Gold & Silver Report 12th Jan 2015

Gold broke a three-week decline ending the week up 2.5%. Issues in the Eurozone with the weakening currency and speculation over Greece leaving the Eurozone were supporting factors in the metal’s growth this week. Expectations that the US Fed is holding off on raising interest rates was also a supporting factor.

Price and charts snapshot:

Commodity Units Price

Change

% Change

COMEX Gold (Feb 15 delivery) USD/t oz. USD$1,216.10 (AUD$1,493.22)

+7.60

+0.63%

Gold Spot USD/t oz. USD$1,223.25 (AUD$1,502.00)

+14.46

+1.20%

COMEX Silver (Mar 15 delivery) USD/t oz. USD$16.42 (AUD$20.16)

+0.03

+0.21%

US Dollar Spot USD/t oz. USD$16.51 (AUD$20.27)

+0.14

+0.85%

 

On Monday gold prices rose, touching over the USD$1,200 (AUD$1,473.45) per ounce mark, gaining 1% from last week’s finish[1]. The gains extended into Tuesday, with prices reaching 3-week highs in London of around USD$1,214 (AUD$1,490.64) per ounce, despite surges in the US dollar[2]. Mid-week the metals declined again, with gold holding two days of losses on Thursday, weighed down by a stronger dollar and rising stock markets buoyed by expectations the Federal Reserve will be patient in raising interest rates[3]. On Friday Gold ended the week with a modest gain as the US dollar and equities failed to react to the slightly better-than-forecast US jobs report , and as political uncertainty in Greece boosted demand for haven assets.

Despite the positive US economic figures and dollar, gold ended the week just below the 4-week high at USD$1,224.20[4] (AUD$1,503.16). US crude oil, which fell below USD$50 (AUD$61.39) per barrel for the first time since 2009[5], and events in Europe, may be sources of support for the precious metals. The Euro hit new 9-year lows, while Greece considers an exit from the Eurozone[6]. Reuters reported “There is a bit of talk about safe-haven buying”, “given the spike in uncertainty regarding the future of the Eurozone.”[7] The sentiment that the US Fed will not raise interest rates is another supporting factor.

Forecasts by Kitco News indicate that for gold, first resistance is the overnight high of USD$1,218.50 (AUD$1,496.17) and then this week’s high of USD$1,223.30 (AUD$1,502.06). While first support is the overnight low of USD$1,207.00 (AUD$1,482.05) and then this week’s low of USD$1,201.60 (AUD$1,475.41). For silver, the first resistance line was considered to be USD$16.50 (AUD$20.26) and then next at this week’s high of USD$16.74 (AUD$16.74). While the next support was set at the overnight low of USD$16.21 (AUD$19.90) and then at USD$16.00 (AUD$19.65).

In the coming week, key economic releases in the US to watch for include the retail sales data on Wednesday, jobless claims on Thursday and the Consumer Price Index on Friday. Industrial production numbers should also be reported by the end of the week.

Author Lisa Casagrande | https://www.goldbullionaustralia.com.au

[1] https://www.bullionvault.com/gold-news/gold-prices-010520141

[2] https://www.bullionvault.com/gold-news/gold-price-010620155

[3] http://articles.economictimes.indiatimes.com/2015-01-09/news/57883643_1_gold-nudges-gold-futures-precious-metals-house-mks

[4] http://www.usagold.com/cpmforum/

[5] https://www.bullionvault.com/gold-news/gold-price-010620155

[6] http://rt.com/news/220459-germany-greece-eurozone-grexit/

[7] https://www.bullionvault.com/gold-news/gold-price-010620155

 

Keep informed of live spot prices, news and specials.

If you would like to stay informed about up to the minute pricing, market news and specials, subscribe here.

