Gold & Silver News – 20th Oct 2014

Gold advanced for the second straight week amid global economic concerns. While gold initially dropped last week to its lowest for the year, touching USD$1,183.30 it rebounded as the Fed signaled a worldwide slowdown, causing equities slumps and the US dollar to retreat. This week gold continued an overall advance amid global economic concerns in Europe and as Africa.

Gold and silver prices

Commodity Units Price

Change

% Change

COMEX Gold (Dec 14 delivery) USD/t oz. 1,239.00 (AUD$1415.77)

-2.20

-0.18%

Gold Spot USD/t oz. 1,238.32 (AUD$1415.00)

-0.49

-0.04%

COMEX Silver (Dec 14 delivery) USD/t oz. 17.33 (AUD$19.80)

-0.11

-0.61%

US Dollar Spot USD/t oz. 17.27 (AUD$19.73)

-0.12

-0.71%

Gold and Silver Weekly charts:

 

By Wednesday prices hit a high of USD$1,250.30 (AUD$1428.69), its highest since September 11th[1]. On Thursday prices lowered as gains in equities reduced haven demand and after the St. Louis Federal Reserve President said more quantitative easing might occur, increasing doubt over interest rate rises. However Silver December futures prices closed nearer their session high Thursday.

As the week ended Bloomberg reported gold futures for December delivery fell 0.2%, settling at USD$1,239 (AUD$1415.77) on the New York Comex, ending up 1.4% for the week. Silver futures for December delivery fell 0.6% to USD$17.331 (AUD$19.80) on the Comex[2], up 0.16% on the week.

Concerns in Europe and the spread of Ebola were market factors this week. Forbes reported that surges in European yields helped boost gold, with Greek yields in particular jumping to 9%. Meanwhile, the Ebola virus has spread to two new regions in Guinea, including an area where an AngloGold Ashanti mine is located[3].

Conversely, Phillip Streible from RJO Futures forecasted gold to back down to the USD$1200 mark next week, expecting improved corporate earnings, lower geopolitical risks and the Ebola virus becoming contained.

In the weekly Kitco gold survey 23 participants responded. Responses were mixed but slightly bearish, with eight seeing higher prices, ten expecting lower prices and five seeing sideways prices in the week ahead.

Forbes reports that early technical clues suggest a near-term market low could be coming. Gold bulls’ first resistance was set at Thursday’s high of USD$1,245.60 (AUD$1423.32) and then at this week’s high of USD$1,250.30 (AUD$1428.69). The first support line was set at Thursday’s low of USD$1,235.20 (AUD$1411.43) and then next at USD$1,230.00 (AUD$1405.49). Meanwhile, silver bears were considered to have a firm near-term technical advantage. Silver bulls’ first resistance was set at Thursday’s high of USD$17.54 (AUD$20.04) and then next at the current week’s high of USD$18.82 (AUD$21.51). Its next support was set at Thursday’s low of USD$17.20 (AUD$19.65) and then at USD$17.00 (AUD$19.43).

Upcoming events include the Federal Open Market Committee meeting at the end of October, and the Swiss referendum on gold reserves is also ongoing discussion.

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


[1] http://www.bloomberg.com/news/2014-10-17/gold-heads-for-second-weekly-gain-after-advance-to-5-week-high.html

[2] http://www.bloomberg.com/news/2014-10-17/gold-heads-for-second-weekly-gain-after-advance-to-5-week-high.html

[3] http://www.bloomberg.com/news/2014-10-18/guinea-says-ebola-spreads-to-new-regions-near-anglogold-mine.html

 

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

2,636.55/oz

Silver

29.28/oz

Gold

2,636.55

Silver

29.28

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
2,636.55
29.28