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 Edge Lower Again
By: Chris Mullen, Gold Seeker Report

GoldSeek Radio Nugget: President Niko Cacos, CEO, and Director of Blue Sky Uranium Corp. and Chris Waltzek

Ira Epstein's Metals Video 10 17 2018
By: Ira Epstein

Gold price steadies and rises as BIS intervention diminishes
By: Robert Lambourne

Take a Peek at What the Top 1 Percent Have in Savings
By: Frank Holmes

Why Conflicted Copper Shows Little Consensus
By: Mickey Fulp

Investor Alert: Is the Trump Agenda in Peril?
By: Stefan Gleason

One More Thing To Worry About, Saudi Edition
By: John Rubino

The Golden Implications of Total U.S. Deficits, Debt and Debt Service
By: Craig Hemke

Determining the Outlook for Mining Stocks? Look Deeper Than Others.
By: Przemyslaw Radomski, CFA


GoldSeek Web

Gold and Silver Market Morning: Nov-3-2016 -- Gold price tops $1,300 now consolidating below it!

 -- Published: Thursday, 3 November 2016 | Print  | Disqus 

Gold TodayNew York closed at $1,296.40 yesterday after the previous close of $1,287.30 London opened at $1,294.30.

-         The $: € was weaker at $1.1100: €1 from $1.1065: €1 yesterday.

-         The Dollar index was weaker at 97.24 from 97.69 yesterday.

-         The Yen was stronger at 102.90: $1 from yesterday’s 103.91 against the dollar.

-         The Yuan was stronger at 6.7626: $1 from 6.7650: $1 yesterday.

-         The Pound Sterling was stronger at $1.2334: £1 from yesterday’s $1.2242 £1.


Yuan Gold Fix

Trade Date


Benchmark Price AM 1 gm

Benchmark Price PM 1 gm

      2016  11    3     

      2016  10    2

      2016  10    1










$ equivalent 1 oz @ $1: 6.7592

$1: 6.7650

$1: 6.7756








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. [Please note that the 0.5% difference in price can be accounted for by the higher quality of Shanghai’s gold on which their gold price is based over London’s ‘good delivery’ standard of 0.995.]


Once again we see Shanghai leading the way higher, even accounting for the higher quality gold it prices. The falling dollar [and stronger Yuan] came into play on prices there. We do not see the U.S. elections affecting gold prices in Shanghai, but the Fed’s stance will.


LBMA price setting:  The LBMA gold price setting was at $1,293.00 against yesterday’s $1,295.85. The gold price in the euro was set higher at €1,166.76 against yesterday’s €1,165.41.


Ahead of the opening of New York the gold price was trading at $1,287.45 and in the euro at €1,162.69.  At the same time, the silver price was trading at $18.06.


Silver Today –The silver price rose to $18.50 at New York’s close yesterday from $18.33, Tuesday. 


Gold (very short-term) The gold price will consolidate below $1,300, in New York today.      


Silver (very short-term) The silver price will pause, lower as gold consolidates, in New York today.


Price Drivers

As you can see the rise of the gold price to $1,308 yesterday brought out sellers and has taken the gold price back to the same lower levels seen before New York opened then. This is an expected development as prices don’t rise continuously. The price hit overhead resistance at the psychological level of $1,308 and should consolidate around these levels as buyers and sellers trade in and out of these higher levels until the next move is made in either direction.


The Fed did not, as expected, raise interest rates. It is clear that they will only do so when inflation leads the way, leaving interest rates lower than inflation. This will prove negative for the dollar over the next few years, which is what Treasury and the Fed wants.


With Trump and Clinton neck and neck in the polls [but Trump still looking as though he is behind if polls of the Electoral College votes are counted] markets are continuing to position themselves for a Trump victory. The establishment is shocked that a man with real intentions to makes changes, not only in Washington, but in the position of the U.S. in the global economy, could take power.


Nevertheless, the gold price is not moving on the U.S. Presidential election, it is primarily moving on real interest rates. The election is acting as a catalyst and will in the very short term drive gold prices, but longer term real interest rates will be the driver alongside Asian demand. Globally the gold price is starting to reflect the growing uncertainty and potential future volatility in an increasingly divided world. This is a superb environment for gold and silver prices! Subscribe -


To ensure you can benefit from the higher gold prices we see then, you need to hold it in a manner that makes sure it can’t be taken from us. 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!


Gold ETFs – There were sales of 0.03 of a tonne of gold from the SPDR gold ETF and sales of 0.04 of a tonne from the Gold Trust yesterday, leaving their respective holdings at 945.259 tonnes and 231.59 tonnes. 


Since January 4th this year, the holdings of these two gold ETFs have risen by 375.84 tonnes.


Silver – Silver is pausing waiting for gold to break resistance above $1,300.




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. 86,557.84


Y 8,708.05

Y 8,783.81


| Digg This Article
 -- Published: Thursday, 3 November 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 - 2018 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.