-- Published: Monday, 11 August 2014 | Print | Disqus
Gold Today – The gold price closed at $1,311.40 down 20 cents on Friday in New York. In Asia on Monday gold prices were down at $1,306 ahead of the opening in London. The euro was at $1.3392 with a wide spread. The gold price was Fixed at $1,308.25 down $9.25 and in the euro at €977.327down €6.69, while the euro was at $1.3386. Ahead of New York’s opening, gold was trading at $1,309.90 and in the euro at €978.16.
Silver Today – The silver price closed in New York at $19.97 up 1 cent. Ahead of New York’s opening it was trading at $19.92.
Gold (very short-term) We expect gold to continue to consolidate with a positive bias, in New York today.
Silver (very short-term) We expect silver to continue to consolidate with a positive bias, in New York today.
There were sales of 1.795 tonnes of gold from the SPDR gold ETF but none from the Gold Trust on Friday. The holdings of the gold ETFs stand at 795.859 tonnes in the SPDR gold ETF and at 165.93 tonnes, in the Gold Trust. This assisted the price slip at the start of the week, but this has not dented the support at around $1,300 which we expect gold to hold. With three more weeks to the start of the final quarter of the year and the start of the ‘gold season’ we expect gold to hold its ground or go better.
Again the week started with another slice shaved off certainty and stability. In Iraq ISIS has shown itself to want to take Baghdad and at least a chunk of the expected Kurdistan. The U.S. is now involved in stopping ISIS from the air. But in Baghdad the government of Maliki is disintegrating, as he opposes the President of Iraq. We expect a continued degeneration of the situation and the balance of power in Baghdad to swing in favor of Iran. While the U.S. is stopping genocide it could well have to give up its objective of a united Iraq. Control of the two rivers and Iraqi oil is a major concern for the rest of the world. The situation is gold-positive.
In the Ukraine, we are also seeing a degenerating scene as a Russian invasion gets closer and as a desperate Ukrainian government [which has not had Russian gas supplies since June] threatens to cut off Russian gas supplies to the E.U. If that happens, it will lead to a massive decay in the Ukrainian economy as winter approaches, as well as eventually exacerbate the coming deflation/recession in the E.U. This is gold-positive, particularly in the E.U. where we expect the euro exchange rate to continue to weaken. [Subscribe www.GoldForecaster.com – ensure your gold will not be confiscated and you not penalized -see www.Stockbridgemgmt.com ].
Silver– The silver price remains steady, but cautious as it waits for direction from gold. [www.SilverForecaster.com]
Julian D.W. Phillips for the Gold & Silver Forecasters
Global Gold Price (1 ounce)
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-- Published: Monday, 11 August 2014 | E-Mail | Print | Source: GoldSeek.com