LIVE Gold Prices $  | E-Mail Subscriptions | Update GoldSeek | GoldSeek Radio 

Commentary : Gold Review : Markets : News Wire : Quotes : Silver : Stocks - Main Page >> News >> Story  Disclaimer 
Latest Headlines to Launch New Website

Is Gold Price Action Warning Of Imminent Monetary Collapse Part 2?
By: Hubert Moolman

Gold and Silver Are Just Getting Started
By: Frank Holmes, US Funds

Silver Makes High Wave Candle at Target – Here’s What to Expect…
By: Clive Maund

Gold Blows Through Upside Resistance - The Chase Is On
By: Avi Gilburt

U.S. Mint To Reduce Gold & Silver Eagle Production Over The Next 12-18 Months
By: Steve St. Angelo, SRSrocco Report

Gold's sharp rise throws Financial Times into an erroneous sulk
By: Chris Powell, GATA

Precious Metals Update Video: Gold's unusual strength
By: Ira Epstein

Asian Metals Market Update: July-29-2020
By: Chintan Karnani, Insignia Consultants

Gold's rise is a 'mystery' because journalism always fails to pursue it
By: Chris Powell, GATA


GoldSeek Web

Gold And Silver Prices Fall Sharply To Near 2 Year Lows Despite Strong Demand In Turkey

 -- Published: Thursday, 16 August 2018 | Print  | Disqus 

Gold and silver prices fell sharply again yesterday and were down 1.6% and 4.3% respectively to multi-month lows.

Gold drifted lower all day and ended near its late session low of $1173.20/oz, its lowest since January 2017, for a loss of 1.6%. Gold in euros has been more robust of late and it fell to about €1036/oz.

Gold in USD – 1 Year

Silver saw another bout of intense selling on the futures market and was pushed as low as $14.37/oz. There was no economic news or silver related developments that would account for the deepening sell-off.

It is again a purely futures-related price action with no refineries, mints or dealers reporting a sudden selling of silver bullion. Quite the opposite, contrarian gold and silver buyers are again accumulating coins and bars on the dip.

Demand for gold jewellery and gold bars is strong in Turkey due to the currency crisis. Gold trading volumes on the Turkish Gold Exchange (Borsa Istanbul) have more than doubled and gold prices in Turkish lira have surged by more than a third since March as reported by Bloomberg. Or rather the Turkish lira has collapsed in value by a third versus gold.

The sharp falls in the precious metals is being attributed to dollar strength. The U.S. dollar is holding steady near a recent peak for now, despite the increasingly precarious fiscal outlook as Trump’s reckless government spending has seen the national debt surge to $21.35 trillion – an increase of $1.45 trillion since Trump, the  “King of Debt”, took office.

The precious metals are now near their lowest in nearly 2 years despite the very favourable backdrop of heightened geo-political and economic risks due to trade wars and concerns that the financial crisis in Turkey could lead to a wider global financial crisis.

Concerns about the financial crisis in Turkey, and its impact on the EU in particular, and China and the global economy’s health are badly impacting emerging market currencies. This has led to safe-haven demand for gold, but this is not resulting in gold, or silver, being bought in the futures market.

Counter-intuitively, the opposite is happening again and this has led some analysts to again believe that the gold and silver prices are being manipulated lower on futures markets. This could be done purely for profit motives by hedge funds and banks and or due to official intervention in order to curtail safe-haven demand, depress sentiment towards the precious metals and maintain confidence in risk assets and the wider markets (see and Gold & Silver Being Hit Like In 2008 To Cover-Up Impending Global Financial Crisis).

As ever, it remains prudent to take a long-term view. Contrarian investors, value investors and bullion buyers, while rightly frustrated will either simply sit out the latest bout of contrived price weakness or accumulate gold and silver again at these depressed prices (see It’s Time for Contrarians to Get Bullish on Gold). 

News and Commentary

Gold prices sink to 19-month low amid strong dollar (

Gold Refuses to Shine for Investors in Search of a Haven (

Dow just registered its longest stint in correction territory in nearly 60 years (

Home builder sentiment hits 11-month low as trade war takes a hit (

U.S. household debt rises to $13.3 trillion in second quarter (

Source: Bloomberg

Gold And Silver Manipulated Lower As Was Case In 2008 (

Gold Trading Volumes Double in Turkey Amid Currency Crisis (

UK housing stagnation rather than collapse seems more likely scenario for now (

Cashout: FBI Warns Of Imminent Global ATM Hack (

Africa Rising: US may be a powerful country, but it is on the decline (

Gold Prices (LBMA AM)

15 Aug: USD 1,186.70, GBP 933.10 & EUR 1,047.74 per ounce
14 Aug: USD 1,195.30, GBP 935.32 & EUR 1,049.11 per ounce
13 Aug: USD 1,204.40, GBP 944.85 & EUR 1,058.19 per ounce
10 Aug: USD 1,211.65, GBP 947.87 & EUR 1,056.44 per ounce
09 Aug: USD 1,215.50, GBP 944.08 & EUR 1,048.13 per ounce
08 Aug: USD 1,212.35, GBP 939.57 & EUR 1,045.17 per ounce

Silver Prices (LBMA)

15 Aug: USD 14.83, GBP 11.66 & EUR 13.10 per ounce
14 Aug: USD 15.04, GBP 11.77 & EUR 13.18 per ounce
13 Aug: USD 15.18, GBP 11.91 & EUR 13.35 per ounce
10 Aug: USD 15.37, GBP 12.04 & EUR 13.41 per ounce
09 Aug: USD 15.48, GBP 12.01 & EUR 13.35 per ounce
08 Aug: USD 15.35, GBP 11.93 & EUR 13.24 per ounce


| Digg This Article
 -- Published: Thursday, 16 August 2018 | E-Mail  | Print  | Source:

comments powered by Disqus


Increase Text SizeDecrease Text SizeE-mail Link of Current PagePrinter Friendly PageReturn to >> Story

E-mail Page  | Print  | Disclaimer 

© 1995 - 2019 Supports

©, Gold Seek LLC

The content on this site is protected by U.S. and international copyright laws and is the property of 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 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, Gold Seek LLC, its affiliates or advertisers., Gold Seek LLC 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, Gold Seek LLC, is strictly prohibited. In no event shall, Gold Seek LLC or its affiliates be liable to any person for any decision made or action taken in reliance upon the information provided herein.