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Gold and Silver Market Morning: July-18-2016 -- Gold and silver prices trying to decide direction!

 -- Published: Monday, 18 July 2016 | Print  | Disqus 

Gold TodayGold closed in New York at $1,328.50 on Friday after Thursday’s close at $1,333.80.  In Asia, the gold price tried to rise slightly as Chinese demand over the last week has lifted prices from New York’s close, persistently. 

-         The $: € rose to $1.1054 down from $1.1135.

-         The dollar index rose to 96.58 from 96.07 Friday.

-         The Yen was slightly stronger at 105.66 from Friday’s 106.00 against the dollar.

-         The Yuan was weaker at 6.6980 from 6.6825 Friday.

-         The Pound Sterling was weaker at $1.3274 down from Friday’s $1.3352


-         Yuan Gold Fix

Trade Date


Benchmark Price AM

Benchmark Price PM

2016  07  18

2016  07  15







Dollar equivalent @ $1: 6.6980

$1: 6.6825







The Chinese gold market rose up from New York’s close as the Yuan continues to slide down towards 7.00 Yuan to the dollar.


Just as the Bank of England is waiting for more pertinent data before deciding on how much easing to put out there, so now we see the E.C.B. hesitating in the same way and for the same reason. They cannot act in the statistical darkness for fear of doing too much or too little. The bank of England is waiting until Augusts’ meetings and even then may delay further. Hindsight may tell them they waited too long or too little, but for now they would not be wise to act before seeing some light.


Gold ETFs in the U.S. were largely quiet except for a moderate purchase in the Gold Trust, but not enough to prevent the gold price falling.


LBMA price setting:  $1,326.15 down from Friday 15th July’s $1,330.50.

 The gold price in the euro was set at €1,199.70 up €3.58 from Friday’s €1,196.12.

Ahead of the opening in New York the gold price stood at $1,328.45 and in the euro at €1,201.89. 



Silver Today –The silver price closed in New York at $20.07 on Friday down from $20.25 Thursday.  Ahead of New York’s opening the price was trading at $19.87.


Gold (very short-term)

The gold price will consolidate in New York today.      


Silver (very short-term)

The silver price is will consolidate, in New York today.      


Price Drivers

With the E.C.B. now pausing before adding further stimuli, global financial markets are looking around somewhat wide-eyed at other global financial markets waiting for something more to happen or even just give some direction to markets. Brexit has created a brand new financial situation that no-one is able to quantify yet. Will there be cooperation between the E.U. and U.K. or will there be a bureaucratic breakdown as E.U. politicians and bureaucrats have a fit of temper over the situation. The latter is apparent at the moment as E.U. officials are suggesting that the U.K.’s voting powers be suspended in the E.U.!


But history shows that when a rupture, such as Brexit happens, it actually benefits the potentially ‘isolated’ nation, as they have incentives to promote growth internally. This is tremendously helped by lower exchange rates [we do not see the pound having finished its fall yet] and the loss of trading partners [quickly replaced by others who see big advantages]. Britain is too good at what it does to be replaced by others, for a very long time.


As with the U.S. and Donald Trump, as of now, the past patterns of political behavior are changing so dramatically that there are few relevant precedents for the new situations. What we see heralded by these changes is a diminishing of globalization.


For gold and silver investors these changes are very positive. [More in our newsletters – subscribe below].


Gold ETFs – In New York on Friday there were no sales or purchases into or from the SPDR gold ETF, but there were purchases of 1.44 tonnes into the Gold Trust, leaving their holdings at 962.845 tonnes and at 216.34 tonnes respectively.


Since January 4th this year, the holdings of these two gold ETFs have risen by 381.594 tonnes.


Silver –Silver prices suffered a setback on Friday as gold prices pulled back again. The robust nature of silver gave way as gold slipped and now sits below $20.00.

 We suspect that silver prices are like an arrow being pulled back with the bowstring waiting for gold prices to release it.



Julian D.W. Phillips | | StockBridge Management Alliance [Gold Storage geared to avoid its confiscation]


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Global Gold Price (1 ounce)















Rs. 89,414.08


Y 8,901.94

Y 8,915.80


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 -- Published: Monday, 18 July 2016 | E-Mail  | Print  | Source:

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