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

Commentary : Gold Review : Markets : News Wire : Quotes : Silver : Stocks - Main Page 

 GoldSeek.com >> News >> Story  Disclaimer 
 
Latest Headlines

GoldSeek.com to Launch New Website
By: GoldSeek.com

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

 
Search

GoldSeek Web

 
Gold and Silver Market Morning: March-7-2016 - Gold vaults higher, looking good!


 -- Published: Monday, 7 March 2016 | Print  | Disqus 

Gold Today –Gold closed in New York at $1,260.80 down from $1,262.20 on Friday. In Asia on Friday, it moved higher until the LBMA price setting was set at $1,267.60 down from $1,271.50 on Friday. The dollar index is slightly higher at 97.61 up from 97.52 on Friday.

                                                                                            

The dollar is up against the euro at $1.0963 from $1.0981 Friday. The gold price in the euro was set at €1,156.25 down from €1,157.91.

 

Ahead of New York’s opening, the gold price was trading at $1,270.00 and in the euro at €1,158.44. 

 

Silver Today –The silver price closed in New York at $15.49 up 27 cents.  Ahead of New York’s opening the silver price stood at $15.67.

 

Gold (very short-term)

The gold price will consolidate with a strong bias, in New York today.    

 

Silver (very short-term)

The silver price will consolidate with a strong bias, in New York today.    

 

Price Drivers

China has debt which stands at 250% of GDP. This sounds unsustainable, but because it is mainly internal it is under its control. So expect to see more corporate local debt become government debt in the months to come. The corporate dollar debt is being paid down, so capital outflows should be seen not as capital fleeing lower growth, but mainly debt reduction. What does this say for gold? It clarifies that middle classes will continue to grow and that China will not have a ‘hard landing’. This comes from the Government conference being completed now. This remains gold positive.

 

Gold ETFs An amount of 0.215 of a tonne was sold from the SPDR gold ETF and a purchase of 0.3 of a tonne was bought into the Gold Trust before trading was suspended in the Trust, pending permission to issue more shares is given. The Trust remains healthy and likely its shares will trade at a premium before permission is gained to issue more shares. The holdings of the SPDR gold ETF are now at 793.117 tonnes and at 191.07 tonnes in the Gold Trust.  While this is the first sale we have seen this year, it was outweighed by the purchase into the Gold Trust. Neither had an impact on the gold price!

 

The gold price, once again, was pulled back in New York this time by over $11 by dealers fearing more selling. But such pullbacks in volatile markets simply incite more physical buying. There does come a point where New York’s prices are pulled up by physical buying an example of which we saw last Friday, when the LBMA gold price setting was higher than market trading at $1,271.50. In addition short covering continues with COMEX increasing its long positions now.

 

We do see gold and silver markets remaining very volatile in the coming week as liquidity levels remain under visible pressure.

 

China Construction Bank joins the LBMA silver price - CME Benchmark Europe Limited and Thomson Reuters have operated the LBMA Silver Price since August 2014 when they took over responsibility from the London Silver Market Fixing Limited. CCB will be the first Chinese bank and the sixth price participant, joining HSBC Bank USA NA, JPMorgan Chase Bank, The Bank of Nova Scotia, The Toronto Dominion Bank and UBS AG.

 

We expect a similar announcement to be made shortly for the ICBC to be made a clearing member of the LBMA gold price.

 

This is yet another step in the various stages of gold and silver market re-structuring by China as it moves structures to a truly global gold and silver price and away from one dominated by COMEX and London.

 

We see the major changes in both the global monetary system and the precious metal markets as fundamental and long-term. The world is changing and truly going to reflect the rise of Asia.

Protect yourself from Gold Confiscation: www.Stockbridgemgmt.com]

 

Silver – The silver price is running forward ahead of gold and should continue to do so.

 

Regards,

Julian D.W. Phillips

GoldForecaster.com | SilverForecaster.com | StockBridge Management Alliance

 Gold and Silver Market Morning

 

About GoldForecaster.com Service:

We focus on keeping our readers on top of the emerging Gold bull market with a global fundamental and technical overview. Members gain access to our comprehensive, weekly report with the latest Gold market news, price analysis, up-to-date portfolio along with coverage of other key markets. Economic and monetary topics are covered as well, along with many other influences that have an impact on the Gold market.

 

Try a $99 trial subscription and gain immediate access to the latest weekly Gold Forecaster Newsletter!

 

Global Gold Price (1 ounce)

 

Today

Yesterday

Franc

Sf1,269.43

Sf1,256.42

US

$1,270.00

$1,264.00

EU

€1,158.44

€1,152.23

India

Rs.85,223.35

Rs. 84,820.42

China

Y 8,275.70

Y 8,234.20

 


| Digg This Article
 -- Published: Monday, 7 March 2016 | E-Mail  | Print  | Source: GoldSeek.com

comments powered by Disqus



 



Increase Text SizeDecrease Text SizeE-mail Link of Current PagePrinter Friendly PageReturn to GoldSeek.com

 news.goldseek.com >> Story

E-mail Page  | Print  | Disclaimer 


© 1995 - 2019



GoldSeek.com Supports Kiva.org

© GoldSeek.com, Gold Seek LLC

The content on this site is protected by U.S. and international copyright laws and is the property of GoldSeek.com 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 GoldSeek.com. 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


Map

The views contained here may not represent the views of GoldSeek.com, Gold Seek LLC, its affiliates or advertisers. GoldSeek.com, 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 GoldSeek.com, Gold Seek LLC, is strictly prohibited. In no event shall GoldSeek.com, 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.