

Silver Today – The silver price closed in New York at $20.04 up 23 cents. Ahead of New York’s opening it was trading at $20.07.

 

Gold (very short-term) We expect gold to continue to consolidate, in New York today.

 

Silver (very short-term) We expect silver to continue to consolidate, in New York today.

 

Price Drivers

There were sales of 2.394 tonnes of gold from the SPDR gold ETF but none from the Gold Trust on Wednesday. The holdings of the gold ETFs stand at 797.654 tonnes in the SPDR gold ETF and at 165.93 tonnes, in the Gold Trust.  The jump in the gold price was swift and solid in the face of small selling from the SPDR gold ETF. We attribute this to physical short covering that had backed the huge notional ‘bear-raids’ of the last three weeks on COMEX as the gold price brushed aside the 100 and 50-day moving averages and settled above $1,300 once more.  

 

As the ‘still waters’ of relatively quiet global markets present a calm picture globally, world events in financial markets ‘run deep’. What is perhaps the most significant of these events is the recent use of economic and financial power as a political weapon. History shows this will impact the gold and silver prices and for good reason. Russia has just imposed food sanctions on the E.U. 10% of whose exports are food to Russia [total market value 43 billion]. With Russia now expected to invade eastern Ukraine before the end of the year we expect more sanctions of a more serious nature to come from both sides. .  [Subscribe www.GoldForecaster.comensure your gold will not be confiscated and you not penalized -see www.Stockbridgemgmt.com ]. This is gold positive!

 

Today sees the Bank of England, the Bank of Japan and the E.C.B. hold their monthly meetings. With the Eurozone economy slipping badly [and Germany’s manufacturing index is falling heavily too] for Draghi to continue to wait for past policies to feed through may be the straw that broke the camel’s back and allow the deterioration of the E.U. economy to gain momentum and force much more significant actions on the E.C.B. later.

 

Central banks were meant only to allow ‘breathing space’ through monetary policy for economies, not to replace government action on stimulating the economies. E.U. governments(s) failure to act strongly seems set to bring the Eurozone back into crisis. Italy is again in recession, who next? We wait with baited breath to see what Draghi will do next. The worst he can do is nothing! This will be positive for gold and silver.

 

Silver– The silver price may experience a ‘shunt effect’ if gold continues to rise. Or was part of its fall this week due to U.S. investor caution in the face of the equity market’s fall? [www.SilverForecaster.com]

 

Regards,

 

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

 

Global Gold Price (1 ounce)

 

Today

Yesterday

Franc

Sf1,187.34

Sf1,173.68

US

$1,307.50

$1,289.40

EU

€977.20

€965.37

India

Rs.80,045.15

Rs.79,220.74

 


| Digg This Article
 -- Published: Thursday, 7 August 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 - 2018



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.