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

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

What Gold Needs to Do Now
By: Rick Ackerman

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

Bitcoin Total Wipeout Alert
By: Clive Maund

Ira Epstein's Metals Video 12 13 2017
By: Ira Epstein

Hope for the day of deliverance but avoid predicting it
By: Chris Powell

The Fed is Arranging Deck Chairs on the Titanic (the Iceberg Comes in 2018).
By: Graham Summers

Out Of Money By November 29th - Social Security Indexing Part 3
By: Daniel R. Amerman, CFA

BullionStar Perspectives - Eric Sprott - The Gold Market
By: BullionStar

 
Search

GoldSeek Web

 
Gold & Silver Market Morning


 -- Published: Thursday, 19 March 2015 | Print  | Disqus 

Gold Today –New York closed at $1,171.00 up $22.50 with Asia taking it down to $1,168 before London opened. Today is a historic day as it sees the last gold and silver “Fixings”, a process that began in 1919. Tomorrow will see the twice daily LBMA Gold Price replacing it.

 

The penultimate Fix was set at $1,164.00, up $15.00 and in the euro, at €1,091.523 up 80.497, up €11.026, while the euro was slightly better at $1.0664.  Ahead of New York’s opening, gold was trading in London at $1,164.90 and in the euro at €1,089.56.

 

 

Silver Today – The silver price closed at $16.06 up 50 cents. Ahead of New York’s opening it was trading at $15.88.

 

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 were purchases of 1.791 tonnes of gold into the SPDR gold ETF but no movement was seen in the holdings of the Gold Trust on Wednesday. The holdings of the SPDR gold ETF are at 749.774 tonnes and at 164.02 tonnes in the Gold Trust.  The purchase was not, of itself, sufficient to cause the gold price to rise, but the accompanying short covering as the dollar index dropped to 98.81 and to over $1.07 against the euro, were.

 

Speculators were given quite a fright as they misread the Fed, the dollar and the state of the gold market. With traders and speculators in command of the U.S. gold market, while Asia continues to buy all available volume of gold offered, short covering drove the gold price as high as $1,182 at one point in the U.S., but the market then settled down to close at $1,171. This was the strong move that we were expecting. Now the gold market must digest the Fed’s words and the likelihood of the a longer wait before rate hikes happen, at a glacial pace, and in small rises, until inflation is confirming it will reach 2% in the  medium term. This is positive for gold as it does indicate that the dollar’s rise will falter.

 

It is clear that the Fed is unhappy with financial market’s propensity to take small changes in wording as a definitive indication that rates will rise on a certain date.  Janet Yellen, made it clear that the timing of rate rises will be ‘data driven’ as they have not decided when they will raise rates. A major concern of the Fed is the volatility caused by financial market’s determination to translate every word into impending action. Nevertheless, financial markets and commentators will not change. Hence, the Fed will wait longer than needs be before acting as this will cause the least disruption to the U.S. economy and financial markets. It is possible that the Fed will act anytime between June and next year on rates, a positive for gold and silver.

 

Subscribe to www.GoldForecaster.com

 

Silver– As the silver price continues to be treated as a monetary metal like gold, it ran up with gold. This pattern will continue.

 

Subscribe to www.SilverForecaster.com

 

Regards,

 

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

 

Global Gold Price (1 ounce)

 

Today

Yesterday

Franc

Sf1,153.48

Sf1,154.28

US

$1,164.90

$1,151.00

EU

€1,089.56

€1,084.21

India

Rs.72,830.13

Rs. 72,159.07

 


| Digg This Article
 -- Published: Thursday, 19 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 - 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.