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

GoldSeek.com Radio: John Embry and Charles Hughes Smith, and your host Chris Waltzek
By: radio.GoldSeek.com

The Dangerous Dream of Secession
By: George Smith

Amid Bad Fundamentals, Gold Sector Rally May Have Begun
By: Gary Tanashian

Bitcoin Proves You Cannot Have Your Digital Cake and Eat it Too
By: Nathan McDonald

Relief Rally in Gold Mining Stocks
By: Jordan Roy-Byrne CMT, MFTA

The Morgan Report's Weekly Perspective
By: David Morgan

Outlook for gold – 2018
By: Alasdair Macleod

Stephen Poloz Right To Be Worried
By: Peter Diekmeyer

The Yield Curve And The Boom-Bust Cycle
By: Steven Saville

Gold Seeker Weekly Wrap-Up: Gold and Silver Gain Roughly 1% on the Week
By: Chris Mullen, Gold Seeker Report

 
Search

GoldSeek Web

 
Gold Market Morning: June-9-2017: Gold fell but continues to consolidate!


 -- Published: Friday, 9 June 2017 | Print  | Disqus 

 Gold Today New York closed at $1,279.50 yesterday after closing at $1,293.20 Wednesday. London opened at $1,275.00 today. 

 

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

 

-           The $: € was stronger at $1.1178 after yesterday’s $1.1232: €1.

-         The Dollar index was stronger at 97.44 after yesterday’s 96.89. 

-         The Yen was weaker at 110.37 after yesterday’s 110.07:$1. 

-         The Yuan was slightly weaker at 6.7988 after yesterday’s 6.7954: $1. 

-         The Pound Sterling was much weaker at $1.2720 after yesterday’s $1.2941: £1.

 

 

Yuan Gold Fix

Trade Date

     Contract

Benchmark Price AM 1 gm

Benchmark Price PM 1 gm

      2017    6    9

      2017    6    8

      2017    6    7

SHAU

SHAU

SHAU

 

282.78

283.66

 

Trading at 280.00

283.13

283.67

$ equivalent 1oz at 0.995 fineness

 @    $1: 6.7988

        $1: 6.7954

        $1: 6.7931    

 

 

 

$1,289.32

$1,293.79

 

Trading at $1,275.96

$1,290.92

$1,293.84

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.]

 

New York and Shanghai stayed at the same level yesterday and this morning. New York led the way down and Shanghai took it down further. London opened at the same level as Shanghai. The global gold markets continue to move together.

 

Silver Today –Silver closed at $17.41 yesterday after $17.69 at New York’s close Wednesday.

 

LBMA price setting:  The LBMA gold price was set today at $1,274.25 from yesterday’s $1,284.80.  The gold price in the euro was set at €1,139.76 after yesterday’s €1,143.37.

Ahead of the opening of New York the gold price was trading at $1,273.75 and in the euro at €1,147.52. At the same time, the silver price was trading at $17.34. 

 

 

Gold (very short-term) 

The gold price should consolidate, in New York today.      

                                                                                              

Silver (very short-term) 

The silver price should consolidate, in New York today. 

 

Price Drivers

 

Technical picture

The pullback in the gold price is a correction that has not altered the trend. This remains to the upside.  A weaker euro has led to higher prices for gold in the euro and lower prices in the dollar. This shows a recovering dollar is the main reason for gold’s fall at the moment.

 

Over the last day global uncertainty has increased due to issues on both sides of the Atlantic and in the Middle East.

 

Middle East

In the Middle east tensions there continue to rise as actions are taken against Qatar. It is clear that this is not simply political issues between the Persian Gulf nations but between the two sides of Islam. These cannot be solved by simple diplomacy. We can’t see a solution to these or to terror itself. At best, the police in different countries may be able to contain it, but with wars smashing on in different parts of the Middle East over the religious issues, we cannot see an end of them at all.

 

British Elections have turned out to be disaster for Prime Minister May as we see a hung Parliament. As a result we expect to see more easing and perhaps a rate cut in the near future as uncertainty kicks into the way forward for Brexit. Most believed that the only issue was the size of the conservative majority. But this result changes things. Already the gold price is rising in the pound sterling, as the pound falls heavily.

 

This is a year of considerable surprises.  We now look to Italy for the next surprise.

 

The Dollar

The dollar is stronger today as it consolidates. This is the prime reason the gold price has fallen in the dollar. It has risen in other currencies.

 

With gold ETF purchases continuing in the U.S. uncertainty surrounding the way forward under President Trump increases. The resulting slowing of his agenda continues to provide a backdrop for gold to rise, but the markets see in Comey’s testimony, no reason to fall. It does appear so far that there are no grounds for impeachment of him, but his agenda does seem to be mired in controversy.

 

Gold ETFs – Yesterday, saw purchases of 2.071 tonnes of gold and with the last two days before this the total purchases of the last three days is 17.005 tonnes of gold bought into the two gold ETFs, in the last three days. Yesterday saw 0.6 of a tonne bought into the Gold Trust.

 

Their holdings are now at 866.998 tonnes and, at 206.16 tonnes respectively.

 

U.S. buyers continue strong buyers of physical gold now. Today we may see a pause in their buying as the gold price consolidates at lower levels.

 

Since January 4th 2016, 261.41 tonnes of gold have been added to the SPDR gold ETF and to the Gold Trust.  Since January 6th 2017 61.364 tonnes have been added to the SPDR gold ETF and the Gold Trust.

 

Regards,

 

 Julian D.W. Phillips 

 GoldForecaster.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 ultimategoldtrust@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 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

Sf1,237.58

Sf1,242.22

US

$1,273.75

$1,284.75

EU

€1,147.52

€1,143.17

India

Rs.81,832.07

Rs. 83,305.64


| Digg This Article
 -- Published: Friday, 9 June 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.