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 Radio Nugget: John Embry and Chris Waltzek
By: radio.GoldSeek.com

AlphaZero for President
By: George Smith

Ira Epstein's Metals Video 12 14 2017
By: Ira Epstein

Asian Metals Market Update: December-15-2017
By: Chintan Karnani, Insignia Consultants

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

Are You Ready For The Next Rally?
By: Craig Hemke

Long Term Patterns in Stocks, Gold and Crude
By: Gary Christenson

Exploration Update: Golden Arrow’s Pescado Project
By: Nicholas LePan, SilverSeek.com

GoldSeek Radio Nugget: Charles Hughes Smith and Chris Waltzek
By: radio.GoldSeek.com

Strap Yourself In - We Are About To See Some Big Moves In Metals
By: Avi Gilburt

 
Search

GoldSeek Web

 
Gold and Silver Market Morning: July 21 2017 - Gold and silver markets continue to climb stronger than we expected!


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

Gold Today New York closed yesterday at $1,243.70. London opened at $1,247.00 today. 

 

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

 

 -         The $: € was much weaker at $1.1657 after yesterday’s $1.1532: €1.

-         The Dollar index was much weaker at 94.09 after yesterday’s 94.77. 

-         The Yen was stronger at 111.69 after yesterday’s 111.94:$1. 

-         The Yuan was weaker at 6.7697 after yesterday’s 6.7549: $1. 

-         The Pound Sterling was slightly weaker at $1.3001 after yesterday’s $1.3033: £1.

 

Yuan Gold Fix

Trade Date

     Contract

Benchmark Price AM 1 gm

Benchmark Price PM 1 gm

      2017    7    20

      2017    7    19          

      2017    7    18

SHAU

SHAU

SHAU

/

271.44

271.41

 

Trading at 273.6

271.36

271.17

$ equivalent 1oz at 0.995 fineness

 @    $1: 6.7697

        $1: 6.7549

        $1: 6.7481    

 

 

/

$1,244.87

$1,245.99

 

Trading at $1,252.06

$1,244.50

$1,244.88

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 closed only $0.80 lower than  Shanghai yesterday and has been trying to follow Shanghai all the way up, with London opening today at a discount to Shanghai’s trading today of $5.06 an narrower discount than  we have seen this week. Both London and New York are being pulled up by Shanghai. With this strong Chinese demand the chances of both London and New York breaking through $1,250 are greatly increased.

 

Today, the U.S. dollar weakened heavily after Draghi of the E.C.B.’s announcement.

 

Silver Today –Silver closed at $16.30 yesterday after $16.27 at New York’s close Wednesday.

 

LBMA price setting:  The LBMA gold price was set today at $1,247.25 from yesterday’s $1,239.85.  The gold price in the euro was set at €1,071.61 after yesterday’s €1.074.72.

 

Just after the opening of New York the gold price was trading at $1,249.75 and in the euro at €1,072.93. At the same time, the silver price was trading at $16.43. 

 

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

                                                                                              

Silver (very short-term) The silver price should try to catch up to gold if gold rises, in New York today.      

 

Price Drivers

The gold price is attacking overhead resistance in the $1,250 area. If it maintains its strength it will have broken overhead resistance.

 

Draghi was more dovish than the markets expected, basically saying that there will be no change in the stance of the E.C.B. We expected that that would slow or halt the rise of the euro, but not a bit of it. The euro is stronger again today, with a gold price in the euro that is slightly lower, while the gold price in the dollar is strong. As with the U.S. inflation is just not rising as the central banks want and need it to. Both the U.S. Fed and the E.U.’ E.C.B. will hold back tapering incentives until they see inflation and wages rise. We expect that will take a long, long time still.

 

Of very great significance is the dollar index. We now call the dollar bear market which has begun in earnest! We see the dollar weakening for several years now. We believe the world’s monetary system is confirming that it has entered a multi-currency system from the dollar hegemony system it has been in since the early 1970’. This means that gold will gather a far more significant role in the global monetary system as a reserve asset. Over time, from now on gold will improve its investor attraction considerably. Silver will follow it.

 

We expect the euro gold price to rise as Europeans are not selling gold, but we see them increasing their demand for gold. Gold continues to hold higher levels in the euro, which shows real demand for physical gold in the E.U.

 

Gold ETFs – Yesterday saw sales of 5.323 tonnes from the SPDR gold ETF and purchases of 0.45 of a tonne in the Gold Trust. The SPDR gold ETF and Gold Trust holdings are at 816.125 tonnes and at 211.86 tonnes respectively.

 

The U.S. selling from the SPDR gold ETF persists with very large sales of physical gold as the gold price rises. Clearly these investors are seeing the gold price being turned back at these levels. Yes, there may be institutional attempts to break the gold price down, but so far this week they have failed to do this. Chinese demand is strong simply because the economy and middle class are growing and is likely to continue to do so. We see the sellers halting sales if the gold price confirms it has broken overhead resistance and rises. Then we expect to see U.S. demand come in strongly. We do not underestimate the demand from LMEprecious arbitraging gold into Hong Kong. Gold price differentials between London and China are already narrowing!

 

Since January 4th 2016, 178.043 tonnes of gold have been added to the SPDR gold ETF and to the Gold Trust.  Since January 6th 2017 15.528 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

Sf1,184.14

Sf1,183.31

US

$1,249.75

$1,239.85

EU

€1,072.93

€1,071.51

India

Rs.80,490.15

Rs. 79,752.11


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