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Gold and Silver Market Morning

The gold price closed up at $1,204 in New York on Friday.  London took it down to $1,195 ahead of the Fix. It was Fixed at $1,196.00 up $42 from the 13th November and in the euro at €964.672 up €38.36, while the euro stood at $1.2405. The volumes of net gold traded were three sellers selling 80,000 ounces and one buyer buying 60,000 ounces before the pro-rata process kicked in. Ahead of New York’s opening, gold was trading at $1,196.00 and in the euro at €964.13.

Silver Today – The silver price ahead of New York’s opening was trading at $16.36 up nearly a dollar since the 13th November.


The gold price will consolidate around $1.200 in New York, today.


Silver will consolidate alongside gold, in New York, today.

Price Drivers

In New York there were buyers of 0.299 tonnes of gold from the SPDR gold ETF but none from the Gold Trust over the period from 13th November until now. The holdings of the SPDR gold ETF were at 720.914 up from 720.615 tonnes on the 13th November and unchanged in the Gold Trust at 160.42 tonnes.  From the view of the last week, U.S. investors in the U.S. gold ETFs have stopped selling because of the turn in the gold price since then. And yet the turn did not produce significant buying there. In the U.S. and Europe the perception is that gold is not of interest at the moment.

The euro is weaker today at $1.2395 down from $1.2457 on the 13th November. With the dollar Index having a strong Technical picture U.S. & E.U. investors expect more falls in the euro, Yen and other leading currencies.  But the Fed has made it clear that it does not want a stronger dollar. We believe the Treasury will ensure that the Technical picture will not win out, with a potential rise in the dollar of another 20%. Of major importance to gold investors is the rise in the gold price in euros. We are watching to see if this persists and you see a strong or stable dollar and a rising gold price?

The Iran nuclear deal expected today [or a postponement of the deadline] is very important to gold on three fronts. If it is signed, then the improvement in relations with the U.S. may signify greater cooperation on Iran’s actions in Iraq against ISIS. This will not make Saudi Arabia happy and may add to the attempts by Saudi Arabia to lower the oil price further. Will we see $70 or lower then? Will Saudi Arabia then accept currencies other than the dollar for oil? This will be gold positive.

The Dutch repatriation of 120 tonnes of gold may also affect the Swiss referendum on gold due on the 30th of the month.

Silver– The silver price has started to fall faster than gold.

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