LIVE Gold Prices $  | E-Mail Subscriptions | Update GoldSeek | GoldSeek Radio 

Commentary : Gold Review : Markets : News Wire : Quotes : Silver : Stocks - Main Page 

 GoldSeek.com >> News >> Story  Disclaimer 
 
Latest Headlines

GoldSeek.com to Launch New Website
By: GoldSeek.com

Is Gold Price Action Warning Of Imminent Monetary Collapse Part 2?
By: Hubert Moolman

Gold and Silver Are Just Getting Started
By: Frank Holmes, US Funds

Silver Makes High Wave Candle at Target – Here’s What to Expect…
By: Clive Maund

Gold Blows Through Upside Resistance - The Chase Is On
By: Avi Gilburt

U.S. Mint To Reduce Gold & Silver Eagle Production Over The Next 12-18 Months
By: Steve St. Angelo, SRSrocco Report

Gold's sharp rise throws Financial Times into an erroneous sulk
By: Chris Powell, GATA

Precious Metals Update Video: Gold's unusual strength
By: Ira Epstein

Asian Metals Market Update: July-29-2020
By: Chintan Karnani, Insignia Consultants

Gold's rise is a 'mystery' because journalism always fails to pursue it
By: Chris Powell, GATA

 
Search

GoldSeek Web

 
Gold & Silver Market Morning


 -- Published: Tuesday, 21 October 2014 | Print  | Disqus 

Gold Today – The gold price closed at $1,246.10 up $8.30 on Friday. Asia and London took it higher to $1,253.40.  The euro is stronger this morning at $1.2828 up from $1.2756. The Fix was set $1,251.75 up $10.75 and in the euro at €978.847 up €6.20, while the euro stood stronger at $1.2788. The volumes of gold traded were one seller selling 8,000 ounces and one buyer buying 16,000 ounces before the pro rata arrangement kicked in.  Ahead of New York’s opening, gold was trading at $1,249.30 and in the euro at €977.96.

 

Silver Today – The silver price closed in New York at $17.44 up 16 cents, still marking time until it sees a bigger break-out in gold. Ahead of New York’s opening it was trading at $17.40.

 

Gold (very short-term) Gold is likely to consolidate with a positive bias in New York, today.

 

Silver (very short-term) Silver is likely to consolidate with a positive bias in New York, today.

 

Price Drivers

Asian demand remains robust with premiums in India up as high as 11% and at 6% in Shanghai.

 

The news out of China is that growth is slightly lower at 7.3%. The government is satisfied with this level, which remains the highest in the developed/emerging world. It is now the largest economy in the world, a fact poorly broadcast in the developed world. Of the most concern to gold and silver investors is the state of the Chinese middle class. We cannot emphasize enough, that the government of China [in full control of the economy] is turning growth inwards and targeting the growth of the middle classes from which sustainable growth emanates. A drop in property prices and the internal economy facilitates such growth. The government also encourages investment in gold. So the growth of gold demand will continue for the foreseeable future on an upward path.

 

Yesterday, there were large sales of gold from the SPDR gold ETF of 8.97 tonnes a surprisingly large amount. And yet the gold price rose alongside a higher euro. We would have thought that such a sale would have sent the gold price strongly down, but it was absorbed by a larger appetite in Asia. No sales or purchases came into or from the Gold Trust, on Monday. The holdings of the gold ETFs stand at 760.935 tonnes in the SPDR gold ETF and at 161.40 tonnes in the Gold Trust.  What we take from this is the strength of physical demand. Will we see more sales from the SPDR gold ETF as part of a larger set of sales or was that a once off? Certainly the tone for the gold market appears to have improved considerably.

 

With the U.S. intervening in the euro: dollar exchange rate, there appears little chance of the euro, short-term, falling, so we expect it to deter traders from trying to trade the gold price down. More likely short sellers are getting a fright from yesterday and today and are likely to reverse their positions to the long side. [Get the bigger picture - Subscribe to www.GoldForecaster.com & www.SilverForecaster.comto protect against confiscation and penalties -see www.Stockbridgemgmt.com ] 

 

Silver– Silver prices are still 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

Sf1,172.33

Sf1,172.33

US

$1,249.30

$1,241.55

EU

€977.96

€972.09

India

Rs.76,075.98

Rs. 76,075.98

 


| Digg This Article
 -- Published: Tuesday, 21 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 - 2019



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


Map

The views contained here may not represent the views of GoldSeek.com, Gold Seek LLC, its affiliates or advertisers. GoldSeek.com, Gold Seek LLC 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, Gold Seek LLC, is strictly prohibited. In no event shall GoldSeek.com, Gold Seek LLC or its affiliates be liable to any person for any decision made or action taken in reliance upon the information provided herein.