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

Commentary : Gold Review : Markets : News Wire : Quotes : Silver : Stocks - Main Page 

 GoldSeek.com >> News >> Story  Disclaimer 
 
Latest Headlines

GoldSeek.com to Launch New Website
By: GoldSeek.com

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

 
Search

GoldSeek Web

 
Gold & Silver Market Morning


 -- Published: Monday, 12 January 2015 | Print  | Disqus 

Gold Today –New York closed at $1,220.50 up $13.2 as the euro strengthened slightly. In Asia the gold price rose to $1,226.40 with the euro at $1.1851 ahead of London’s opening at which the gold price tackled $1,230, the next overhead resistance, before retreating to $1,222 just before the Fix. The Fix saw the gold price set at $1,222.00 up $11.75 and in the euro, at €1,035.77 up €10.677 while the euro slightly weaker at $1.1798. Ahead of New York’s opening gold was trading in London at $1,222.30 and in the euro at €1,035.85.

 

Silver Today – The silver price closed at $16.46 up 15 cents. Ahead of New York’s opening it was trading at $16.55.

 

Gold (very short-term) The gold price will consolidate with a positive bias, in New York, today.

 

Silver (very short-term) The silver price will consolidate with a positive bias, in New York today.

 

Price Drivers

There were purchases of 2.988 tonnes into the SPDR gold ETF but no change in the Gold Trust yesterday. The holdings of the SPDR gold ETF are at 707.821 and at 162.29 tonnes in the Gold Trust.  With sales seen last week as well as purchases, the activity resembles a changing of the tide in U.S views on gold. What we take from this are two important factors, firstly gold is not being pulled down by the euro [if anything it is being lifted because of this] and secondly, the state of the U.S. economy is becoming stronger, which is not pulling gold down either. Gold is reflecting net global demand and not local conditions.

 

The gold price is reflecting local conditions in all local gold markets but only in China are these sufficient to impact the overall global market. In other words U.S. demand or supply is too small to change the global price by itself, but today is adding to demand elsewhere. Elsewhere, now includes the Eurozone, Russia, the Middle East, India and China as well as the rest of Asia. It is the net total demand that is overcoming the local influence in New York and London over time.

 

2015 has, so far, shown us that Asian demand remains robust but only accepting market prices offered and lifting them a little at a time. Today it was $5 over New York’s close before London pulled back prices. The Chinese market sees dollar prices and then translates them into Yuan prices. Euro prices are of no concern to them. New York will be aware of the $1,230 level as being the next resistance level. The gold price made its first attempt at breaching this today. [Subscribe to www.GoldForecaster.com & www.SilverForecaster.com]

 

However, what will affect both European and U.S. attitudes to gold will be news from the E.U. on quantitative easing in the E.U. soon.

 

Silver– The silver price is cautiously rising. If we see prices convincingly over $1,230 we could see silver start to run. www.SilverForecaster.com

 

Regards,

 

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

 

Global Gold Price (1 ounce)

 

Today

Yesterday

Franc

Sf1,244.36

Sf1,231.43

US

$1,222.30

$1,211.50

EU

€1.035.85

€1,025.35

India

Rs.76,066.78

Rs. 75,546.11

 


| Digg This Article
 -- Published: Monday, 12 January 2015 | 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 - 2019



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


Map

The views contained here may not represent the views of GoldSeek.com, Gold Seek LLC, its affiliates or advertisers. GoldSeek.com, 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 GoldSeek.com, Gold Seek LLC, is strictly prohibited. In no event shall GoldSeek.com, 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.