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

Gold & Silver Price Manipulation: The Greatest Trick Ever Pulled
By: Ronan Manly, Bullion Star

Gold & Gold Stocks Ripping. What's Next?
By: Jordan Roy-Byrne CMT, MFTA

Asian Metals Market Update: July-23-2019
By: Chintan Karnani, Insignia Consultants

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

 
Search

GoldSeek Web

 
Gold & Silver Market Morning


 -- Published: Wednesday, 11 March 2015 | Print  | Disqus 

Gold Today –New York closed at $1,161.30 down$5.60 as the dollar continued to rise as the market remained dominated by currency issues. Asia lifted the gold price by $2 before London pulled it back to New York’s closing levels. London then Fixed the gold price at $1,158.75 down $2.25 and in the euro, at €1,096.056 up €16.658, while the euro was at $1.0572, down another nearly 2 cents. Ahead of New York’s opening, gold was trading in London at $1,158.20 and in the euro at €1,090.43.

 

Silver Today – The silver price closed at $15.68 down 11 cents. Ahead of New York’s opening it was trading at $15.57.

 

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 no sales or purchases of gold from the SPDR gold ETF or the Gold Trust on Tuesday. The holdings of the SPDR gold ETF are at 753.037 tonnes and at 164.86 tonnes in the Gold Trust. 

 

The gold price fall is due entirely to a rising dollar being discounted by arbitrageurs and traders adjusting prices to the changing exchange rates. As you can see above, the gold price rose strongly in the euro and fell only slightly in the dollar. The dollar index has now risen to 99.28 and we expect more rises to come. This is up from 96.80 last week.

 

But yesterday Asian physical demand increased in the market and held the price up around current dollar levels as the euro continued to fall. As the Indian Rupee continues to strengthen, gold in Rupees continues to fall, as you can see below. The gold price in Rupees is at levels that have not been seen for a long time. We are watching to see if there will be more Asian follow through, as we expect the euro to continue to fall against the dollar and the dollar continue to rise against the rest of the world’s currencies. The euro now stands against the dollar at $1.0594.  If Asian demand does move in as expected the gold price in dollars is likely to recover strongly.

 

The report that HSBC is closing its Gold Vaults needs to be verified before we accept this. The reasons behind such a closure have nothing to do with the operation’s profitability, if these reports are true.

 

Apple’s gold watch at $10,000 a watch may well not meet demand expectations. Until we see sales over a quarter, we would not see this product having a marked effect on the gold price, yet.

 

Subscribe to www.GoldForecaster.com

 

Silver– The silver price will continue to fall with gold but with Asian demand now coming in for gold, the silver price may well stabilize or 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

Sf1,165.03

Sf1,155.34

US

$1,158.20

$1,174.60

EU

€1,090.43

€1,079.74

India

Rs.72,667.05

Rs. 73,465.36

 


| Digg This Article
 -- Published: Wednesday, 11 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.