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 Closing Report: Gold and Silver End Slightly Lower
By: Chris Mullen, Gold Seeker Report

The GAME CHANGER for Gold
By: Mike Maloney

History Says Global Debt Levels Will Lead to Another Crisis
By: Jeff Clark

Gold Is In A Dangerous Spot
By: Avi Gilburt

Silver Bullion Prices Set to Soar
By: GoldCore

Asian Metals Market Update: October-18-2017
By: Chintan Karnani, Insignia Consultants

Gold Seeker Closing Report: Gold and Silver Fall Roughly 1% But Miners Barely Budge
By: Chris Mullen, Gold Seeker Report

Ira Epstein's Metals Video 10 17 2017
By: Ira Epstein

One of the Two Most Powerful Fed Officials Just Issued an Inflation Decree
By: Graham Summers

Gold: Texbook Pullback In Play
By: Stewart Thomson

 
Search

GoldSeek Web

 
Gold and Silver Market Morning: April 20 2017 - Gold still building strength below $1,300!


 -- Published: Thursday, 20 April 2017 | Print  | Disqus 

Gold Today New York closed at $1,279.20 yesterday after closing at $1,290.10 Tuesday. London opened at $1,279.15 today. 

 

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

 -         The $: € was weaker at $1.0766 after yesterday’s $1.0724: €1.

-         The Dollar index was weaker at 99.46 after yesterday’s 99.66. 

-         The Yen was weaker at 109.03 after yesterday’s 108.99:$1. 

-         The Yuan was slightly stronger at 6.8837 after yesterday’s 6.8854: $1. 

-         The Pound Sterling was weaker at $1.2833 after yesterday’s $1.2857: £1.

 

 

Yuan Gold Fix

Trade Date

Contract

Benchmark Price AM 1 gm

Benchmark Price PM 1 gm

      2017    4    20

      2017    4    19

      2017    4    18    

SHAU

SHAU

SHAU

/

286.11

286.04

/

285.75

286.03

$ equivalent 1oz @    $1: 6.8837

        $1: 6.8854

        $1: 6.8847

      

 

/

$1,292.45

$1,292.26

/

$1,290.82

$1,292.22

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 285.90 towards the close today. This translates into $1,286.82. While New York and London were pulled lower by Shanghai yesterday and today you will note that Shanghai has barely changed in the last two days.

 

New York closed $7.62 below Shanghai’s closing yesterday and today. London opened at a $7.67 discount to Shanghai in line with New York.

 

Shanghai continues to lead the way in the gold markets, barely changing its prices over the last two days, despite very heavy buying in New York into the U.S. based gold ETFs and the dollar weakening. We feel it is important to factor the current dominance of Shanghai’s pricing of gold over that of London and New York.  In line with this, we expect Shanghai to exert an upward pull on New York and London’s prices for the rest of this week.

 

This pull of Shanghai’s gold prices may grow in the coming months as the Chinese government has now committed itself to a stable Yuan [primarily against the U.S. Dollar.] It has separated broad Capital Controls from individual investment requests to invest overseas. Investments that directly benefit the Chinese economy will continue and remain unaffected by Controls, as permission for non-China benefitting investments which will continue to be refused. Already this is stabilizing the Yuan and will continue to do so as the Chinese economy is now growing on a stable footing, once more. Hence we expect the Yuan to remain at less than 7.00 to the U.S. dollar for the foreseeable future.

 

LBMA price setting:  The LBMA gold price was set today at $1,279.90 from yesterday’s $1,282.05. 

 

The gold price in the euro was set at €1,191.05 after yesterday’s €1,195.72.

 

Ahead of the opening of New York the gold price was trading at $1,278.60 and in the euro at €1,189.73. At the same time, the silver price was trading at $18.20. 

 

Silver Today –Silver closed at $18.14 yesterday after $18.32 at New York’s close Tuesday.

 

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

                                                                                              

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

 

Price Drivers

The dollar continues to weaken and U.S. buyers are now piling into the SPDR gold ETF and the Gold Trust and yet the gold price fell in New York. If Shanghai continues to exert pricing power over the gold price as we see now, U.S. physical buying and selling will have a decreasing effect on the gold price. We expect less volatility in gold prices if this comes to be. This is a significant change in the structure of the gold price. We are watching to see if this change becomes permanent or is simply a short term factor.

 

If we are right, then we expect the gold price to recover in New York and London soon, as the factors that have caused gold prices to rise in the past [a weak dollar and U.S. physical demand] are in place right now.

 

With the French elections coming up this weekend some believe that the euro is soon to fall. If Marie le Pen is elected to the Presidency in the second round of the elections, the future of the Eurozone will be in doubt. With the Polls indicating that Macron is more likely to pick up the votes of the other two defeated candidates, the prospects of a Le Pen Presidency looks unlikely.

 

Gold ETFs – Yesterday saw purchases of a huge 11.842 tonnes into the SPDR gold ETF and a purchase of 0.9 of a tonne into the Gold Trust. Their holdings are now at 860.763 tonnes and at 204.36 tonnes respectively.

 

Since January 4th 2016, 263.769 tonnes of gold have been added to the SPDR gold ETF and to the Gold Trust.  Since January 6th 2017 53.713 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

Sf1,273.42

Sf1,281.40

US

$1,278.60

$1,285.00

EU

€1,189.73

€1,198.01

India

Rs.82,628.25

Rs. 83,088.10


| Digg This Article
 -- Published: Thursday, 20 April 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.