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Gold & Silver Market Morning

news.goldseek.com / Julian D.W. Phillips for the Gold & Silver Forecasters / 11 November 2014

Gold Today – The gold price closed down at $1,149.40 by $24 in New York on Monday.  It then moved up slightly to $1,152.30 before London’s opening. It was then Fixed at $1,151.25 down $20.75 and in the euro at €927.904 down €10.296, while the euro stood weaker at $1.2407. The volumes of net gold traded were two sellers selling 60,000 ounces and two buyers buying 46,000 ounces before the pro-rata process kicked in. Ahead of New York’s opening, gold was trading at $1,151.40 and in the euro at €927.91.

Silver Today – The silver price closed in New York at $15.56 down 18 cents. Ahead of New York’s opening it was trading at $15.57.

Gold (very short-term) The gold price will look for a bottom, in New York, today.

Silver (very short-term) Silver will be hesitant to follow gold, in New York, today.

Price Drivers

In New York there were sellers of 1.794 tonnes of gold from the SPDR gold ETF but none from the Gold Trust on Monday. The holdings of the SPDR gold ETF were at 725.357 tonnes and in the Gold Trust at 160.42 tonnes. The selling from the SPDR fund continues but s prices fall, we expect these volumes to drop too. The pattern of selling is not consistent with a sole major holder selling gold.

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