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Gold and Silver Market Morning: Oct-20-2016 -- Gold price consolidating with positive bias!

 -- Published: Thursday, 20 October 2016 | Print  | Disqus 

Gold TodayNew York closed at $1,269.40 yesterday after the previous close of $1,262.00 London opened at $1,269.00.

-         The $: € was stronger at $1.0973: €1 from $1.0997: €1 yesterday.

-         The Dollar index was stronger at 97.95 from 97.69 yesterday.

-         The Yen was weaker at 103.77: $1 from 103.36: $1 yesterday against the dollar.

-         The Yuan was weaker at 6.7395: $1 from 6.7370: $1 yesterday.

-         The Pound Sterling was slightly weaker at $1.2275: £1 from Friday’s $1.2285 £1.


Yuan Gold Fix

Trade Date


Benchmark Price AM 1 gm

Benchmark Price PM 1 gm

      2016  10  19

      2016  10  18







Dollar equivalent

1 oz @ $1: 6.7395

$1: 6.7370








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.


Once again, New York’s close and London’s opening was very close. But again Shanghai spent the day well above their prices by $5 and more.  Having worked with successful arbitrageurs in London in the past, we can clearly see that through the International Shanghai Gold Exchange arbitrage in gold is not just feasible but practiced. Any overweight London stocks can easily be sent to Shanghai from, in particular the ICBC/Standard branch in London that control two warehouses capable of holding 3,500 tonnes of physical gold.  With this bank being a ‘market maker’ in London and a member of the LBMA price setting body, such a trading activity would be consistent with its normal functions.


Capital Controls in China do not pose a hurdle for this business. What this could do is to smooth out price differentials between Shanghai and London. With Shanghai’s physical gold prices being more representative of physical gold prices [due to volumes of gold traded] it is inexorable that Shanghai becomes the leading gold Benchmark pricer in the future.


LBMA price setting:  The LBMA gold price setting was at $1,269.20 against yesterday’s $1,269.75. The gold price in the euro was set higher at €1,156.55 against yesterday’s €1,154.63.

Ahead of the opening of New York the gold price was trading at $1,271.00 and in the euro at €1,157.45.  At the same time, the silver price was trading at $17.64.


Silver Today –The silver price rose to $17.68 at New York’s close yesterday from $17.62, Monday. 


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


Silver (very short-term) The silver price should again show a positive bias, in New York today.


Price Drivers

The Technical picture favors a run higher at the moment, but how far? The strong move we expected is to the upside.  Subscribe - Contact us at to buy physical gold in a way that we feel, removes the threat of it being confiscated. We’re the only storage company that offers that!


The E.C.B.’s Mario Draghi left the interest rate on its refinancing operations at 0%, while holding the deposit rate at minus 0.4% and the deposit rate at 0.25%, reiterating that policy makers “expect the key ECB interest rates to remain at present or lower levels for an extended period of time, and well past the horizon of the net asset purchases.” Meanwhile he has stated that he is desperate to get inflation up to 2%. He had not spoken at the news conference when we completed this report.


But there is good inflation and bad inflation with good inflation taking wages higher and making the ‘consumer’ have more money in his pocket and so boost the economy. If oil prices were to rise this would reduce the money in his pocket and that would be bad inflation. With a recession looming in 2017 in the developed world central bankers are now in a corner and do not have the needed support of governments.


With wealth and manufacturing continuing to head east, little to nothing is being said about the undermining of an economy that this is causing in the west. But 2017 we feel, will cause a rise in protectionism [duty impositions], de-globalization, capital controls and belated moves to protect national interests against other nation’s interests. It is in this environment that gold and silver will flourish. Indeed, gold and later silver may well become targets of governments protecting national currencies.


Gold ETFs – There was no change in the holdings of either the SPDR F or the Gold Trust, leaving their respective holdings at 967.208 tonnes and 227.56 tonnes.  Hence, the rise in the gold price was not driven by physical demand.


Since January 4th this year, the holdings of these two gold ETFs have risen by 393.789 tonnes.


Silver – Silver prices are continuing to move higher but cautiously, still.




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


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 Global Gold Price (1 ounce)















Rs. 84,758.59


Y 8,565.27

Y 8,565.77


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 -- Published: Thursday, 20 October 2016 | E-Mail  | Print  | Source:

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