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

Exploration Update: Golden Arrow’s Pescado Project
By: Nicholas LePan, SilverSeek.com

GoldSeek Radio Nugget: Charles Hughes Smith and Chris Waltzek
By: radio.GoldSeek.com

Strap Yourself In - We Are About To See Some Big Moves In Metals
By: Avi Gilburt

Visit the Top Blockchain and Cryptocurrency Power Hubs of the World
By: Frank Holmes

Gold’s Upside Target
By: Przemyslaw Radomski, CFA

Dollar Crisis
By: Gary Savage

What Gold Needs to Do Now
By: Rick Ackerman

Year-end Rate Hike Once Again Proves To Be Launchpad For Gold Price
By: GoldCore

Asian Metals Market Update: December-14-2017
By: Chintan Karnani, Insignia Consultants

Gold Seeker Closing Report: Gold and Silver Gain About 1% and 2%
By: Chris Mullen, Gold Seeker Report

 
Search

GoldSeek Web

 
Gold & Silver Market Morning


 -- Published: Monday, 2 February 2015 | Print  | Disqus 

Gold Today –New York closed at $1,284.3 up $26.70. In Asia gold held that level but London pulled it back to $1,275. At the Fix gold was set at $1,274.25 up $10.75 and in the euro, at €1,122.687 up €7.703, while the euro was stronger at $1.1350. Ahead of New York’s opening gold was trading in London better, at $1,277.30 and in the euro at €1,126.12.

 

Silver Today – The silver price closed at $17.26 up 31 cents. Ahead of New York’s opening it was trading uncertainly at $16.19.

 

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

 

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

 

Price Drivers

There were no purchases or sales from or into the SPDR gold ETF or the Gold Trust on Friday. The holdings of the SPDR gold ETF remain at 758.372 and at 167.54 tonnes in the Gold Trust.  While traders and speculators moved the gold and silver prices around the lack of physical gold sales took away the importance of these moves, for physical actions determine the gold price.

 

Today it remains in a similar area, with two weeks to go before the Chinese New Year. The current consolidation is some way above support. The tone of the market is good. The main gold driver remains Asian demand. With the Marriage season in India ongoing until May Indian demand remains strong. In China, while the market quietens down immediately after the 17th Feb underlying demand remains persistent on an ongoing basis.

 

The euro is slightly stronger today at $1,343 while the dollar index remains strong at 94.66. The foreign exchanges of the world are calming down at the moment, but for how long? We do believe that the Fed will use swap arrangements to calm the market and may well have set a desirable euro exchange rate level at around $1.13. We doubt that a particular exchange rate level will be defended for fear of a similar situation the Swiss Franc found itself in.

 

The number of global events that can affect gold remains large. At the start of the week, the most imminent remains Greece, but no immediate resolution one way or the other is in the offing yet.

 

In the Ukraine we believe the scene there is degenerating into a full scale war between Russia and the Ukraine, as the U.S. considers supplying lethal weapons to the Ukraine. Its impact on gold will primarily be felt in the Eurozone, where investors will be concerned with the stability of the euro as a result of this, but there will be no sudden rush into gold from that quarter.  [Subscribe to www.GoldForecaster.com & www.SilverForecaster.com]. 

 

Silver– The silver price should remain volatile, for the time being, relative to gold. www.SilverForecaster.com

 

Regards,

 

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

 

Global Gold Price (1 ounce)

 

Today

Yesterday

Franc

Sf1,166.02

Sf1,166.02

US

$1,263.70

$1,263.70

EU

€1,113.24

€1,113.24

India

Rs.78,204.08

Rs. 78,204.08

 


| Digg This Article
 -- Published: Monday, 2 February 2015 | 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.