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

SSR Mining begins drilling at Eagle Plains (TSX-V: EPL) Fisher Gold Property
By: Nicholas LePan,

GoldSeek Radio Nugget: Peter Schiff and Chris Waltzek

Gold +1.8%, Silver +2.5% As Fed Increases Rates And Trade War Looms
By: GoldCore

Gold Seeker Closing Report: Gold and Silver Gain Roughly 2% After Fed
By: Chris Mullen, Gold Seeker Report

Ira Epstein's Metals Video 3 21 2018
By: Ira Epstein

JPMorgan's Domination of COMEX Silver
By: Craig Hemke

Can Central Banks Manage the Deflation of an Everything Bubble?
By: Graham Summers

No, gold leased from central banks doesn't always have to be returned
By: Chris Powell

Why the World’s Central Banks hold Gold – In their Own Words
By: Ronan Manly

WATCH OUT BELOW: Dow Jones Index Next Stop… 19,000
By: Steve St. Angelo


GoldSeek Web

Gold Market Morning: July-20-2016 -- still base building!

 -- Published: Wednesday, 20 July 2016 | Print  | Disqus 

Gold TodayGold closed in New York at $1,332.30 on Tuesday after Monday’s close at $1,329.30. 


-         The $: € rose to $1.1002 down from $1.1058.

-         The dollar index rose to 97.12 from 96.77 Tuesday.

-         The Yen was slightly weaker at 106.48 from Tuesday’s 106.11 against the dollar.

-         The Yuan was stronger at 6.6785 from 6.6920 Tuesday.

-         The Pound Sterling was weaker at $1.3178 down from Tuesday’s $1.3167.


Yuan Gold Fix

Trade Date


Benchmark Price AM

Benchmark Price PM

2016  07  20

2016  07  19







Dollar equivalent @ $1: 6.6770

$1: 6.6920







Shanghai prices were not available on site today.


The People’s Bank of China stepped into the Yuan market today and strengthened the currency as you can see above.


We continue to expect the Yuan to weaken down to 7.00 to the U.S. dollar by year’s end.


Bear in mind that with all the competitive devaluations across the world the dollar’s strength also meant the Yuan’s strength when it was around 6.2 to the dollar. China not been devaluing against the dollar but is now trying not to be strong with it.


The fall in the Yuan is being engineered cautiously and without attracting too much attention. So far it has succeeded. Perhaps the PB of C is now trying to slow the fall so as to stay in the shadows.


LBMA price setting:  $1,325.60 down from Tuesday 19th July’s $1,332.20.

 The gold price in the euro was set at €1,204.00 down €0.74 from Tuesday’s €1,204.74.

Ahead of the opening in New York the gold price stood at $1,323.75 and in the euro at €1,202.21.  



Silver Today –The silver price closed in New York at $20.00 on Tuesday down from $20.07 on Monday.  Ahead of New York’s opening the price was trading at $19.74.


Gold (very short-term)

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


Silver (very short-term)

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


Price Drivers

With tomorrow’s European Central Bank meeting gold and silver prices are trying to mark time in a poor Technical environment.


Most expect the E.C.B. to do nothing, but the pressure is mounting heavily for more easing.

The euro remains relatively strong and the economic outlook for the E.U. remains tilted to the downside. The potential for a recession is there. So something must be done.


Yes, most are worrying that there is insufficient post-Brexit data to go on, but the need for more easing is very clear. So while most do not believe Draghi will do anything, we expect action!


Such action will precipitate a fall in the euro, the E.U. hopes, but as we have said many times before, the U.S. cannot afford to see a dollar rise through the 100 level on the dollar index. [More in our newsletters – subscribe below].


Gold ETFs – In New York on Tuesday there were no purchases into the SPDR gold ETF, but there were purchases of 0.60 of a tonne into the Gold Trust, leaving their holdings at 965.221 tonnes and at 216.94 tonnes respectively.


Since January 4th this year, the holdings of these two gold ETFs have risen by 384.57 tonnes.


Silver –Silver prices are falling strongly, relative to gold, mainly on ‘marking down’ by dealers.



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


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. 89,350.25


Y 8,836.69

Y 8,911.33


| Digg This Article
 -- Published: Wednesday, 20 July 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 - 2017 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.