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-20-2016 -- Gold and silver waiting for two central banks!


 -- Published: Tuesday, 20 September 2016 | Print  | Disqus 

Gold TodayNew York closed at $1,313.30 yesterday.  London opened at $1,319.

-         The $: € was weaker at $1.1187: €1 from $1.1159: €1 yesterday.

-         The Dollar index was slightly weaker at 95.82 from 95.92 yesterday.

-         The Yen was slightly stronger at 101.76: $1 up from 102.04: $1 yesterday against the dollar.

-         The Yuan was slightly stronger at 6.6700: $1 from 6.6737: $1 yesterday.

-         The Pound Sterling was again weak at $1.2989: £1 from Friday’s $1.3058: £1.

 

Yuan Gold Fix

Trade Date

Contract

Benchmark Price AM

Benchmark Price PM

      2016  09  20

      2016  09  19

SHAU

SHAU

283.31

282.79

283.29

283.49

Dollar equivalent @ $1: 6.6700

$1: 6.6737

 

$1,321.13

$1,317.97

$1,321.04

$1,321.23

 

Shanghai did walk its own road today sitting at $1,321 throughout the day, despite the lower gold price close in New York. London opened close to that level, but quickly slipped back to $1,315. We are now less than two weeks away from the adoption of the Yuan as one of the currencies that make up the SDR.  The Yuan is being restrained at current levels, but we see it falling against the dollar for at least the rest of the year.

 

LBMA price setting:  The LBMA gold price setting was at $1,315.40 barely changed on yesterday’s $1,315.05.

 

The gold price in the euro was set at €1,175.83 against yesterday’s €1,178.41.

 

Ahead of the opening of New York the gold price was trading at $1,313.80 and in the euro at €1,174.82.  At the same time, the silver price was trading again at $19.12.

 

Silver Today –The silver price rose to $19.16 at New York’s close yesterday up from $18.77, Friday. 

 

Gold (very short-term) The gold price will consolidate ahead of central bank announcements, today in New York.      

 

Silver (very short-term) The silver price will consolidate ahead of central bank announcements, today in New York.

 

Price Drivers

Today the Bank of Japan and the Fed begin their deliberations on policies. Japan is due to announce their decisions first followed by the Fed.

 

Once again, markets are obsessed with these events, despite the market’s thoughts that neither central bank will do anything except fine tune past statements. Nevertheless two key government stock traders tell us to be ready for a shock rise of 0.25% and other tell us that the Bank of Japan will go further into negative rates. Will this boost the economy of Japan? No! It seems that so far the bank’s moves have proved counter-productive.

 

We believe that current moves are about exchange rates. Despite the “Currency War” being denied, we are all aware that it is on and going full bore. Japan desperately wants a cheaper Yen and to date has only seen the Yen getting stronger. Another move of interest rates into negative territory may help, but we doubt it. Why? As we have said the Treasury and the Fed of the U.S. don’t want a stronger dollar against all currencies, because that weakens their export potential and cheapens imports that are helping to undermine local production. So the Fed has to consider if a rate hike will assist in strengthening the dollar as well as other factors. They have made that clear in past announcements.

 

Will gold fall on a rate hike? Possibly, temporarily, but history shows that a rate hike may also cause the gold price to rise. We would not bet on a rate rise affecting gold prices for a long time. We would expect gold price to move higher once any rate hike has been absorbed. Subscribe: www.GoldForecaster.com

 

Gold ETFs – There was no change in the SPDR gold ETF but sales of 2.33 tonnes from the Gold Trust Friday, leaving their respective holdings at 942.611 tonnes and 223.51 tonnes.

Since January 4th this year, the holdings of these two gold ETFs have risen by 365.819 tonnes.

 

Silver – Silver prices are straining at the leash as they rise over $19.00 wanting to run further. These are not the influences of fundamentals but U.S. silver investors expecting news that will send both gold and silver prices higher.

 

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

Sf1,286.21

Sf1,290.13

US

$1,313.80

$1,314.80

EU

€1,174.82

€1,177.98

India

Rs.88,029.20

Rs. 88,042.30

China

Y 8,760.02

Y 8,772.35

 

 


| Digg This Article
 -- Published: Tuesday, 20 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.