-- Published: Monday, 8 September 2014 | Print | Disqus
Gold Today – The gold price closed at $1,268.80 up $5.90 on Friday in New York. In Asia and London, gold prices were holding those levels. The gold price was Fixed at $1,267.25 up $3.25 and in the euro at €978.874 up €3.189 while the euro was weak at $1.2946. Ahead of New York’s opening, gold was trading at $1,264.80 and in the euro at €978.57.
Silver Today – The silver price closed in New York at $19.20 up 12 cents. Ahead of New York’s opening it was trading at $19.17.
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.
There were no sales or purchases of gold to or from the SPDR gold ETF or the Gold Trust, on Friday. The holdings of the gold ETFs stand at 785.725 tonnes in the SPDR gold ETF and at 165.23 tonnes in the Gold Trust.
The brutal fall of the euro was halted and the week sees it holding the lower levels and trying to recover. But the path continues downward towards $1.20 to the U.S. dollar. The E.C.B. hopes that that will improve global competitiveness and boost growth too, while making gold attractive in the E.U.
Subscribe to www.GoldForecaster.com & www.SilverForecaster.com – to protect against confiscation and penalties -see www.Stockbridgemgmt.com .
The week started with news from Japan that in the second quarter revision of GDP figures the Japanese economy shrank 7.1% after the imposition of 8% sales Tax, lifted from 5%. The nature of the thrifty Japanese consumer is such that they will not be forced out to spend. However, they are fully aware of the government’s intention to see a lower exchange rate, which makes them turn to overseas investments as well as to gold. Will this process continue? We think so as the Yen could fall back to 120 to the U.S. dollar. However, neither gold demand from the E.U. nor Japan will match the demand expected from India plus China in the last quarter of the year.
The news out of China is that trade figures are up 9.4% dispensing with fears of a slowing China. Demand for gold from Asia continues on a steady robust path but without the excitement of last year when the gold price fell below $1,200. It is difficult for western investors to understand that investors in Asia are not chasing profits as they do in the developed world. The objective in Asia is to put savings away into something that will simply hold its value for the difficult days. That means the more ounces that can be bought with the same money, the better. Passive money managements has proved sound in Asia.
Silver– The silver price appears to be leading the way down for gold at the moment. We expect it to fall further than gold for now. www.SilverForecaster.com]
Julian D.W. Phillips for the Gold & Silver Forecasters
Global Gold Price (1 ounce)
| Digg This Article
-- Published: Monday, 8 September 2014 | E-Mail | Print | Source: GoldSeek.com