Gold & Silver News | Sept 29th

This week the rallying US dollar hitting a four-year high limited buying interest in gold and silver. Despite a few short recoveries, gold ended down 0.1% on the week, around a nine month low. Silver, however, while usually following gold’s pattern showed unusual behaviour experiencing buying activity and ending the week on an up note, though still down 1.72% on the week.

Gold and Silver Prices Snapshot (Sept 29th):

Units

Price

Change

%

COMEX Gold (Dec 14 Delivery) USD/t oz. 1,215.40 (AUD1,385.62)

-6.50

-0.53%

Gold Spot USD/t oz. 1,218.38 (AUD1,389.02)

-3.20

-0.26%

COMEX Silver (Dec 14 Delivery) USD/t oz. 17.54 (AUD20.00)

+0.10

+0.57%

US Dollar Spot USD/t oz. 17.65

+0.12

+0.68%

7 Day Gold and Silver Charts

(Source: NASDAQ)

By Wednesday, Gold prices had ended the US day session moderately lower[1], and on Thursday hit a nine-month low in early trading. However, gold prices recovered from the early Thursday losses and finished the day session back near daily highs; boosted by short covering and bargain hunters. The tide turned again by the week’s end, hovering back near the nine-month low in US trading Friday. December Comex silver however diverged with a recovery at the end of the week, moving up USD$0.062 to USD$17.505 an ounce. Mineweb reports that the rise in silver may be due to the stock market being overbought and heading for a fall, with silver seeing purchasing movement as it is said to provide better leverage than gold if precious metals prices were to sharply rise[2].

The surging US dollar was a key feature of the market this week. The dollar was sitting at a four-year high, while the Euro saw a 14-month low. The dollar’s strength has mainly been supported by positive US economic data combined with downbeat European Union economic data. Increasing geopolitical tension was also a pressure, as the US military’s continued strikes against ISIS in Syria heightened risk aversion[3]. Forbes stated that escalation of the situation in Syria or other geopolitical hotspots could prompt increased investor anxiety, causing a bearish stock-market and bullish safe-haven assets market for gold[4].

Looking ahead, in the Kitco News Gold Survey, of 20 respondents the majority forecasted lower gold prices next week as the dollar strength and bearish technicals weigh on the metal. Four predicted higher prices, while 12 expected lower prices and the remaining four expected prices to continue trading sideways.

Meanwhile, Forbes reported that gold bears have a near-term technical advantage as prices sit in a 2.5-month downtrend. The next upside near-term resistance was described as first resistance at USD$1,225.00 and then at the overnight high of USD$1,232.70. The next near-term downside support was first at USD$1,215.00 and second at USD$1,208.80. For Silver, bulls’ have a near-term advantage with prices hovering near a four-year low. The next upside resistance was set to USD$17.725 and then at USD$18.99. The next downside price support was seen at the week’s low of USD$17.27 and then at USD$17.00[5].

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

[1] http://www.forbes.com/sites/kitconews/2014/09/24/gold-down-pressured-by-surging-u-s-dollar/

[2] http://www.mineweb.com/mineweb/content/en/mineweb-silver-news?oid=254209&sn=Detail

[3] http://www.forbes.com/sites/kitconews/2014/09/26/gold-weaker-as-stronger-u-s-dollar-remains-a-bearish-anchor/

[4] http://www.forbes.com/sites/kitconews/2014/09/24/gold-down-pressured-by-surging-u-s-dollar/

[5] http://www.forbes.com/sites/kitconews/2014/09/26/gold-weaker-as-stronger-u-s-dollar-remains-a-bearish-anchor/

 

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

2,625.14/oz

Silver

29.00/oz

Gold

2,625.14

Silver

29.00

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
2,625.14
29.00