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

Gold Seeker Weekly Wrap-Up: Gold and Silver Fall Almost 1% and 2% on the Week
By: Chris Mullen, Gold Seeker Report

COT Gold, Silver and US Dollar Index Report - July 20, 2018
By: GoldSeek.com

The Deep State, Trump, and the World
By: Clive Maund

Gold Investment Wanes
By: Adam Hamilton, CPA

The Most Important Charts for Your Gold Stocks Right Now
By: Marin Katusa

The road to war: China’s kryptonite - Part 2
By: Richard (Rick) Mills

GoldSeek Radio Nugget: Bill Murphy and Chris Waltzek
By: radio.GoldSeek.com

NEVER BEFORE SEEN CHARTS: Gold Mining Industry’s Costs Are Higher Than Market Realizes
By: Steve St. Angelo

Powell Sinks Gold, Again
By: Arkadiusz Sieron

Weekly Digest – News, Market Updates and Videos You May Have Missed
By: GoldCore

 
Search

GoldSeek Web

 
Gold and Silver Market Morning: Aug-2-2016 -- Gold and silver prices looking positive!


 -- Published: Tuesday, 2 August 2016 | Print  | Disqus 

Gold TodayGold closed in New York at $1,353.30 on Monday after Friday’s close at $1,351.30. 

 

-         The $: € was down at $1.1197 from $1.1175.

-         The dollar index fell to 95.42 from 95.64 Monday.

-         The Yen was stronger at 101.69 from Monday’s 102.20 against the dollar.

-         The Yuan was stronger at 6.6358 from 6.6415 Monday.

-         The Pound Sterling was stronger at $1.3231 up from Monday’s $1.3179.

 

Yuan Gold Fix

Trade Date

Contract

Benchmark Price AM

Benchmark Price PM

2016  08  2

2016  08  1

SHAU

SHAU

288.69

288.65

289.32

287.95

Dollar equivalent @ $1: 6.6358

$1: 6.6415

 

$1,353.15

$1,351.84

$1,356.11

$1,348.53

 

Shanghai prices took New York’s close higher still and London even higher.

 

We are seeing the Yuan strengthen against the U.S. dollar but staying in line with other currencies. The People’s Bank of China is not focused on the dollar but on the broad basket of currencies of its trading partners. The PB 0 C wants a stable to weakening Yuan and that despite what level the dollar will reach at some point this year.

 

We previously mentioned that the Yuan would weaken against the dollar to bring it into line with other global currencies against which the dollar had risen. But now that the dollar itself is weakening we are lowering our sights on where the Yuan will be by year’s end. We see it stronger than 7.00 to the dollar [weaker means more Yuan to the dollar] by year’s end. . [More in our newsletters – subscribe below].

 

LBMA price setting:  $1,358.15 after Monday 1st August’s $1,348.85.

 The gold price in the euro was set at €1,212.63 up €4.42 from Monday’s €1,208.21.

Ahead of the opening in New York the gold price stood at $1,357.50 and in the euro at €1,212.81. 

 

 

Silver Today –The silver price closed in New York at $20.43 on Monday up from $20.34 on Friday.  Ahead of New York’s opening the price was trading at $20.68.

 

Gold (very short-term)

The gold price should consolidate with a stronger bias, in New York today.      

 

Silver (very short-term)

The silver price should consolidate with a stronger bias, in New York today.      

 

Price Drivers

Ahead of Thursday’s expected rate cut in the U.K. [and likely more QE] we have the announcement from the Japanese government we expected to come and mentioned yesterday. $273 Billion worth of stimuli! The details will follow. And yet we are seeing the Yen continuing to strengthen towards 100 and possible lower in the days ahead.

 

It is clear that the Bank of Japan has come to the end of its road and that the government must step up to the plate now. Its demographics are against it as is the age of its population. Disinclined to spend and focussed on less spending, not more, as it ages, the population will not run out to support growth. The Abe government seems to be facing an intractable situation, worse than, but similar to, many other countries in the developed world.

 

After years of efforts to combat deflation, many now believe that the current round of stimuli will not change the picture of the deflating Japanese economy.

 

Gold ETFs – In New York on Monday there were purchases of 5.937 tonnes bought into the SPDR gold ETF and a purchase of 0.51 of a tonne into the Gold Trust leaving their holdings at 964.032 tonnes and 219.70 tonnes, respectively.

 

The U.S. buying of physical gold via the U.S. based gold ETFs has begun again in earnest. If it continues at this rate gold and silver prices will move through overhead resistance!

 

Since January 4th this year, the holdings of these two gold ETFs have risen by 386.117 tonnes.

 

Silver –Silver prices are consolidating alongside gold and at the same pace today. Tomorrow may see it resume its characteristic vigor. The market has a positive tone.

 

Regards,

Julian D.W. Phillips

GoldForecaster.com | SilverForecaster.com | StockBridge Management Alliance [Gold Storage geared to avoid its confiscation]

 

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

Sf1,305.45

Sf1,305.45

US

$1,348.05

$1,348.05

EU

€1,207.39

€1,207.39

India

Rs.90,005.93

Rs. 90,005.93

China

Y 8,954.42

Y 8,954.42

 


| Digg This Article
 -- Published: Tuesday, 2 August 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 - 2018



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

The views contained here may not represent the views of GoldSeek.com, its affiliates or advertisers. GoldSeek.com 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, is strictly prohibited. In no event shall GoldSeek.com or its affiliates be liable to any person for any decision made or action taken in reliance upon the information provided herein.