LIVE Gold Prices $  | E-Mail Subscriptions | Update GoldSeek | GoldSeek Radio 

Commentary : Gold Review : Markets : News Wire : Quotes : Silver : Stocks - Main Page 

 GoldSeek.com >> News >> Story  Disclaimer 
 
Latest Headlines

Silver Seeks to Catch Up With Gold
By: Frank Holmes, US Funds

GoldSeek Radio: Bill Murphy and Bob Hoye
By: Chris Waltzek, GoldSeek Radio

Bull or Bear? The Market’s Message
By: Plunger

Gold Market Update - “so far so good”
By: Clive Maund

Investors Blinded by Greed, but Not for Much Longer
By: Rick Ackerman, Rick's Picks

Precious Metals Update Video: Gold Monthly Chart breaking out
By: Ira Epstein

FT's Martin Wolf: Who cares about the prices of useless metals and market rigging?
By: Chris Powell, GATA

The Drip, Drip, Drip of Recession
By: David Haggith

Anatomy of an Impulse Move in the Precious Metals
By: Rambus

Recession Rumbles
By: John Mauldin, Thoughts from the Frontline

 
Search

GoldSeek Web

 
Gold & Silver Market Morning


 -- Published: Monday, 9 March 2015 | Print  | Disqus 

Gold Today –New York closed at $1,165.70 down $33.30 in a thin market but with heavy ETF sales, but still dominated by currency issues. Asia took the gold price up slightly to $1,174.00 before London opened. London then Fixed the gold price at $1,173.75 96.50 down $22.75 and in the euro, at €1,077.972 down €12.63, while the euro was at $1.0889 down nearly a cent. Ahead of New York’s opening, gold was trading in London at $1,174.60 and in the euro at €1,079.74.

 

Silver Today – The silver price closed at $15.87 down 35 cents. Ahead of New York’s opening it was trading at $15.95.

 

Gold (very short-term) The gold price will look for a bottom in New York, today.

 

Silver (very short-term) The silver price will look for a bottom, in New York, today.

 

Price Drivers

There were sales of 4.478 tonnes of gold from the SPDR gold ETF but none from the Gold Trust on Friday. The holdings of the SPDR gold ETF are at 756.321 tonnes and at 165.46 tonnes in the Gold Trust.  In a thin gold market U.S. investors sold a heavy but not huge amount of gold. But it did have an impact triggering stop loss selling and taking the gold price down to $1,165.70.

 

The news out of the U.S. was positive with new jobs created in the last month hitting 295,000 and unemployment down to 5.5%. This convinced investors that the U.S. economy has gained traction and will continue to grow at a strong rate. Some therefore believe that a rate hike will come far earlier than expected, possibly in June. If the growth continues at this rate, this is likely although the conservative view is that September remains the more likely date. In this case it is better to be too late than too early.

 

Consequently, 10-yr bond yields rose from 2.22% to 2.256% in the day, with more rises expected to come shortly. The dollar index rose to 97.61 up from record levels of 96.80 last week while the euro continued its tumble to $1.0858.

 

The Technical picture for gold degenerated, as support was seen to be broken. However, the Technical indications are for a very limited downside. If Asian demand comes in strongly in the next few days we could see the picture change again. Either way, we do foresee the gold and silver markets being extremely volatile for the next fortnight.

 

On Friday India was closed, but is back in business today. There has been a bounce to $1,173 in Asia as Asians see these prices as giving excellent value. They will likely restrain buying until they see the fall slow to a stop. We again note that Asian demand does not flow through immediately to the New York markets, as gold markets are not globally efficient. It takes a little time, but we should see the Asian response feed through in the week. As a reminder to gold investors to keep their perspective gold demand east of Greece accounts for over 75% of global gold demand.     Subscribe to www.GoldForecaster.com

 

Silver– The silver price will continue to fall with gold but not at the same pace, we feel. Once Asian demand comes in we expect the silver price to recover quickly.    

Subscribe to www.SilverForecaster.com

 

Regards,

 

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

 

Global Gold Price (1 ounce)

 

Today

Yesterday

Franc

Sf1,155.34

Sf1,169.96

US

$1,174.60

$1,196.40

EU

€1,079.74

€1,093.25

India

Rs.73,465.36

Rs. 74,689.46

 


| Digg This Article
 -- Published: Monday, 9 March 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 - 2019



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


Map

The views contained here may not represent the views of GoldSeek.com, Gold Seek LLC, its affiliates or advertisers. GoldSeek.com, Gold Seek LLC 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, Gold Seek LLC, is strictly prohibited. In no event shall GoldSeek.com, Gold Seek LLC or its affiliates be liable to any person for any decision made or action taken in reliance upon the information provided herein.