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 and Silver Market Morning: Oct-8-2015


 -- Published: Thursday, 8 October 2015 | Print  | Disqus 

Gold Today –New York closed with the gold price at $$1,145.60 down from $1,146.80 yesterday in New York. Ahead of London’s opening the price moved down to $1,142 as recorded in London. China is open today. The gold price was set at $1,143.30 down from $1,147.90 at the LBMA gold setting. The dollar Index was down at 95.15 from 95.47 and the dollar was trading against the euro at $1.1305 down from $1.1254. In the euro the fixing was €1,011.32 down from €1,019.87.  Ahead of New York’s opening gold was trading at $1,144.75 and in the euro at €1,012.61. 

 

Silver TodayThe silver price closed at $16.02 up from $15.80 up 22 cents over yesterday’s close. Ahead of New York’s opening, silver was trading at $15.67.

 

Gold (very short-term)

The gold price should consolidate today, in New York.    

 

Silver (very short-term)

The silver price should consolidate today, in New York.

 

Price Drivers

The Shanghai Gold Exchange reopened today after the week long holiday, but its activity has not yet fed through to the gold price as developed world markets continue to dominate gold prices. In London and New York the current consolidation pattern is almost complete and a strong move either way is close. These days, with High Frequency Trading, this means high volatility. With the liquidity of the physical gold market falling uncomfortably we do expect dealers to turn their attention to physical prices from COMEX prices, as conditions tighten in the physical market.  The result may well be a move of greater proportions than we have seen for some time! [More in our newsletter

- Subscribe www.goldForecaster.com  [See a site where protection from confiscation is offered to gold owners:   www.Stockbridgemgmt.com ]

 

There were sales of 1.787 tonnes from the SPDR gold ETF but no activity in the Gold Trust. This leaves the holdings of the SPDR gold ETF at 687.196 tonnes and 160.62 tonnes in the Gold Trust.

 

Further to our comment on the Yuan steadily moving into a strong position in international trade, yesterday, China has announced it has opened a payments clearing system for the Yuan. Why is this important? Because we are seeing an acceleration of the pace of the internationalization of the Yuan. This will, eventually change the monetary system into a multi-currency system. With this comes a disruption in currency markets, which we then see as needing gold as a calming asset. Such a change in Gold’s role will lead to growing demand for it, at a time when its availability is lessening considerably. Most thought this path would be a decade long one, but as we now see, the next couple of years will see that happen, if this pace keeps up.

 

Silver Silver pulled back strongly this morning by 30 cents. This well describes just how volatile the silver price can be. If demand comes in on COMEX for silver again it will sprint higher very quickly. This is no market for widows and orphans.

 

In Switzerland silver is treated as a commodity attracting 8% Value Added Tax, making physical dealings come with a much higher risk than gold, there. - Subscribe www.SilverForecaster.com ]        

 

Regards,

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

 

Global Gold Price (1 ounce)

 

Today

Yesterday

Franc

Sf1,107.37

Sf1,110.95

US

$1,144.75

$1,148.75

EU

€1,012.61

€1,020.41

India

Rs.74,511.78

Rs. 74,676.26

China

Y 7,270.31

Y 7,307.81

 


| Digg This Article
 -- Published: Thursday, 8 October 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.