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 Closing Report: Gold and Silver Gain with Stocks
By: Chris Mullen, Gold Seeker Report

Ira Epstein's Metals Video 11 15 2018
By: Ira Epstein

Will The Fed Sacrifice Retirement Portfolio Values For The "Common Good"?
By: Daniel R. Amerman, CFA

Here's How We Discovered This Disruptive Gold Stock... Before It Went Public
By: Frank Holmes

GoldSeek Radio Nugget: Rob Kirby and Chris Waltzek

Silver: Supported by D.C. and The Deep State
By: Gary Christenson

Blue Sky Uranium Reports over 1% U3O8 and 0.1% V205 in Pit Sampling Adjacent to Ivana Uranium-Vanadium Deposit
By: Blue Sky Uranium Corp.

Gold Oil and Commodities …Back to the Future?
By: Rambus

Investors And Analysts Know Nothing About Gold
By: Avi Gilburt

The New China and Gold
By: Arkadiusz Sieron


GoldSeek Web

Gold and Silver Market Morning: Mar 1 2017 - Gold was not Trumped but took a step back!

 -- Published: Wednesday, 1 March 2017 | Print  | Disqus 

Gold Today New York closed at $1,251.50 on the 28th February after closing at $1,251.00 on the 27th February. London opened at $1,244.00 today.


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

 -         The $: € was stronger at $1.0557: €1 from $1.0593: €1 on yesterday.

-         The Dollar index was stronger at 101.57 from 101.09 on yesterday. 

-         The Yen was weaker at 113.45:$1 from yesterday’s 112.44 against the dollar. 

-         The Yuan was weaker at 6.8783: $1, from 6.8689: $1, yesterday

-         The Pound Sterling was weaker at $1.2373: £1 from yesterday’s $1.2427: £1.


Yuan Gold Fix

Trade Date


Benchmark Price AM 1 gm

Benchmark Price PM 1 gm

      2017    3    1

      2017    2    28

      2017    2    27










$ equivalent 1oz @  $1: 6.8783

      $1: 6.8689

$1: 6.8800









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 279.50 Yuan once again, which directly translates into $1,263.89. But allowing for the difference of gold being traded this equates to a price of $1,258.89. This is $7.39 higher than the New York close and $14.89 higher than London.


Trump’s speech was a patriotic call mainly but lacked sufficient details to move markets significantly. We expect London and New York to move back up towards the Shanghai price in the next few days in line with dollar moves.


LBMA price setting:  The LBMA gold price was set today at $1,246.05 down from yesterday’s $1,251.90. 


The gold price in the euro was set higher at €1,182.21 after yesterday’s €1,181.15.


Ahead of the opening of New York the gold price was trading at $1,245.05 and in the euro at €1,181.26.  At the same time, the silver price was trading at $18.35. 


Silver Today –Silver closed at $18.34 at New York’s close yesterday against $18.23 on the 27th February.


Gold (very short-term) The gold price should start to recover from the lows of London, in New York today.      


Silver (very short-term) The silver price wait for gold to catch up, in New York today.


Price Drivers

Before London’s opening the gold price was moved down by $8 from New York’s close. This sort of move is not unusual and can easily be reversed. With the Trump speech a patriotic rallying cry, but lacking in specific details the U.S. markets are relatively unmoved. We expect a similar reaction in the gold price but being seen in a recovery of the price to levels from which it has fallen in the last day.

What he did state was that the government will spend $1 trillion to boost growth in the U.S. and provide jobs for Americans. This is a vast number that will be paid for by more debt. For anyone to properly assess Trump’s plans they need to have details of his Tax cuts. He tells us the cuts will be huge.

We expect the market to react by weakening the dollar, over time, and to favour gold, over time, in the U.S. as U.S. debt becomes excessive. We are already seeing foreign investors begin to shy away from investing in U.S. Treasuries.


India’s February imports of gold surged in February. India's February gold imports surged to 50 tonnes, up more than 82% from a year ago, on pent-up jeweler demand and as retail consumers ramped up purchases for weddings.


The rise in imports by the world's second-biggest consumer of the precious metal will support global prices that are trading near their highest level in 3-1/2 months.


India's gold imports had fallen to 27.4 tonnes in February 2016 as buyers postponed purchases in anticipation of a reduction in the import duty in the budget at the time.


This February, retail demand improved as cash supplies moved to the normal levels before de-monetization.


Gold ETFs – Yesterday saw no sales or purchases from or into the SPDR gold ETF but a purchase of 0.41 of a tonne into the Gold Trust.  Their respective holdings are now at 841.169 tonnes and 202.24 tonnes. 


Once the markets have digested the Trump speech, we may well see activity increase.


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. 83,667.83

| Digg This Article
 -- Published: Wednesday, 1 March 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.