-- Published: Tuesday, 7 April 2015 | Print | Disqus
Gold Today –New York closed at $1,201.30 on Friday and $1,215.70 on Monday in NY close. Asia took it to $1,213 then London pulled it back to $1,211 ahead of the LBMA Gold price setting. The LBMA Gold price was set at $1,208.50 up $7.00 on Friday’s level. The euro equivalent stood at €1,113.67 up €15.75. Ahead of New York’s opening, gold was trading in London at $1,210.10 and in the euro at €1,113.91.
Silver Today – The silver price closed at $16.74 on Friday then $17.00 yesterday. Ahead of New York’s opening it was trading at $16.85.
Gold (very short-term) The gold price will consolidate with a positive bias in New York, today.
Silver (very short-term) The silver price will consolidate with a positive bias in New York, today.
There was a sale of 1.79 tonnes of gold from the SPDR gold ETF and a sale of 0.04 of a tonnes from the Gold Trust since Friday. The holdings of the SPDR gold ETF are at 735.447 tonnes and at 164.88 tonnes in the Gold Trust. Short covering of gold positions continued in the U.S. on the back of a very improved Technical picture, which has turned up.
Only now is the significance of the establishment of the Asian Infrastructure Investment Bank being realized in the financial circles in the U.S. It is painful for the developed world to see the global influence of the U.S. waning as China establishes an alternative financial system to that of the developed world, such as the World Bank/I.M.F. The next step in the well coordinated change in the monetary system is for the convertibility of the Yuan to be taken to a level where it is recognized as a “well-used currency” that qualifies it to become a global player included in global central bank reserves. It has one advantage over the dollar that is incontrovertible and that is, it has no presence now and can only grow. The U.S. dollar and the euro are omnipresent in global central bank reserves, so can only diminish. With 80% of global growth coming from Asia in the future there is a very long way to go in changing the global monetary system. Gold will have a significant presence in this change and will not be held back as it has been from 1971 in these roles. And it is scheduled to start later this year not in a decade or more! We have covered this in our newsletters and will be happy to let new subscribers have the relevant articles on this, should they wish. Subscribe through www.goldForecaster.com & www.SilverForecaster.com ]
The dollar continues weaker $1.0905 and the dollar index at 97.24 today. The second quarter of 2015, points to a globe with more uncertainty than we have seen for some years, as fears about growth and deflation are rising.
Silver– The silver price may well outperform gold in the next few weeks.
Julian D.W. Phillips for the Gold & Silver Forecasters
Global Gold Price (1 ounce)
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-- Published: Tuesday, 7 April 2015 | E-Mail | Print | Source: GoldSeek.com