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

Gold Seeker Weekly Wrap-Up: Gold and Silver Gain on the Week While Stocks Drop 6%
By: Chris Mullen, Gold Seeker Report

Gold and Silver Possession Is a Constitutional Right - and a Practical Imperative
By: David Smith

Will Gold Breakout? 3 Things to Watch
By: Jordan Roy-Byrne CMT, MFTA

COT Gold, Silver and US Dollar Index Report - March 23, 2018

Hidden No More, The Currency Wars Take Center Stage
By: Nathan McDonald

Trading Barbs Down To The Wire
By: Brady Willett

Gold Juniors’ Q4’17 Fundamentals
By: Adam Hamilton, CPA

GoldSeek Radio Nugget: Bill Murphy and Chris Waltzek

Markets Have Gone “Thelma and Louise”
By: Gary Christenson

Debt Cycles and Gold
By: Arkadiusz Sieron


GoldSeek Web

Gold and Silver Market Morning: Aug-12-2016 -- Gold and silver prices consolidating!

 -- Published: Friday, 12 August 2016 | Print  | Disqus 

Gold TodayGold closed in New York at $1,337.90 on Thursday after Wednesday’s close at $1,346.70.  London opened at $1,337.

-         The $: € was slightly weaker at $1.1156 from $1.1144.

-         The dollar index rose slightly to 95.83 from 95.82 Thursday.

-         The Yen was slightly stronger at 101.04 from Thursday’s 101.28 against the dollar.

-         The Yuan was weaker at 6.6440 from 6.6406 Thursday.

-         The Pound Sterling was slightly weaker at $1.2956 down from Wednesday’s $1.2958.


Yuan Gold Fix

Trade Date


Benchmark Price AM

Benchmark Price PM

2016  08  12

2016  08  11







Dollar equivalent @ $1: 6.6440

$1: 6.6406







Shanghai took the gold price closing in New York higher more in line with the higher Shanghai price the day before. London then ignored Shanghai prices and opened at New York’s close. At the moment we are seeing a small battle between the developed world centers and Shanghai the physical market.  This battle can be resolved provided the arbitrageurs in the market do their job. They can’t move gold but can adjust their positions with currency plays.


We will be discussing the state of the gold market in China in particular the Commercial Bank gold market there, in our coming newsletters.


We are rapidly approaching the days when the Yuan becomes an integral part of the I.M.F.’ Special Depository Rights. What will this unleash? Because the I.M.F. will not be able to dismiss it from this role thereafter, we do see more flexibility in the exchange rates of the Yuan. It is logical then that the People’s Bank of China then allow markets to establish the market exchange rate. We see that as continuing to fall to 7.00 to the dollar. No doubt this will produce howls of outrage from the U.S. if it happens brutally. But the PB o C. will make their adjustments behind the scenes so it happens gently.


What it does do for the Yuan is to establish it as one of the world’s main ‘hard’ currencies. The PB o C will then expand their program of Yuan globalization. [More in our newsletters – subscribe below].


LBMA price setting:  $1,336.70 after Thursday 12th August’s $1,344.55.

 The gold price in the euro was set at €1,198.40 down €7.80 from Thursday’s €1,206.20.

Ahead of the opening in New York the gold price stood at $1,338.85 and in the euro at €1,200.76. 


Silver Today –The silver price closed in New York at $19.95 on Thursday down from $20.17 on Wednesday.  Ahead of New York’s opening the price was trading at $19.87.


Gold (very short-term)

The gold price will soon make as strong move either way, in New York.      


Silver (very short-term)

The silver price will make as strong move either way, in New York.      


Price Drivers

Over the last day we have seen COMEX dominate London prices, ignoring those of Shanghai. The day before, saw Shanghai taking prices higher than New York and London following Shanghai. While the price differences are not that large and are influenced by exchange rates between the Yuan and the dollar, there is an ongoing pricing play between the two markets. With the Shanghai Gold Exchange/PB o C. Being the last resort counter party we believe it does dominate prices. However, its prime objective in the exercise is not only to build a stable, orderly physical gold market and to have its prices dominate the world’s gold markets, it is to assist in the establishment of the Yuan as a leading ‘gold’ currency.


This is the way forward for the gold price. It makes little sense to have the world’s largest physical gold markets with 10,000 institutional participants and 8.3 million individuals so far bow to a mini-physical paper market in New York.


The most positive news today for gold and silver is the rapid approach of the “Gold Season” in September.


-         At this point the summer holidays for the developed world are coming to an end and the focus in the gold market is for jewelry producers to buy for the festive season at the end of the year.


-         In India, after falling to the lowest in seven years in the first half, demand for gold is certain to rise because of the excellent monsoon rains achieved this year since May continuing into September. This will boost rural demand during the festive season, starting in September.


-         In China, the expectation of a lower Yuan is broadcast in the Chinese media, encouraging growing demand in line with internal trends we mentioned in earlier newsletters from the Gold Forecaster.


-         In the last quarter of the year we expect U.S. demand for physical gold from investors in the shares of their Exchange Traded Funds to continue steadily.   So far in 2016 investment demand for gold has overtaken the previous-ever high of 917 tonnes in 2009 [First half]  to reach 1,064 tonnes.


Gold ETFs – In New York on Wednesday there were no sales or purchases to or from the SPDR gold ETF or the Gold Trust. This left their respective holdings at 972.618 tonnes and 221.24 tonnes.


Since January 4th this year, the holdings of these two gold ETFs have risen by 396.243 tonnes.


Silver –Silver prices jumped over $20 in the last day and will hold and move strongly when we see the strong move, either way, which we now expect from gold prices.




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. 89,896.91


Y 8,882.73

Y 8,933.12


| Digg This Article
 -- Published: Friday, 12 August 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.