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

Jack Chan's Weekly Precious Metals Market Update
By: Jack Chan

Physical and Cryptographic Silver are Asymmetric Trades
By: David Smith

Michael Pento: How The Trade War Will Hurt The US — And The World
By: John Rubino

EXTREME OIL PRICE VOLATILITY: Bad Sign That All Is Not Well In The Markets
By: Steve St. Angelo

Oil Takes Center Stage: Commodities Halftime Report 2018
By: Frank Holmes

Gold Seeker Closing Report: Gold and Silver Close Barely Lower
By: Chris Mullen, Gold Seeker Report

Ira Epstein's Metals Video 7 16 2018
By: Ira Epstein

Technical Scoop - Weekend Update July 16 2018
By: David Chapman

SWOT Analysis: Have We Reached Peak Gold?
By: Frank Holmes

US Housing Bubble Enters Stage Two: Suddenly-Motivated Sellers
By: John Rubino

 
Search

GoldSeek Web

 
Gold and Silver Market Morning: Feb 14 2017 - Gold consolidating but U.S. gold ETF investors buying big!


 -- Published: Tuesday, 14 February 2017 | Print  | Disqus 

Gold Today New York closed at $1,225.90 on the 13th February after closing at $1,234.00 on the 10th February. London opened at $1,227.50 today.

 

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

 -         The $: € was slightly stronger at $1.0623: €1 from $1.0653: €1 on yesterday.

-         The Dollar index was slightly stronger at 100.78 from 100.67 on yesterday. 

-         The Yen was slightly stronger at 113.48:$1 from yesterday’s 113.61 against the dollar. 

-         The Yuan was stronger at 6.8681: $1, from 6.8804: $1, yesterday

-         The Pound Sterling was slightly stronger at $1.2529: £1 from yesterday’s $1.2520: £1.

 

Yuan Gold Fix

Trade Date

Contract

Benchmark Price AM 1 gm

Benchmark Price PM 1 gm

      2017    2    14

      2017    2    13

      2017    2    10

SHAU

SHAU

SHAU

/

274.49

273.20

/

274.26

273.14

$ equivalent 1oz @  $1: 6.8681

      $1: 6.8804

$1: 6.8862

 

/

$1,240.86

$1,233.99

/

$1,239.82

$1,233.71

 

Please note that the Shanghai Fixes are for 1 gm of gold. From the Middle East 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 closed today.

 

LBMA price setting:  The LBMA gold price was set today at $1,229.65 up from yesterday’s $1,229.40. 

 

The gold price in the euro was set higher at €1,157.43 after yesterday’s €1,155.55.

 

Ahead of the opening of New York the gold price was trading at $1,229.40 and in the euro at €1,156.48.  At the same time, the silver price was trading at $17.94. 

 

Silver Today –Silver closed at $17.82 at New York’s close yesterday against $17.94 on the 10th February.   You will note its rise against gold is holding.

 

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

                                                                                              

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

 

Price Drivers

Today sees Shanghai closed today, removing the Shanghai influence on the gold price. In the Chinese vacuum, western gold markets are using the opportunity to pull gold prices lower on a day when the dollar is slightly stronger but not sufficient to make the gold price fall. Hence, we see today as a day when we could see bargain hunters.

 

Why are we so firm on this? As you can see below there were substantial physical gold purchases into the SPDR gold ETF and smaller ones into the Gold Trust. This should have moved prices higher. But with Shanghai closed, dealers clearly feel that selling may come in.

 

What seems to be a market driver is that if investors in the SPDR [GLD] gold ETF come in again as they did yesterday, dealers will be caught wrong-footed and be forced to lift gold prices quite a bit higher for when eastern markets return.

 

The gold market today is directionless. It will change when far eastern demand comes back, but today we expect no dramatic moves, but may well see physical demand appear, but this will only show in prices later today or tomorrow.

 

Even in the U.S. where the mood is more positive than elsewhere we see inflation needing to pick up more before the Fed contemplates higher interest rates and as we said before, the tax and stimuli policies need to be clearer before the Fed acts.

 

Gold ETFs – Yesterday we saw purchases of 8.295 into the SPDR gold ETF and of 0.39 into the Gold Trust.  Their respective holdings are now at 840.872 tonnes and 201.29 tonnes. 

 

Since January 4th 2016, 241.552 tonnes of gold have been added to the SPDR gold ETF and to the Gold Trust.  Since January 6th 2017 31.471 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

Sf1,233.76

Sf1,233.64

US

$1,230.20

$1,230.20

EU

€1,156.48

€1,155.99

India

Rs.82,208.75

Rs. 82,403.72


| Digg This Article
 -- Published: Tuesday, 14 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 - 2018



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.