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

Buckle Up For A Golden Ride
By: Stewart Thomson

Mining Stocks Have Not Been Cheaper In The Last 78 Years
By: Dave Kranzler

Prolonged Correction Levels Opened Up
By: Ricky Wen

Revisiting the age-old relationship between interest rates and prices
By: Steven Saville

Rome vs Brussels. Will That Battle Benefit Gold?
By: Arkadiusz Sieron

IMF Warning Highlights Gold’s Importance As A Diversification and Happy Birthday GoldCore
By: GoldCore

Sentiment Is The Most Important Factor Upon Which To Focus In The Gold Market
By: Avi Gilburt

Let's See Bulls Shrug Off 3.6% T-Bond Rate
By: Rick Ackerman

Here's How Hungary Reduced Risk Without Forfeiting Returns
By: Frank Holmes

Ira Epstein's Metals Video 10 22 2018
By: Ira Epstein


GoldSeek Web

Gold & Silver Market Morning

 -- Published: Wednesday, 12 November 2014 | Print  | Disqus 

Gold Today – The gold price closed down at $1,165.80 up by $16.20 in New York on Tuesday.  It then moved up slightly to $1,169 before London’s opening. It was Fixed at $1,163.25 up $12.00 and in the euro at €934.412 up €6.508, while the euro stood stronger at $1.2450. The volumes of net gold traded were two sellers selling 22,000 ounces and two buyers buying 42,000 ounces before the pro-rata process kicked in. Ahead of New York’s opening, gold was trading at $1,163.60 and in the euro at €934.21.


Silver Today – The silver price closed in New York at $15.74 up 18 cents. Ahead of New York’s opening it was trading at $15.67.


Gold (very short-term) The gold price will consolidate, in New York, today.


Silver (very short-term) Silver will consolidate, in New York, today.


Price Drivers

In New York there were sellers of 0.897 tonnes of gold from the SPDR gold ETF but none from the Gold Trust on Tuesday. The holdings of the SPDR gold ETF were at 724.46 tonnes and in the Gold Trust at 160.42 tonnes. Gold lending rates have gone negative, which is often followed by a price rise. The euro is also stronger today at $1.2488 up half a cent on yesterday.


One of the reasons why it is so important to have a global view of precious metal markets is to be able to discern a credible media report from one lacking credibility. The recent report, that sanctions on Russia imposed by the U.S. and Europe have forced the Russian central bank to buy its own gold production because its own banks can’t sell it into the western gold markets is one of these. – Yes, in the back of Russia’s mind is the possibility that the U.S. could prevent Russia from using its dollar reserves. Commercial banks are fully aware that they have the power to punish banks that go against U.S. foreign policy as we saw in the case of BNP Parisbas earlier in the year. While there are no sanctions on handling Russian gold we would expect Russia itself to take steps to sell their gold direct to Chinese banks, likely in return for Yuan in the event of such a blockade.


We have long believed that Russia would buy local production for their reserves rather than sell their gold overseas only to go overseas to then buy gold for their reserves.


Of all nations, Russia is the most likely to act to protect their gold and foreign exchange reserves from the dangers of holding them close to U.S. influence. The recent steps to get closer to China, we believe, is part of a long road ahead as Russia not only protects it own interests through diversification of both trade and reserves into Asia, but by ensuring it has a choice of customers for its own goods. What is more pertinent to the gold price is that around 240 tonnes of gold annually will not go through the developed world markets as it used to do, reducing net supply levels. China’s gold production does not reach these markets either, that involves 430 tonnes. [Get the bigger picture - Subscribe to & www.SilverForecaster.comto protect against confiscation and penalties -see ] 


Silver– Silver will follow gold today as


Kind Regards,


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


Global Gold Price (1 ounce)



A week ago












Rs. 70,029.62


| Digg This Article
 -- Published: Wednesday, 12 November 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.