Advertise | Bookmark | Contact Us | E-Mail List |  | Update Page | 

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

GoldSeek Radio: Ralph Acampora and CEO Niko Cacos, and Chris Waltzek

The Real Cost of Low-Fee Funds
By: John Mauldin

Equity Management Associates: Reversion to mean would send monetary metals soaring
By: Chris Powell

By: Trey Reik

The Coming Inflation Threat: The Worst Of Both Worlds
By: Charles Hugh Smith

SPX/Gold, 30yr Yields and Yield Curve - Amigos 1, 2 and 3 Updated
By: Gary Tanashian

Gold Seeker Weekly Wrap-Up: Gold and Silver Find Slight Gains on the Week
By: Chris Mullen, Gold Seeker Report

Ira Epstein's Metals Video 10 19 2018
By: Ira Epstein

COT Gold, Silver and US Dollar Index Report - October 19, 2018

Gold Is Becoming Cool Again
By: John Rubino


GoldSeek Web

Gold and Silver Market Morning: May-18-2016 -- very heavy imposition of duties on steel imports to the USA

 -- Published: Wednesday, 18 May 2016 | Print  | Disqus 

Gold TodayGold closed in New York at $1,279.00 on Tuesday up from Monday’s $1,274.40. On Wednesday morning in Asia it held at $1,272.75, as most exchange rates were close to yesterday’s levels, except the euro.


LBMA price setting:  $1,270.90 barely up from Monday’s $1,270.10.


Yuan Gold Fix

Trade Date


Benchmark Price AM

Benchmark Price PM

2016  05  18

2016  04  17







Dollar equivalent @ $1: 6.5540

+$1: 6.5475







No dominant influences can be read into these gold prices as they are trading in such a tight trading range. What is happening of note is that the dollar is stronger today and the Yuan weaker, while the gold price is acting as an effective measure of all currency values against itself.


The trading pattern of gold is eerily tight and has been this week to date. To us, the longer it moves sideways, the greater the subsequent move, either way.


The dollar index is almost unchanged at 94.83, up from yesterday’s 94.54. The dollar is also slightly stronger against the euro at $1.1275, stronger than Tuesday’s $1.1323.

The gold price in the euro was set at €1,126.47 up from Monday’s €1,121.70.


Ahead of New York’s opening, the gold price was trading at $1,274.15 and in the euro at €1,129.67. 


Silver Today –The silver price closed in New York on Tuesday at $17.23 higher than Monday’s $17.14. Ahead of New York’s opening the silver price stood at $17.07.


Gold (very short-term)

Again, the gold price will consolidate, in New York today.    


Silver (very short-term)

Again, the silver price is still marking time, ready to follow gold’s direction, in New York today.    


Price Drivers

Today saw a very heavy imposition of duties on steel imports to the U.S.A. It’s a game changer!

Take a look at the ‘currency wars’ that have taken place over the last couple of years. Now we see the dollar bull market has ended, to stem the loss of competitive advantage the dollar has. The background psyche is that nations don’t have friends they have interests. Globalization favors the cheap exports which undermine local industry. There is no tactic in exchange rates that can combat that. The only way to stop it is to impose duties of sufficient levels to remove the advantage to importers of cheap products. It is called ‘protectionism’. The steel import duties are a major step down this road. Expect protectionism to grow, globally.


Why is this important to gold and silver? Because it directly affects currencies and their exchangeability! Protectionism is divisive. Such division favors gold and silver.  In turn, this eventually, will affect global currency liquidity. This brings back the importance of gold as a global trade facilitator.


 Gold ETFs – Tuesday saw purchases of 4.754 tonnes of gold bought into the SPDR gold ETF or the Gold Trust. This leaves their holdings at 855.886 and 198.38 tonnes in the SPDR & Gold Trust, respectively. 


Once again this is a large amount in a day, but once again COMEX and foreign exchange rates rule the day.


Silver –The Silver price continues to hold over $17.00 waiting for gold to move.



Julian D.W. Phillips | | StockBridge Management Alliance


About 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)















Rs. 85,138.40


Y 8,354.35

Y 8,348.91



| Digg This Article
 -- Published: Wednesday, 18 May 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 - 2018 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, its affiliates or advertisers. 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, is strictly prohibited. In no event shall or its affiliates be liable to any person for any decision made or action taken in reliance upon the information provided herein.