-- Published: Monday, 15 December 2014 | Print | Disqus
Gold Today –New York closed at $1,222.10 down $3.00 before Asia took it down to $1,219.30. The euro rose over half a cent to $1.2452. In London the gold Fixing was set at $1,210.75 down $12.75 and in the euro, at €974.53 down €9.78 while the euro was unchanged at $1.2424. Ahead of New York’s opening gold was trading in London at $1,211.40 and in the euro at €975.05.
Silver Today – The silver price closed at $16.97 down 8 cents, in New York. Ahead of New York’s opening it was trading at $16.87.
Gold (very short-term) The gold price will consolidate, in New York, today.
Silver (very short-term) The silver price will consolidate, in New York today.
This week started with the developed world’s economic mood declining.
- In Japan while the government was voted back into power, the Nikkei was unimpressed and fell one point as the aging population is unlikely to rush out and spend because of the weakening of the Yen.
- In the oil market O.P.E.C. members reiterate that oil prices are likely to fall much further, despite the bounce being seen in oil prices. 2015 is likely to be a troubled year for oil markets and those affected by it.
- With the global economy set to decline, some see interest rates in the U.S. not rising in 2015 because of being held back by the rest of the world. But others believe that interest rates even rising slightly will hurt the economies of the rest of the world badly and strengthen the dollar, also not good for the integrated world we live in.
Looking forward to 2015, we see economic turbulence and volatility in all markets at a level not seen for some years. In such an environment gold and silver will do far better than most commentators believe. But one fact is for sure, the precious metal prices will be event driven! [Subscribe to www.GoldForecaster.com & www.SilverForecaster.com]
We also see 2015 showing London and New York having a less dominant role in deciding gold and silver prices. As Asian markets develop and mature, the pricing power over gold and silver will also move to the east with Shanghai taking on this mantle over time.
There were no purchases or sales of gold into or from the SPDR gold ETF but sales of 0.36 of a tonnes of gold from the Gold Trust on Friday. The holdings of the SPDR gold ETF are at 725.748 and at 161.74 tonnes in the Gold Trust.
With fundamental demand holding prices up, traders are loathe to push prices down, but are reticent when it comes to taking new positions.
Silver– The silver price will remain restrained, waiting for gold to give it direction. www.SilverForecaster.com
Julian D.W. Phillips for the Gold & Silver Forecasters
Global Gold Price (1 ounce)
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-- Published: Monday, 15 December 2014 | E-Mail | Print | Source: GoldSeek.com