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: July 17 2017 - Gold and silver markets are seeing a changed mood for the better!

 -- Published: Monday, 17 July 2017 | Print  | Disqus 

Gold Today New York closed yesterday at $1,228.40. London opened at $1,230.00 today. 

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


 -         The $: € was weaker at $1.1457 after yesterday’s $1.1402: €1.

-         The Dollar index was weak at 95.21 after Friday’s 95.75. 

-         The Yen was stronger at 112.44 after Friday’s 113.03:$1. 

-         The Yuan was stronger at 6.7704 after Friday’s 6.7821: $1. 

-         The Pound Sterling was stronger at $1.30.66 after Friday’s $1.2927: £1.


Yuan Gold Fix

Trade Date


Benchmark Price AM 1 gm

Benchmark Price PM 1 gm

      2017    7    17

      2017    7    13          

      2017    7    12








Trading at 270.30



$ equivalent 1oz at 0.995 fineness

 @    $1: 6.7704

        $1: 6.7821

        $1: 6.7995    







Trading at $1,236.77



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 rose higher than Shanghai’s close on Friday, with a premium to Shanghai of $4.40 with London opening today at a discount to Shanghai’s trading today of $6.77, a marginally lower discount to Shanghai than we saw on Friday. We see this difference between London and New York because London is the western world’s center of physical dealing and New York a financial market not a physical gold market.


With the dollar weakening to dangerously low levels on the index, we are on the brink of a dollar ‘bear’ market  while, after  strong economic growth of 6.9% for the last month, the Yuan is strengthening [with a little help from the P.B. of C.] But the fall of the dollar is against all currencies.


Silver Today –Silver closed at $15.95 Friday after $15.92 at New York’s close Thursday.


LBMA price setting:  The LBMA gold price was set today at $1,229.85 from Friday’s $1,221.40.  The gold price in the euro was set at €1,072.70 after Friday’s €1.071.03.


Ahead of the opening of New York the gold price was trading at $1,234.85 and in the euro at €1,076.73. At the same time, the silver price was trading at $16.16. 


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


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


Price Drivers

At the moment gold continues to see a rebound after its fall from $1,250. We would expect more of that today. This is despite the ongoing selling from the SPDR gold ETF on Friday. What does this tell us about U.S. gold investors ‘net’ opinions? It tells us that the view of U.S. investors continues to see gold as falling after the rebound, but dealer’s opinions are different in the shorter term as they lifted prices higher.


The Fed

Janet Yellen’s comments Friday were followed by the publication of the latest CPI numbers which showed that the belief that the poor data, issued on Friday, which led the Fed to say it was a temporary setback, looks like turning out to be more permanent. With this in mind and indeed if this proves to be so, we may not see another rate hike in 2017. Equity markets have not yet discounted this, but it is being reflected in the dollar’s exchange rate. Once it is factored in, we expect more ‘bubble’ rises in U.S. equities [albeit against better earnings results from the corporate sector] as the prospect of better yields in these markets, for much longer, attracts funds.



Meanwhile the markets are discounting an earlier unwinding of stimulus from the E.C.B. boosting prospects in Europe likely ahead of those we see in the U.S.


We see all of the above as a changing of the mood in financial markets. The dollar is getting to dangerous levels in its weakness, as Chinese demand rises alongside a robust economy continuously bringing the new rich into the gold market on an ongoing basis.  Expectations in the E.U. and China are getting stronger [for the euro as well] and are getting weaker in the U.S.A. They are now affecting foreign exchange markets directly and, by extension, the gold market. You saw the strength of the euro reflected in the earlier, almost unchanged euro gold price. But ahead of the opening of New York, we saw the euro gold price begin to rise too.


We are around six weeks away from the start of the ‘gold season’ so the time in which the bears can attack is reducing by the day.


Gold ETFs – Friday saw sales of 3.549 tonnes from the SPDR gold ETF but no change in  the holdings of the Gold Trust. The SPDR gold ETF and Gold Trust holdings are at 828.842 tonnes and at 211.41 tonnes respectively.


Since January 4th 2016, 190.353 tonnes of gold have been added to the SPDR gold ETF and to the Gold Trust.  Since January 6th 2017 27.838 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 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. 78,674.46

| Digg This Article
 -- Published: Monday, 17 July 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.