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

GoldSeek.com Radio: John Embry and Charles Hughes Smith, and your host Chris Waltzek
By: radio.GoldSeek.com

Gold – WE’RE “CLOSE ENOUGH”
By: Gary Savage

The Dangerous Dream of Secession
By: George Smith

Amid Bad Fundamentals, Gold Sector Rally May Have Begun
By: Gary Tanashian

Bitcoin Proves You Cannot Have Your Digital Cake and Eat it Too
By: Nathan McDonald

Relief Rally in Gold Mining Stocks
By: Jordan Roy-Byrne CMT, MFTA

The Morgan Report's Weekly Perspective
By: David Morgan

Outlook for gold – 2018
By: Alasdair Macleod

Stephen Poloz Right To Be Worried
By: Peter Diekmeyer

The Yield Curve And The Boom-Bust Cycle
By: Steven Saville

 
Search

GoldSeek Web

 
Gold & Silver Market Morning


 -- Published: Monday, 29 September 2014 | Print  | Disqus 

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

Gold Today – The gold price closed at $1,217.5 down $4.50 on Friday in New York. In Asia and London, gold prices rose to $1,218 as the euro lurched another half cent lower against the U.S. dollar, which now stands at $1.2681.  The gold price was Fixed at $1,217.75 up $4.00 and in the euro at €960.674 up €7.319, while the euro stood at $1.2676. Ahead of New York’s opening, gold was trading at $1,219.70 and in the euro at €961.80.

 

Silver Today – The silver price closed in New York at $17.63 up 11 cents. Ahead of New York’s opening it was trading at $17.60.

 

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

 

Silver (very short-term) Silver should consolidate, in New York today.

 

 

Price Drivers

There were sales of 1.196 from or to the SPDR gold ETF and 0.63 of a tonne from the Gold Trust, on Friday. The holdings of the gold ETFs stand at 772.253 tonnes in the SPDR gold ETF and at 163.55 tonnes in the Gold Trust.  We are seeing the same amount sold once a week for the last three weeks. It appears to be a closing of a larger position as opposed to ‘stop loss’ protections being triggered. Nevertheless, we see this selling as Technical selling at the moment.

 

Asian demand continues to pick up gold at prices above $1,200 but is not chasing gold prices up. However, premiums and demand is rising in both India and China so we do expect this to either hold prices at current levels or lift them in the next month.

 

But today sees the euro continue its trend down and now stands at $1.2681. This has not damaged the gold price so far, so the euro price of gold is rising in all weakening currencies today and slightly in the dollar.

 

The demonstrations in Hong Kong are significant to the gold market we feel. With the Chinese government sensitive to the difficulties that will be ongoing on the island in the years to come, the government is trying to steer the developing gold market onto the mainland, both in the south and in Shanghai. We don’t expect the government to do anything to directly slow trade in Hong Kong, but we believe that Shanghai will be the main gold hub in the future and expect to see a decline in the gold trade in Hong Kong over the next few years. Such developments must not only be seen as set in a stable environment, but under the firm hand of the government. It seems that Hong Kong will not provide the needed stability in the coming years to provide that environment. We see this as part of the overall future of Hong Kong and China itself as HK declines as other parts of China rise.

 

Some feel that Singapore will be the Asian ‘hub’ for gold, but two important factors mitigate against this. Firstly, it is no part of China [so not under its control] and secondly it is too far away from China to grow to that extent. It is a business ‘hub’ and will chase the money not the growth of China.  [Get the bigger picture - Subscribe to www.GoldForecaster.com & www.SilverForecaster.comto protect against confiscation and penalties -see www.Stockbridgemgmt.com ]

 

Silver– The silver price is riveted to gold again. - www.SilverForecaster.com

 

Kind Regards,

 

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

 

Global Gold Price (1 ounce)

 

Today

Yesterday

Franc

Sf1,148.45

Sf1,151.44

US

$1,209.60

$1,225.10

EU

€950.83

€953.31

India

Rs.74.133.36

Rs. 74,672.94

 


| Digg This Article
 -- Published: Monday, 29 September 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 - 2017



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.