-- Published: Wednesday, 23 September 2015 | Print | Disqus
Gold Today –New York closed with the gold price at $1,125.40 down $7.60 on yesterday. Gold rose $1.60 in Asia and London held it there. The dollar strengthened to $1.1149 from $1.1171 and the dollar index continues to climb at 96.22 up from 95.96. In London’s morning the LBMA gold price was set at $1,124.60 down $4.70. In the euro this was €1,010.06 up from €1,009.57. Ahead of New York’s opening gold was trading at $1,125.35 and in the euro at €1,008.60.
Silver Today – The silver price closed at $14.81 down 38 cents on Tuesday in New York. Ahead of New York’s opening silver was trading at $14.80.
Gold (very short-term)
The gold price should consolidate today, in New York.
Silver (very short-term)
The silver price should consolidate today, in New York.
There was a purchase of 1.193 tonnes of gold into the SPDR gold ETF of 3.577 tonnes but none into the Gold Trust on Tuesday. This leaves the holdings of the SPDR gold ETF at 675.799 tonnes and 159.30 tonnes in the Gold Trust. Gold continues to consolidate within the pennant formation. While the dollar is strengthening still, the gold price is edging up in both the dollar and the euro.
The recent turmoil in global markets has left background of fear against which the slightest negative news about China sets markets down in a tailspin. For gold the story is different. Repeatedly the Chinese government tells us all that the transition away from a manufacturing/exporting nation to one of internal consumption will lead to slower growth. Growth in the retail sector remains at double digit levels, which for gold is positive. To this end we fully expect to see the year end with record annual imports of gold [totaling retail & institutional amounts together]. The difference between the record 2013 numbers and those expected this year is very important. In 2013 the demand was fuelled by the drop in price from $1,450 in April of that year then slowed later in the year. This year the demand has been high throughout the year on a weekly basis both as a result of spendable income on gold going further and the steady expansion of the Chinese middle classes in terms of numbers and wealth. Certainly higher gold prices will reduce demand as the spendable income on gold remains growing slowly and will buy less when prices are higher.
Subscribe www.goldForecaster.com [See a site where protection is offered for gold owners: www.Stockbridgemgmt.com ]
Against a backdrop of fear and the gold price close to its lows, the mood for gold amongst institutions has improved.
Silver– Silver fell back yesterday, while gold rose removing its strength relative to the gold price. We expect silver prices to move closer to the moves in the gold price today.
Subscribe www.SilverForecaster.com ]
Julian D.W. Phillips for the Gold & Silver Forecasters
Global Gold Price (1 ounce)
| Digg This Article
-- Published: Wednesday, 23 September 2015 | E-Mail | Print | Source: GoldSeek.com