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

Bitcoin to Hashgraph: The Crypto Revolution (Hidden Secrets of Money Episode 8)
By: Mike Maloney

SWOT Analysis: Many Gold Traders Bullish After Federal Reserve Rose Rates
By: Frank Holmes

Gold EFPs: Absolute Proof that the Paper Gold Price is a Fraud
By: Stewart Dougherty

Gold’s Shooting Star and Its Implications
By: Przemyslaw Radomski, CFA

Why 2017 Was a Year to Celebrate
By: John Mauldin

Three Charts That SCREAM "Inflation" in 2018
By: Graham Summers

The Man Who Invented Christmas
By: Larry LaBorde

WORLD SILVER PRODUCTION: 3 Charts You Won’t See Anywhere Else
By: Steve St. Angelo

Explaining My Amazement About Those Turning Bullish On The Banking Sector Now
By: Avi Gilburt

Gold And Silver Futures Swing From Bearish To Bullish In Just Two Weeks
By: John Rubino

 
Search

GoldSeek Web

 
Gold & Silver Market Morning


 -- Published: Friday, 7 August 2015 | Print  | Disqus 

Gold Today –On Thursday New York closed at $1,089.30 up $4.30. The dollar is barely changed at $1.0911, with the dollar Index the same at 97.90. This morning the LBMA gold price was set at $1,091.35 up $6.35. The euro equivalent was €997.76 up €2.44. Ahead of New York’s opening, gold was trading in London above $1,091.20 and in the euro at €997.62.

 

Silver Today – The silver price closed at $14.65 up 5 cent in New York. Ahead of New York’s opening it was trading at $14.73.

 

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

 

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

 

Price Drivers

There were no sales from the SPDR gold ETF but 0.75 of a tonne from the Gold Trust on Thursday. The holdings of the SPDR gold ETF are at 667.934 tonnes and 161.83 tonnes in the Gold Trust. With so little sold from these gold ETFs the gold price floated higher, close to $1,100 before pulling back in London’s morning.

 

Today, Friday, has become a big day in the gold world. With the jobs report due out today any number over 230,000 is likely to take the dollar stronger and be negative for gold.

 

Friday is the day when the ongoing bear raid, that has lasted for three weeks so far, makes its biggest hit, normally at the close of business in New York, selling large tonnages of physical metal from the SPDR gold ETF which is then  arbitraged by the GLD’s Custodian, HSBC across into Shanghai on Monday morning.

 

Initially such an operation slammed the gold price down, but in the last two weeks these tonnages have been taken off the market before they could impact the gold price. So it appeared China’s demand was affecting the gold price directly in arbitrage operations, a very important structural change for the global gold market. But is that so?

 

If the jobs report [and wage growth] is strong, we would not be surprised to see a large tonnage unloaded into China from the SPDR gold ETF today too. If the last two weeks is anything to go by, this tonnage may be taken off the market in Shanghai’s morning. How will we know?

 

If the gold price on Monday does not fall in Shanghai, then arbitrage operations into Shanghai will have become efficient and we will see a more global gold price.

 

More on this in our newsletter - Subscribe www.goldForecaster.com  [See our new gold buying, transferring and storing website:   www.Stockbridgemgmt.com ]

 

Silver– Silver is again marking time waiting for gold to give direction. Subscribe www.SilverForecaster.com

 

Regards,

 

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

 

Global Gold Price (1 ounce)

 

Today

Yesterday

Franc

Sf1,072.65

Sf1,066.07

US

$1,091.20

$1,085.60

EU

€997.62

€995.69

India

Rs.69,634.93

Rs. 69,212.43

 


| Digg This Article
 -- Published: Friday, 7 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.