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 Edge Lower Again
By: Chris Mullen, Gold Seeker Report

GoldSeek Radio Nugget: President Niko Cacos, CEO, and Director of Blue Sky Uranium Corp. and Chris Waltzek

Ira Epstein's Metals Video 10 17 2018
By: Ira Epstein

Gold price steadies and rises as BIS intervention diminishes
By: Robert Lambourne

Take a Peek at What the Top 1 Percent Have in Savings
By: Frank Holmes

Why Conflicted Copper Shows Little Consensus
By: Mickey Fulp

Investor Alert: Is the Trump Agenda in Peril?
By: Stefan Gleason

One More Thing To Worry About, Saudi Edition
By: John Rubino

The Golden Implications of Total U.S. Deficits, Debt and Debt Service
By: Craig Hemke

Determining the Outlook for Mining Stocks? Look Deeper Than Others.
By: Przemyslaw Radomski, CFA


GoldSeek Web

Gold and Silver Market Morning: April 12 2017 - Gold breaks up to new higher resistance!

 -- Published: Wednesday, 12 April 2017 | Print  | Disqus 

Gold Today New York closed at $1,272.60 yesterday after closing at $1,254.30 Monday. London opened at $1,273.4 today. 

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

 -         The $: € was weaker at $1.0621 after yesterday’s $1.0608: €1.

-         The Dollar index was weaker at 100.61 after yesterday’s 100.90. 

-         The Yen was stronger at 109.70 after yesterday’s 110.66:$1. 

-         The Yuan was stronger at 6.8943 after yesterday’s 6.9012: $1. 

-         The Pound Sterling was stronger at $1.2497 after yesterday’s $1.2416: £1.


Yuan Gold Fix

Trade Date


Benchmark Price AM 1 gm

Benchmark Price PM 1 gm

      2017    4    12

      2017    4    11

      2017    4    10    










$ equivalent 1oz @    $1: 6.8943

        $1: 6.9012

        $1: 6.9019









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.]


The Shanghai Gold Exchange was trading at 284.30 towards the close today. This translates into $1,277.61. New York is trading at a $5.01 discount to Shanghai and London opened at a $4.21 discount to Shanghai.


With the New York close $9 higher than Shanghai’s opening today Shanghai had to chase gold prices higher. Likewise London had to lift prices strongly at the opening or risk arbitrageurs moving into buy heavily. It may have been either the Chinese ICBC or the global HSBC that took what stock they could off the market before the London opening to even out London’s prices with Shanghai.


LBMA price setting:  The LBMA gold price was set today at $1,272.30 from yesterday’s $1,255.70. 


The gold price in the euro was set at €1,199.94 after yesterday’s €1,183.28.


Ahead of the opening of New York the gold price was trading at $1,275.50 and in the euro at €1,203.53. At the same time, the silver price was trading at $18.33. 


Silver Today –Silver closed at $18.28 yesterday after $17.94 at New York’s close Monday.


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


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


Price Drivers

We were wrong about more consolidation yesterday. Consolidation is a very difficult process to gauge accurately in terms of timing. It is a process of demand matching supply to the point where a small sale or purchase can make the next move a strong one. We did not realize that this point was reached yesterday, suddenly. After all it has been several weeks since the gold price has been building up sufficient strength to effectively tackle overhead resistance at $1,260, the 200-day average. Yesterday saw it do so, when an ascending top breakout was confirmed technically.


The global political scene was turned combative by Trump’s tweet that North Korea is looking for trouble. After Trump’s punitive strike in Syria, it seems plausible that he is capable of doing the same in North Korea.  Safe haven assets are now in play. These include the Japanese Yen, a haven that will be fought by Japan’s central bank, which we expect will intervene in the exchange rate now. This brings gold center stage alongside the less international silver.


The dollar is weaker, but not so much against the euro to make the upward move a dollar play, as the euro price of gold hits 1,200.  U.S. gold investors came in with a large, but not huge, set of purchases into the U.S. based gold ETFs, but this was sufficient to break through overhead resistance.



Gold imports by India jumped in March from a year earlier as jewelers stocked up anticipating a demand recovery during the wedding season that began this month and the Akshaya Tritiya festival. Shipments advanced 582.5% to 120.8 metric tons last month from a year earlier. Buying should rise heading into Akshaya Tritiya that falls toward the end of April this year. The availability of new banknotes is reaching the level of the old now illegal tender notes to ‘normal levels in May. Gold refiners continue to work 24/6 to meet Indian and Chinese demand.


Gold ETFs – Friday saw purchases of 3.817 of a tonne into the SPDR gold ETF and a purchase of 1.776 tonnes yesterday. The Gold Trust saw a purchase of 1.o5 tonnes yesterday. Their SPDR holdings are now at 842.08 tonnes and at 201.67 tonnes.


Since January 4th 2016, 242.756 tonnes of gold have been added to the SPDR gold ETF and to the Gold Trust.  Since January 6th 2017 32.70 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. 81,209.01

| Digg This Article
 -- Published: Wednesday, 12 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.