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

 -- Published: Thursday, 30 January 2014 | Print  | Disqus

Gold Today –The New York gold price rose to $1,269.80 from $1,254.10 at the close on Wednesday. Asia took it back down to $1,259.00 ahead of the opening in London. London took it down to $1,258.20 ahead of the Fix. The dollar traded stronger at $1.3600 down 0.64 of a cent. It Fixed at $1,254.00 down $0.75 on Wednesday. In the euro, it Fixed at 922.194 up €4.308 reflecting a stronger dollar which stood at $1.3598. Ahead of the opening in New York gold stood at $1,254.40 and in the euro at €921.84.


Silver Today –The silver price rose to $19.78 up 20 cents in New York. Asia and London took it back up to $19.42. Ahead of New York’s opening, it was trading at $19.42.


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

Wednesday saw, for the second time in the last fortnight, purchases of gold into the SPDR gold ETF [GLD] of 2.099 tonnes with none sold from the Gold Trust gold ETF, leaving their respective holdings at 792.555 tonnes and 161.37 tonnes. This we see as a reaction to the sales of gold from them slowing and prospects for the equity markets weakening [as potential interest rate rises loom on the horizon in the market, if not from the Fed]. We need to see the changes in the SPDR gold ETF from sales to purchases for a while, before we confirm it as a trend change.


With Fed ‘tapering’ now setting a pattern, probably for the future too, of a cut of $10 billion a month, the dollar went stronger and dealers then cut back gold prices in line with its strength in London and Asia. But this was a currency move not a gold move. Silver is falling faster for the same reasons.


But gold and silver prices remain on support and strong support at that. The market will probably take a day to digest the Fed’s cut before we see a strong reaction in precious metal markets. Short covering and moving positions from January to February lifted demand.


The Chinese Lunar New Year is tomorrow so we expect a fall in demand from there for at least the next week. But unlike the developed world, gold buying in China is not seasonal, but simply rises somewhat ahead of this celebration. We expect that demand to rise again after people return from holiday and the daily grind resumes again.


The South Africa Rand saw a 50 point rise in interest rates yesterday that merely caused a small recovery in its fall against the dollar. Today it has resumed that fall. Since then it has fallen another 3.5% and may well keep falling further. [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 weaker than gold but may recover quicker.




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


Global Gold Price (1 ounce)


















| Digg This Article
 -- Published: Thursday, 30 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.