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

GoldSeek Radio: Gerald Celente and Wolf Richter, and Chris Waltzek

SWOT Analysis: Tightened Supplies Could Be Good for Copper
By: Frank Holmes

Technical Scoop - Weekend Update Mar 19
By: David Chapman

The Wealth Machine That Rising Interest Rates Create And The Conflict With The National Debt (Part 2)
By: Daniel R. Amerman, CFA

2018 Reversal Dates for Gold, Silver and Gold Stocks
By: Przemyslaw Radomski, CFA

Standing Ready to Lease Gold
By: Keith Weiner

Is The U.S. Economy Really Growing?
By: Peter Cook, CFA

Pro-govt. Turkish paper reprints Manly's RT exposure of gold price suppression
By: Chris Powell

Yet Another Chart That Screams “Look Out!”
By: John Rubino

Bonds, Inflation And Amigos
By: Gary Tanashian


GoldSeek Web

Gold and Silver Market Morning: Sep-5-2016 -- Gold and silver recovering above $1,320!

 -- Published: Monday, 5 September 2016 | Print  | Disqus 

Gold TodayGold closed in New York at $1,325.60 on Friday after Thursday’s close at $1,313.30.  London opened at $1,327.

-         The $: € was weaker at $1.1165 down from $1.1182 Friday.

-         The dollar index was weaker at 95.65 from 95.79 Friday.

-         The Yen was slightly stronger at 103.28 from Friday’s 103.57 against the dollar.

-         The Yuan was slightly stronger at 6.6770 from 6.6823 Friday.

-         The Pound Sterling was stronger at $1.3328 from Friday’s $1.3267.


Yuan Gold Fix

Trade Date


Benchmark Price AM

Benchmark Price PM

      2016  09  5

2016  09 2







Dollar equivalent @ $1: 6.6770

$1: 6.6823







Shanghai took the gold price higher by a small amount and London held it there at the open.

The Yuan was slightly stronger against the dollar which weakened slightly across the board. The pound continued to strengthen as you can see.


LBMA price setting:  The LBMA gold price setting on Monday was at $1,328.30. On Friday it was at set at $1,311.50.


The gold price in the euro was set on Monday at €1,189.91 up strongly on Friday’s 1,172.34.

New York is closed today but at the time New York usually opened, the gold price was trading at $1,327.10 and in the euro at €1,188.84.  At the same time, the silver price was trading at $19.48.


Silver Today –The silver price closed in New York at $19.39 up 52 cents, on Friday after $18.87 Thursday. 


Gold (very short-term) The gold price will consolidate, today.      


Silver (very short-term) The silver price will consolidate today.


Price Drivers

We wish our readers enjoy their holiday today, ready for a stronger gold market on their return. In our next issue of the Gold Forecaster we will discuss just what strategy will tremendously increase your returns in a time when gold prices are rising and just how to maximize returns, when it is not. [subscribe: ]


While New York is on holiday the jump in gold prices seen last Friday persists. The disappointing jobs report shook markets on Friday seemingly postponing a rate increase until the end of the year. Meanwhile the dollar continues to weaken against the major currencies, with the exception of the Japanese Yen.


There were no significant moves in the U.S. physical market showing that exchange rate moves continue to move gold and silver prices.


Meanwhile demand in India is on the rise as the gold and festival seasons begin. We keep seeing statistics for Indian demand related mainly to ‘official’ imports. We find these almost impossible to accept, because the Indian gold market is no longer dominated by ‘official’ imports.


Smuggling, three years ago, was thought to be at around 250 tonnes per annum on top of ‘official’ imports. Since then professional smugglers have improved efficiencies and market penetration. In addition the government has increased their profit margins by 1% by imposing a further Tax of that amount. During the gold manufacturer’s strikes, their front doors were closed and their back doors were open and manufacturing continued no doubt with the assistance of smuggled gold imports.


So when we see ‘official figures marked down and reports of dropping demand coming through we take these with a pinch of salt.


After a very good Monsoon, gold buyers are putting profits back into their pockets. With no tax payable on agricultural profits, much of those find their way into property and into gold and an ‘alternative’ financial system. It’s the Indian way of life resulting from many, many years of political corruption and bureaucratic abuse on the gold trade there.


So we would suggest that you add a minimum of 250 tonnes to the ‘official gold figures annually to see what the real annual Indian demand really is.



Gold ETFs – In New York Friday there were no sales from of purchases into the SPDR gold ETF but a small sale from the Gold Trust of 0.05 of a tonne leaving their respective holdings at 937.89 tonnes and 225.39 tonnes.


Since January 4th this year, the holdings of these two gold ETFs have risen by 364.165 tonnes.


Silver – The silver price jumped on the relatively small move in the gold price on Friday and this has carried through to London on Monday. A jump, of just under 3% in silver prices was seen while gold rose 1% on Friday.




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. 87,780.51


Y 8,861.84

Y 8,780.48


| Digg This Article
 -- Published: Monday, 5 September 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.