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

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

Cryptojunkies: Beware the Ides of December
By: Michael Ballanger

This Week in Bitcoin: The IRS Targets Coinbase, Venezuela to Mint Its Own Cryptocurrency
By: Frank Holmes

Gold Seeker Closing Report: Gold and Silver Fall While Stocks Edge Higher
By: Chris Mullen, Gold Seeker Report

Ira Epstein's Metals Video 12 11 2017
By: Ira Epstein

Michael Pento: Epic Stock Market And Fixed Income Bubble Will Not End Well
By: Mike Gleason

100% Bullish Signal for Precious Metals Sector
By: Przemyslaw Radomski, CFA

Jack Chan's Weekly Precious Metals Market Update
By: Jack Chan

SWOT Analysis: Is Gold Set to Rise in 2018?
By: Frank Holmes

 
Search

GoldSeek Web

 
Gold and Silver Market Morning: Oct-10-2016 -- Gold and silver starting to bounce?


 -- Published: Monday, 10 October 2016 | Print  | Disqus 

Gold TodayNew York closed at $1,254.30 Friday after the previous close of $1,268.60.  London opened at $1,263.00.

-         The $: € was stronger at $1.1174: €1 from $1.1199: €1 Friday.

-         The Dollar index was stronger at 96.71 from 96.23 Friday.

-         The Yen was stronger at 103.16: $1 from 103.62: $1 Friday against the dollar.

-         The Yuan was weaker at 6.7010: $1 from 6.6895: $1 Friday.

-         The Pound Sterling was heavily weaker at $1.2380: £1 from Friday’s $1.2728: £1.

 

Yuan Gold Fix

Trade Date

Contract

Benchmark Price AM

Benchmark Price PM

      2016  10  10

      2016  09  5

SHAU

SHAU

272.61

/

273.07

/

Dollar equivalent @ $1: 6.7010

$1: 6.6895

 

$1265.35

/

$1,267.49

/

 

Shanghai is back from holiday. And they were not prepared to accept New York’s physical free price of $1,254 trading $11 - $13 higher.  We remind ourselves that Shanghai is the biggest physical market in the world. It is also the first time Chinese investors and the PB o C has had the opportunity to react to the Yuan being one of the world’s leading currencies as one of those making up the SDR. In addition let’s also remind ourselves that there is no love lost between the U.S. and China as China is a separately developing ‘empire’ to that of the developed world.

 

We note how Thailand acceded to pressure from China on one of the Chinese dissidents and is sending him back to China. We have long made the point that pressure from Chinese reaches throughout Asia, including Singapore, where some believe their gold is free from potential interference from all other nations. Not so!

 

With the U.S. closed for Columbus Day pricing power lies in London and Shanghai.

 

LBMA price setting:  The LBMA gold price setting was at $1,262.10 against Friday’s $1,265.50. The gold price in the euro was set at €1,130.21 against Friday’s €1,131.88.

 

Ahead of the opening of New York the gold price was trading at $1,259.75 and in the euro at €1,129.01.  At the same time, the silver price was trading again at $17.73.

 

Silver Today –The silver price fell to $17.32 at New York’s close Friday from $17.50, Thursday. 

 

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

                                                                                              

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

 

Price Drivers

With the ‘Golden Week’ out of the way now this week should see the power of China’s pricing gold. If China had decided that the $1,250 area is where the price would be prices would have fallen and buyers would have held back from buying. But the consensus was that prices were too low and they piled in. On top of that, they would have seen the publication of the SPDR statistics on Friday and seen the heavy physical buying that came in during the day. Combine the two and we see that physical buying eventually dominated ‘paper’ gold selling. This is an important feature for the gold price in the future. It tells us when good physical demand comes in COMEX prices will follow and cannot dominate in such a market. But let that physical buying slip and COMEX will sell ‘paper’ gold.

 

But the most important feature in the gold market will come from China as it can now afford to be more open internationally and in the gold market exerting a greater impact on the gold price. Subscribe - GoldForecaster.com Have we seen the bottom in the gold price? The resurgence of ETF buying in the U.S. on Friday is certainly the opinion of some large institutions.

 

Repeat: This is what we think at Gold Forecaster and Stockbridge Management Alliance Ltd? We see the price very close to the Technical targeted bottom. We do see current price areas we see as a major buying opportunity.

 

You are welcome to contact us at admin@stockbridgemgmt.com should you wish to buy physical gold in forms that are dealable all over the world and we can hold them for you in a robust manner that, we feel, removes the threat of being confiscated. We’re the only storage company that offers that!

 

Gold ETFs – There were massive purchases into the SPDR gold ETF of 11.273 tonnes as some investors read the $1,250 area as the bottom in the gold price! There was no change in the holdings of the Gold Trust, leaving both their respective holdings at 959.902 tonnes and 227.23 tonnes. 

 

Since January 4th this year, the holdings of these two gold ETFs have risen by 386.153 tonnes.

 

Silver – Silver prices should resume following the gold price. As we see gold price bounce, we do expect to see silver prices bounce more.

 

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

Sf1,237.20

Sf1,233.03

US

$1,259.75

$1,260.25

EU

€1,129.01

€1,127.39

India

Rs.83,796.55

Rs. 84,105.81

China

Y 8,448.77

Y 8,404.61

 


| Digg This Article
 -- Published: Monday, 10 October 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.