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

Technical Scoop - Weekend Update October 15 2018
By: David Chapman

Gold Market Update - the 7-year bearmarket phase is over...
By: Clive Maund

Beach Time
By: Larry LaBorde

Don’t Follow Fake News Or Fake Analysts In Metals
By: Avi Gilburt

Consider This Your Final Warning About Gold, For Bulls And Bears Alike
By: Avi Gilburt

Northern Vertex Announces Financing Transactions Strengthen Balance Sheet During Early Production and Create Financial Flexibility to Pursue Existing Growth Opportunities
By: Northern Vertex Mining Corp.

Why It’s Worth Holding Gold in Your Portfolio
By: GoldCore

GoldSeek Radio: Joseph Grosso, Axel Merk and Brian McEwen, and Chris Waltzek
By: radio.GoldSeek.com

Fascism Perfect Antidote: The Gold Standard
By: Jim Willie CB

Red Hot China Mailbag
By: John Mauldin

 
Search

GoldSeek Web

 
Gold and Silver Market Morning: Oct-16-2015


 -- Published: Friday, 16 October 2015 | Print  | Disqus 

Gold Today –New York closed with the gold price at $$1,182.90 down from $1,187.90 yesterday. In Asia this morning gold pulled back to $1,177.50 ahead of London’s opening. London held it around that level before the LBMA price setting fixed it at $1,176.00 down $7.00. The dollar Index was stronger at 94.61 up from 94.04 and the dollar was trading against the euro at $1.1354 up from $1.1441. In the euro the fixing was €1,035.85 up from €1,034.31.  Ahead of New York’s opening gold was trading at $1,181.20 and in the euro at €1,040.52. 

 

Silver TodayThe silver price closed at $16.13 down 3 cents over Wednesday’s close. Ahead of New York’s opening, silver was trading at $16.02.

 

Gold (very short-term)

The gold price will consolidate today, in New York.    

 

Silver (very short-term)

The silver price will consolidate today, in New York.

 

Price Drivers

The fall, after hours or in Asia, while a normal part of price fluctuations, emphasizes that these markets are inefficient. But that has been the case for a long time. We do not have a global gold price reflecting the balance of demand and supply. What we do have is a gold price that reflects COMEX’s opinion of where the gold price should be. This does not reflect global demand and supply of the physical gold market.

 

Today, with the dollar recovering a tad, dealers marked prices down to reflect the slip in the euro against the dollar. But this is a very short term reaction, for the dollar, in our opinion, will not be allowed to get much stronger. This will contain gold price moves, based on currency exchange rates.

 

The reason for the fall, this morning, is the rise in the U.S. dollar which has pulled back from $1.1441 to $1.1390 before London opened. Dealers decide whether the gold price should reflect the euro’s performance against the dollar or the dollar’s performance against the euro. Tomorrow it may change.  

- Subscribe www.goldForecaster.com

 

 [See a site where protection from confiscation is offered:   www.Stockbridgemgmt.com ]

 

On the U.S. physical side, we again saw large purchases into the SPDR gold ETF of 5.063 tonnes but none into the Gold Trust. This is the second day of large purchases by U.S. investors on the back of a much better Technical position. The holdings of the SPDR gold ETF are at 700.002 tonnes and 161.75 tonnes in the Gold Trust.

 

Gold has broken upwards for sure and is approaching overhead resistance. But this may prove less of a hurdle than appears at first sight. The data out of the States is proving disappointing with Manufacturing likely to show that, that sector may have started contracting. This is a key reason why the Treasury does not want to see a stronger dollar.

 

Silver Silver will rise with gold but at a faster pace.

- Subscribe www.SilverForecaster.com  

Regards,

 

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

 

Global Gold Price (1 ounce)

 

Today

Yesterday

Franc

Sf1,123.62

Sf1,126.18

US

$1,181.20

$1,184.70

EU

€1,040.52

€1,035.31

India

Rs.76,559.48

Rs. 76,792.25

China

Y 7,504.52

Y 7,518.46

 


| Digg This Article
 -- Published: Friday, 16 October 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 - 2018



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.