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 & Silver Market Morning: January 28, 2014

 -- Published: Tuesday, 28 January 2014 | Print  | Disqus 

Gold Today –New York pulled back to $1,255.10 from $1,268 at the close on Monday. Asia took it to $1,260 ahead of the opening in London. The dollar traded barely changed at $1.3681. London traded it up until the Fixing, which was set at $1,253.50 down $16.50 on Monday. In the euro, it Fixed at 919.123 down €8.697 from 927.820 reflecting a slightly stronger dollar which stood at $1.3639. Ahead of the opening in New York gold stood at $1,254.30 and in the euro at €919.57.


Silver Today –The silver price slipped to $19.63 moving down in line with gold at the close in New York. Asia took it back up to $19.82 and held it there before London’s opening. Ahead of New York’s opening, it was trading at $19.73.


Gold (very short-term)


We expect gold to consolidate with a positive bias today, in New York.

Silver (very short-term)


We expect silver to consolidate with a positive bias, in New York.


Price Drivers

Monday saw no sales of gold from the SPDR gold ETF [GLD] and none sold from the Gold Trust gold ETFs, leaving their respective holdings at 790.456 tonnes and 161.37 tonnes. With no sales from these funds few physical gold sales were made. Yesterday’s fall took gold and silver prices back to support, which itself has been built up for quite some time adding to its strength.


The publication of China’s gold reserves this year came in at 1,059 tonnes still. This has been the case since 2009. Then the publication of these figures caused quite a stir as they recorded a 600 tonne jump from 459 tonnes. Why the sudden jump you may well ask? And such a large percentage increase. There were several reasons, which we talk about in our newsletter, but it is appropriate to comment here that China, as inscrutable as always, only lets us have the information that suits their interests. At the time, the publication of those figures came five years after the previous announcement and China works on five year plans. But they are not committed to these timings.


The People’s Bank of China is not misleading the public by not announcing increases according to a schedule, but has followed a clear policy of using an outside [Chinese] agency to do the buying for it. At the end of five years this agency hands the gold over to the People’s Bank of China, but again this can vary. At the time of the handover and only at this point, the gold reserves of the central bank of China increase. Most believe that they have been gathering gold reserves since 2009. Part of the reasoning why no announcement so far is explained by pointing out that China has embarked on a policy of moving the Yuan to full convertibility [and to a position as a global reserve currency] over time. The process is a delicate one and could alter the policy of announcing gold reserves. They are as aware as anyone the impact the publication of these figures could cause. [Find out more from and to subscribe to our newsletters and visit to hold gold so it can’t be seized]


Silver – The silver price is again riding tandem with the gold price.


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


Global Gold Price (1 ounce)

















| Digg This Article
 -- Published: Tuesday, 28 January 2014 | 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.