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 Gain with Stocks
By: Chris Mullen, Gold Seeker Report

Ira Epstein's Metals Video 11 15 2018
By: Ira Epstein

Will The Fed Sacrifice Retirement Portfolio Values For The "Common Good"?
By: Daniel R. Amerman, CFA

Here's How We Discovered This Disruptive Gold Stock... Before It Went Public
By: Frank Holmes

GoldSeek Radio Nugget: Rob Kirby and Chris Waltzek

Silver: Supported by D.C. and The Deep State
By: Gary Christenson

Blue Sky Uranium Reports over 1% U3O8 and 0.1% V205 in Pit Sampling Adjacent to Ivana Uranium-Vanadium Deposit
By: Blue Sky Uranium Corp.

Gold Oil and Commodities …Back to the Future?
By: Rambus

Investors And Analysts Know Nothing About Gold
By: Avi Gilburt

The New China and Gold
By: Arkadiusz Sieron


GoldSeek Web

Gold Market Morning: Dec-28-2016 -- Gold and Silver stronger during the holidays

 -- Published: Wednesday, 28 December 2016 | Print  | Disqus 

Gold Today New York closed at $1,132.00 24th December after closing at $1,128.80 on the 23rd December. London opened again at $1,140.00 today.


Overall the dollar is stronger against global currencies today. Before London’s opening:

-         The $: € was slightly stronger at $1.0436: €1 from $1.0444: €1 Friday.

-         The Dollar index was stronger at 103.21 from 103.04 Friday

-         The Yen was weaker at 117.77: $1 from Friday’s 117.37 against the dollar. 

-         The Yuan was weaker at 6.9578: $1, from 6.9488: $1, Friday

-         The Pound Sterling was weaker at $1.2226: £1 from Friday’s $1.2256: £1.


Yuan Gold Fix

Trade Date


Benchmark Price AM 1 gm

Benchmark Price PM 1 gm

      2016  12    27

      2016  12    23

      2016  12    22 










$ equivalent 1oz @  $1: 6.9578

      $1: 6.9488

$1: 6.9475








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’s much steadier gold price is now $28 above New York and $21 above London’s prices. With the Chinese New Year rushing towards us, we continue to see Chinese demand running high at retail levels encouraged by a falling Yuan. The fall in the Yuan will continue in 2017 we believe.


We do see the People’s Bank of China using continuing to use forex reserves to soften the fall of the Yuan, but making no attempt to prevent it. Just as the Euro, the Pound Sterling and the Yen attribute the recent weaknesses to dollar strength, so can China. All these nations are delighted to see the present low exchange rates, as what was called the “Currency War” had this objective from the start. The U.S. has helped them to this end.


LBMA price setting:  The LBMA gold price setting was at $1,139.75 this morning against yesterday’s $1,131.00. 


The gold price in the euro was set higher at €1,092.55 after yesterday’s €1,082.09.

Ahead of the opening of New York the gold price was trading at $1,138.25 and in the euro at €1,092.84.  At the same time, the silver price was trading at $15.86.


Silver Today –Silver closed at $15.72 at New York’s close yesterday from $15.80 on the 23rd    December. 


Gold (very short-term) 

The gold price will have a positive bias, in New York today.      


Silver (very short-term) 

The silver price will have a positive bias, in New York today.


Price Drivers

The dollar is stronger today and yet the gold price is now rising. Too much is often made of the link between the dollar and gold in dollar terms. There have been many periods when the dollar has risen alongside gold and we expect 2017 to see that happen often.


This also means the gold price will rise further in currencies weak against the dollar. We remain positive about gold going forward, so as we have said in the past, the professional is looking to see if we have seen the bottom and if so goes back in and is patiently holding his position ahead of the rise.


The markets are still in holiday mode ahead of the New Year, so we should not read too much into the markets this week. We see that in the small tonnage sold in the last day from the SPDR gold ETF. The amount is a strange figure but one we have seen many times before. It looks like a short term trader is trying to read the market on a daily or weekly basis and positioning himself, accordingly. If the price rises, we expect this amount to be purchased back in the days to come.


Monte dei Paschi

With Monte dei Paschi failing to attract new funds and the shares suspended, all efforts are now focussed on preventing ‘ripple’ effects across Europe and perhaps the Atlantic too. The E.C.B. has stated that the funds needed by the bank Monte dei Paschi should be doubled to rectify the Balance Sheet of the Bank. The Italian Government has agreed that it will use Taxpayer’s money to ‘bail’ the bank out. Now we wait for the details.


So an Italian bank crisis has been averted [UniCredit may go the same way?] but the terms of the bailout are important for the developed world banking industry. If Depositor’s funds are converted into shares in the bank we may see heavy shockwaves from investors holding bank bonds and loans across the banking industry. If this were to happen we would expect the gold price to rise.


Gold ETFs – Tuesday in New York, there were sales from the SPDR gold ETF of 1.186 tonnes of gold

but none were seen in the Gold Trust, leaving their respective holdings at 823.355 tonnes and 195.60 tonnes. 


Since January 4th this year, 218.485 tonnes of gold has been added to the SPDR gold ETF and to the Gold Trust. 




Julian D.W. Phillips | | 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 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 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)















Rs. 76,783.58


Y 7,920.51

Y 7,859.32



| Digg This Article
 -- Published: Wednesday, 28 December 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.