-- Published: Thursday, 14 August 2014 | Print | Disqus
Gold Today – The gold price closed at $1,311.60 up $2.10 on Wednesday in New York. In Asia, gold prices rose slightly to $1,312 ahead of the opening in London. The gold price was Fixed at $1,315.00 up $4.00 and in the euro at €981.856 up €1.438, while the euro was stronger at $1.3393. Ahead of New York’s opening, gold was trading at $1,315.40 and in the euro at €983.48.
Silver Today – The silver price closed in New York at $19.84 down 20 cents. Ahead of New York’s opening it was trading at $19.93.
Gold (very short-term) We expect a positive bias in gold as we wait for a strong move either way, in New York today.
Silver (very short-term) We expect silver to wait for gold to give direction, in New York today.
There were no sales or purchases into or from the SPDR gold ETF or the Gold Trust on Tuesday. 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.
The gold price continues to do what we forecast but we note a strong bias upwards now as it pushes against overhead resistance. The strong move can happen anytime, but don’t be surprised if we have to wait until September. Will the issue of a ‘mercy’ convoy’ trigger an event to send precious metals higher? Will the bad news from France and Germany’s economies do it? We must wait and see. [Subscribe www.GoldForecaster.com – ensure your gold will not be confiscated and you not penalized -see www.Stockbridgemgmt.com ].
The news out of France is that its economy showed 0% growth in the second quarter of this year. The German economy contracted by 0.2% during this period. We cannot blame the ‘Putin’ factor yet as these have yet to kick in. The Mediterranean members of the E.U. showed some growth as their Tourist season came in, in the middle of this quarter and will run through to the final quarter of the year, but then will shrink back again as winter arrives. The uncertainty over economic performance, in the strong northern part of the E.U., is worrisome and ‘gold positive’ as deflation threatens now. And still E.U. governments are either unwilling or unable to promote growth. Even gas supplies from Russia to the E.U. are threatened and likely to cause further strife in these economies. Will we see a new energy crisis there?
While mining equities are not gold but gold mining corporations, they are benefitting from the favorable U.S. climate for equities, alongside a positive attitude to gold. We expect this to continues in the months ahead.
Silver– Today sees the start of the new style Silver Fixing based on a ‘more transparent process’. We will wait for the first Fixing before we comment. [www.SilverForecaster.com]
Julian D.W. Phillips for the Gold & Silver Forecasters
Global Gold Price (1 ounce)
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-- Published: Thursday, 14 August 2014 | E-Mail | Print | Source: GoldSeek.com