LIVE Gold Prices $  | E-Mail Subscriptions | Update GoldSeek | GoldSeek Radio 

Commentary : Gold Review : Markets : News Wire : Quotes : Silver : Stocks - Main Page >> News >> Story  Disclaimer 
Latest Headlines to Launch New Website

Is Gold Price Action Warning Of Imminent Monetary Collapse Part 2?
By: Hubert Moolman

Gold and Silver Are Just Getting Started
By: Frank Holmes, US Funds

Silver Makes High Wave Candle at Target – Here’s What to Expect…
By: Clive Maund

Gold Blows Through Upside Resistance - The Chase Is On
By: Avi Gilburt

U.S. Mint To Reduce Gold & Silver Eagle Production Over The Next 12-18 Months
By: Steve St. Angelo, SRSrocco Report

Gold's sharp rise throws Financial Times into an erroneous sulk
By: Chris Powell, GATA

Precious Metals Update Video: Gold's unusual strength
By: Ira Epstein

Asian Metals Market Update: July-29-2020
By: Chintan Karnani, Insignia Consultants

Gold's rise is a 'mystery' because journalism always fails to pursue it
By: Chris Powell, GATA


GoldSeek Web

Gold and Silver Market Morning: Jan-13-2016

 -- Published: Wednesday, 13 January 2016 | Print  | Disqus 

Gold Today –The New York gold price closed Monday at $1,089.60 down from $1,095.00. In Asia it was moved down to $1,081.5 but London held it there and the LBMA price was set at $1,081.80 down from $1,094.85 with the dollar index higher at 99.25 up from 98.94 on Tuesday. The euro was at $1.0817 down from $1.0856 against the dollar. The gold price in the euro was set at €1,000.09 down from €1,008.52. Ahead of New York’s opening, the gold price was trading at $1,082.55 and in the euro at €1,000.51. 


Silver Today –The silver price in New York closed at $13.81 down 7 cents.  Ahead of New York’s opening the silver price stood at $13.83.


Gold (very short-term) The gold price will consolidate in New York today.    


Silver (very short-term) The silver price will consolidate in New York today.


Price Drivers

Monday saw no purchases or sales into or from the SPDR gold ETF or the Gold Trust. The holdings of the SPDR gold ETF are now at 651.677 tonnes and at 160.17 tonnes in the Gold Trust. 


We find it extraordinary that the gold price can slip from over $1,100.00 to $1,081.00 with almost no physical gold sales! And this after a few weeks where strong gold purchases pushed the gold price through resistance. The gold price is now sitting on support that was previously resistance. If the market really does work, we expect to see gold bounce off support. Today, more and more attention is being brought to the currency world and exchange rates. The dollar is stronger today, which is why dealers marked the gold price down, but we reiterate that gold is moving in all currencies, both up and down.


There are moves afoot to adjust the malfunctioning of the global gold market structurally. We are waiting for the Chinese bank ICBC to be accepted as a Member of the LBMA price setting group of banks and for them to be accepted as a gold clearing bank. This may well bridge the divide between east and west in the gold market. We are curious to see just how long the LBMA takes to appoint the ICBC as members and clearers. Because of the implications to pricing power, we do expect the process to be dragged out. If it happens quickly, it is all credit to the LBMA. What may well weigh the speed of their appointment is the reality that London wants to remain the hub of Yuan trading in the west and likely keep it influence in the gold market intact. -  More in  [To find protection from confiscation: ]


China has launched interbank gold trading at the beginning of this year, in an effort to open up the country's bullion market. It is aimed at increasing liquidity in interbank gold trading, and promote market making. Before the new mechanism, banks were not allowed to trade gold with each other and could only buy the precious metal through the Shanghai Gold Exchange, which is the world's biggest physical trading platform for the metal.


Silver The silver price will continue to be hesitant until gold resumes it rise. - Subscribe       




Julian D.W. Phillips for the Gold & Silver Forecasters


Global Gold Price (1 ounce)















Rs. 73,065.57


Y 7,118.20

Y 7,192.26


| Digg This Article
 -- Published: Wednesday, 13 January 2016 | E-Mail  | Print  | Source:

comments powered by Disqus


Increase Text SizeDecrease Text SizeE-mail Link of Current PagePrinter Friendly PageReturn to >> Story

E-mail Page  | Print  | Disclaimer 

© 1995 - 2019 Supports

©, Gold Seek LLC

The content on this site is protected by U.S. and international copyright laws and is the property of and/or the providers of the content under license. By "content" we mean any information, mode of expression, or other materials and services found on This includes editorials, news, our writings, graphics, and any and all other features found on the site. Please contact us for any further information.

Live GoldSeek Visitor Map | Disclaimer


The views contained here may not represent the views of, Gold Seek LLC, its affiliates or advertisers., Gold Seek LLC makes no representation, warranty or guarantee as to the accuracy or completeness of the information (including news, editorials, prices, statistics, analyses and the like) provided through its service. Any copying, reproduction and/or redistribution of any of the documents, data, content or materials contained on or within this website, without the express written consent of, Gold Seek LLC, is strictly prohibited. In no event shall, Gold Seek LLC or its affiliates be liable to any person for any decision made or action taken in reliance upon the information provided herein.