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

The Dow Gold Ratio
By: Rambus

Friday’s COT Report: A WTF Moment For the Ages?
By: Ed Steer

Finally, Gold Speculators Start To Bail, Setting Up A Big Q1 2018
By: John Rubino

Gold Demand in the Singapore Bullion Market
By: BullionStar

Why Do You Keep Doing This To Yourself?
By: Avi Gilburt

Asian Metals Market Update: December-11-2017
By: Chintan Karnani, Insignia Consultants

GoldSeek.com Radio: Peter Schiff and Dan Norcini, and your host Chris Waltzek
By: radio.GoldSeek.com

Technical Scoop - Weekend Update Dec 10
By: David Chapman

Could gold do a bitcoin and hit $10,000 an ounce in 2018?
By: Peter Cooper

Automatic Job Storm Coming
By: John Mauldin

 
Search

GoldSeek Web

 
Gold & Silver Market Morning


 -- Published: Tuesday, 16 December 2014 | Print  | Disqus 

Gold Today –New York closed at $1,191.70 down a huge $30.40 before Asia took it up to $1,196.4. The euro rose slightly to $1.2475.  In London gold rose and the gold Fixing was set at $1,199.25 down $11.50 and in the euro, at €960.245 down €14.285 while the euro was half a cent stronger at $1.2489. Ahead of New York’s opening gold was trading in London at $1,200.80 and in the euro at €960.14.

 

Silver Today – The silver price fell disproportionately to $16.12 down 85 cents, in New York. Ahead of New York’s opening it was trading at $16.25.

 

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.

 

Price Drivers

With the Fed meeting for the next two days, the market is once again trying to discount a rise in interest rates or at least a statement that implies one is coming very soon. If this does happen tomorrow then it will test the underlying strength of global financial markets.  We have no doubt the Fed has factored in the impact of such a move not just inside the U.S. but across the globe. We are led to believe the Fed, like Treasury, does not want a stronger dollar, either.

 

There was another attack on gold yesterday as the gold price rose above what Asian buyers are happy to pay at the moment. The price has pulled back to current levels, but we suspect it is at levels now that Asia is happy to pay.

 

After the Ruble fell to 66 to the dollar, half of what it was at the start of 2014, the Russian central bank moved in to raise interest rates 6.5% to 17% in an attempt to halt the fall of the Ruble. If this does not work, we expect to see at least Capital Controls imposed soon.  With the Ruble’s future tied to that of the oil price and O.P.E.C. warning that the oil price could go much lower, Russia will not sit idly by and let its currency collapse as we saw in these interest rate hikes.

 

The Russian central bank is fully aware of the dangers of using the U.S. dollar as such a haven and is unlikely to turn to that currency for protection.  We would expect the central bank to channel local gold production into its vaults paying in Rubles for it. It is not a case of not being able to sell its gold in Europe [after all the Chinese market would welcome such supply] but having it in reserves for just such a time as now. While the Russian central bank prints Rubles it well knows that they cannot be trusted to hold value [with a local inflation of 11.5%].

 

While Capital or Exchange Controls are a sign of desperation, few observers will think that Russia isn’t desperate now, that’s why Controls will not cause more damage than has already been caused. For gold investors the fall of the Ruble is a classic case of where gold acts as a wealth protector. [Subscribe to www.GoldForecaster.com & www.SilverForecaster.com]

 

There were 2.391 tonnes of gold sold from the SPDR gold ETF and sales of 0.30 of a tonnes of gold from the Gold Trust yesterday. The holdings of the SPDR gold ETF are at 723.357 and at 161.44 tonnes in the Gold Trust.  

 

Silver– The silver price will remain restrained, waiting for gold to give it direction. www.SilverForecaster.com

 

Kind Regards,

 

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

 

Global Gold Price (1 ounce)

 

Today

Yesterday

Franc

Sf1,153.13

Sf1,171.12

US

$1,200.80

$1,211.40

EU

€960.14

€975.05

India

Rs.76,316.84

Rs. 76,245.52

 


| Digg This Article
 -- Published: Tuesday, 16 December 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.