-- Published: Wednesday, 20 January 2016 | Print | Disqus
Gold Today –The New York gold price closed Tuesday at $1,087.20 down $2. In Asia on Wednesday, it was lifted to over $1,094 before London opened and then was set by the LBMA at $1,093.20 up from $1,087.00 with the dollar index lower at 99.03 down from 99.21 on Tuesday. The euro was up at $1.0906 from $1.0867 against the dollar. The gold price in the euro was set at €1,002.38 up from €1,000.28. Ahead of New York’s opening, the gold price was trading at $1,095.15 and in the euro at €1,004.17.
Silver Today –The silver price in New York closed at $14.03 up 3 cents at Tuesday’s close. Ahead of New York’s opening on Monday, the silver price stood at $14.10.
Gold (very short-term) The gold price will make a strong move either way, in New York soon.
Silver (very short-term) The silver price will make a strong move either way, in New York soon.
Yesterday, just ahead of the opening in New York there was an attempt to take gold’s delicate market balance and push gold prices down heavily through to $1,083, but over the day the gold price floated higher ending the day at $1,087.20, the same as it was when the day began. With Asia taking it over $1,090 this morning, the battle over the price in the last day was won by the bulls, perhaps indicating the way forward for the rest of the week. While we expected a strong move either way yesterday, the attempt to break the gold price down was foiled, but with an indication that the gold price would prefer to rise?
Tuesday saw no purchases or sales from either the SPDR gold ETF or the Gold Trust. The holdings of the SPDR gold ETF are now at 657.924 tonnes and at 161.46 tonnes in the Gold Trust. This showed that the attempt to push gold down again had no physical substance so could not hold prices down.
With China now moving to play such an important role in the future of the gold market and its price, its moves to tighten ties with the Middle East and particularly Saudi Arabia [its largest supplier] and other Middle Eastern nations comes under the spotlight. Saudi Arabia has signed important developments contracts with China yesterday, leaving the U.S. out of these particular contracts. Is the hold over Saudi Arabia [and Iran] by the U.S. weakening? China may well do the same with Iran?
The advantage to them of China is that China stays away from politics, leaving them to do their own thing. At the heart of concern over such moves is the use of the dollar in oil transactions. China may be paying in dollars, now, but undoubtedly, will also offer Yuan, eventually. This will directly affect the dollar on foreign exchanges and by extension, the gold price. This could become China’s choice adding to China’s hold over the dollar on foreign exchanges? - More in www.goldForecaster.com [To find protection from confiscation: www.Stockbridgemgmt.com ]
Silver– The same desire to rise is found in the silver market, which ignored gold’s small fall yesterday before its recovery. Just as with gold, the same conditions apply to the silver price, which as always, will be sure to go. - Subscribe www.SilverForecaster.com
Julian D.W. Phillips for the Gold & Silver Forecasters
Global Gold Price (1 ounce)
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-- Published: Wednesday, 20 January 2016 | E-Mail | Print | Source: GoldSeek.com