-- Published: Friday, 14 August 2015 | Print | Disqus
Gold Today –On Thursday New York closed at $1,115.20 down $8.60. The dollar was slightly weaker at $1.1142 down from $1.1111 with the dollar Index weaker at 96.42 down from 96.58 on Friday morning. This morning the LBMA gold price was set at $1,116.75 up $0.6. The euro equivalent was €1,003.23 down €3.68. Ahead of New York’s opening, gold was trading in a very narrow 30 point spread around $1,119.10 and in the euro at €1,001.79.
Silver Today – The silver price closed at $15.41 down 11 cents in New York. Ahead of New York’s opening it was trading at $15.47.
Gold (very short-term) The gold price should consolidate with a positive bias in New York, today.
Silver (very short-term) The silver price should consolidate with a positive bias, in New York, today.
Price Drivers
The moves of the Yuan are now under control so we should see a steady Yuan from a while at least. Chinese gold investors have had a sharp reminder of just how gold protects their wealth. Just look at the gold price in the Yuan over the last week! This week we began adding the Yuan price of gold to the table below with the first price at Y6,848.97. Yesterday it stood at Y7,223.07 a rise of 5.46% over the week. It is a reminder to us all that gold has a global market and that its price is only in dollars for reference purposes. Investors in each one’s own world looks at the gold price in his own currency. For instance, in October 2013 the Rand [South Africa] price of gold was R8,432. Today it is at R14,336 a rise of 70%. Look at the gold price in several of the world’s currencies and it has done well when gold appeared to be falling in the dollar. You may say, well hold dollars. Firstly most people are not allowed to do that without good trade reasons and secondly it would not be in the interests of the U.S. to see the dollar move much stronger than other currencies, for international trade reasons. - Subscribe www.goldForecaster.com [See our new gold buying, transferring and storing operation: www.Stockbridgemgmt.com ]
There were no sales or purchases in either the SPDR gold ETF or the Gold Trust yesterday leaving the holdings of the SPDR gold ETF at 671.867 tonnes and 161.02 tonnes in the Gold Trust.
With Friday being the day when most action is seen in the U.S. gold market we expect to see U.S. perspectives on gold shown in their action later today. What we ask you to notice is the narrowing of the gold price ‘spread’ from $0.80 to $0.30 between the bid and the ask. It seems that volumes are higher and dealers appear to see higher prices.
Silver– Silver is ready to run. Subscribe www.SilverForecaster.com
Regards,
Julian D.W. Phillips for the Gold & Silver Forecasters
Global Gold Price (1 ounce) |
| Today | Yesterday |
Franc | Sf1,090.12 | Sf1,094.39 |
US | $1,119.10 | $1,117.75 |
EU | €1,001.79 | €1,005.00 |
India | Rs.72,758.29 | Rs. 72,871.71 |
China | Y 7,205.38 | Y 7,223.07 |
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-- Published: Friday, 14 August 2015 | E-Mail | Print | Source: GoldSeek.com
