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

GoldSeek Radio Nugget: John Embry and Chris Waltzek
By: radio.GoldSeek.com

AlphaZero for President
By: George Smith

Ira Epstein's Metals Video 12 14 2017
By: Ira Epstein

Asian Metals Market Update: December-15-2017
By: Chintan Karnani, Insignia Consultants

Gold Seeker Closing Report: Gold and Silver End Slightly Lower
By: Chris Mullen, Gold Seeker Report

Are You Ready For The Next Rally?
By: Craig Hemke

Long Term Patterns in Stocks, Gold and Crude
By: Gary Christenson

Exploration Update: Golden Arrow’s Pescado Project
By: Nicholas LePan, SilverSeek.com

GoldSeek Radio Nugget: Charles Hughes Smith and Chris Waltzek
By: radio.GoldSeek.com

Strap Yourself In - We Are About To See Some Big Moves In Metals
By: Avi Gilburt

 
Search

GoldSeek Web

 
Gold and Silver Market Morning: Feb 7 2017 - Gold steady at higher levels with SPDR investors still buying!


 -- Published: Tuesday, 7 February 2017 | Print  | Disqus 

Gold Today New York closed at $1,234.70 on the 6th February after closing at $1,219.00 on the 5th February. London opened at $1,230.00 today.

 

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

 -         The $: € was stronger at $1.0666: €1 from $1.0750: €1 on yesterday.

-         The Dollar index was stronger at 100.62 from 99.96 on yesterday. 

-         The Yen was stronger at 112.19:$1 from yesterday’s 112.62 against the dollar. 

-         The Yuan was weaker at 6.8790: $1, from 6.8625: $1, yesterday

-         The Pound Sterling was weaker at $1.2363: £1 from yesterday’s $1.2457: £1.

 

Yuan Gold Fix

Trade Date

Contract

Benchmark Price AM 1 gm

Benchmark Price PM 1 gm

      2017    2    07

      2017    2    06

      2017    2    03

SHAU

SHAU

SHAU

/

272.00

269.93

/

271.92

269.52

$ equivalent 1oz @  $1: 6.8790

      $1: 6.8625

$1: 6.8632

 

/

$1,232.81

$1,223.30

/

$1,232.45

$1,221.44

 

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 in gold at 274.3 Yuan during today’s session before London opened. This equates to $1,240.25. Shanghai now has momentum and was trading just 55 cents above New York’s close.

 

LBMA price setting:  The LBMA gold price was set today at $1,231.00 up from yesterday’s $1,221.85. 

 

The gold price in the euro was set higher at €1,152.89 after yesterday’s €1,137.45.

 

Ahead of the opening of New York the gold price was trading at $1,230.75 and in the euro at €1,152.77.  At the same time, the silver price was trading at $17.64. 

 

Silver Today –Silver closed at $17.73 at New York’s close Friday against $17.46 on the 3rd February. 

 

Gold (very short-term) The gold price will be stronger, in New York today.      

                                                                                              

Silver (very short-term) The silver price will be stronger, in New York today.

 

Price Drivers

What is now very clear is that if Marie le Pen and her party are elected, France will likely leave the E.U. Yesterday saw a plan to leave the E.U. produced by her party. It could involve a dual currency. Some have said that a dual currency never works. On the contrary dual currencies have pulled several nations out of a hole, including the U.K. in the early seventies. One currency for commercial transactions and another for capital. The ‘Dollar Premium’ used by the U.K. was structured not only to prevent capital leaving but gave incentives to capital coming in. It worked so well that after the crisis then, there was a return to a single currency and no capital exited thereafter that could not be managed. At Gold Forecaster we wrote at length that this was an option for Greece years ago. Properly handled such dual currencies are ideal in the case of a nation like France that faces the risk of a capital exit and the return of the French Franc. It must be accompanied by Capital/Exchange Controls at the same time during the period of transition.

 

In response to the promise of a return to the French Franc Mario Draghi had a sense of humour failure and stated that the euro was irreversible.  So the issue of sovereignty both in the E.U. and in the member states is on the table! Even Britain may lose a member nation, Scotland.

 

Such an introspective national posturing is very good for gold as it highlights the weaknesses inherent in national currencies, producing falling confidence in them. Hence the need for a none-national asset that is acceptable internationally, even between enemies and those uncreditworthy nations. Gold has always filled that role, lasting throughout history. National currencies have not.

 

But as we said yesterday, “The moment such talk hits the airwaves, the moment we hear that will mean a collapsing euro. We cannot buy that at all”. The strong members remaining will re-group behind the euro.

 

Gold ETFs – Yesterday we saw 4.418 tonnes of gold bought into the SPDR gold ETF but no change was seen in the holdings of the Gold Trust.  Their respective holdings are now at 818.653 tonnes and 199.91 tonnes. 

 

Yesterday’s large purchase of gold into the SPDR gold ETF added to the ongoing steady buying pattern that began last week.

 

As we said yesterday, “The buying is persistent enough for the bullion banks to keep their books ‘long’ of gold. The potential for any shortage of open market stocks is great now, as the mood towards gold goes positive. So dealers and banks have re-positioned themselves for higher prices.”

 

Since January 4th 2016, 217.953 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!

 

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 $89 trial subscription and gain immediate access to the latest weekly Gold Forecaster Newsletter!

  

  Global Gold Price (1 ounce)

 

Today

yesterday

Franc

Sf1,229.33

Sf1,219.07

US

$1,230.75

$1,226.55

EU

€1,152.77

€1,141.83

India

Rs.82,983.32

Rs. 82,442.56


| Digg This Article
 -- Published: Tuesday, 7 February 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.