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

Gold Seeker Closing Report: Gold and Silver Close Slightly Lower
By: Chris Mullen, Gold Seeker Report

Ira Epstein's Metals Video 10 16 2018
By: Ira Epstein

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

 
Search

GoldSeek Web

 
Gold & Silver Market Morning


 -- Published: Wednesday, 15 October 2014 | Print  | Disqus 

Gold Today – The gold price closed at $1,233.40 up $0.70 on Tuesday. Asia took it lower to $1,225.60 ahead of London’s opening.  The euro is nearly a cent weaker at $1.2642.

 

The Fix was set $1,223.50 down $9.50 and in the euro at €967.575 down €7.373, while the euro stood weaker at $1.2645. The volumes of gold traded were three sellers selling 38,000 ounces and one buyer buying 18,000 ounces before the pro rata arrangement kicked in.  Ahead of New York’s opening, gold was trading at $1,223.80 and in the euro at €967.78.

 

Silver Today – The silver price closed in New York at $17.40, 5 cents lower. Ahead of New York’s opening it was trading at $17.10.

 

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

The fall in the gold price we see today is a reflection of the weakening euro, almost a cent down on yesterday. After the U.S. made it clear they did not want to see a strong dollar the euro stopped falling, but without intervention from the Fed and Bundesbank [against, we believe E.C.B. wishes] we would expect the euro to fall further.

 

There were no purchases or sales to or from the SPDR gold ETF, but purchases of 0.33 of a tonne into the Gold Trust, on Tuesday. The holdings of the gold ETFs stand at 761.234 tonnes in the SPDR gold ETF and at 161.40 tonnes in the Gold Trust.  [Get the bigger picture - Subscribe to www.GoldForecaster.com & www.SilverForecaster.comto protect against confiscation and penalties -see www.Stockbridgemgmt.com ]

 

Asian demand is fading above $1,230 because Asia will not chase prices, but we expect it to come back in force on the fall in the gold price. As we have noted before, the amount of gold trading that determines the gold price is the volume of gold that is outside the tonnages contracted directly between supplier and client. The percentage of gold in terms of total supply and demand that this ‘marginal’ gold volume equates to, may well be below 5%. The Fixing, particularly in the afternoon, forms the basis on which 100% of demand and supply contracts are priced. So the Fix is a critical daily action for gold. With so much gold going into China [the Chairman of the Shanghai Gold Exchange confirmed that China took in 2,000 tonnes of gold last year and we believe that India is taking in over 1,200 tonnes this year] and India, representing around 76% of total supply or just short of 10 tonnes a day, while London is trading far less than that on a daily basis. It therefore appears that there is a disjoint between London’s prices and the majority of gold transactions in the gold market. The evolution going on the gold world, in line with the shift of wealth to the east, will change this. But at the moment Asia is enjoying ongoing bargain prices on large volumes.

 

Silver– Silver prices are waiting for gold to lead the way. www.SilverForecaster.com

 

Kind Regards,

 

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

 

Global Gold Price (1 ounce)

 

Today

A week ago

Franc

Sf1,168.48

Sf1,177.48

US

$1,223.80

$1,227.10

EU

€967.78

€974.70

India

Rs.75,165.80

Rs. 75,656.76

 


| Digg This Article
 -- Published: Wednesday, 15 October 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.