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

Yields Look Overextended and Ready for Mean Reversion
By: Frank Holmes

Inflation: The People's Enemy. The Government's Friend.
By: David Smith

The Modern Day Nincompoop—Money Magazine’s Advice on How to Survive a Stock Market Crash
By: Jeff Clark

The 5 Pieces Of Evidence That Signal A Vicious Recession
By: Mike Maloney

Merk Research: Inflation
By: Axel Merk

Speculation on Hyperinflation
By: Gary Christenson

Is It Time To Just Sell All Your Gold?
By: Avi Gilburt

The Number That Ends This Cycle…Part 2: Goldman Sachs Makes Its Choice
By: John Rubino

What if This Week’s Rally in Gold is Already Over?
By: Przemyslaw Radomski, CFA

Gold Looks A Better Bet Than UK Property
By: GoldCore

 
Search

GoldSeek Web

 
Gold & Silver Market Morning


 -- Published: Monday, 3 August 2015 | Print  | Disqus 

Gold Today –On Friday New York closed at $1,095.20 up $8.10. The dollar is relatively unchanged at $1.0970, with the dollar Index almost the same at 97.37. This morning the LBMA gold price was set at $1,093 up $12.95. The euro equivalent was €997.31 up €12.22 on Friday. Ahead of New York’s opening, gold was trading in London at $1,092.20 and in the euro at €996.62.

 

Silver Today – The silver price closed at $14.71 down 3 cents in New York. Ahead of New York’s opening it was trading at $14.70.

 

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

 

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

 

Price Drivers

There were heavy sales from the SPDR gold ETF but of 7.451 tonnes but none from the Gold Trust on Friday. The holdings of the SPDR gold ETF are at 672.703 tonnes and 162.92 tonnes in the Gold Trust.

 

These sales were made at the close on Friday in the manner of earlier ‘bear raids’ and did not hurt the gold price in New York. We continue to see the ‘bear raid’ selling when there are no buyers and forcing arbitrage selling into Shanghai. This morning that 40-tonne-trades-a-day market opened with this large amount in front of them at the opening. But it seems it too has been snapped up as the gold price has been unaffected. Can we draw the conclusion that the ‘bear raid’ has been raided and its physical power taken off the market? It would seem so, but let’s see this week. - Subscribe www.goldForecaster.com  [See our new gold buying, transferring and storing website: www.Stockbridgemgmt.com ] [We have produced an article on the bear raid and gold market reactions in the Gold Forecaster’s latest issue. If you subscribe now and ask for this article we will let you have it].  

 

Now add to this situation one where U.S. banks are forecasting much lower gold prices, the media has rarely been so negative on gold and the mood for gold could not be worse.  It is rare that when a market is facing one way so much, that it goes that way! This week and next could prove to be the most interesting of weeks!

 

Many investors may have feared that the Paulson fund, the single largest investor in the SPDR Gold Trust at the end of the first quarter, may have been selling off his holdings in gold. Paulson & Co has retained a 10 million share stake, now worth about $1 billion, in SPDR Gold Trust. The fund had 10.23 million shares in the SPDR Gold Trust as of March 31, and the position has not changed materially since then.  This confirms that the selling has come from those hoping for a huge profit if prices go lower.

 

Silver– Silver will be sure to follow gold wherever it may go!  Subscribe www.SilverForecaster.com

 

Regards,

 

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

 

Global Gold Price (1 ounce)

 

Today

Yesterday

Franc

Sf1,056.54

Sf1,041.60

US

$1,092.20

$1,081.00

EU

€996.62

€986.31

India

Rs.69,955.41

Rs. 69,338.04

 


| Digg This Article
 -- Published: Monday, 3 August 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.