LIVE Gold Prices $  | E-Mail Subscriptions | Update GoldSeek | GoldSeek Radio 

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

Is Gold Price Action Warning Of Imminent Monetary Collapse Part 2?
By: Hubert Moolman

Gold and Silver Are Just Getting Started
By: Frank Holmes, US Funds

Silver Makes High Wave Candle at Target – Here’s What to Expect…
By: Clive Maund

Gold Blows Through Upside Resistance - The Chase Is On
By: Avi Gilburt

U.S. Mint To Reduce Gold & Silver Eagle Production Over The Next 12-18 Months
By: Steve St. Angelo, SRSrocco Report

Gold's sharp rise throws Financial Times into an erroneous sulk
By: Chris Powell, GATA

Precious Metals Update Video: Gold's unusual strength
By: Ira Epstein

Asian Metals Market Update: July-29-2020
By: Chintan Karnani, Insignia Consultants

Gold's rise is a 'mystery' because journalism always fails to pursue it
By: Chris Powell, GATA


GoldSeek Web

Gold and Silver Market Morning: Aug-16-2016 -- Gold and silver prices trying to break higher on a weaker dollar!

 -- Published: Tuesday, 16 August 2016 | Print  | Disqus 

Gold TodayGold closed in New York at $1,339.40 on Monday after Friday’s close at $1,334.60.  London opened at $1,350.75.

-         The $: € was heavily weaker at $1.1268 from $1.1168.

-         The dollar index fell to 94.94 from 95.65 Monday.

-         The Yen was stronger at 100.25 from Monday’s 101.07 against the dollar.

-         The Yuan was stronger at 6.6270 from 6.6459 Monday.

-         The Pound Sterling was slightly stronger at $1.2934 up from Monday’s $1.2924.


Yuan Gold Fix

Trade Date


Benchmark Price AM

Benchmark Price PM

2016  08  16

2016  08  15







Dollar equivalent @ $1: 6.6270

$1: 6.6459







Shanghai was higher than London’s opening and much higher than New York’s close. London opened at $1,350 whereas as you can see, the p.m. Fix in Shanghai was at nearly $1,354. Shanghai’s physical demand is greater than New York’s paper demand today. U.S. physical demand via the gold ETFs was absent yesterday.


The rise in Yuan prices was against a backdrop of a stronger Yuan, which was in the face of a weak dollar. The Yuan has shown strength in the last few days despite good reasons to weaken against the dollar. We expect that this is because of the impending ‘Go!” signal for the Yuan to be ‘officially’ designated one of the world’s hard currencies. Once that IMF confirmation is published, we expect to see the Yuan steadily decline. [More in our newsletters – subscribe below].


LBMA price setting:  $1,349.10 after Monday 15th August’s $1,339.20.


The gold price in the euro was set at €1,196.97 down €1.93 from Monday’s €1,198.90 due to the weaker dollar.


Ahead of the opening in New York the gold price stood at $1,353.70 and in the euro at €1,198.76. 


Silver Today –The silver price closed in New York at $19.81 on Monday down from $19.69 on Friday.  Ahead of New York’s opening the price was trading at $20.08.


Gold (very short-term)

The gold price will consolidate trying to break higher, in New York today.      


Silver (very short-term)

The silver price will consolidate trying to break higher, in New York today.      


Price Drivers

After many institutions forecast a stronger dollar it continues to weaken against reason, or so it seems. Emerging market currencies and bonds are doing well as they offer much higher yields. Once the Fed, eventually, does lift interest rates, we expect a huge unwinding of these positions.


On several fronts, developed world and emerging world bonds, equity markets and on the currency front, any lifting of U.S. interest rates would catapult these markets down, while the dollar would be catapulted higher. So the weight of responsibility on the U.S. Fed grows by the day. We at Gold Forecaster do not expect such a rise in rates for a long, long time because of this risk.


This is very positive for gold and silver, because such dramatically heightened risks for world markets makes gold and silver a haven set apart from these markets and a port in the coming storms.


Gold ETFs – In New York on Monday there were no sales or purchases from or into the SPDR gold ETF of the Gold Trust. This left their respective holdings at 960.447 tonnes and 222.89 tonnes.


Since January 4th this year, the holdings of these two gold ETFs have risen by 385.722 tonnes.


Silver –Silver prices are above $20 at the moment as gold rises to the midpoint in its trading range again. Should gold rise further even to $1,360 you will see silver run ahead.




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. 89,432.47


Y 8,961.49

Y 8,878.81


| Digg This Article
 -- Published: Tuesday, 16 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 - 2019 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, Gold Seek LLC, its affiliates or advertisers., Gold Seek LLC 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, Gold Seek LLC, is strictly prohibited. In no event shall, Gold Seek LLC or its affiliates be liable to any person for any decision made or action taken in reliance upon the information provided herein.