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

Gold Seeker Closing Report: Gold and Silver Gain with Stocks
By: Chris Mullen, Gold Seeker Report

Ira Epstein's Metals Video 11 15 2018
By: Ira Epstein

Will The Fed Sacrifice Retirement Portfolio Values For The "Common Good"?
By: Daniel R. Amerman, CFA

Here's How We Discovered This Disruptive Gold Stock... Before It Went Public
By: Frank Holmes

GoldSeek Radio Nugget: Rob Kirby and Chris Waltzek

Silver: Supported by D.C. and The Deep State
By: Gary Christenson

Blue Sky Uranium Reports over 1% U3O8 and 0.1% V205 in Pit Sampling Adjacent to Ivana Uranium-Vanadium Deposit
By: Blue Sky Uranium Corp.

Gold Oil and Commodities …Back to the Future?
By: Rambus

Investors And Analysts Know Nothing About Gold
By: Avi Gilburt

The New China and Gold
By: Arkadiusz Sieron


GoldSeek Web

Gold and Silver Market Morning: Sep-30-2016 -- Gold and silver hold at support!

 -- Published: Friday, 30 September 2016 | Print  | Disqus 

Gold TodayNew York closed at $1,321.40 yesterday after the previous close of $1,322.90.  London opened at $1,325.

-         The $: € was stronger at $1.1173: €1 from $1.1223: €1 yesterday.

-         The Dollar index was stronger at 95.82 from 95.45 yesterday.

-         The Yen was stronger at 101.21: $1 up from 101.56: $1 yesterday against the dollar.

-         The Yuan was stronger at 6.6720: $1 from 6.6734: $1 yesterday.

-         The Pound Sterling was weaker at $1.2956: £1 from yesterday’s $1.3024: £1.


Yuan Gold Fix

Trade Date


Benchmark Price AM

Benchmark Price PM

      2016  09  30

      2016  09  29







Dollar equivalent @ $1: 6.6720

$1: 6.6734







Look at the difference between New York’s close and Shanghai’s p.m. fix! With the Yuan becoming one of the currencies in the SDR tomorrow we are closely watching to see if there is any change in a range of Chinese activities.


Many feel that the Yuan has done little internationally so far, so why should it change now? We feel, as you know, that China has been holding back until this moment came. From now on we will see the action in the currency, etc. going forward.


Shanghai kept gold prices at the day before’s level ignoring New York. What next?


LBMA price setting:  The LBMA gold price setting was at $1,327.90 against yesterday’s $1,320.85.


The gold price in the euro was set at €1,188.49 against yesterday’s €1,177.39.


Ahead of the opening of New York the gold price was trading at $1,324.25 and in the euro at €1,186.92.  At the same time, the silver price was trading again at $19.33.


Silver Today –The silver price rose slightly to $19.07 at New York’s close yesterday down from $19.16, Wednesday. 


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


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


Price Drivers

With the Shanghai gold exchange closed for the weekend gold prices in London are trying to follow New York from the front as they are pulled back ahead of New York’s opening. But once again currencies are dominating gold prices.


Meanwhile there is a potential crisis in Europe that is disturbing markets, Deutsche Bank and Commerzbank. The markets are telling us that there is a real crisis looming. The media and these banks tell us that all is well. The reality is something that we cover more in this week’s Gold Forecaster as we cannot do it justice here. Of greatest concern is the possibility that Deutsche Bank may suffer a $14 billion fine when it has current capital $18 billion. Nothing is set in stone and it is clear that the German government cannot afford to let Deutsche bank fail. The ‘ripple’ effect would be horrendous on the developed world in its entirety. But the markets are rattled when they see hedge funds leave the bank! Subscribe -


An issue that is being ignored throughout the world is the use of artificial intelligence to destroy jobs. In less than a decade this destruction should hit up to 50% of jobs in the developed world and there isn’t even a discussion as to how these unemployed people will be looked after. It’s the stuff revolutions were made on in the past! In a world where the rise of China, alongside this work force destruction, is a persistent undercurrent on a globe where developed world growth is insufficient, this is perhaps the most pernicious set of factors facing the young and next generation. Its progress is unstoppable.


The next intractable problem under questioned is the benefits inflation will bring. Central banks are striving to reach a 2% target level for inflation. The main benefit is that it should mean that deflation has ended. But, as we see in Japan, the aging population is thrifty and unlikely to go out and spend their savings. More likely they will move it into items that can benefit from inflation, such as gold. Higher inflation, therefore, will not induce economic growth.


Gold ETFs – There were no sales or purchase of gold from the SPDR gold ETF or the Gold Trust yesterday, leaving their respective holdings at 949.139 tonnes and 226.68 tonnes, still. 


Since January 4th this year, the holdings of these two gold ETFs have risen by 375.517 tonnes.


Silver – Silver prices have changed direction, following gold prices as the turnaround begins.




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. 88,235.48


Y 8,838.04

Y 8,799.00


| Digg This Article
 -- Published: Friday, 30 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 - 2018 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.