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 Pare Yesterday’s Gains; Dow Drops 700+
By: Chris Mullen, Gold Seeker Report

SSR Mining begins drilling at Eagle Plains (TSX-V: EPL) Fisher Gold Property
By: Nicholas LePan,

Worried About Rising Rates? I Believe this Strategy Could Be the Answer
By: Frank Holmes

Is It The Trade War Threats Or Extreme Overvaluation?
By: Dave Kranzler

GoldSeek Radio Nugget: Peter Schiff and Chris Waltzek

When Is Three Better for Gold Than Four?
By: Arkadiusz Sieron

Mining Gold and Silver From Bombs
By: Rory Hall

Golden Arrow Starts Drilling at Antofalla Silver-Gold-Base Metal Project, Argentina
By: Golden Arrow Resources Corporation

Gold +1.8%, Silver +2.5% As Fed Increases Rates And Trade War Looms
By: GoldCore

Gold Seeker Closing Report: Gold and Silver Gain Roughly 2% After Fed
By: Chris Mullen, Gold Seeker Report


GoldSeek Web

Gold and Silver Market Morning: Oct-3-2016 -- Gold and silver struggling at support!

 -- Published: Monday, 3 October 2016 | Print  | Disqus 

Gold TodayNew York closed at $1,317.40 Friday after the previous close of $1,321.40.  London opened at $1,314.

-         The $: € was stronger at $1.1237: €1 from $1.1173: €1 Friday.

-         The Dollar index was stronger at 95.82 from 95.82 Friday.

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

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

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


Yuan Gold Fix

Trade Date


Benchmark Price AM

Benchmark Price PM

      2016  10  3

      2016  09  30







Dollar equivalent @ $1: 6.6720

$1: 6.6720







Once again we see lower prices dominating while Shanghai is on holiday. New York prices dominate when China is closed.


The Yuan is now part of the SDR of the IMF, for the Chinese an important step on the way to international acceptability as a global currency. We expect to see its use accelerate from now on. Today’s Yuan exchange rate is merely academics because of the holiday there.


LBMA price setting:  The LBMA gold price setting was at $1,318.65 against Friday’s $1,327.90.


The gold price in the euro was set at €1,173.49 against yesterday’s €1,188.49.


Ahead of the opening of New York the gold price was trading at $1,315.80 and in the euro at €1,170.85.  At the same time, the silver price was trading again at $19.09.


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


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


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


Price Drivers

 The story of the week, this week, is Deutsche Bank. The media and Deutsche bank are telling the markets everything is OK. Deutsche Bank is facing an up to $14 billion fine from the Justice department and now is facing charges from Italy.  You have all read the papers and what they say, but the real problem is that the ongoing reports of bad behavior continue alongside the belief that the German government will break its own rules and rescue them no matter what. This is despite their heavy handedness over Italian and Greek banks. In turn this speaks of lack of confidence ‘in the system’ and cohesion within the E.U. needed to resolve the problems.


This is now being demonstrated by hedge funds removing their funds from the bank. There is no doubt that no matter what state Deutsche bank is in, if it loses the confidence of its clients and the system sticks to its rules Deutsche bank could fall. But everything will be done to protect it no matter what it has done. The story is gold positive.


As a reminder of what can happen if the banking system loses the trust of the financial world, in 1933 there were a host of ‘bad banks’ in the U.S. forcing the government under Roosevelt to close down the banking system for a long weekend. The bad banks were then closed, gold was confiscated and placed behind the dollar in its support. The banking system of all countries will be made to stand no matter what and no alternative to national currencies will be permitted to compete with them, including gold or cash held in or outside the banking system. -  Subscribe -


Gold ETFs – There were sales of 1.187 tonnes from the SPDR gold ETF but no change in the Gold Trust Friday, leaving their respective holdings at 947.952 tonnes and 226.68 tonnes. 


Since January 4th this year, the holdings of these two gold ETFs have risen by 374.33 tonnes.


Silver – Silver prices are holding above $19, above support.




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. 88,253.05


Y 8,775.07

Y 8,838.04


| Digg This Article
 -- Published: Monday, 3 October 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.