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

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

 
Search

GoldSeek Web

 
Gold & Silver Market Morning


 -- Published: Wednesday, 17 December 2014 | Print  | Disqus 

Gold Today –New York closed at $1,196.30 up $4.60 before Asia took it up to $1,199. The euro rose slightly to $1.2490 with a wide spread.  In London gold rose and the gold Fixing was set at $1,199.00 down $0.25 and in the euro, at €962.357 up €2.112 while the euro was half a cent weaker at $1.2459. Ahead of New York’s opening gold was trading in London at $1,198.10 and in the euro at €962.18.

 

Silver Today – The silver price fell disproportionately to $15.74 down again by 38 cents, in New York. Ahead of New York’s opening it was trading at $15.87.

 

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.

 

Price Drivers

We wait to see if the phrase, ‘for a considerable time’ [before interest rates are lifted] is removed from Janet Yellen’s statement today. If this is the case we believe bond and equity markets will discount the time when rates are raised, to their detriment. Savvy investors we talk to are still long of equities, but know turbulence is here. In the main, U.S. traders/investors are mainly out of gold, so their only next move is to buy. It is a question of when?

 

There were 1.793 tonnes of gold sold from the SPDR gold ETF but none from the Gold Trust yesterday. The holdings of the SPDR gold ETF are at 721.564 and at 161.44 tonnes in the Gold Trust. These sales are still too small to impact the gold price.

 

Once again, the ‘bear-raid’ on the gold price was repulsed. Today sees prices where Asia will buy around $1,200. The quick retreat by bears and the settling of the price around $1,200 is more evidence that trader’s and speculator’s power over the price of gold is weakening and Asian demand growing in influence over that price.  We have seen a series of ‘bear-raids’ over the last two years most of which have been successful in taking gold down from $1,650 to $1,137. But each raid in 2014 has seen a diminishing rate of success. In the last few weeks traders and speculators have hit the gold price at the quietest time of day in the 24-hour market. The one that took gold down to $1,137 was short lived because there was no physical selling to hold it down. This week’s raid was even more short-lived for the same reason. This is positive for the gold price going forward as we are becoming more and more convinced that the ‘bottom’ is in for gold. There may be more ‘bear-raids’ but we see them having limited success.

 

We believe that holders of gold in the Ruble are getting close to taking their profits and should rather hold their gold in the Yen, thereafter. While the Ruble could fall further, the fundamentals don’t warrant such moves. But speculation or panic has a way of going too far, so any further fall could well be an expression of just that. The Ruble is at 67 to the dollar. With the U.S. tightening sanctions this week too and the oil price still falling, more falls could come. [Subscribe to www.GoldForecaster.com & www.SilverForecaster.com]

 

Silver– The silver price is heavily oversold, waiting to see if gold can hold or rise. www.SilverForecaster.com

 

Kind Regards,

 

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

 

Global Gold Price (1 ounce)

 

Today

Yesterday

Franc

Sf1,155.39

Sf1,153.13

US

$1,198.10

$1,200.80

EU

€962.18

€960.14

India

Rs.76,217.13

Rs. 76,316.84

 


| Digg This Article
 -- Published: Wednesday, 17 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 - 2018



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.