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

Ira Epstein's Precious Metals Video July-27-2017 -- Post FOMC
By: Ira Epstein

The Co-Existence Of "Scarcity Assets"
By: Andrew Hoffman

August Gold Pops a Wheelie
By: Rick Ackerman, Rick's Picks

Gold Cycle Outlook Cautiously Bullish
By: Surf City Cycles

Gold A Good Store Of Value – Protect From $217 Trillion Global Debt Bubble
By: Mark O'Byrne, GoldCore

Gold Market Morning: July-27-2017: rising despite heavy U.S. gold ETF sales!
By: Julian D. W. Phillips, Gold Forecaster

Asian Metals Market Update: July-27-2017
By: Chintan Karnani, Insignia Consultants

Something Big, Bad And Ugly Is Taking Place In The U.S. Retirement Market
By: Steve St. Angelo, SRSrocco Report

Reconciling the Us Dollar Outlook with the Super Bullish Gold and Silver Cots...
By: Clive Maund

Bank Deregulation Back in Vogue: It’s time to dance the last fandango!
By: David Haggith

 
Search

GoldSeek Web

 
Gold and Silver Market Morning: Jan 11 2017 - Shanghai taking gold higher!


 -- Published: Wednesday, 11 January 2017 | Print  | Disqus 

Gold Today New York closed at $1,187.20 on the 10th January after closing at $1,182.50 on the 9th January. London opened again at $1,190.40 today.

 

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

 -         The $: € was stronger at $1.0554:1 from $1.0611: €1 yesterday.

-         The Dollar index was stronger at 102.09 from 101.66 yesterday

-         The Yen was weaker at 116.05: $1 from yesterday’s 115.40 against the dollar. 

-         The Yuan was stronger at 6.9225: $1, from 6.9244: $1, yesterday

-         The Pound Sterling was slightly stronger at $1.2156: £1 from yesterday’s $1.2150: £1.

 

Yuan Gold Fix

Trade Date

Contract

Benchmark Price AM 1 gm

Benchmark Price PM 1 gm

      2017    1    11

      2016    1    10

      2016  12    9

SHAU

SHAU

SHAU

/

267.22

265.27

/

268.41

265.71

$ equivalent 1oz @  $1: 6.9225

      $1: 6.9244

$1: 6.9329

 

/

$1,200.65

$1,191.56

/

$1,205.99

$1,193.53

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.]

 

If Shanghai is leading the way for the gold price, we would expect London and New York to rise too. Consequently, the gold price needs to move to $1,200 for it to be in line with Shanghai now.

 

Shanghai on Tuesday was $13 higher than the close of New York. This morning London opened only $10.59 lower than yesterday’s Shanghai closing. And this strength in gold is happening while the dollar is rising and the Yuan slipping slightly.

 

Meanwhile the People’s Bank of China has reported a fall in its gold reserves of in December by 20.98 tonnes. Is this a change in direction of the PBoC? We don’t accept that for a second.  The Chinese authorities are rarely clear on such subjects and often don’t give a full picture of their situation, as it is not in their interests to do so. So this figure could be some sort of window dressing for our benefit. We know they use two agencies to hold gold on their behalf until it suits them to take the gold into reserves. They could easily have handed it back to them on a temporary basis. What we do know is that it is illegal to export gold from China. We also know that the SGE itself can hold gold and does not disclose it.

 

LBMA price setting:  The LBMA gold price setting was at $1,187.55 this morning against yesterday’s $1,183.20. 

 

The gold price in the euro was set higher at €1,128.31 after Friday’s €1,117.60 as the dollar strengthened.

 

Ahead of the opening of New York the gold price was trading at $1,188.15 and in the euro at €1,131.46.  At the same time, the silver price was trading at $16.77. 

 

Silver Today –Silver closed at $16.79 at New York’s close yesterday from $16.57 on the 9th January. 

 

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

We decided to look at the gold market through the eyes of a non-professional at the gold market. It quickly became clear just how easy it was to be informed in a way that distorted the true picture and confuse investors.

 

For instance, when you hear that gold rose x% in sterling or y% in the dollar, that ignores the fact that the gold market is a global market where prices reflect the global market demand and supply eventually.

 

We would prefer to see, “the dollar fell against gold, or sterling fell against gold”, a reflection of currency performance, not gold’s performance.

 

As you have read in these reports the gold price is rising in all currencies at the moment, with both London and New York trying to catch up to Shanghai prices. New York and London have not moved up because of what Prime Minister May said, but that gold prices in sterling rose because of the pound’s fall.

 

No event in the U.S. has caused gold to move up this week. It has moved up because of global demand and supply factors. In China demand for gold is robust. In the U.S. there was a very big sale [nearly 9 tonnes] of gold in one day earlier this week, so if the gold price was driven by U.S. factors alone, the gold price would have fallen. It didn’t, it rose!

 

After all gold is a currency, it is both an asset and cash, globally. 

 

Relevant factors to the global gold price must not be local factors, unless they globally affect the gold price. Most that are attributed to moving the gold price just aren’t.

 

That’s why understanding just where gold’s pricing power lies is so important.

That’s why understanding currencies is so critical to understanding the gold price.

 

In our latest issue of the Gold Forecaster we discuss this in much more detail. [subscribe: www.GoldForecaster.com ]

 

Gold ETFs – Yesterday, in New York, there were no sales from the SPDR gold ETF or any from the Gold Trust, leaving their respective holdings at 804.996 tonnes and 198.30 tonnes. 

 

As we said in an earlier report, “Substantial sales of gold on a daily basis are needed for New York to control the gold price”.

 

Since January 4th this year, 202.416 tonnes of gold has been added to the SPDR gold ETF and to the Gold Trust.  We remain at almost at half the level accumulated in 2016.

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!

 

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

Sf1,213.16

Sf1,200.25

US

$1,188.15

$1,184.15

EU

€1,131.46

€1,118,71

India

Rs.81,245.70

Rs. 80,732.39

China

Y 8,236.37

Y 8,197.63


| Digg This Article
 -- Published: Wednesday, 11 January 2017 | 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 - 2017



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.