Advertise | Bookmark | Contact Us | E-Mail List |  | Update Page | 

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

Rocket Time For Gold
By: Stewart Thomson

A golden escape
By: Richard (Rick) Mills

Does Gold Like Acronyms? The Golden Story of SPX, CPI, and IMF
By: Arkadiusz Sieron

Gold Resource Corporation Reports Preliminary Third Quarter Production of 6,411 Gold Ounces and 321,590 Silver Ounces Maintaining 2018 Annual Outlook
By: Gold Resource Corporation

Of What Am I Now Certain?
By: Avi Gilburt

October Doesn't Disappoint: Volatility Is Back After a Tranquil Third Quarter
By: Frank Holmes

Lower Yields Are Bulls' Best Bet
By: Rick Ackerman

Poland Raises Gold Holdings to Record High in September – IMF
By: GoldCore

Asian Metals Market Update: Oct 16 2018
By: Chintan Karnani, Insignia Consultants

Gold Seeker Closing Report: Gold and Silver Gain While Stocks Drop Again
By: Chris Mullen, Gold Seeker Report


GoldSeek Web

Gold Market Morning: July-24-2017: Gold and silver markets consolidating and rising above $1,250!

 -- Published: Monday, 24 July 2017 | Print  | Disqus 


Gold Today New York closed Friday at $1,254.30. London opened at $1,254.00 today. 

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


-          The $: € was slightly stronger at $1.1650 after Friday’s $1.1657: €1.

-         The Dollar index was weaker at 93.93 after Friday’s 94.09. 

-         The Yen was stronger at 110.76 after Friday’s 111.69:$1. 

-         The Yuan was stronger at 6.7503 after Friday’s 6.7697: $1. 

-         The Pound Sterling was stronger at $1.3041 after Friday’s $1.3001: £1.


Yuan Gold Fix

Trade Date


Benchmark Price AM 1 gm

Benchmark Price PM 1 gm

      2017    7    24

    2017  7   21          

      2017    7    20








Trading at 273.90



$ equivalent 1oz at 0.995 fineness

 @    $1: 6.7503

        $1: 6.7697

        $1: 6.7549    







Trading at $1,257.05



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 nearly $8.00 higher than Shanghai on Friday with London opening only $3 less than Shanghai. If this persists this week with the differentials narrowing as they are, then we will have confirmation that arbitrageurs are proving successful in smoothing out the differences between the global gold markets.


This is a structural change in the global gold market and allows a considerably greater influence of the physical gold market [primarily Shanghai] to impact the gold price and diminish the impact of the ‘paper gold markets of COMEX and the ‘paper’ side of the London gold market, across the world.


We have highlighted in the Gold Forecaster newsletter of ours that while 90+% of gold-linked transactions go through London and COMEX over 90% of physical gold transactions go through Shanghai. With the impact of the arbitrageurs bringing global gold prices together, we will see, at last, the fundamentals of demand and supply impact the price.


An analogy of this is seen in the sea where the surf and waves have the loudest impact, but the current dominates the ebbing and flowing of the sea itself.  The current is now taking control whereas the surf and waves appeared to have it before.


Silver Today –Silver closed at $16.48 Friday after $16.30 at New York’s close Thursday.


LBMA price setting:  The LBMA gold price was set today at $1,255.85 from Friday’s $1,247.25.  The gold price in the euro was set at €1,078.45 after Friday’s €1.071.61.


Just after the opening of New York the gold price was trading at $1,256.50 and in the euro at €1,078.73. At the same time, the silver price was trading at $16.54. 


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 has broken through overhead resistance and is now consolidating on that resistance which is now support. Today, we expect and are seeing a dollar rally back to overhead resistance before resuming its downward path. The media is blaming the Trump family for the fall, but as we said last week,   the dollar bear market has begun in earnest! Once this rally subsides, we do see rallies in the dollar but the trend is lower now. We cannot blame the Trade deficit as this has been negative yearly since the seventies something the world has accepted as the U.S. ‘exorbitant privilege’ [where the U.S. paid for goods with freshly produced dollars]. That it could be a factor now could only happen if this monetary system of ‘dollar hegemony’ was ending, or has ended. We do believe that that system is changing to a multi-currency one. Consequently, we see the dollar weakening for several years now.


Gold ETFs – Friday saw sales of 2.366 tonnes from the SPDR gold ETF but no change in the Gold Trust. The SPDR gold ETF and Gold Trust holdings are at 813.759 tonnes and at 211.86 tonnes respectively.


In the last week heavy persistent gold sales from the SPDR gold ETF have had absolutely no impact on the gold price as it soared up from the bounce straight through the $1,250 “Golden Cross’”.

We expect these sales to halt this week as the gold picture looks so positive.


Since January 4th 2016, 175.677 tonnes of gold have been added to the SPDR gold ETF and to the Gold Trust.  Since January 6th 2017 13.162 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. 80,490.15


| Digg This Article
 -- Published: Monday, 24 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 - 2018 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, its affiliates or advertisers. 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, is strictly prohibited. In no event shall or its affiliates be liable to any person for any decision made or action taken in reliance upon the information provided herein.