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

Exploration Update: Golden Arrow’s Pescado Project
By: Nicholas LePan, SilverSeek.com

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

Strap Yourself In - We Are About To See Some Big Moves In Metals
By: Avi Gilburt

Visit the Top Blockchain and Cryptocurrency Power Hubs of the World
By: Frank Holmes

Gold’s Upside Target
By: Przemyslaw Radomski, CFA

Dollar Crisis
By: Gary Savage

What Gold Needs to Do Now
By: Rick Ackerman

Year-end Rate Hike Once Again Proves To Be Launchpad For Gold Price
By: GoldCore

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

 
Search

GoldSeek Web

 
Gold & Silver Market Morning


 -- Published: Tuesday, 19 May 2015 | Print  | Disqus 

 

Gold Today –New York closed at $1,225.30 up 40cents over Monday’s close. Asia and London let it slip. The LBMA Gold price was set at $1,219.65 down $8.50 over Monday’s level. The euro equivalent stood at €1,089.12 up €11.89 while the dollar was stronger and the euro weaker at $1.1198 down from $1.1401 against the euro. Ahead of New York’s opening, gold was trading lower in London at $1,220.10 and in the euro at €1,090.15.

 

Silver Today – The silver price closed at $17.68 up 15 cents on Monday’s level. Ahead of New York’s opening it was trading at $17.40.

 

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

Yesterday saw sales of 5.668 tonnes of gold from the SPDR Gold ETF but nothing from the Gold Trust. The holdings of the SPDR gold ETF are at 718.243 tonnes and at 166.14 tonnes in the Gold Trust.  These were heavy sales and, we suspect from the same sellers that sold the heaviest tonnage since early 2015 in the last week and more. The sales were large enough to restrain the gold price but not to pull it down.  This is what the consolidation of the gold price is all about.                                                                                                                                            Subscribe www.goldForecaster.com

The dollar index is stronger at 94.88 up from yesterday’s 93.60.  The euro is much weaker today at $1.1190 after yesterday’s $1.14o1 and remarks from the ECB that they will increase QE in months when liquidity is low in holiday months. Is the correction over? Perhaps it is and as we said yesterday the market expectation and ours is that we will see the euro eventually at $1. The gold market is moving because of currency issues now. But in time the gold price, as it has done of late, walks its own road and rises in the euro too and often in the dollar, at the same time. Gold will move against all currencies and is not linked to a specific currency. But when the market allows it will follow a currency.

 

This brings us to the concept of pricing power, once more. It is apparent over the years of this century that New York, where a small amount of physical gold is traded, the gold price is ‘made’. London where around 80% of the globe’s market traded physical gold is traded, has a smaller say in the matter. The bulk of gold traded outside the market usually on contracts or with central banks, has no say in the gold price. Instead it is convenient to refer to the New York or London price [currently the twice daily LBMA Gold Price] as a price on which the contract price will be based. The question is, “Do New York’s prices or even London’s prices represent true demand and supply?” No is the answer! Markets that genuinely do this may be called perfect because academically we would like to see this, but in the bulk of markets it is only the marginal supply and demand that prices the product along with speculators, day traders and dealers. Gold and silver are no exception. Until a credible alternative pricing mechanism is established that contractors and dealers accept, the markets in silver and gold will remain imperfect. With the Yuan contract “Fixing” in Shanghai coming this year, will that price become the alternative? Let’s see?

 

Silver– The silver price remains solid at higher levels.  Subscribe www.SilverForecaster.com

 

Regards,

 

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

 

Global Gold Price (1 ounce)

 

Today

Yesterday

Franc

Sf1,136.34

Sf1,127.55

US

$1,220.10

$1,226.60

EU

€1,090.15

€1,075.63

India

Rs.77,671.57

Rs. 78,189.62

 


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