Advertise | Bookmark | Contact Us | E-Mail List |  | Update Page | 

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


GoldSeek Web

Gold & Silver Market Morning

 -- Published: Friday, 31 October 2014 | Print  | Disqus 

Gold Today – The gold price closed at $1,198.70 down $12.50 on Thursday. Asia and London took down to $1,174.  The euro is weaker this morning at $1.2560 on the day. The Fix was set $1,173.25 down $32.50 and in the euro at €933.447 down €24.638, while the euro stood weaker at $1.2569. The volumes of gold traded were two sellers selling 58,000 ounces and one buyer buying 38,000 ounces before the pro-rata process kicked in.  Ahead of New York’s opening, gold was trading at $1,774.1 and in the euro at €933.64.


Silver Today – The silver price closed in New York at $16.49 down 58 cents. Ahead of New York’s opening it was trading at $16.15.


Gold (very short-term) Gold is likely to look for a bottom, in New York, today.


Silver (very short-term) Silver is likely wait for gold to find a bottom, in New York, today.


Price Drivers

In New York there were sellers of 1.196 tonnes of gold from the SPDR gold ETF once again and a sale of o.36 from the Gold Trust on Thursday. The holdings of the SPDR gold ETF were at 741.201 tonnes and in the Gold Trust at 161.33 tonnes today.


Traders and speculators have driven the gold price down by nearly $60 from above support at $1,180. This is clearly an attempt to hurt the Technical picture hoping to trigger protective stops to make it go lower. Will Asian demand rush to get hold of these bargain prices. Next week could decide gold’s next direction.


It is questionable that developed world markets can drive the prices much lower on the small volumes they see pass over their counters. As a buying opportunity for Asian demand these levels are very inviting.


Turning to the gold miners themselves these prices are going below their break-even points. Where possible these miners will turn to their higher grade reserves to keep profitable, but for others such prices are ‘tolling a bell’ if they continue. There are some miners out there that remain profitable at even lower levels. Investors should be looking for these.


Remarkably, Alan Greenspan recently said recently, “that gold is a good place to put money these days given its value as a currency outside of the policies conducted by governments”. This was not a short-term statement but clearly looked forward.


While the euro is still falling [$1.2566] its pace of fall has slowed considerably. As of now it is trying to recover some ground and gold has stopped falling for now. Higher inflation [of o.4% for September] in the E.U., is being taken as good news. But this distracts from some key fundamentals for gold that we should not forget. First gold and the euro have no common denominators except the traders move gold in the opposite direction to the dollar. Secondly with the world east of Greece taking what looks to be close to 90% of the world’s gold supply, the gold price is not reflecting this. Thus demand/supply factors are not being factored into the gold price, implying an ineffective pricing system at best. [Get the bigger picture - Subscribe to & www.SilverForecaster.comto protect against confiscation and penalties -see ] 


Silver– Silver prices dropped heavily alongside gold and will still follow gold, wherever it goes.


Kind Regards,


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


Global Gold Price (1 ounce)



A week ago












Rs. 74,127.02


| Digg This Article
 -- Published: Friday, 31 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 - 2018 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, its affiliates or advertisers. 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, is strictly prohibited. In no event shall or its affiliates be liable to any person for any decision made or action taken in reliance upon the information provided herein.