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, 4 March 2015 | Print  | Disqus 

Gold Today –New York closed at $1,203.20 down $2.30. Asia took the gold price up to $1,207 before London pulled it down to $1,204. London then Fixed the gold price at $1,204.25, down $3.50 and in the euro, at €1,082.667, up €1.147, while the euro was at $1.1123 down nearly half a cent, again. Ahead of New York’s opening, gold was trading in London at $1,204.40 and in the euro at €1,082.17.


Silver Today – The silver price closed at $16.26 down 11 cents. Ahead of New York’s opening it was trading at $16.28.


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

There was a sale from the SPDR gold ETF yesterday of 2.688 tonnes, which pulled the gold price back in New York, but, again, did not penetrate support. It was accompanied by a sale of 0.03 of a tonne from the Gold Trust, on Tuesday. The holdings of the SPDR gold ETF are at 760.799 tonnes and at 165.94 tonnes in the Gold Trust.  We see support holding around these levels.


On March 20th the London Gold Fix changes to a new mechanism involving global banks as well as the London Bullion Market banks that operate the Gold Fixing now. Will this new system, operate more efficiently and smooth out global prices as well as lower the influence of the current London banks on the gold price? At the moment there is a $5 premium over and above the London gold price in China.


With the following Chinese banks; Bank of China Ltd, China Construction Bank Corp and ICBC joining in the London Fixing, the pricing power of the Chinese gold market will hopefully, directly impact the gold price. If we see the premium over the gold price, in China, disappear, this will have happened.  Bear in mind that Industrial and Commercial Bank of China has become the world's largest gold retail bank already and will bring to bear their significant number of clients in China. Not only do we expect these banks to operate in a way that will remove the premium in China, which at the moment increases the profitability of the selling [mainly foreign] banks in China, but make the gold market more globally efficient.


We are hopeful that the gold liquidity of the Chinese banks in London will build up to the extent that arbitrage operations help to make the gold market a truly 24-hour market. With no gold exports from China permitted currently, a London based ‘gold pool’ in the Chinese banks could well assist in such an objective.


Add to this a Yuan Gold Fix in Shanghai later this year and we may well see not only a greater use of the Yuan in the gold world, but a real 24-hour gold market. We wait to see if this leads to higher or lower gold prices?  We will give you a fuller report on these changes, in our weekly newsletter!     Subscribe to


Silver– The silver price remains cautiously steady at the moment alongside a gold price stable above $1,200.                         Subscribe to




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


Global Gold Price (1 ounce)















Rs. 74,884.55


| Digg This Article
 -- Published: Wednesday, 4 March 2015 | 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.