Advertise | Bookmark | Contact Us | E-Mail List |  | Update Page | UraniumSeek.com 

Commentary : Gold Stock Review : Markets : News Wire : Quotes : Radio : Silver : Stocks - Main 
  
 GoldSeek.com >> News >> Story  Disclaimer 
 
Latest Headlines

Gold Seeker Closing Report: Gold and Silver Erase Early Losses and End Higher
By: Chris Mullen, Gold-Seeker.com

Ira Epstein's Gold Report
By: Ira Epstein, The Linn Group

Gold Nugget Interview: Mr. Brendan Cahill, CEO & President, Excellon Resources (TSX: EXN | US:EXLLF)
By: radio.GoldSeek.com

Wither Japan!
By: David Chapman

Not All Debt Is Created Equal
By: Dennis Miller

Putin’s Secret Weapon – How Russia Could Take Down America Without Firing a Single Shot
By: Casey Research

All That Glitters: 5 Ways To Invest In Gold
By: Paul Shaefer

Putin Silver 1 Kilo Coins Minted In Russia
By: GoldCore

Gold Seeker Closing Report: Gold and Silver Close Barely Lower While Miners Gain Over 2%
By: Chris Mullen, Gold-Seeker.com

Gold & Silver Stocks Begin Oversold Bounce
By: Jordan Roy-Byrne, CMT

 
Search

GoldSeek Web

 
Turkey & Syria Clash and Asians Take a Shine to Silver



-- Posted Friday, 5 October 2012 | | Disqus

Today’s AM fix was USD 1,790.00, EUR 1,375.55, and GBP 1,105.69 per ounce.
Yesterday’s AM fix was USD
1,786.50, EUR 1,380.92 and GBP 1,109.01 per ounce.

Silver is trading at $34.91/oz, €26.95/oz and £21.65/oz. Platinum is trading at $1,714.00/oz, palladium at $664.99/oz and rhodium at $1,195/oz.

Gold rose $12.30 or 0.69% in New York yesterday and closed at $1,790.80. Gold pulled back after the Fed released Minutes from their September 12th meeting, but it still ended with a gain.  Silver finished the day with a gain of 1.16%. 

Gold reached an 11 month high on Friday riding its 5th day of gains as quantitative easing from central banks continue to see the yellow metal shine as an inflation hedge while investors await the key US jobs data at 1230 GMT.

The European Central Bank left interest rates unchanged on Thursday and said it was ready to purchase government bonds of debt-laden nations, sending the euro upward and pushing gold near $1,800 - a level that has not been reached since last November.

Tensions in the Middle East are heated as Syria shelled a Turkish town and killed 5 civilians and this has propelled the two former allies into conflict. The United Nations condemned the attack, however yesterday Turkey's parliament gave legal authority to the military to launch cross-border raids into Syria at any time over the next year. The vote passed by 320 to 129. Turkish government officials stated they do not want war with Syria but they are prepared to protect their people and borders.

Certainly this geopolitical crisis is another boost to gold’s appeal in addition to investors who still feel central banks including China, will initiate more QE to stimulate their lacklustre economies.

The Fed minutes released show that the governing board may set up numerical thresholds for inflation and unemployment figures that would serve as a guideline for its monetary policy. The nonfarm payrolls number will indicate whether the Fed’s monetary policy is having the required effect on the labour market. A surprise on the upside could dampen the sentiment in gold, as it would show the monthly liquidity injection of $40 billion would not be needed.

Precious metals have all run up with the recent loose money policies enacted by various governments.  Clearly the market darling of late is silver which is now gaining favour in Asia for its value appeal.  Spot silver traded in New York has risen by 27% since the end of June, while the price of spot gold has increased by a meek 12%.

Analysts say future Indian demand is key for silver’s price to climb.

Futures contracts for silver at India's largest commodity exchange, the Multi Commodity Exchange, rocketed 30% in September compared with July, while volumes fell by 10% for gold futures contracts over the same period.

Indian rupee weakness sent gold prices in rupees to an all time high this year, while silver never exceeded the record it hit last April. Rupee-denominated silver is currently being quoted around 20% below the record.

Indian investors have ceased purchasing because the 2 weeks ending Oct. 15th is regarded as inauspicious.  The buying will commence and peak during the week ahead of the Hindu festival of Diwali on November 13th.

In China, on the Shanghai Futures Exchange silver futures were up 29% at the end of September verses the end of June, while gold climbed 13%, according to data from the exchange's website.

Silver is used both as a precious-metal investment and in applications that use its conductivity like  smart phones and semiconductors, where consumption is continuing to grow at fever pitch.

For breaking news and commentary on financial markets and gold, follow us on Twitter.

NEWS
Gold extends gains, stays near 11-month top; US data eyed - Reuters

 Gold pushes higher after data, Draghi bond talk - MarketWatch

 Gold hits 11-month high after ECB; $1,800 in sight - Reuters

COMMENTARY
Agnico CEO - A Game-Changer That Will Send Gold To $3,000 – King World News


Silver Steals the Glitter of Gold in India – Wall Street Journal

What to Expect with Gold Assaulting $1800 & Silver at $35 – King World News

Gold Can Save Us From Disaster – Forbes

UN unanimously condemns Syrian shelling of Turkish town – The Guardian

 

GoldCore Limited
Ireland:

14 Fitzwilliam Square
Dublin

United Kingdom:
No. 1 Cornhill
EC3V 3ND UK

IRL
 +353 (0)1 632  5010
UK
 +44 (0)203 086 9200
US
 +1 (302)635 1160

Twitter, Facebook, YouTube, LinkedIn:

Linkedin - www.linkedin.com/pub/mark-o-byrne
Twitter - www.twitter.com/goldcore

Facebook - www.facebook.com/GoldCore
Youtube - www.youtube.com/GoldCoreLimited


-- Posted Friday, 5 October 2012 | Digg This Article | 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 - 2014


© GoldSeek.com, Gold Seek LLC


GoldSeek.com Supports Kiva.org

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.

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.
OilSeek.com