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.com Radio: John Embry and Charles Hughes Smith, and your host Chris Waltzek
By: radio.GoldSeek.com

Amid Bad Fundamentals, Gold Sector Rally May Have Begun
By: Gary Tanashian

Bitcoin Proves You Cannot Have Your Digital Cake and Eat it Too
By: Nathan McDonald

Relief Rally in Gold Mining Stocks
By: Jordan Roy-Byrne CMT, MFTA

The Morgan Report's Weekly Perspective
By: David Morgan

Outlook for gold – 2018
By: Alasdair Macleod

Stephen Poloz Right To Be Worried
By: Peter Diekmeyer

The Yield Curve And The Boom-Bust Cycle
By: Steven Saville

Gold Seeker Weekly Wrap-Up: Gold and Silver Gain Roughly 1% on the Week
By: Chris Mullen, Gold Seeker Report

Ira Epstein's Metals Video 12 15 2017
By: Ira Epstein

 
Search

GoldSeek Web

 
Gold and Silver Market Morning: Feb 8 2017 - SPDR investors now include large hedge funds!


 -- Published: Wednesday, 8 February 2017 | Print  | Disqus 

Gold Today New York closed at $1,233.00 on the 7th February after closing at $1,234.70 on the 6th February. London opened at $1,232.00 today.

 

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

 -         The $: € was weaker at $1.0672: €1 from $1.0666: €1 on yesterday.

-         The Dollar index was weaker at 100.45 from 100.62 on yesterday. 

-         The Yen was weaker at 112.38:$1 from yesterday’s 112.19 against the dollar. 

-         The Yuan was weaker at 6.8860: $1, from 6.8790: $1, yesterday

-         The Pound Sterling was stronger at $1.2514: £1 from yesterday’s $1.2363: £1.

 

Yuan Gold Fix

Trade Date

Contract

Benchmark Price AM 1 gm

Benchmark Price PM 1 gm

      2017    2    08

      2017    2    07

      2017    2    06

SHAU

SHAU

SHAU

/

273.34

269.93

/

274.38

271.92

$ equivalent 1oz @  $1: 6.8790

      $1: 6.8790

$1: 6.8625

 

/

$1,235.91

$1,232.81

/

$1,240.61

$1,232.45

 

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 275.00 Yuan during today’s session before London opened. This equates to $1,242.15. Shanghai is $4 higher than New York and more than $5 higher than Lomdon.

 

LBMA price setting:  The LBMA gold price was set today at $1,235.60 up from yesterday’s $1,231.00. 

 

The gold price in the euro was set higher at €1,160.51 after yesterday’s €1,152.89.

 

Ahead of the opening of New York the gold price was trading at $1,237.00 and in the euro at €1,161.78.  At the same time, the silver price was trading at $17.74. 

 

Silver Today –Silver closed at $17.71 at New York’s close Friday against $17.73 on the 6th 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

While U.S. based gold investors have returned to the gold market via the SPDR [GLD] gold ETF, we had not heard of any large gold investors returning until now. Today we have received reports that Drukenmiller, having exited the gold market in December, has returned to it.

 

He is a short to medium trader but a very large one, with his fund. So he can exit just as fast. But he is the type of gold investor that leads the way for others.

 

We had almost forgotten Greece’s debt problems and then suddenly it’s back. The expected economic recovery is just not producing the results creditors wanted. It will not be able to meet its obligations shortly, so Germany wants more austerity and less pensions.

 

This may be the straw that broke the camel’s back. Will Greece leave the euro and E.U.? At this stage, bearing in mind Prime Minister Tsiprias’ actions last time, we think not, but certainly it adds to the negative situation in the E.U. Add to that France’s elections and Italy’s woes and we see a Europe on the brink and unlikely to survive in its present form. This is gold positive.

 

With Japan now dumping U.S. Treasuries as yields rise, causing capital losses the U.S. bond market is falling and very vulnerable to more large falls as yields continue to rise. It was inevitable. With so many simmering sources of trouble the natural inclination to see only the best may not serve us well.

 

Gold ETFs – Yesterday we saw 8.295 tonnes of gold bought into the SPDR gold ETF and 0.39 of a tonne into the Gold Trust.  Their respective holdings are now at 826.948 tonnes and 200.30 tonnes. 

 

This large purchase yesterday into the SPDR gold ETF doubled the amount bought by U.S. investors into U.S. gold ETFs since the beginning of this year.  

 

We expect U.S. Investors to follow the lead of these hedge funds.

 

Since January 4th 2016, 226.638 tonnes of gold have been added to the SPDR gold ETF and to the Gold Trust.  Since January 6th 2017 16.557 tonnes have been added to the SPDR gold ETF and 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

Sf1,235.76

Sf1,219.07

US

$1,237.00

$1,226.55

EU

€1,161.78

€1,141.83

India

Rs.83,138.77

Rs. 82,442.56


| Digg This Article
 -- Published: Wednesday, 8 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.