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

Commentary : Gold Review : Markets : News Wire : Quotes : Silver : Stocks - Main Page >> News >> Story  Disclaimer 
Latest Headlines to Launch New Website

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


GoldSeek Web

Gold & Silver Market Morning

 -- Published: Wednesday, 29 October 2014 | Print  | Disqus 

Gold Today – The gold price closed at $1,229 down $2.00 on Monday. Asia and London took it up to $1,230.30.  The euro is stronger this morning at $1.2735. The Fix was set $1,229.25 up $0.50 and in the euro at €964.572 down €2.263, while the euro stood stronger at $1.2744. The volumes of gold traded were one seller selling 30,000 ounces and three buyers buying 50,000 ounces before the pro-rata process kicked in.  Ahead of New York’s opening, gold was trading at $1,228.80 and in the euro at €965.01.


Silver Today – The silver price closed in New York at $17.25 up 5 cents. Ahead of New York’s opening it was trading at $17.23.


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 1.794 tonnes of gold from the SPDR gold ETF but there were no sales or purchases from or to the Gold Trust on Tuesday. The gold price still remains in consolidation mode. The holdings of the gold ETFs stand at 743.593 tonnes in the SPDR gold ETF and at 161.69 tonnes in the Gold Trust. 


The oil price in 1973 rose from $8 a barrel to $35 a barrel as a result of it being the will of the U.S. as well as of O.P.E.C. This generated a demand for dollars the like of which had never been seen before. It went a long way to establishing dollar hegemony. The tremendous weakening of the dollar, as reflected by gold’s rise to $850 from $42 was ignored because of the need for dollars to buy oil with.


The rise through to $110 and higher, in this century, reinforced that situation. By ensuring that only dollars were used to buy oil the dollar was more than just ’valuable money’, it was needed by all nations who imported oil. Other nations followed suit, but all currencies relied on the U.S. dollar as the foundation of the currency system that did away with gold.


Today, we see a change in that situation as the Yuan approaches its role as an international currency and oil prices drop, possibly back to $70 - $75. Saudi Arabia wants this because if it doesn’t, then it will see its strength as the leading world supplier of oil undermined. It is also emphasizing its role as the controller of the oil price. It is this developing theme that will affect the gold and silver price in the future. What is very clear to the savvy, is that the days ahead, when we see the symptoms of the coming change in oil prices and a change to a multi-currency system. Gold will be needed as ‘oil on troubled waters’. [Get the bigger picture - Subscribe to & www.SilverForecaster.comto protect against confiscation and penalties -see ] 


We wait for the FOMC statements today, which may affect gold.


Silver– Silver prices are now ‘marking time’ again, waiting for gold to give direction.


Kind Regards,


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


Global Gold Price (1 ounce)



A week ago












Rs. 75,380.77


| Digg This Article
 -- Published: Wednesday, 29 October 2014 | E-Mail  | Print  | Source:

comments powered by Disqus


Increase Text SizeDecrease Text SizeE-mail Link of Current PagePrinter Friendly PageReturn to >> Story

E-mail Page  | Print  | Disclaimer 

© 1995 - 2019 Supports

©, Gold Seek LLC

The content on this site is protected by U.S. and international copyright laws and is the property of 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 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, Gold Seek LLC, its affiliates or advertisers., 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, Gold Seek LLC, is strictly prohibited. In no event shall, 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.