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

Bridging the ‘fourth turning’ with gold
By: Michael J. Kosares

Bitcoin: Landing Gear Engaged. Bottom Is Still a Process
By: Ryan Wilday

The Good News Economy
By: John Mauldin

Great News For (The Remaining) Gold Bugs: Gold AND Silver Futures Speculators Are Now Net Short
By: John Rubino

BIG TROUBLE BREWING AT THE BAKKEN: Rapid Rise In Water Production Signals Red Flag Warning
By: Steve St. Angelo

Nine Years. Is That Enough?
By: Arkadiusz Sieron

Gold Seeker Weekly Wrap-Up: Gold and Silver Fall Over 2% and 3% on the Week
By: Chris Mullen, Gold Seeker Report

COT Gold, Silver and US Dollar Index Report - August 17, 2018
By: GoldSeek.com

Why the uranium price must go up
By: Richard (Rick) Mills

Gold Miners’ Q2’18 Fundamentals
By: Adam Hamilton, CPA

 
Search

GoldSeek Web

 
Gold & Silver Market Morning


 -- Published: Wednesday, 13 May 2015 | Print  | Disqus 

Gold Today –New York closed at $1,193.20 up $9.80 over Tuesday’s close. Asia held it there as did London. The LBMA Gold price was set at $1,193.00 up $8.55 on Tuesday’s level. The euro equivalent stood at €1,062.52 up €1.25 while the dollar was weaker at $1.1225 down from $1.1351 against the euro. Ahead of New York’s opening, gold was trading higher in London at $1,194.30 and in the euro at €1,063.92.

 

Silver Today – The silver price closed at $16.54 up 26 cents on Tuesday’s level. Ahead of New York’s opening it was trading at $16.70.

 

Gold (very short-term) The gold price should consolidate, in New York today.

 

Silver (very short-term) The silver price should consolidate, in New York today.

 

Price Drivers

The euro fell to $1.1210 but the dollar index was slightly firmer at 94.50 up from yesterday’s level of 94.40. It appears to be stabilizing at these levels as it consolidates. The trading ranges of gold and silver are narrowing to a tight band in the $1,180 -$1,190’s in what seems to be preparation for a strong move. We can feel the markets tensioning despite the seeming calmness on the surface. We have seen the current tight range in gold prices for, nigh-on, two years now so the patterns we see tells us a strong move is due. This is deeply significant now.  There were imperceptible purchases of gold into the SPDR gold ETF on Tuesday of 0.003 tonnes of gold but no movement in the Gold Trust. The holdings of the SPDR gold ETF are at 728.325 tonnes and at 166.14 tonnes in the Gold Trust.  

 

Yesterday Chinese demand was relatively small, while India, moving into its planting season is also seeing lowering gold demand.  But just as its high demand did not impact the gold and silver prices, so its lower demand is doing the same. This is the major anomaly in the gold market, just as silver’s fundamentals have not impacted the silver price, so far. Western Market traders and speculators have held prices down for some time now.

 

Nevertheless, May is the month when we expect to hear from the I.M.F. on the way forward for the Yuan to be used in the Special Drawing Rights. By doing so the Yuan’s presence in the global monetary system would be made ‘official’. That is a major move forward in the establishment of a multi-currency monetary system, a departure from dollar hegemony. Both China and the U.S. will hope that it is a smooth transition, but we feel that this can only be achieved with major government interference in markets. Without clear defensive action the dollar and the euro remain vulnerable in their roles in global trade and finance.

 

We do not expect either a smooth transition or a smooth future as the global financial pressures we see ahead will be set against a far from robust global economy. With central banks fully aware of the need to stock Yuan in their reserves  as well as other currencies, alongside needing to hold their gold reserves closer to home, as part of this global adjustment, we expect gold to see several structural changes to its outlook going forward.

Subscribe www.goldForecaster.com

Silver– Silver prices are still performing better than gold prices.

  Subscribe www.SilverForecaster.com

Regards,

 

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

 

Global Gold Price (1 ounce)

 

Today

Yesterday

Franc

Sf1,108.37

Sf1,102.96

US

$1,194.30

$1,194.00

EU

€1,063.92

€1,061.33

India

Rs.76,405.34

Rs. 76,616.00

 


| Digg This Article
 -- Published: Wednesday, 13 May 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 - 2018



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.