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

Gold Seeker Weekly Wrap-Up: Gold and Silver Fall Almost 1% and 2% on the Week
By: Chris Mullen, Gold Seeker Report

COT Gold, Silver and US Dollar Index Report - July 20, 2018
By: GoldSeek.com

The Deep State, Trump, and the World
By: Clive Maund

Gold Investment Wanes
By: Adam Hamilton, CPA

The Most Important Charts for Your Gold Stocks Right Now
By: Marin Katusa

The road to war: China’s kryptonite - Part 2
By: Richard (Rick) Mills

GoldSeek Radio Nugget: Bill Murphy and Chris Waltzek
By: radio.GoldSeek.com

NEVER BEFORE SEEN CHARTS: Gold Mining Industry’s Costs Are Higher Than Market Realizes
By: Steve St. Angelo

Powell Sinks Gold, Again
By: Arkadiusz Sieron

Weekly Digest – News, Market Updates and Videos You May Have Missed
By: GoldCore

 
Search

GoldSeek Web

 
Gold and Silver Market Morning: Oct-21-2016 -- Gold price consolidating with positive bias!


 -- Published: Friday, 21 October 2016 | Print  | Disqus 

Gold TodayNew York closed at $1,266.10 yesterday after the previous close of $1,269.40 London opened at $1,264.00.

-         The $: € was stronger at $1.08.82: €1 from $1.0973: €1 yesterday after Draghi’s statements.

-         The Dollar index was stronger at 98.58 from 97.95 yesterday.

-         The Yen was unchanged at 103.77: $1 yesterday against the dollar.

-         The Yuan was heavily weaker at 6.7638: $1 from 6.7395: $1 yesterday.

-         The Pound Sterling was slightly weaker at $1.2226: £1 from Friday’s $1.2275 £1.

 

Yuan Gold Fix

Trade Date

Contract

Benchmark Price AM 1 gm

Benchmark Price PM 1 gm

      2016  10  21

      2016  10  20

SHAU

SHAU

275.44

277.43

275.58

276.34

Dollar equivalent

1 oz @ $1: 6.7638

$1: 6.7395

 

 

$1266.62

$1,275.75

 

$1,267.26

$1,275.34

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.

 

After Draghi’s remarks the euro slipped against the dollar, but not to the lowest level seen in the last year or so at 1.07, but it was the direction the E.U. wanted The Yuan is clearly being ‘managed’ lower. But this is in the face of a rising dollar. The Pound continues to slip steadily, something that counters the negative effect of the coming Brexit [in two years]. After all, the Pound is 15% cheaper than before the referendum, against a 10.7% fall in the Yuan since the beginning of this year.

 

LBMA price setting:  The LBMA gold price setting was at $1,263.95 against yesterday’s $1,269.75. The gold price in the euro was set higher at €1,160.65 against yesterday’s €1,154.63.

Ahead of the opening of New York the gold price was trading at $1,266.45 and in the euro at €1,262.63.  At the same time, the silver price was trading at $17.54.

 

Silver Today –The silver price fell to $17.53 at New York’s close yesterday from $17.68, Monday. 

 

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

                                                                                              

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

 

Price Drivers

Shanghai kept the gold price in line with New York’s close, as did London. A correction now is healthy as the gold price is turning higher. As you can see below, purchases of around 3.5 tonnes of gold into gold ETF’ were seen in the U.S.  but dealers decided that this would not reflect in the gold price, for now.  These moves in the gold price remain small in percentage terms, so we cannot read too much into them. What we do see is that as the Yuan was weakened heavily we would have expected this to reflect in a higher gold price. In currencies other than the dollar, gold is holding or rising and should continue to do so, with the euro a case in point.

 

But just how far will the U.S. allow the dollar to rise against weakening currencies?  We do not expect the Treasury to let the dollar Index rise over 100 as this will hurt the U.S. recovery.

 

With a large set of purchases of gold into the SPDR gold ETF, we would have expected dollar gold prices to rise.  We expect them to rise today.

 

After all, the E.C.B kept a dovish tone indicating the battle against deflation is not doing too well. As Draghi said, the ‘risks remained to the downside’. Subscribe - GoldForecaster.com Contact us at admin@stockbridgemgmt.com 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!

 

A major shift in global power has just occurred which has been completely ignored by the financial markets of the world. The Philippines has just announced it is separating from the U.S. [a strategically key nation for the U.S. in the east] and aligning itself with China. This is a visible loss of power to the U.S. and a gain for China. This is a major step in the formation of the Chinese ‘empire’. Gold prices were untouched by it.

 

Gold ETFs – There were purchases of 2.967 tonnes of gold into the SPDR gold ETF and 0.6 of a tonne into the Gold Trust, yesterday, leaving their respective holdings at 970.175 tonnes and 228.16 tonnes. 

 

Since January 4th this year, the holdings of these two gold ETFs have risen by 397.356 tonnes.

 

Silver – Silver prices are expected to continue nervous as gold consolidates again.

 

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

Sf1,259.29

Sf1,255.81

US

$1,266.45

$1,271.00

EU

€1,162.63

€1,157.45

India

Rs.84,716.01

Rs. 84,885.01

China

Y 8,566.01

Y 8,565.27

 


| Digg This Article
 -- Published: Friday, 21 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 - 2018



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.