Advertise | Bookmark | Contact Us | E-Mail List |  | Update Page | 

Commentary : Gold Review : Markets : News Wire : Quotes : Silver : Stocks - Main Page >> News >> Story  Disclaimer 
Latest Headlines

Gold Seeker Weekly Wrap-Up: Gold and Silver Find Slight Gains on the Week
By: Chris Mullen, Gold Seeker Report

Ira Epstein's Metals Video 10 19 2018
By: Ira Epstein

COT Gold, Silver and US Dollar Index Report - October 19, 2018

Gold Is Becoming Cool Again
By: John Rubino

Inflection Point for Gold
By: David Brady, CFA

Gold-Stock Sentiment Shifting
By: Adam Hamilton, CPA

Gold’s Official Price is $42, and maybe that’s a Good Thing
By: JP Koning

GoldSeek Radio Nugget: Ralph Acampora and Chris Waltzek

Is Your Portfolio Ready for the Greatest Demographic Shift in History?
By: Marin Katusa

Is Bitcoin Ever A Buy-And-Hold?
By: Avi Gilburt


GoldSeek Web

Gold and Silver Market Morning: Feb 28 2017 - Gold waits to be Trumped!

 -- Published: Tuesday, 28 February 2017 | Print  | Disqus 

Gold Today New York closed at $1,251.00 on the 27th February after closing at $1,256.70 on the 24th February. London opened at $1,251.70 today.


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

 -         The $: € was slightly stronger at $1.0593: €1 from $1.0586: €1 on yesterday.

-         The Dollar index was slightly stronger at 101.09 from 101.06 on yesterday. 

-         The Yen was slightly weaker at 112.44:$1 from yesterday’s 112.30 against the dollar. 

-         The Yuan was stronger at 6.8689: $1, from 6.8800: $1, yesterday

-         The Pound Sterling was slightly stronger at $1.2427: £1 from yesterday’s $1.2412: £1.


Yuan Gold Fix

Trade Date


Benchmark Price AM 1 gm

Benchmark Price PM 1 gm

      2017    2    28

      2017    2    27

      2017    2    24










$ equivalent 1oz @  $1: 6.8689

      $1: 6.8800

$1: 6.8717









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 once again, which directly translates into $1,267.88. But allowing for the difference of gold being traded this equates to a price of $1,262.88. This is $11.88 higher than the New York close and $11.18 higher than London.


If Trump’s speech is positive for gold then we should see the price in New York rise to meet the Shanghai price, at least.


LBMA price setting:  The LBMA gold price was set today at $1,251.90 down from yesterday’s $1,256.25. 


The gold price in the euro was set lower at €1,181.15 after yesterday’s €1,185.02.


Ahead of the opening of New York the gold price was trading at $1,252.70 and in the euro at €1,182.02.  At the same time, the silver price was trading at $18.28. 


Silver Today –Silver closed at $18.23 at New York’s close yesterday against $18.35 on the 24th February.


Gold (very short-term) The gold price will react to President Trump’s speech, in New York today.      


Silver (very short-term) The silver price will react to President Trump’s speech, in New York today.


Price Drivers

Later today in the U.S. we await President Trump’s speech before Congress. We are told he will raise defense spending by $54 billion, but of more importance to the gold price will be any mention of infrastructure spending or any indication of tax cuts. These will directly affect the dollar against other currencies as well as the dollar gold price.

As you can see most developed world markets are marking time until they hear what he proposes. But note that Shanghai has not marked time, but moved slightly higher reflecting the fundamentals of the gold market, leaving New York and now London pulling back ahead of his speech. Today may well show in both London and New York much higher volatility in the very short term. Thereafter the currency and gold world in the west will settle down and follow Shanghai again. This is where Shanghai’s new dominance over the gold price will show itself.

The previous statements from President Trump pointed to much greater debt and likely inflation in his attempts to promote growth. Being a media master, we may well see him make today’s speech dramatic by encompassing his fiscal and taxation measures at the same time as he mentions defense and infrastructure. It will be these that impact the dollar and gold as well as silver, the metal that follows gold, ‘wherever she shall go.’ On balance we expect his speech to benefit gold, when the dust settles.

Gold ETFs – Yesterday 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. These gold ETFs have been quiet in the last week or so. After today we may well see activity increase. But will investors sell or buy? Today may well point the way forward.


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.




Julian D.W. Phillips | | 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 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 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)















Rs. 83,809.70

| Digg This Article
 -- Published: Tuesday, 28 February 2017 | E-Mail  | Print  | Source:

comments powered by Disqus


Increase Text SizeDecrease Text SizeE-mail Link of Current PagePrinter Friendly PageReturn to >> Story

E-mail Page  | Print  | Disclaimer 

© 1995 - 2018 Supports

©, Gold Seek LLC

The content on this site is protected by U.S. and international copyright laws and is the property of 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 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, its affiliates or advertisers. 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, is strictly prohibited. In no event shall or its affiliates be liable to any person for any decision made or action taken in reliance upon the information provided herein.