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Gold and Silver Market Morning: Dec 21 2016 - Gold and Silver consolidating higher?


 -- Published: Wednesday, 21 December 2016 | Print  | Disqus 

Gold Today New York closed at $1,131.50 yesterday after closing at $1,139.3 on the 19th December. London opened again at $1,133.80 today after yesterday’s $1,132.55.

 

Overall the dollar is slightly weaker against global currencies today.

-         The $: € was weaker at $1.0398: €1 from $1.0384: €1 yesterday.

-         The Dollar index was slightly weaker at 103.22 from 103.41 yesterday

-         The Yen was weaker at 117.50: $1 from yesterday’s 118.19 against the dollar. 

-         The Yuan was stronger at 6.9506: $1, from 6.9460: $1, yesterday

-         The Pound Sterling was slightly weaker at $1.2335: £1 from yesterday’s $1.2373: £1.

 

Yuan Gold Fix

Trade Date

Contract

Benchmark Price AM 1 gm

Benchmark Price PM 1 gm

      2016  12    21

      2016  12    20

      2016  12    19

SHAU

SHAU

SHAU

/

/

262.67

/

/

262.78

$ equivalent 1oz @  $1: 6.9506

      $1: 6.9460

$1: 6.9510

 

/

/

$1,176.59

/

/

$1,176.70

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.]

 

The Shanghai Gold Exchange appears to be in the process of updating its website, which needs some more work as the prices if the last two days Gold Fixings are not yet accessible.

 

LBMA price setting:  The LBMA gold price setting was at $1,134.40 this morning against yesterday’s $1,132.75. 

 

The gold price in the euro was set higher at €1,086.59 after yesterday’s €1,091.39.

 

Ahead of the opening of New York the gold price was trading at $1,135.35 and in the euro at €1,087.50.  At the same time, the silver price was trading at $16.05.

 

Silver Today –Silver closed at $16.059 at New York’s close yesterday from $15.99 on the 19th December. 

 

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

                                                                                              

Silver (very short-term) The silver price will consolidate with a stronger bias, in New York today.

 

Price Drivers

Today the dollar is pausing in its rise and gold too is consolidating with a slightly stronger bias right now. There were no sales from the gold ETFs yesterday, which has assisted the consolidation. If heavy ETF sales come in now the gold price will fall, if not we expect the gold price to continue rising.

 

Monte dei Paschi looks as though it is failing to convince bondholders or other investors to buy into the bank as shareholders, leaving the burden on the Italian government. We will know by the end of the week if the government will call for a bail-in or carry the burden themselves. The fear is that unless the state does buy in, an E.U. wide banking crisis would be triggered. If that happens gold will rise strongly.

 

We again recommend  the article to be found at: - http://news.goldseek.com/CliveMaund/1482170400.php by Clive Maund, which demonstrates we are closer to the confiscation of gold and silver than we thought. We know of only one company that is structured to prevent this and the dangers that face custodians and dealers- www.StockBridge Management Alliancemgmt.com - We suggest you look into this carefully as you need to act well before anything happens to damage your wealth.

 

Gold ETFs – Yesterday in New York, there were no sales from the SPDR gold ETF and no sales from the Gold Trust, leaving their respective holdings at 828.098 tonnes and 195.60 tonnes. 

 

Since January 4th this year, 223.228 tonnes of gold has been added to the SPDR gold ETF and to the Gold Trust. 

 

Regards,

 

Julian D.W. Phillips 

 

GoldForecaster.com | SilverForecaster.com | StockBridge Management Alliance  To ensure you can benefit from the future higher gold prices we will see then, you need to hold it in a manner that makes sure it can’t be taken from you. 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! – We’re Shari’ah compliant!]

 

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, 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

Sf1,163.45

Sf1,167.24

US

$1,135.35

$1,133.35

EU

€1,087.50

€1,092.07

India

Rs.77,033.50

Rs. 77,130.13

China

Y 7,879.90

Y 7,874.97


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 -- Published: Wednesday, 21 December 2016 | E-Mail  | Print  | Source: GoldSeek.com

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