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: Sep-19-2016 --Gold and silver consolidating!

 -- Published: Monday, 19 September 2016 | Print  | Disqus 

Gold TodayNew York closed Friday at $1,310.90 yesterday.  London opened at $1,318.

-         The $: € was stronger at $1.1159: €1 from $1.1240: €1 Friday.

-         The Dollar index was stronger at 95.92 from 95.30 Friday.

-         The Yen was slightly weaker at 102.04: $1 down from 102.00: $1 Friday against the dollar.

-         The Yuan was slightly stronger at 6.6737: $1 from 6.6740: $1 Friday.

-         The Pound Sterling was very weak at $1.3058: £1 from Friday’s $1.3229: £1.


Yuan Gold Fix

Trade Date


Benchmark Price AM

Benchmark Price PM

      2016  09  19

      2016  09  15







Dollar equivalent @ $1: 6.6737

$1: 6.6740







With Shanghai back in business we see it registered the purchase into the SPDR gold ETF and took the price higher. On the surface it looked like Shanghai was walking its own road after the holidays, but with the SPDR having to find the gold in London today to supply the Friday’s buying we feel that Shanghai was fulfilling its role in the 24-hour global gold market.


LBMA price setting:  The LBMA gold price setting on Thursday was at $1,315.05. Friday it was at set at $1,314.25.


The gold price in the euro was set at €1,178.41 against yesterday’s €1,171.03.


Ahead of the opening of New York the gold price was trading at $1,314.80 and in the euro at €1,177.98.  At the same time, the silver price was trading at $19.12.


Silver Today –The silver price was dropped to $18.77 at New York’s close Friday down from $18.98, Thursday. 


Gold (very short-term) The gold price will consolidate with a stronger bias, today in New York.      


Silver (very short-term) The silver price will consolidate with a stronger bias, today in New York.


Price Drivers

The gold price received a positive input from heavy buying into the fund as you can see below. This has led to Shanghai and London lifting prices today. The buying and selling into the SPDR gold ETF continues to be the main driving force behind the gold price. As we said on Friday, “… the drifting nature of the gold price could be turned back just as fast buy a large buy order.” This is what we are seeing now.


This week we expect market moving action from the Bank of Japan in the potential stimuli additions it may announce, or not. With the FOMC due to meet on the 29th we expect to hear a great deal of chatter on the subject of a rate hike until then.


Indian The Indian government plans a proposal that includes a major increase in the tax on gold and other precious metals. The gold markets in India expect a Sales Tax between 2%-6%. Precious metals are currently taxed at between 1%-1.6%. If this happens, we expect a loud outcry from those on whom it is imposed.


We have pointed out how Indians are unwilling to bow to government on import duties, as well as Sales tax impositions including striking against such taxes. Normally, taxes deter the buying of gold, but in India there is a long tradition of smuggling gold into the country, with the public more than happy to disobey government and what is seen as their corrupt bureaucrats when policing the trade. We can just hear the whooping from smugglers at the prospect of such an imposition of tax. It will simply serve to make their business more profitable and to expand. As to gauging the volume of smuggled gold into the country, any figures should be treated as uninformed guesses. We have heard figures of between 150 and 250 tonnes per year, but have to question the willingness and veracity of smugglers who come forward with such statistics. It could be much higher! Right now such speculation is likely to spur demand ahead of such an imposition. Subscribe:


Gold ETFs – There was a huge purchase of 10.386 tonnes of gold into the SPDR gold ETF but no change in the Gold Trust Friday, leaving their respective holdings at 942.611 tonnes and 225.84 tonnes.


Since January 4th this year, the holdings of these two gold ETFs have risen by 368.149 tonnes.


Silver – Silver prices are back over $19.00 showing great resistance to falling too far into the $18.00 area.




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. 87,981.97


Y 8,772.35

Y 8,766.22


| Digg This Article
 -- Published: Monday, 19 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 - 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.