Live Prices

Gold

Silver

Gold

2,531.81/oz

Silver

29.44/oz

Gold

2,531.81

Silver

29.44

Latest Post

Where Are We Headed: Inflation, Asset Markets, Currencies, Commodities & Precious Metals

China’s Imports Shift Platinum Into A Global Deficit, Presenting A Conundrum To The Industry

THE CRUNCH IS COMING FOR SOUTH AFRICAN PLATINUM MINES, BY WAY OF WAGE DEMANDS

Interest Rates Rising: A Very Bullish Signal For Precious Metals

IMMENSE SEASONAL BUYING OPPORTUNITY IN GOLD, SILVER & PLATINUM IS UPON US

Mining Platinum Group Metals – Part 2

South African Platinum Mine Supply in Decline as Demand Gains Significant Traction – Part 1

Auctus Metal Portfolio Overview – 1 November 2021

UK Hydrogen Strategy 2021 Platinum Long-Term Demand Moves Ever Higher

WHY HAVE PRECIOUS METALS UNDERPERFORMED IN 2021?

MASSIVE EXPLOSION AT ESKOM’S NEW POWER UNIT ‘MEDUPI’

Understanding Why Precious Metals Are Undervalued

The Impact of South Africa’s energy crisis on PGM mine supply

CYCLICAL TRENDS IN PRECIOUS METALS

WHY METAL FALLS?

Auctus Metal Portfolio Overview – 1 June 2021

Price Volatility & Correction In Platinum Group Metals ( PGM’S ) in May 2021

A CASE FOR PLATINUM

THE SLINGSHOT SETUP IN PRECIOUS METALS

PLatinum (Pt) UPDATE

PRICE FALLS IN METALS

The Hare and The Tortoise Story

Immense Seasonal Buying Opportunity in Gold, Silver & Platinum Is Upon Us

The impact of the COVID-19 pandemic on South African PGM supply, on global supply and ultimately on the price of platinum, palladium and rhodium. – Part 3

The impact of the COVID-19 pandemic on South African PGM supply, on global supply and ultimately on the price of platinum, palladium and rhodium. – Part 2

The impact of the COVID-19 pandemic on South African PGM supply, on global supply and ultimately on the price of platinum, palladium and rhodium. – Part 1

AUCTUS Company Portfolio Models Overview as of 1st June 2020

Gold and precious metals are among the safest investment assets during a global crisis

Investing in and Retaining a precious metal portfolio during the COVID-19 pandemic

How Cheap is Gold as of April 2020

Anglo Platinum

Platinum – Supply and Demand

Platinum price to rise as “climate change” pressure gains traction

David Davis

Auctus Metals Breaks+50% Annual Net Returns for Year 2019

Big Profits in Buying Gold, Silver & Platinum in December

What’s the difference between and optimist and a pessimist?

Our Clients Portfolio Performance Spectacular Chart Performance – 3 charts

Silver Technical Picture Price Outlook

China Devalues their Currency

Palladium – the quiet achiever of the Precious Metals Portfolio

Diversification within Precious metals – The Potential is Incredibly Compelling

Why Silver is seriously Bearish

Forecasts are now becoming mainstream plus platinum

Historical Precedent in Silver & Gold

The perfect storm slowly starts to hit and can no longer be ignored

A Momentum Lead Capitulation in Platinum, A Major Triple Bottom Develops?

Black swans darkening the sunlight out from view

WHAT IS IT ABOUT PGM’s (Platinum Group Metals)?

Have you considered Rhodium?

Historical Investment Opportunity Presents Itself

Bullion Banks ARE Now the Most Bullish on Silver in Decades!

A Confluence of Events in Silver Are Coming Together

A Confluence of Events Leading to Silver Price Rise

We are currently at a 1 in 5-year event

DEBT CRISIS, CRYTOCURRENCY, PROPERTY AND A MONEY TSUNAMI

First Bullion Bulletin – Update with David Mitchell

Porsche Gold Rush: Special operation for Porsche on the streets of London

METALS, STOCKS & BONDS

Happy New Year – what is happening at GBA and precious metal investing

HOLIDAY TRADING

NOT ALL THAT GLITTERS IS GOLD

This Week’s Specials

PERTH MINT YEAR OF THE DOG 2018 GOLD & SILVER BULLION COINS

The Biggest Opportunity in Precious Metals Since Late 2015, and the Last Chance at These Prices ?

Please tell us what you think of the new GBA website!

X
2,531.81
29.44