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

CPM Group’s Jeff Christian Responds “NEGATIVELY” To The SRSrocco Report On Silver Investment Demand
By: Steve St. Angelo

Low Silver Price Creating Buying Opportunities; SilverCrest Preparing for Maiden Resource
By: Nicholas LePan, SilverSeek.com

Cryptojunkies: Beware the Ides of December
By: Michael Ballanger

This Week in Bitcoin: The IRS Targets Coinbase, Venezuela to Mint Its Own Cryptocurrency
By: Frank Holmes

Gold Seeker Closing Report: Gold and Silver Fall While Stocks Edge Higher
By: Chris Mullen, Gold Seeker Report

Ira Epstein's Metals Video 12 11 2017
By: Ira Epstein

Michael Pento: Epic Stock Market And Fixed Income Bubble Will Not End Well
By: Mike Gleason

100% Bullish Signal for Precious Metals Sector
By: Przemyslaw Radomski, CFA

Jack Chan's Weekly Precious Metals Market Update
By: Jack Chan

SWOT Analysis: Is Gold Set to Rise in 2018?
By: Frank Holmes

 
Search

GoldSeek Web

 
Gold Market Morning: July-28-2017 -- heavy U.S. gold ETF sales turn to heavy buying!


 -- Published: Friday, 28 July 2017 | Print  | Disqus 

Gold Today New York closed yesterday at $1,260.00. London opened at $1,260.00 today. 

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

 

-         The $: € was stronger at $1.1709 after the yesterday’s $1.1728: €1.

-         The Dollar index was stronger at 93.71 after yesterday’s 93.50. 

-         The Yen was almost unchanged at 111.23 after yesterday’s 111.25:$1. 

-         The Yuan was weaker at 6.7415 after yesterday’s 6.7377: $1. 

-         The Pound Sterling was weaker at $1.3090 after yesterday’s $1.3138: £1.

 

Yuan Gold Fix

Trade Date

     Contract

Benchmark Price AM 1 gm

Benchmark Price PM 1 gm

      2017    7    28

      2017    7    27          

      2017    7    26

SHAU

SHAU

SHAU

/

275.15

272.64

 

Trading at ------

274.74

271.95

$ equivalent 1oz at 0.995 fineness

 @    $1: 6.7415

        $1: 6.7377

        $1: 6.7506    

 

 

/

$1,265.18

$1,251.19

 

Trading at $........

$1,263.29

$1,248.01

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.]

 

We cannot establish the price at which Shanghai was trading today. New York $3 lower than Shanghai yesterday, with London closing at a level that is closer to Shanghai’s price than we have seen until yesterday, when it opened at just $2.50 below Shanghai’s trading level yesterday. Shanghai continues to lead the way higher and to import as much gold as it can to meet Chinese demand.

 

Silver Today –Silver closed at $16.57 yesterday after $16.45 at New York’s close Tuesday.

 

LBMA price setting:  The LBMA gold price was set today at $1,259.60 from yesterday’s $1,262.05.  The gold price in the euro was set at €1,075.20 after yesterday’s €1.077.11.

 

Just after the opening of New York the gold price was trading at $1,263.25 and in the euro at €1,075.41. At the same time, the silver price was trading at $16.73. 

 

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

On what is usually the busiest day of the week, with two days of no markets at the weekend, the gold price has held the $1,260 level. Will it rise from here? We will have to wait and see.

 

The main event in the gold market yesterday was the return of U.S. investors to physical buying of gold. As you have seen, the selloff of over 71 tonnes of gold recently from the SPDR gold ETF, while the gold price was rising was a failed exercise, as it did not lower the gold price. Indeed we are certain that the gold sold is now on its way to Shanghai via Switzerland. It is in the nature of U.S. investors to  ‘buy on the rise’, so we are watching to  see if the U.S. bears attack again, or has their ammunition been spent and they are turning long of physical gold. We do expect their actions now to have a direct bearing on the gold price. If they attack we expect to see a pattern similar to the last few weeks seen in gold. If they are ongoing buyers we expect the gold price to rise accordingly.

 

With all the chatter about the timing of rate hikes or trimming the Fed’s Balance Sheet, one very, very important factor is being overlooked in the U.S. If inflation continues at lower or lowering levels and the recovery stalls followed by a downturn, the Fed has almost no more tools with which to combat the falls. As it is rates continue to be so low that any lowering will have little to no impact [unless they go negative] on stimulating the U.S. economy. Likewise, trimming the Fed’s Balance Sheet, we feel, will have little to no impact on the U.S. financial world. If they go that road and there is a downturn in the U.S. further stimulation is likely to crack confidence in the dollar, something that the Fed cannot afford! Certainly little could be more positive for the gold price. Despite their positive demeanor, Fed officials must be very disturbed by the downturn in inflation. 

 

Gold ETFs – It looks like some U.S. Investors are returning to the SPDR gold ETF as we see purchases yesterday of 6.451 tonnes but, once again, no change in the Gold Trust holdings. This is a substantial amount but we wait to see if there will be follow through. Technically the gold price showed it has surmounted resistance and is now sitting on that, which is now support. Without knowing the individual customers, it would seem that a fund committed itself to the gold price falling back from $1,260 below $1,250, but the Technical picture is now failing, as Asian demand continues to lift western gold market prices higher.

The SPDR gold ETF and Gold Trust holdings are at 791.875 tonnes and at 210.87 tonnes respectively.

 

Since January 4th 2016, 162.758 tonnes of gold have been added to the SPDR gold ETF and to the Gold Trust.  Since January 6th 2017 0.283 tonnes of gold have been added to the SPDR gold ETF and the Gold Trust. The gold acquisitions by these two funds in 2017 have returned to the positive and now stand at 0.283 of a tonne in 2017.

 

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

Sf1,219.78

Sf1,185.88

US

$1,263.50

$1,263.52

EU

€1,075.41

€1,078.78

India

Rs.81,102.80

Rs. 81,032.06

 


| Digg This Article
 -- Published: Friday, 28 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.