Advertise | Bookmark | Contact Us | E-Mail List |  | Update Page | UraniumSeek.com 

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

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

Trump vs the Fed: who wins?
By: Richard (Rick) Mills

Is the Buyer’s Market for Silver Coming to an End?
By: Stefan Gleason

Gold Price Analysis: Closer To A Significant Monetary Event
By: Hubert Moolman

Merk Research - U.S. Business Cycle
By: Merk Research

No One Ever Said Brexit Was Going to Be Easy
By: Frank Holmes

VXX Implies a Stunning Decline Lies Just Ahead
By: Rick Ackerman

Gold Krugerrand Coin Worth $1,200 Donated To Charity Again
By: GoldCore

Gold Seeker Closing Report: Gold and Silver Close Mixed with Stocks
By: Chris Mullen, Gold Seeker Report

The Powers-That-Be Were Everywhere Yesterday
By: Ed Steer

Gold and Silver Price Goals For Year End
By: Craig Hemke

 
Search

GoldSeek Web

 
Gold and Silver Market Morning: April-29-2016 --Gold and silver prices, looking good to go!


 -- Published: Friday, 29 April 2016 | Print  | Disqus 

Gold TodayGold closed in New York at $1,268.10 up from $1,247.30 on Thursday. On Friday morning in Asia it rose to $1,275, as the dollar continued to weaken and before the LBMA price setting.

 

LBMA price setting:  $1,274.50 up from Wednesday’s $1,256.60.

 

Yuan Gold Fix

Trade Date

Contract

Benchmark Price AM

Benchmark Price PM

2016  04  29

2016  04  28

SHAU

SHAU

265.25

260.04

265.54

261.88

Dollar equivalent @ $1: 6.4923

$1: 6.4798

 

$1,270.77

$1,248.21

$1,272.11

$1,257.04

 

The Shanghai Gold Fixings today show a real rise in the price of physical gold as the number of the Yuan in dollars rose [weakened] so currency moves were not a factor today. The rise in the gold price has held in London ahead of the LBMA gold price setting.

 

With China ahead of the developed world in time, to see the Yuan gold Fixings ahead of London and New York, leaves China leading the way, not New York leading Shanghai. If this continues, we will see pricing power over gold fall into Shanghai hands, it being the first to respond both to physical demand and to currency moves.

 

The dollar index is lower today, at 93.88 down from Thursday’s 93.88. The dollar is weaker against the euro at $1.1400 from Thursday’s $1.1345.

 

The gold price in the euro was set at €1,118.18 up from Thursday’s €1,100.19.

 

 

Ahead of New York’s opening, the gold price was trading at $1,278.40 and in the euro at €1,121.40. 

 

Silver Today –The silver price closed in New York higher at $17.60 on Thursday up from Wednesday’s $17.28. Ahead of New York’s opening the silver price stood at $17.79.

 

Gold (very short-term)

The gold price will confirm breakout, then rise, in New York today.    

 

Silver (very short-term)

The silver price will continue rise, in New York today.    

 

Price Drivers

Today we are seeing gold rise in all currencies, reflecting the fundamental weakening of the dollar and demand for physical gold globally, as seen in rising New York, Shanghai and London prices. The Technical picture for both gold and silver looks positive. The gold price needs to confirm it has broken through $1,270 convincingly, which it appears to be doing right now.

 

The drop in U.S. GDP to 0.5% annual rate, in the first quarter, in the U.S., helped the dollar to continue falling and brought into question just how sustainable labor growth numbers are. This was a serious slowdown and should be noted as such. Business slashed investment by the steepest amount since the Great Recession. While the media hopes that these numbers can be adjusted to look better and that the rest of the year will see a better performance, hope is not reality.

 

For gold and silver investors, these numbers emphasize the reality of the falling dollar and the Fed and Treasury’s desire to see a weaker dollar. Make no mistake a weaker dollar will help the U.S. just as much as it will hurt those nations trying to weaken their currencies. This is very gold and silver positive.

 

We are entering a structural change in the currency world because the U.S. dollar is the pivot of the currency world. Other nations can’t afford to lose international competitiveness and soon will respond by even more action to weaken their currency. We expect the ‘race to the bottom’ to see a gear shift in velocity.

 

China has begun constructing its Yuan as an alternative pivot in the currency world.

 

Gold ETFs – Yesterday saw purchases of 1.486 tonnes of gold into the SPDR gold ETF but no change in the Gold Trust. This leaves their holdings at 804.14 and 187.56 tonnes in the SPDR & Gold Trust, respectively. 

 

Silver – The Technical picture of the silver price looks good and we expect it to outperform gold in the near future.

 

Regards,

Julian D.W. Phillips

GoldForecaster.com | SilverForecaster.com | StockBridge Management Alliance

 

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

Sf1,231.23

Sf1,214.07

US

$1,278.40

$1,255.50

EU

€1,121.40

€1,106.70

India

Rs.84,802.66

Rs. 83,547.25

China

Y 8,296.05

Y 8,137.15

 


| Digg This Article
 -- Published: Friday, 29 April 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.