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 27 2017 - Gold turning $1,250 resistance into support!


 -- Published: Monday, 27 February 2017 | Print  | Disqus 

Gold Today New York closed at $1,256.70 on the 24th February after closing at $1,248.80 on the 23rd February. London opened at $1,255.00 today.

 

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

 

 -         The $: € was slightly stronger at $1.0586: €1 from $1.0589: €1 on Friday.

-         The Dollar index was slightly stronger at 101.06 from 100.95 on Friday. 

-         The Yen was slightly stronger at 112.30:$1 from Friday’s 112.85 against the dollar. 

-         The Yuan was weaker at 6.8800: $1, from 6.8717: $1, Friday

-         The Pound Sterling was weaker at $1.2412: £1 from Friday’s $1.2553: £1.

 

Yuan Gold Fix

Trade Date

Contract

Benchmark Price AM 1 gm

Benchmark Price PM 1 gm

      2017    2    27

      2017    2    24

      2017    2    23

SHAU

SHAU

SHAU

/

278.49

276.08

/

279.76

275.93

$ equivalent 1oz @  $1: 6.8800

      $1: 6.8717

$1: 6.8786

 

/

$1,260.53

$1,248.37

/

$1,266.28

$1,247.69

 

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.]

 

At the close in Shanghai today, the gold price was trading at 280.0 Yuan, which directly translates into $1,265.84. But allowing for the difference of gold being traded this equates to a price of $1,260.84. This is $4 higher than the New York close and $6 higher than London.

 

Shanghai opens the week pulling both London and New York higher again but with the two centers following close behind.

 

LBMA price setting:  The LBMA gold price was set today at $1,256.25 up from Friday’s $1,255.35. 

 

The gold price in the euro was set higher at €1,187.05 after yesterday’s €1,185.02.

 

Ahead of the opening of New York the gold price was trading at $1,255.20 and in the euro at €1,185.94.  At the same time, the silver price was trading at $18.37. 

 

Silver Today –Silver closed at $18.35 at New York’s close Friday against $18.18 on the 23rd February.

 

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

                                                                                              

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

 

Price Drivers

Looking back over the last week, we see only purchases of 0.44 tonnes of gold into the U.S. based gold ETFs. This confirms to us that the upward pressure on the gold price is coming from the Far East, primarily Shanghai.

 This is remarkable as the gold price has risen around $20 in the same period, breaking through persistent overhead resistance on the way.

It clearly shows that U.S. factors and U.S. buying has not provided the upward pressure on the gold price and confirmed our view that it has been upward pressure from Shanghai.

Political uncertainty is certainly preventing any selling in the developed world as we move towards the Dutch, French and German elections. Italy is looking like a major source of such uncertainty too.

 

Gold ETFs – Friday saw no sales or purchases from or into the SPDR gold ETF or the Gold Trust.  Their respective holdings are now at 841.169 tonnes and 201.82 tonnes. 

 

Since January 4th 2016, 242.379 tonnes of gold have been added to the SPDR gold ETF and to the Gold Trust.  Since January 6th 2017 32.298 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

Sf1,264.43

Sf1,263.52

US

$1,255.20

$1,257.80

EU

€1,185.94

€1,186.16

India

Rs.83,809.70

Rs. 83,818.53


| Digg This Article
 -- Published: Monday, 27 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.