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

Gold Seeker Weekly Wrap-Up: Gold and Silver Gain Roughly 2% on the Week
By: Chris Mullen, Gold-Seeker.com

COT Gold, Silver and US Dollar Index Report - March 24, 2017
By: GoldSeek.com

Silver Miners’ Q4’16 Fundamentals
By: Adam Hamilton, Zeal Intelligence

GoldSeek Radio Nugget: Dr. Paul Craig Roberts and Chris Waltzek
By: radio.GoldSeek.com

Russian Roulette, Central Banks, and Gold
By: Gary Christenson

Why free trade is officially dead
By: Alasdair Macleod

Time to Get On Board
By: Gary Savage

‘Real’ Performance Comparison
By: Steve Saville, The Speculative Investor

Stock Market Bubble and Gold
By: Arkadiusz Sieron

Gold and Silver Market Morning: Mar 24 2017 - Gold facing a critical day!
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch

 
Search

GoldSeek Web

 
Gold and Silver Market Morning: Mar 15 2017 - Gold still waiting for the Fed!


 -- Published: Wednesday, 15 March 2017 | Print  | Disqus 

Gold Today New York closed at $1,198.70 on the 14th March after closing at $1,204.60 on the 13th March. London opened at $1,202.00 today. 

 

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

 

 -         The $: € was stronger at $1.0623: €1 from $1.0643: €1 yesterday.

-         The Dollar index was hardly changed at 101.58 from 101.56 yesterday. 

-         The Yen was stronger at 114.65:$1 from yesterday’s 115.06 against the dollar. 

-         The Yuan was stronger at 6.9124: $1, from 6.9137: $1, yesterday

-         The Pound Sterling was stronger at $1.2195: £1 from yesterday’s $1.2130: £1.

 

Yuan Gold Fix

Trade Date

Contract

Benchmark Price AM 1 gm

Benchmark Price PM 1 gm

      2017    3    15

      2017    3    14       2017    3    13

SHAU

SHAU

SHAU

/

272.05

271.55

/

271.47

272.49

$ equivalent 1oz @  $1: 6.9124

      $1: 6.9137

$1: 6.9051

 

/

$1,223.90

$1,223.18

/

$1,221.29

$1,227.41

 

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 272.50 Yuan, which directly translates into $1,226.16. But allowing for the difference of gold being traded this equates to a price of $1,221.16. This more than $22.46 higher than the New York close and $19.16 higher than London.

 

Today Shanghai is taking the gold price higher. With Asian demand buying on the fall or around the new bottom, the Chinese gold investor is not waiting for the Fed today, but buying the Technical picture.

 

LBMA price setting:  The LBMA gold price was set today at $1,202.25 down from yesterday’s $1,203.55. 

 

The gold price in the euro was set at €1,131.85 after Friday’s €1,132.01.

 

Ahead of the opening of New York the gold price was trading at $1,201.80 and in the euro at €1,130.89 At the same time, the silver price was trading at $16.92. 

 

Silver Today –Silver closed at $16.88 at New York’s close yesterday against $16.97 on the 13th March.

 

Gold (very short-term) The gold price should consolidate, in New York today.      

                                                                                              

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

 

Price Drivers

The two day FOMC meeting ends today. But U.S. gold investors are moving into gold ahead of today's announcement.

 

One of the dangers of getting carried away by the early days of a new President is that markets can run too far and ahead of the realities facing that President. This may well prove to be the case with the sell-off in gold of late and the record levels the equity market is experiencing.

 

Over in Europe, the same may be happening in the Dutch elections where the right wing is being discounted as the next ruling party.

 

France is next, with Germany following in the autumn. All are waiting for Italy to send shock waves into the E.U. too.

 

But what is clear in Europe overall, is that the ‘winds of change’ are blowing across the E.U. and there will be a shift to the right because of the immigration problems. In themselves they are not an invasion or fundamentally damaging, but they are being taken as unacceptable. Culturally they are deeply disturbing several countries there.

 

In turn, as these winds are impacting, the conservative turning to the safe haven of gold is underway, if only to protect against the breaking up of the E.U. Most feel that the E.U. will hold together as will the euro, but the potential for the euro to fail in one way or another is encouraging quiet but persistent ‘safe haven’ demand for gold there.

 

Markets have responded quickly to Trump’s election promises, perhaps too quickly as such policies could take a year or more to implement if opposition powers don’t slow the processes down even further. Overall, in the west, the mood is positive for gold.

 

Gold ETFs – Yesterday saw purchases of 2.962 tonnes into the SPDR gold ETF and a purchase of o.3 of a tonne into the Gold Trust.  Their respective holdings are now at 834.989 tonnes and 197.22 tonnes. 

 

Yesterday saw more purchases of over 3 tonnes. After the announcement by the Fed we expect to see U.S. investors back in the gold market buying or selling through the gold ETFs. We expect to see activity and volatility to jump then. But some investors are not waiting for the Fed in the U.S. and jumping in now.

 

Since January 4th 2016, 231.179 tonnes of gold have been added to the SPDR gold ETF and to the Gold Trust.  Since January 6th 2017 21.123 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

Sf1,212.14

Sf1,216.10

US

$1,201.80

$1,205.55

EU

€1,130.89

€1,133.57

India

Rs.78,940.23

Rs. 79,357.74


| Digg This Article
 -- Published: Wednesday, 15 March 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.