-- Published: Tuesday, 22 September 2015 | Print | Disqus
Gold Today –New York closed with the gold price at $1,133.20 down $6.40 on yesterday. Gold held around there in Asia but pulled back slightly in London. The dollar strengthened $1.1171 from $1.1208 overnight and the dollar index continues to climb at 95.96 up from 95.32. In London’s morning the LBMA gold price was set at $1,129.30 down $7.55. In the euro this was €1,009.57 up from €1,007.86 up €1.71.Ahead of New York’s opening gold was trading at $1,129.30 and in the euro at €1,012.60.
Silver Today – The silver price closed at $15.19 up 4 cents on Monday in New York. Ahead of New York’s opening silver was trading at $15.97.
Gold (very short-term)The gold price should consolidate with a slightly weaker bias today, in New York.
Silver (very short-term) The silver price should consolidate with a slightly weaker bias today, in New York.
There was a substantial sale of gold from the SPDR gold ETF of 3.577 tonnes but none from the Gold Trust on Monday. This again leaves the holdings of the SPDR gold ETF at 674.606 tonnes and 159.30 tonnes in the Gold Trust. This was sufficient to push the gold price down slightly, but not sufficient to cause a breakdown in the gold price. It continues to consolidate within the pennant formation. The dollar is strengthening still, which was the main driver of the gold price slightly lower.
In India, the gold season is starting to pick up ahead of the festival season in October. But yet again the massive demand in Asia is not feeding through to the gold price. COMEX continues to dictate prices, but the U.S. physical demand including COMEX demand is very small relative to Asia. It is a 10th of the level of the gold demand east of Greece, but due to the structure of the markets globally this demand is not reaching gold prices. Asia is happy to see this as prices continue at bargain levels. Will it change any time soon? We believe it will, once the current barriers to a demand/supply related global price are overcome. - Subscribewww.goldForecaster.com[See a site where protection is offered for gold owners:www.Stockbridgemgmt.com ]
While many believe it is the developed world engineering this state of affairs to protect the dollar’s international role, it would be equally to the advantage of China to sell small amounts in the U.S. or London to ensure prices stay low. There just is not enough information on this in the public domain to say who is keeping prices low. But until demand globally reaches into COMEX for physical demand, sufficient to take up any additional liquidity supplied by the major banks, this situation will persist.
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, Gold Seek LLC, its affiliates or advertisers. GoldSeek.com, Gold Seek LLC 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, Gold Seek LLC,
is strictly prohibited. In no event shall GoldSeek.com, Gold Seek LLC or its affiliates be
liable to any person for any decision made or action taken in reliance upon
the information provided herein.