LIVE Gold Prices $  | E-Mail Subscriptions | Update GoldSeek | GoldSeek Radio 

Commentary : Gold Review : Markets : News Wire : Quotes : Silver : Stocks - Main Page >> News >> Story  Disclaimer 
Latest Headlines to Launch New Website

Is Gold Price Action Warning Of Imminent Monetary Collapse Part 2?
By: Hubert Moolman

Gold and Silver Are Just Getting Started
By: Frank Holmes, US Funds

Silver Makes High Wave Candle at Target – Here’s What to Expect…
By: Clive Maund

Gold Blows Through Upside Resistance - The Chase Is On
By: Avi Gilburt

U.S. Mint To Reduce Gold & Silver Eagle Production Over The Next 12-18 Months
By: Steve St. Angelo, SRSrocco Report

Gold's sharp rise throws Financial Times into an erroneous sulk
By: Chris Powell, GATA

Precious Metals Update Video: Gold's unusual strength
By: Ira Epstein

Asian Metals Market Update: July-29-2020
By: Chintan Karnani, Insignia Consultants

Gold's rise is a 'mystery' because journalism always fails to pursue it
By: Chris Powell, GATA


GoldSeek Web

Gold and Silver Market Morning: May 03 2017 - Gold continues consolidating!

 -- Published: Wednesday, 3 May 2017 | Print  | Disqus 

Gold Today New York closed at $1,256.90 yesterday after closing at $1,257.20 Tuesday. London opened at $1,254.00 today. 


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


 -         The $: € was weaker at $1.0912 after yesterday’s $1.0908: €1.

-         The Dollar index was weaker at 99.08 after yesterday’s 99.13. 

-         The Yen was barely changed at 112.16 after yesterday’s 112.14:$1. 

-         The Yuan was stronger at 6.8921 after Friday’s 6.8969: $1. 

-         The Pound Sterling was stronger at $1.2923 after Friday’s $1.2875: £1.


Yuan Gold Fix

Trade Date


Benchmark Price AM 1 gm

Benchmark Price PM 1 gm

      2017    5    3

      2017    4    2

      2017    4    28










$ equivalent 1oz @    $1: 6.8921

        $1: 6.8969

        $1: 6.8944









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 280.70 towards the close today. This translates into $1,261.78. New York closed at a $4.88 discount to Shanghai’s close yesterday. London opened at a discount of $7.78 to Shanghai’s close today.


LBMA price setting:  The LBMA gold price was set today at $1,253.95 from yesterday’s $1,255.80. 


The gold price in the euro was set at €1,148.88 after yesterday’s €1,151.27.


Ahead of the opening of New York the gold price was trading at $1,254.20 and in the euro at €1,149.06. At the same time, the silver price was trading at $16.81. 


Silver Today –Silver closed at $16.83 yesterday after $16.89 at New York’s close Monday. Should the gold price return to an upward path, we see silver racing higher than gold’s rise.


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


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


Price Drivers

The gold price remains in a vulnerable position, capable once more, of making a strong move either way. A glance at the fundamental factors shows a rise in the dollar gold price remains more likely than a fall. What’s more, we note that despite this vulnerability all we have seen by way of opportunist, speculative attacks have been dealers marking down prices in expectation of sales. The lack of bear raids from New York, tells its own tale about the state of the gold market, particularly the physical gold market. Should they continue to be absent, it would be a piece of solid evidence that the influence of COMEX over the gold price is waning.


The unstoppable shift of gold bullion to the east.

As we pointed out in the piece on Swiss gold exports demand from Asia remains very strong indeed. The refineries in Switzerland have been working 24 hours a day and 6 days a week to convert gold into metric measurement bars. This has gone on for many years now and is set to continue for the foreseeable future. It is quite remarkable that the developed gold world is quiet on the subject because it is only a matter of time before the western gold markets becomes secondary markets to Shanghai. [For our forecasts, subscribe through ]


That is why one should always deal in gold [without a re-refining process] in metric measurements [Which clients can do through].


The Fed

We expect no actions from the Fed today, but as usual, any slight change in the language of the statement will affect financial markets across the globe. The recent weak data in the U.S. is expected to be temporary but we would look to the Fed’s statement for such assurances. If it is a concern to the Fed, we expect the gold price to benefit.


The Fed must be frustrated by the delay in the implementation of President Trump’s election promises, to which their policy should be riveted. They cannot afford to be out of step with government, which now seems unable to deliver on their promises, so remain directionless until the way forward for government is clarified.


Gold ETFs – Yesterday saw no sales or purchases from or into the SPDR gold ETF or the Gold Trust. Their holdings are now at 853.362 tonnes and at 203.82 tonnes respectively.


Since January 4th 2016, 255.828 tonnes of gold have been added to the SPDR gold ETF and to the Gold Trust.  Since January 6th 2017 45.772 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. 80,668.12

| Digg This Article
 -- Published: Wednesday, 3 May 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 - 2019 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, Gold Seek LLC, its affiliates or advertisers., Gold Seek LLC 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, Gold Seek LLC, is strictly prohibited. In no event shall, Gold Seek LLC or its affiliates be liable to any person for any decision made or action taken in reliance upon the information provided herein.