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

For Clues On The Economy, Follow The Money
By: Dave Kranzler

Zinc One Announces Approval of Permit for 124 Drill Platforms on the Bongará Zinc Mine Project, Peru
By: Zinc One Resources Inc.

Yet Another Reason The Tax Bill Stinks
By: Rick Ackerman

Gold Seeker Closing Report: Gold and Silver Trade Mixed With Stocks
By: Chris Mullen, Gold Seeker Report

Gold And Cryptos Destroy Fiat
By: Stewart Thomson

Mike's New Crypto Documentary And Large Silver Purchase
By: Mike Maloney

CPM Group’s Jeff Christian Responds “NEGATIVELY” To The SRSrocco Report On Silver Investment Demand
By: Steve St. Angelo

Low Silver Price Creating Buying Opportunities; SilverCrest Preparing for Maiden Resource
By: Nicholas LePan, SilverSeek.com

Bitcoin Hyper-Deflation, Gold and Silver Report
By: Keith Weiner

Cryptojunkies: Beware the Ides of December
By: Michael Ballanger

 
Search

GoldSeek Web

 
Gold and Silver Market Morning: Sep-16-2016 --Gold and silver drifting lower!


 -- Published: Friday, 16 September 2016 | Print  | Disqus 

Gold TodayNew York closed yesterday at $1,314.00 yesterday.  London opened at $1,322.60.

-         The $: € was barely changed at $1.1240: €1 from $1.1239: €1 yesterday.

-         The Dollar index was weaker at 95.30 from 95.43 yesterday.

-         The Yen was stronger at 102.00: $1 up from 102.25: $1 yesterday against the dollar.

-         The Yuan was slightly stronger at 6.6740: $1 from 6.6790: $1 yesterday.

-         The Pound Sterling was unchanged at $1.3229: £1 from yesterday’s $1.3229: £1.

 

Yuan Gold Fix

Trade Date

Contract

Benchmark Price AM

Benchmark Price PM

      2016  09  15

      2016  09  14

SHAU

SHAU

/

/

/

/

Dollar equivalent @ $1: 6.6740

$1: 6.6790

 

/

/

/

/

 

With Shanghai on holiday today as well London and New York continue to make the prices of gold and silver.

 

LBMA price setting:  The LBMA gold price setting on Thursday was at $1,314.25. Yesterday it was at set at $1,320.10.

 

The gold price in the euro was set at €1,171.03 against yesterday’s €1,174.36.

 

Ahead of the opening of New York the gold price was trading at $1,313.35 and in the euro at €1,170.44.  At the same time, the silver price was trading at $18.93.

 

 

Silver Today –The silver price was lifted to $19.00 at New York’s close yesterday up from $18.98, Wednesday. 

 

Gold (very short-term) The gold price will continue to drift, today in New York.      

 

Silver (very short-term) The silver price will continue to drift, today in New York.

 

Price Drivers

The gold price is drifting assisted by a steady stream of selling from the SPDR gold ETF in the last week. These sales do seem to be aiming at lowering prices. It is a great opportunity for bears insofar as a short position taken on COMEX of a larger size than the physical sales ensures profits on the falls. This is what’s happening now. But the drifting nature of the gold price could be turned back just as fast buy a large buy order.

 

The lower the gold price drifts the closer to heavy support at around $1,300.

 

Indian Demand – The start of the gold season is underway. The discount prices on gold are disappearing and gold should be trading at the same price as London from next week onwards.

The monsoons were very good this year letting farmers make a decent profit this year for the first time in three years. Governmental sources say that is because smuggling is now being deterred by better policing of smuggler’s routes at airports. We doubt that they are having such an impact as smugglers routes into the country are many and varied along India’s vast borders along mountainous passes and along the coast as well as at airports. Large volumes would not go through airports. What is clear is that smuggled gold comes in at an 11% discount to official imports where duty is paid.

 

We see the disappearance of discounts as an indicator of demand absorbing both ‘official’ imports and smuggled imports.

 

While China is on holiday for the long weekend starting Thursday until Monday they return next week to an economy that is stabilizing, where the middle classes are burgeoning and buying cars in record numbers. This enrichment of the poor could eventually extend to more than a third of the population, all of whom are attracted by gold as an investment.

 

While their disposal income levels dictate the amounts of gold they can buy [a 25% rise in price reduces the amount of gold buyable by 25%] the sheer rise in numbers of richer people overwhelms the increased cost of buying gold in terms of buying potential. Subscribe: www.GoldForecaster.com

 

Gold ETFs – There were sales of 3.264 tonnes of gold from the SPDR gold ETF but no change in the Gold Trust yesterday, leaving their respective holdings at 932.225 tonnes and 225.84 tonnes.

 

Since January 4th this year, the holdings of these two gold ETFs have risen by 357.763 tonnes.

 

Silver – With silver prices falling far less, in percentage terms, than gold we see silver investors unwilling to believe the fall in the gold price will go much lower or for longer.

 

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

Sf1,280.06

Sf1,286.49

US

$1,313.35

$1,321.10

EU

€1,170.44

€1,175.57

India

Rs.87,981.97

Rs. 88,536.82

China

Y 8,766.22

Y 8,816.10

 


| Digg This Article
 -- Published: Friday, 16 September 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 - 2017



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.