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Gold & Silver Market Morning

 -- Published: Thursday, 4 September 2014 | Print  | Disqus

Gold Today – The gold price closed at $1,270.00 up $4.80 on Wednesday in New York. In Asia and London, gold prices were slightly higher at $1,272.40.  The gold price was Fixed at $1,271 up $2.50 and in the euro at €966.687 up €1.02, while the euro was slightly stronger at $1.3148. Ahead of New York’s opening, gold was trading at $1,272.50 and in the euro at €968.49.


Silver Today – The silver price closed in New York at $19.22 up 5 cents. Ahead of New York’s opening it was trading at $19.24.


Gold (very short-term) We expect gold to consolidate with a weaker bias, in New York today.


Silver (very short-term) We expect silver to consolidate with a weaker bias, in New York today.


Price Drivers

There were sales of 2.693 tonnes of gold from the SPDR gold ETF and 0.04 of a tonne from  the Gold Trust, on Wednesday. The holdings of the gold ETFs stand at 790.511 tonnes in the SPDR gold ETF and at 165.27 tonnes in the Gold Trust. 


With the stabilization of the euro during the day as it recovered a small amount of its losses against the U.S. dollar, the gold price responded too. Again arbitrageurs were responsible as they switch to buying in the dollar and selling in the euro to smooth out the differences between the markets on either side of the Atlantic. The rally was not sufficient to change the outlook for gold, whose Technical picture still looks to the downside at the moment.


Today, all financial markets await the statement of Mario Draghi on whether he will ease interest rates further or make comments that make QE more of a certainty in the Eurozone. As we all wait with baited breath for these words, markets are ready to respond very quickly thereafter. We feel for the man caught between a rock and a hard place. He realizes that the power of the E.C.B. to stimulate economies is almost exhausted and that this is the job of politicians and yet all are ignoring politicians and looking at him.  He made the point that the E.C.B. must work in conjunction with him through structural reforms that would permit growth, but so far has not found support for this stand. This speaks of further falls in the euro and a further weakening of the Eurozone economies.


We do not expect Draghi to ease further today, but to continue to wait for ‘more data’ until the end of the year. Subscribe to www.GoldForecaster.comensure your gold will not be confiscated and you not penalized -see . As we have pointed out in our forecasts, the euro is being well-managed down without brutal moves, so a rally such as the one we see now is just that, not a change of direction.


An accelerant in this process is the situation in the Ukraine, where the path to war between Russia and the Ukraine [with NATO coming in?] seems to be growing shorter by the day. At this juncture the global economy cannot afford to have a financial war. In such a scene, gold will undoubtedly benefit.


Silver– The silver price will follow gold today, either way.]




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


Global Gold Price (1 ounce)















Rs. 76,697.57


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 -- Published: Thursday, 4 September 2014 | E-Mail  | Print  | Source:

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