LIVE Gold Prices $  | E-Mail Subscriptions | Update GoldSeek | GoldSeek Radio 

Commentary : Gold Review : Markets : News Wire : Quotes : Silver : Stocks - Main Page 

 GoldSeek.com >> News >> Story  Disclaimer 
 
Latest Headlines

GoldSeek.com to Launch New Website
By: GoldSeek.com

Is Gold Price Action Warning Of Imminent Monetary Collapse Part 2?
By: Hubert Moolman

Gold and Silver Are Just Getting Started
By: Frank Holmes, US Funds

Silver Makes High Wave Candle at Target – Here’s What to Expect…
By: Clive Maund

Gold Blows Through Upside Resistance - The Chase Is On
By: Avi Gilburt

U.S. Mint To Reduce Gold & Silver Eagle Production Over The Next 12-18 Months
By: Steve St. Angelo, SRSrocco Report

Gold's sharp rise throws Financial Times into an erroneous sulk
By: Chris Powell, GATA

Precious Metals Update Video: Gold's unusual strength
By: Ira Epstein

Asian Metals Market Update: July-29-2020
By: Chintan Karnani, Insignia Consultants

Gold's rise is a 'mystery' because journalism always fails to pursue it
By: Chris Powell, GATA

 
Search

GoldSeek Web

 
Gold and Silver Market Morning: Jan 26 2017 - Gold and Silver weakening on options and Shanghai closing!


 -- Published: Thursday, 26 January 2017 | Print  | Disqus 

Gold Today New York closed at $1,200.10 on the 25th January after closing at $1,209.90 on the 24th January. London opened at $1,197.85 today.

 

Overall the dollar was weaker against global currencies early today. Before London’s opening:

 -         The $: € was weaker at $1.0732:1 from $1.0724: €1 yesterday.

-         The Dollar index was weaker at 100.11 from 100.31 yesterday

-         The Yen was weaker at 113.78:$1 from yesterday’s 113.69 against the dollar. 

-         The Yuan was stronger at 6.8755: $1, from 6.8766: $1, yesterday

-         The Pound Sterling was stronger at $1.2635: £1 from yesterday’s $1.2509: £1.

 

Yuan Gold Fix

Trade Date

Contract

Benchmark Price AM 1 gm

Benchmark Price PM 1 gm

      2017    1    26

      2017    1    25

      2017    1    24

SHAU

SHAU

SHAU

/

269.04

270.41

/

267.84

269.70

$ equivalent 1oz @  $1: 6.8755

      $1: 6.8766

$1: 6.8541

 

/

$1,216.89

$1,227.10

/

$1,211.46

$1,223.88

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.]

 

Shanghai was trading today around 266.80 Yuan or in dollars, at today’s exchange rate, $1,206.95. The dollar was weaker across the board, but only slightly against the Yuan.

 

We correct ourselves and inform you that today is the last trading day before the ‘Year of the Rooster’ celebrations, which begin tomorrow and end next Thursday. Business will continue next Friday, there.

 

This marks the exit of Chinese demand from the global gold market for the next week.

 

London opened on Thursday $4.00 lower than Shanghai was trading at today. Shanghai continues to drive prices but to the downside now.

 

LBMA price setting:  The LBMA gold price was set today at $1,191.55 down from yesterday’s $1,203.50. 

 

The gold price in the euro was set lower at €1,111.21 after yesterday’s €1,118.08 as the dollar weakened.

 

Ahead of the opening of New York the gold price was trading at $1,193.25 and in the euro at €1,112.59.  At the same time, the silver price was trading at $16.89. 

 

Silver Today –Silver closed at $16.99 at New York’s close yesterday against $16.99 on the 24th January. 

 

Gold (very short-term) The gold price will have a weaker bias, in New York today.      

                                                                                              

Silver (very short-term) The silver price will have a weaker bias, in New York today.

 

Price Drivers

Yesterday in New York there was a very heavy sale of gold from the SPDR gold ETF of over 5 tonnes. The market in New York fell during New York’s day below $1,200 to $1,196 but recovered overnight to $1,200.

 

In Shanghai the gold price today fell back to the equivalent of $1,206, when allowing for the difference of quality of gold being priced. It coincided with the closing date for Options today and may have been sold to lower the ‘striking price’ of those options, which would be around $12 lower, favouring the ‘put’ option holders.

 

The sale has also coincided with the last day of business in Shanghai before the Chinese New Year holiday.

 

As we have said in our weekly newsletter before, “It will take substantial daily sales of gold from the SPDR gold ETF to hold the dollar gold price down.” We do not think this will happen in the days to come.

 

Nevertheless the forecast we made yesterday of “expectations are moving to see lower gold prices in the very short term” has come true. To see our next forecasts, subscribe through www.GoldForecaster.com

 

We then expect Chinese demand to come to life after the holidays, particularly if the gold price is lower.

 

This is positive for gold. 

 

Gold ETFs – Yesterday, in New York, there were sales of 5.038 tonnes of gold from the SPDR gold ETF but there were no purchases or sales into or from the Gold Trust, leaving their respective holdings at 799.070 tonnes and 198.75 tonnes.  This sale was sufficient to cause the fall in the gold price.

 

Since January 4th 2016, 196.94tonnes 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!

 

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

Sf1,192.18

Sf1,203.04

US

$1,193.25

$1,206.30

EU

€1,112.59

€1,121.31

India

Rs.81,226.91

Rs. 82,921.06


| Digg This Article
 -- Published: Thursday, 26 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 - 2019



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


Map

The views contained here may not represent the views of GoldSeek.com, Gold Seek LLC, its affiliates or advertisers. GoldSeek.com, Gold Seek LLC 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, Gold Seek LLC, is strictly prohibited. In no event shall GoldSeek.com, Gold Seek LLC or its affiliates be liable to any person for any decision made or action taken in reliance upon the information provided herein.