Gold saw slight gains in Asia before it fell to $1291.95 at about 4AM EST and then bounced back to $1296.09 in the next four hours of trade, but it then dropped to a new session low of $1288.02 after this morning housing data and the yellow metal ended with a loss of 0.19%. Silver slipped to as low as $19.271 and ended with a loss of 0.62%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 16 May, 2014
The gold price closed at $1,295.60 down $10.50 on Thursday, in New York. In Asia the price fell $3 ahead of London’s opening, but London held it there. The gold Fixing was set at $1,293.75 down $10.00 and in the euro at €943.173 down €10.588 while the euro stood at $1.3717. Ahead of New York’s opening the gold price stood at $1,294.60 and in the euro at €944.79. Full Story
Spot gold in Singapore traded as low as $1,292/oz prior to eking out very gradual gains in London trading. Gold is up 0.6% for the week on earlier gains from political uncertainty in Ukraine, which has increased tensions between Russia and the West. Gold is a proven safe haven asset, both historically and now academically, compared with riskier assets such as equities and bonds. Full Story
Gold edged down to $1301.44 in late Asian trade before it bounced back to $1306.36 in London and then dropped to a new session low of $1293.01 by a little after 8:30AM EST, but it then bounced back higher in late trade and ended with a loss of just 0.8%. Silver slipped to as low as $19.437 and ended with a loss of 1.47%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 15 May, 2014
The gold price closed at $1,306.10 up $12.80 on Wednesday, in New York. In Asia the price rose slightly, but London lifted it over $1,300 at the opening. The gold Fixing was set at $1,303.75 up $3.50 and in the euro at €953.731 up €5.405 while the euro stood at $1.3700 weaker again. Ahead of New York’s opening the gold price stood at $1,304.20 and in the euro at €955.00. Full Story
Russia, which has been threatened with more sanctions by western nations, is the largest supplier of palladium, with South Africa the next biggest. The African country is the top producer of platinum. Workers at the biggest platinum mines in South Africa have been on strike since January 23. Lonmin Plc will keep its platinum mines open for a second day in an effort to break the strike. Many workers were prevented from reporting for duty yesterday. Full Story
By: Manan Somani, Insignia Consultants - 15 May, 2014
I have been out and out a long term silver bull. I will always remain a silver bull. The demand for silver in technology and robotics will be huge over the coming years. I see a robotic world over the coming years and technology dictating our everyday lives. Without silver this will not be possible. There should be a severe shortage of physical silver. I expect to see silver shortages starting anytime after a period of four years from now. Full Story
Gold climbed $15.53 to $1308.83 at about 8:25AM EST before it edged back lower in late morning New York trade, but it still ended with a gain of 0.99%. Silver surged to as high as $19.987 and ended with a gain of 1.23%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 14 May, 2014
The gold price closed at $1,293.30 down $3.40 on Tuesday, in New York. In Asia the price rose slightly, but London lifted it over $1,300 at the opening. The gold Fixing was set at $1,300.25 up $7.50 and in the euro at €948.326 up €8.418 while the euro stood at $1.3711 nearly half a cent weaker. Ahead of New York’s opening the gold price stood at $1,301.50 and in the euro at €948.89. Full Story
The historic 120-year old daily silver fixing process will cease as of 14th August this year, the London Silver Market Fixing Limited company announced today. The company that administers the daily silver fix currently consists of three member banks, Deutsche Bank, HSBC and Scotia Bank. Full Story
By: Manan Somani, Insignia Consultants - 14 May, 2014
Gold at $1294 is a neutral zone. Silver at $1954 is a neutral zone. Gold and silver will break free from the recent consolidation phase and form a new range very soon. In the next three weeks gold will either rise to $1362 or fall to $1230 and $1205. There will be nothing in between. Silver for the rest of the year needs to trade over $1770 to target $2300-$2600. Full Story
Gold dropped down to $1289.16 by a little after 7AM EST before it spiked up to $1298.42 in the next hour and a half of trade, but it then drifted back lower into the close and ended with a loss of 0.26%. Silver slipped to $19.364 before it rebounded to $19.593 and then also fell back off, but it ended with a loss of just 0.1%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 13 May, 2014
The gold price closed at $1,296.70 up $8 on Monday, in New York, after hitting $1,308 there. In Asia and London the gold price moved back to $1,291.55. The gold Fixing was set at $1,292.75 the same as yesterday and in the euro at €939.9o8 up €0.955 while the euro stood at $1.3754 slightly weaker. Ahead of New York’s opening the gold price stood at $1,293.00 and in the euro at €942.042. Full Story
Bullion for immediate delivery declined 0.4% to $1,290.44 an ounce, Singapore gold traded at $1,292.03 by 2:40 p.m., according to Bloomberg and their generic pricing. Silver for immediate delivery declined 0.6% to $19.426 an ounce after yesterday’s gain. Platinum lost 0.1% to $1,435.75/oz, while palladium slid 0.1% but remained over $800/oz at $805.61/oz. Full Story
Gold dropped $8.73 to $1279.97 at the open of trade last night, but it then jumped to as high as $1302.77 at about 8:30AM EST today and ended with a gain of 0.62%. Silver surged to as high as $19.647 and ended with a gain of 2.09%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 12 May, 2014
The gold price closed at $1,288.70 down only $0.50 on Friday, in New York. In Asia and London the gold price hovered around $1,289 and $1,290. The gold Fixing was set at $1,292.75 up $3.75 and in the euro at €938.953 up €5.707 while the euro stood at $1.3768 weaker by half a cent. Ahead of New York’s opening the gold price stood at $1,294.65 and in the euro at €940.96. Full Story
Gold recovered on Monday after falling 0.5%. Safe haven demand from escalating geopolitical tensions in Ukraine is supporting gold. Gold is a proven safe haven at times of political and economic uncertainty. Gold in euros has eked out marginal gains again after the European Central Bank said it was ready to loosen monetary policy even further next month. European gold buyers have realised that the euro is not going to be a store of value in the coming years. Full Story
By: Manan Somani, Insignia Consultants - 12 May, 2014
I said last week that anything which is pro Russia in Ukraine will be rejected by the USA and its NATO allies in Sundays referendum. I am right now. Pro-Russian groups hailed a large majority in favor of secession in a referendum they organized in eastern Ukraine that was dismissed as illegitimate by the government in Kiev and its U.S. and European allies. Tensions between Russia and NATO will continue. Prolonged tensions will benefit bullion in the long term. In the short term gold and silver are in a neutral zone to bearish zone. Full Story
By: Chintan Karnani, Insignia Consultants - 11 May, 2014
The results of the elections will be announced next week. There can be huge volatility in the rupee (usd/inr). Unconfirmed reports suggest that the reserve bank of India (RBI) has been intervening to prevent the rupee from gaining below 60.00. The key reason for huge inflows and also for the continued rise in the Indian stock market is that a stable non congress government will be formed. Full Story
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