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

Volatility Breeds Contempt
By: Michael Ballanger

Rocket Time For Gold
By: Stewart Thomson

A golden escape
By: Richard (Rick) Mills

Does Gold Like Acronyms? The Golden Story of SPX, CPI, and IMF
By: Arkadiusz Sieron

Gold Resource Corporation Reports Preliminary Third Quarter Production of 6,411 Gold Ounces and 321,590 Silver Ounces Maintaining 2018 Annual Outlook
By: Gold Resource Corporation

Of What Am I Now Certain?
By: Avi Gilburt

October Doesn't Disappoint: Volatility Is Back After a Tranquil Third Quarter
By: Frank Holmes

Lower Yields Are Bulls' Best Bet
By: Rick Ackerman

Poland Raises Gold Holdings to Record High in September – IMF
By: GoldCore

Asian Metals Market Update: Oct 16 2018
By: Chintan Karnani, Insignia Consultants

 
Search

GoldSeek Web

 
Gold & Silver Market Morning


 -- Published: Thursday, 21 August 2014 | Print  | Disqus 

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

Gold Today – The gold price closed at $1,291.10 down $4.80 on Wednesday’s level in New York. In Asia and early London, gold prices pulled back to reflect a strong dollar.  The gold price was Fixed at $1,280.50 down $14 and in the euro at €965.031 down €8.717, while the euro was weaker at $1.3269. Ahead of New York’s opening, gold was trading at $1,281.50 and in the euro at €966.40.

 

Silver Today – The silver price closed in New York at $19.50 up 1 cent. Ahead of New York’s opening it was trading at $19.36.

 

Gold (very short-term) We expect gold to search for a bottom, in New York today.

 

Silver (very short-term) We expect silver to search for a bottom, in New York today.

 

Price Drivers

There were purchases of 0.898 of a tonne into the SPDR gold ETF and a purchase of 0.48 of a tonne into the Gold Trust on Wednesday. The holdings of the gold ETFs stand at 800.085 tonnes in the SPDR gold ETF and at 166.41 tonnes, in the Gold Trust.  This was in the face of lower gold prices. The question is, will this persist?

 

Dollar strength is against all currencies, but at the moment, physical demand for gold is not coming in sufficiently to push dollar prices higher, so prices are being pushed down in line with dollar strength. The Fed indicated that interest rates may be raised earlier than expected. Interest rate rises will not be on the back of solid growth and may extinguish the growth we have in the U.S. But that prospect is why the dollar is strengthening [as carry trade funds return home].

 

We do expect the euro to continue falling and the dollar to strengthen further. However, because the fall is not due to physical sales we expect volatile markets. Once seasonal physical demand comes in, then upward pressure on the price will turn prices around, in this type of market.

 

We forecast at one point that there would be four gold Fixings globally with two in Shanghai. This week, China added three banks to the list of gold importers as they broadened the market base in Shanghai. It is certain that China is developing its own market hub, one that may well eclipse London eventually. This makes it imperative to have some sort of Fixing there.  [Subscribe www.GoldForecaster.comensure your gold will not be confiscated and you not penalized -see www.Stockbridgemgmt.com ].

 

A factor that investors in mining shares need to take into account is that in countries like Russia and South Africa, mining companies are not paid in dollars, but in the local currency [Ruble & Rand]. These fall as the dollar rises cushioning these company’s profits to some extent. We believe both these currencies will continue to weaken.

 

Silver– The silver price rose slightly and may hold its ground. www.SilverForecaster.com]

 

Regards,

 

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

 

Global Gold Price (1 ounce)

 

Today

Yesterday

Franc

Sf1,169.95

Sf1,180.22

US

$1,281.50

$1,294.50

EU

€966.40

€974.67

India

Rs.77,761.42

Rs. 78,582.22

 


| Digg This Article
 -- Published: Thursday, 21 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.