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 Gain Nearly 1% and 2% on the Week
By: Chris Mullen, Gold Seeker Report

Ira Epstein's Metals Video 11 16 2018
By: Ira Epstein

Silver Slumps, US Military Weak, and PTJ Says We Are headed For Scary Moments
By: David Morgan

Slowly We Turn... Gold vs.
By: Gary Tanashian

COT Gold, Silver and US Dollar Index Report - November 16, 2018

GE, Nvidia, Nordstrom, Bitcoin All Tank, And The Fed Notices
By: John Rubino

Years of Recklessly Low Interest Rates Causes Inflation to Soar
By: Nathan McDonald

Gold Miners’ Q3’18 Fundamentals
By: Adam Hamilton, CPA

GoldSeek Radio Nugget: Bill Murphy and Chris Waltzek

Is Gold Under or Overpriced?
By: Arkadiusz Sieron


GoldSeek Web

Gold and Silver Market Morning: April 4 2017 - Gold rising above resistance, which is now support!

 -- Published: Tuesday, 4 April 2017 | Print  | Disqus 

Gold Today New York closed at $1,253.20 yesterday after closing at $1,247.30 Friday. London opened at $1,258.20 today. 


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

 -         The $: € was stronger at $1.0657 after yesterday’s $1.0670: €1.

-         The Dollar index was stronger at 100.61 after yesterday’s 100.48. 

-         The Yen was stronger at 110.47 after yesterday’s 111.34:$1. 

-         The Yuan was unchanged at 6.8836: $1. 

-         The Pound Sterling was weaker at $1.2437 after yesterday’s $1.2508: £1.


Yuan Gold Fix

Trade Date


Benchmark Price AM 1 gm

Benchmark Price PM 1 gm

      2017    4      4

      2017    4      3

      2017    3    31    










$ equivalent 1oz @    $1: 6.8836

        $1: 6.8831









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.]


Today the Shanghai Gold Exchange remains closed and will be closed until Wednesday for “Tomb Sweeping Day”. Hence there are no prices to report. As a result yesterday and today’s prices reflect New York and London’s prices only.


LBMA price setting:  The LBMA gold price was set today at $1,258.65 from yesterday’s $1,246.25. 


The gold price in the euro was set at €1,183.16 after yesterday’s €1,169.42.


Ahead of the opening of New York the gold price was trading at $1,258.45 and in the euro at €1,181.92. At the same time, the silver price was trading at $18.36. 


Silver Today –Silver closed at $18.22 yesterday after $18.21 at New York’s close Friday.


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


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


Price Drivers

With Shanghai closed yesterday and today, the gold price jumped up and away from support into the higher $1,250’s this morning. This was primarily driven by a nearly four and a half tonne purchase into the gold ETF. So many times, in the past, we have seen such points of inflection result in ‘bear’ raids. But this time it was the bulls which came in.  And they came in with physical demand.


Some believe that it is COMEX that makes prices and until Shanghai’s influence grew to the current point, this was so, but with the phenomenal growth in physical volumes, then Shanghai making it expensive to speculate in volume and increasing the risks of doing so in the process, the evidence in 2017 is that the influence of COMEX on gold prices is waning.


Imagine, if oil prices were determined by speculation in ‘paper’ oil on COMEX, while physical demand and supply were trading at significantly different prices, how long would it be before the credibility of COMEX disappeared? In the gold market on COMEX one cannot hold a contract until maturity and then expect physical delivery. One can only settle the prices in cash, for 99.96% of contracts. Physical delivery on COMEX requires notifying the exchange of that expectation and then findinga physical supplier before the contract can be finalized. In other words, COMEX is a cash market, not a gold market!


What we do expect to see is that other exchanges are switching from basing contracts on the LBMA price setting to Shanghai’s Fixings. Dubai and other exchanges have done it, we expect others to follow. In addition sellers and buyers of physical gold will follow suit and ignore the London/New York prices if they fell out of line with Shanghai, a primarily physical market. Certainly, with higher Shanghai prices suppliers will prefer to sell into Shanghai and base sale prices to London or elsewhere on Shanghai prices!


South Africa rated as ‘Junk’

Further to our story on South Africa’s President Zuma’s cabinet re-shuffle, the S&P ratings agency has downgraded South African debt to Junk status. We expect the other rating agencies to follow. The Rand has fallen further to $1: 13.87. We expect further falls.  As a result the South African mining industries hope that President Zuma stays in office for a long time, taking the Rand even lower and increasing their profits. Alas, his tenure may be short going forward. But this is Africa, so let’s see!


Gold ETFs – Yesterday saw purchases of 4.441 tonnes into the SPDR gold ETF but no sales or purchases from or into the Gold Trust.  Their respective holdings are now at 836.765 tonnes and 199.85 tonnes. 


The purchases into the SPDR gold ETF at the point where demand and supply are so closely in balance was the catalyst that caused gold to jump out of consolidation into a rising market. If further purchases follow we expect to see strong rises higher.


Since January 4th 2016, 235.585 tonnes of gold have been added to the SPDR gold ETF and to the Gold Trust.  Since January 6th 2017 25.529 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)



28th March












Rs. 81,006.25

| Digg This Article
 -- Published: Tuesday, 4 April 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.