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

Gold Seeker Closing Report: Gold and Silver End Slightly Lower
By: Chris Mullen, Gold Seeker Report

Are You Ready For The Next Rally?
By: Craig Hemke

Long Term Patterns in Stocks, Gold and Crude
By: Gary Christenson

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

 
Search

GoldSeek Web

 
Gold & Silver Market Morning: May-22-2015


 -- Published: Friday, 22 May 2015 | Print  | Disqus 

Gold Today –After dropping to $1,202, New York closed close to the previous close of $1,210. Asia held it there and London took it through to be set at the LBMA Gold price of $1,211.00 down $10.05 over Wednesday’s level. The euro equivalent stood at €1,083.18 down €5.94 while the dollar was weaker and the euro stronger at $1.1180 down from $1.1142 against the euro. Ahead of New York’s opening, gold was trading lower in London at $1,212.30 and in the euro at €1,084.93.

 

.Silver Today – The silver price closed at $17.20 up 18 cents over Thursday’s level. Ahead of New York’s opening it was trading at $17.23.

 

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 no sales or purchases into or from the SPDR Gold ETF, but a purchase of 0.46 of a tonnes into the in the Gold Trust. The holdings of the SPDR gold ETF are at 715.260 tonnes and at 166.60 tonnes in the Gold Trust.  

 

What we have seen in the gold price for the last couple of weeks is a gold price pushed around by currencies and swinging through resistance levels as though they were not there. We draw from the picture that the gold price is sitting on support at $1,200 and whenever it tries to dip below that it is brought up sharply. 

 

We do expect volatility in the gold price to rise in the next months ahead of the Yuan Fixing coming into operation.

 

As we said yesterday, “It is becoming clear that the Technical picture is not working as it has in the past when chart patterns dictated future moves.” Investors need to know why.  We have mentioned in the past that Asian demand ignores the Technical picture and comes in when gold is below or around $1,200, but more than that is happening here. The gold market is evolving and will continue to do so throughout this year. Later in the year we will see a Shanghai ‘Fix’ in the Yuan. The Chinese gold market is far bigger in physical terms than most investors believe and deeply liquid, despite it being ‘buyers only’. Banks are extremely active in the gold market having woven it into the fabric of banking already. Gold is not exported, but the International arm of the Shanghai Gold Exchange will accommodate that now. So they are poised already to be a most significant part of the global gold market.

 

On the other side of the Pacific COMEX has seen a major exit of the big banks from trading as they once did. In the past COMEX’ net speculative long position was usually around 100 tonnes of gold for every $100 on the gold price. Now it has fallen to 100 tonnes while the gold price is at $1,200. With this drop in trading levels has come a reduction in liquidity.  We cannot discuss this and the ramifications fully here, so we recommend that you subscribe to our newsletter where we have produced an article on the subject.                                                

 

Subscribe www.goldForecaster.com

The dollar index is slightly weaker at 95.06 down from Thursday’s level of 95.54. The euro is slightly stronger at $1.1160 but consolidating around these levels.

 

Silver– The silver price is telling us that it will hold above $17.00?  But we do not believe it will move in a different direction to gold for the foreseeable future.

 

Subscribe www.SilverForecaster.com

 

Regards,

 

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

 

Global Gold Price (1 ounce)

 

Today

Yesterday

Franc

Sf1,130.83

Sf1,136.34

US

$1,212.30

$1,220.10

EU

€1,084.93

€1,090.15

India

Rs.77,023.48

Rs. 77,671.57

 


| Digg This Article
 -- Published: Friday, 22 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.