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Gold and Silver Market Morning: Oct-13-2016 -- Gold and silver consolidating positively!

 -- Published: Thursday, 13 October 2016 | Print  | Disqus 

Gold TodayNew York closed at $1,255.20 yesterday after the previous close of $1,253.60.  London opened at $1,260.00.

-         The $: € was stronger at $1.1008: €1 from $1.1014: €1 yesterday.

-         The Dollar index was stronger at 98.01 from 97.79 yesterday.

-         The Yen was weaker at 103.98: $1 from 103.60: $1 yesterday against the dollar.

-         The Yuan was weaker at 6.7239: $1 from 6.7140: $1 yesterday.

-         The Pound Sterling was weaker again at $1.2158: £1 from yesterday’s $1.2261: £1.


Yuan Gold Fix

Trade Date


Benchmark Price AM 1 gm

Benchmark Price PM 1 gm

      2016  10  13

      2016  10  12







Dollar equivalent

1 oz @ $1: 6.7239

$1: 6.7140






Please note that the Shanghai Fixes are for 1 gm of gold. From the Middle Eat eastward metric measurements are used against 0.9999 quality gold.


China continues to hold higher gold price levels than New York or London, but today we are seeing London opening at Shanghai’s levels. Shanghai continues to reflect physical demand as the Yuan continues to weaken. We forecast a falling Yuan with 7.00 by year’s end close to the beginning of the year and pointed out it would accelerate it fall after becoming a currency used in the SDR. It is doing this now. Yes, the dollar is strong at the moment, and Chinese exports down 10% y on y, but the middle classes in China continue to burgeon. Evidence of this is that car sales are up 28.9% y on y there. This does impact gold in that the ‘nouveau riche’ are gold buyers at retail level.


The People’s Bank of China has reported adding another 5 tonnes of gold to its ‘official’ reserves but has not disclosed any unofficial reserves it added to its holdings in SAFE and CIC. We are circumspect about official figures out of India and China, because they don’t include factors that are present and important. We suggest you do too.


LBMA price setting:  The LBMA gold price setting was at $1,258.00 against yesterday’s $1,255.70. The gold price in the euro was set higher at €1,141.46 against yesterday’s €1,139.78.


Ahead of the opening of New York the gold price was trading at $1,257.30 and in the euro at €1,139.79.  At the same time, the silver price was trading again at $17.50.


Silver Today –The silver price rose to $17.54 at New York’s close yesterday from $17.62, Tuesday. 


Gold (very short-term) The gold price should consolidate ahead of a strong move either way, in New York.      


Silver (very short-term) The silver should consolidate ahead of a strong move either way, in New York.


Price Drivers

Today we are hearing reports of the major Chinese Banks extending loans to Singapore businesses. Singapore has always been Chinese, mainly and so it is natural for this to happen. Overtime we see Singapore being very much a satellite of China and under its sway.


This is why we see Switzerland remaining the only real ‘safe haven’ for gold in the world. But then, of course it is not simply a matter of just holding it there, it must be held within the correct framework. Subscribe -


Next year, we are led to believe that we will see the gold trading statistics of the London Bullion market. In what is globally an opaque gold market we hope these revelations lift the lid on London’s dealings? 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 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 again, no purchases or sales into or from the SPDR gold ETF. Nor were there any changes in the holdings of the Gold Trust, leaving both their respective holdings at 958.902 tonnes and 227.23 tonnes. 


Since January 4th this year, the holdings of these two gold ETFs have risen by 385.153 tonnes.


Silver – Silver prices are behaving like gold prices as they wait to be given direction at what could well be a critical juncture in the precious metal markets.




Julian D.W. Phillips | | StockBridge Management Alliance [Gold Storage geared to avoid its confiscation]


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 Global Gold Price (1 ounce)















Rs. 83,519.39


Y 8,459.11

Y 8,400.48


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 -- Published: Thursday, 13 October 2016 | E-Mail  | Print  | Source:

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