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 & Silver Market Morning: Feb-2-2016


 -- Published: Tuesday, 2 February 2016 | Print  | Disqus 

Gold Today –The New York gold price closed Monday at $1,129.20 up from $1,117.30 up $11.90. In Asia on Tuesday, it slipped to $1,126.35 ahead of London’s opening and then the LBMA set it at $1,123.60 up $1.60 with the dollar index down at 98.91 up from 99.40 Monday. The euro was up at $1.0918 down from $1.0863 against the dollar. The gold price in the euro was set at €1,029.13 down from €1,032.86. Ahead of New York’s opening, the gold price was trading at $1,125.15 and in the euro at €1,030.55. 

 

Silver Today –The silver price in New York closed at $14.35 up 8 cents at Monday’s close.  Ahead of New York’s opening, the silver price stood at $14.26.

 

Gold (very short-term)

The gold price will consolidate, in New York today.    

 

Silver (very short-term)

 The silver price will consolidate, in New York today.

 

Price Drivers

Monday saw a huge purchase of 12.196 tonnes into the SPDR gold ETF but none into the Gold Trust. The holdings of the SPDR gold ETF are now at 681.425 tonnes and at 166.45 tonnes in the Gold Trust. The huge purchase was responsible for gold’s rise yesterday and took the gold price back to resistance [small] at $1,130. The gold price picture remains technically positive.

 

Mario Draghi’s statement yesterday surprised us with its content. He is a brave central banker made so by his calls to E.U. governments to ‘step up’ and take action to lift prospects in the E.U.

 

Governments have been sadly lacking in this area since the start of the credit crunch in 2007. They continue to be so passing the buck to central banks. Only so much can be achieved by central bank policies and without the support of governments, eventually central banks will fail to deliver. What he said yesterday is, to us, a signal that there is little more the E.C.B. can do and they should not be ‘blamed’ for a lack of solid economic growth. This raises the prospect of failing economic strength and disunity in the E.U.

 

If the U.S. sees a downturn for at least one quarter the E.U. will fare far worse. The E.U. wants a weaker euro to grasp at other nations exports, but is now unlikely to get it. The real answer lies in going to the consumer and boosting his income, job security and the value of his assets. Until this happens economic prospects in the developed world are unlikely to improve.

 

With the Yen falling again due to negative interest rates the likelihood of a ‘currency war’ is real. China will not tolerate being expected to hold its currency up [when it should fall] while Japan is taking advantage by intentionally lowering its exchange rate. This is ‘war’ and will meet with a reaction when it suits China. China has its own Q.E. program [a rose by any other name] and to hold the Yuan up, has de facto exchange controls in position, but may well formalize these shortly. This will be positive for gold in all currencies as the ‘war’ produces casualties.

 

- More in www.goldForecaster.com  [To find protection from confiscation: www.Stockbridgemgmt.com ]

 

Silver Silver should hold its gains but will be more volatile than gold.

 

Regards,

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

 

Global Gold Price (1 ounce)

 

Today

Yesterday

Franc

Sf1,149.12

Sf1,145.79

US

$1,125.15

$1,122.00

EU

€1,030.55

€1,032.44

India

Rs.76,483.20

Rs. 76,116.48

China

Y 7,403.15

Y 7,381.19


| Digg This Article
 -- Published: Tuesday, 2 February 2016 | 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.