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 End Slightly Higher on the Week
By: Chris Mullen, Gold-Seeker.com

Ira Epstein's Metals Video 6 23 2017
By: Ira Epstein

COT Gold, Silver and US Dollar Index Report - June 23, 2017
By: GoldSeek.com

Gold Summer Doldrums
By: Adam Hamilton, Zeal Intelligence

Jim Rickards Exclusive: Dollar May Become “Local Currency of the U.S.” Only
By: Mike Gleason

Proof That This Economic recovery narrative is false
By: Sol Palha

Blow off Top: Could It Happen?
By: David Chapman

EUR/JPY Exchange Rate and Gold
By: Arkadiusz Sieron

GoldSeek Radio Nugget: Bob Hoye and Chris Waltzek
By: radio.GoldSeek.com

All Roads Lead to the Bubble-City Danger Zone
By: Gary Christenson

 
Search

GoldSeek Web

 
Gold and Silver Market Morning: April 21 2017 - Gold consolidating below $1,300!


 -- Published: Friday, 21 April 2017 | Print  | Disqus 

Gold Today New York closed at $1,281.20 yesterday after closing at $1,279.20 Wednesday. London opened at $1,281.00 today. 

 

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

 -         The $: € was stronger at $1.0695 after yesterday’s $1.0766: €1.

-         The Dollar index was stronger at 99.94 after yesterday’s 99.46. 

-         The Yen was weaker at 109.18 after yesterday’s 109.03:$1. 

-         The Yuan was weaker at 6.8867 after yesterday’s 6.8837: $1. 

-         The Pound Sterling was weaker at $1.2787 after yesterday’s $1.2833: £1.

 

Yuan Gold Fix

Trade Date

Contract

Benchmark Price AM 1 gm

Benchmark Price PM 1 gm

      2017    4    21

      2017    4    20

      2017    4    19    

SHAU

SHAU

SHAU

/

285.30

286.11

/

285.23

285.75

$ equivalent 1oz @    $1: 6.8867

        $1: 6.8837

        $1: 6.8854

      

 

/

$1,289.11

$1,292.45

/

$1,288.79

$1,290.8

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 285.10 towards the close today. This translates into $1,282.64.

 

All three global gold markets are in line with each other. At this moment in time, we don’t see that the three are leading or following each other, but the closeness of prices tells us that arbitrageurs are doing a very professional job of smoothing out the gold markets across the world. New York closed $1.44 below Shanghai’s closing yesterday and today. London opened at a $1.46 discount to Shanghai in line with New York. This is the closest we have ever seen them.

 

LBMA price setting:  The LBMA gold price was set today at $1,281.50 from yesterday’s $1,279.90.  The gold price in the euro was set at €1,198.00 after yesterday’s €1,191.05.

 

Ahead of the opening of New York the gold price was trading at $1,284.15 and in the euro at €1,200.59. At the same time, the silver price was trading at $17.99. 

 

Silver Today –Silver closed at $18.01 yesterday after $18.14 at New York’s close Wednesday.

 

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 is recovering against other currencies today with gold rising in the dollar. Technically gold is sitting on support, while still consolidating. [For our forecasts, subscribe through www.GoldForecaster.com ]

 

France

With the French elections taking place this weekend, after another terror attack the mood in the world remains dark. The French polls are reminding us of the polls before the U.S. election, so we do not rate their abilities too highly. There is always a danger that we get so used to the dark side of the world that it becomes a ‘new normal’ but we do expect such attacks [in Paris today] to affect voters in France. Next week could see two euro-skeptics in the run-off for the Presidency.

 

Expectations too high

Currency markets are behaving in an unpredictable fashion at the moment as are markets.

Equity markets are too high and not for the right reasons as the U.S. recovery is still moderate and not such that gives rise to the current record highs we are seeing. Likewise in Europe with its tentative recovery. The IMF has increased its forecasts for the coming years. We would like to see more reasons and sustainability before endorsing such opinions. There are too many potential events that could disturb such a positive picture. What we do draw from the global scene is that the environment remains positive for gold.

 

China

When we see China reporting an increasingly robust economy we see a nation that is doing its best to be a separately, self-sustaining economy with supplies coming from countries not under U.S. influence. We do not see the U.S. and China working interdependently with each other in the future. China will walk its own road.

 

Russia continues to publicize the gold it buys, with last month’s purchases just below 25 tonnes. We do believe that China continues to build up its reserves in its institutions and through its agencies, but for whatever reason, has decided not to be open about this.

 

Gold ETFs – Yesterday saw sales of 6.513 tonnes from the SPDR gold ETF but no change in the Gold Trust. Their holdings are now at 854.25 tonnes and at 204.36 tonnes respectively.

 

Since January 4th 2016, 257.256 tonnes of gold have been added to the SPDR gold ETF and to the Gold Trust.  Since January 6th 2017 47.20 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

Sf1,281.58

Sf1,273.42

US

$1,284.15

$1,278.60

EU

€1,200.59

€1,189.73

India

Rs.82,833.75

Rs. 82,628.25

 


| Digg This Article
 -- Published: Friday, 21 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.