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

Silver: 2018 and Beyond
By: Gary Christenson

GoldSeek Radio Nugget: Bill Murphy and Chris Waltzek
By: radio.GoldSeek.com

Convert to Weekly Charts
By: Gary Savage

Bubbles Everywhere...
By: Harris Kupperman

Stocks Plunge on News of Nell's Death
By: Rick Ackerman

Russian Central Bank Buys Gold – 600,000 Ounces Or 18.7 Tons In January As Venezuela Launches ‘Petro Gold’
By: GoldCore

Gold Seeker Closing Report: Gold Ends Lower While Silver Edges Up
By: Chris Mullen, Gold Seeker Report

Ira Epstein's Metals Video 2 21 2018
By: Ira Epstein

Find The Sentence That Dooms Pension Funds (Don’t Worry, It’s Highlighted)
By: John Rubino

Miners’ Rally? What Rally? Watch Out for More Fake Moves!
By: Przemyslaw Radomski, CFA

 
Search

GoldSeek Web

 
Gold & Silver Market Morning: Oct-27-2014


 -- Published: Monday, 27 October 2014 | Print  | Disqus 

Gold Today – The gold price closed at $1,231.20 down $10.30 on Friday. Asia and London held it there until the Fix which was set at.  The euro is slightly stronger this morning at $1.2682. The Fix was set $1,230.50 down $10.00 and in the euro at €970.579 down €9.356, while the euro stood stronger at $1.2678. The volumes of gold traded were two sellers selling 36,000 ounces and two buyers buying 28,000 ounces before the pro-rata process kicked in.  Ahead of New York’s opening, gold was trading at $1,230.60 and in the euro at €971.46.

 

Silver Today – The silver price closed in New York at $17.19 up 4 cents, holding as gold slipped. Ahead of New York’s opening it was trading at $17.20.

 

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

 

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

 

Price Drivers

In New York there were sellers of 4.485 tonnes of gold in the SPDR gold ETF but there was a purchase of 0.82 of a tonne into the Gold Trust on Friday. This did assist the fall in the gold price to $1,230, but this was off the day’s lows. It does look like we are back in consolidation mode today. The holdings of the gold ETFs stand at 745.387 tonnes in the SPDR gold ETF and at 162.22 tonnes in the Gold Trust.  This makes over 25 tonnes of gold sold from the gold ETFs in the last week. This is heavy and if it continues at these levels will restrain the gold price. If these sales halt, the support for the gold price remains strong and the price will rise.

 

You will note that the tonnage dealt at the Fixes is round about 1 tonne a day or less. This is far below the demand supply daily levels of around 12 tonnes a day globally. We believe this makes our point that the market volumes can go east at prices that reflect more accurately demand and supply. Such low prices well suit Asia, which is benefitting from bargain prices as gold flows from west to east.

 

The talk that China’s growth is slowing is a distraction from the reality of the situation. In China, infrastructure development is slowing as the economy switches from investment-led growth to consumer-led growth. In other words the structures are built now they need to be filled and work. There are still another 500 million Chinese sitting in poverty. For the government to keep its credibility it needs to bring them out of poverty even if they remain in the countryside. It does seem that the process is working though. After all growth above 7% remains double and more, what the west is seeing.

 

It is affecting the E.U. badly for Germany’s exports to China are slowing, lowering the one source of growth to Germany. As the E.U. continues to slow such slowing in Germany brings down growth levels in the E.U. overall. This makes for more uncertainty and likely economic instability. This points to a weaker euro, something the Fed and the Bundesbank don’t want to see. [Get the bigger picture - Subscribe to www.GoldForecaster.com & www.SilverForecaster.comto protect against confiscation and penalties -see www.Stockbridgemgmt.com ] 

 

Silver– Silver prices appear not to want to fall further currently. www.SilverForecaster.com

 

Kind Regards,

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

 

Global Gold Price (1 ounce)

 

Today

A week ago

Franc

Sf1,171.16

Sf1,184.18

US

$1,230.60

$1,246.10

EU

€971.46

€982.00

India

Rs.75,454.24

Rs. 76,354.36

 


| Digg This Article
 -- Published: Monday, 27 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 - 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.