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Gold and Silver Market Morning: April 21 2017 - Gold consolidating below $1,300!

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Published : April 21st, 2017
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Category : GoldWire

Gold TodayNew York closed at $1,281.20 yesterday after closing at$1,279.20Wednesday.London opened at $1,281.00 today.

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

 -The $: € was stronger at $1.0695 after yesterday’s$1.0766: €1.

-The Dollar index was stronger at 99.94 after yesterday’s 99.46.

-The Yen was weaker at 109.18 after yesterday’s 109.03:$1. 

-The Yuan was weaker at 6.8867 after yesterday’s 6.8837: $1. 

-The Pound Sterling was weaker at $1.2787 after yesterday’s $1.2833: £1.

Yuan Gold Fix

Trade Date

Contract

Benchmark Price AM 1 gm

Benchmark Price PM 1 gm

      2017421

2017420

2017419    

SHAU

SHAU

SHAU

/

285.30

286.11

/

285.23

285.75

$ equivalent 1oz @  $1: 6.8867

$1: 6.8837

$1: 6.8854

/

$1,289.11

$1,292.45

/

$1,288.79

$1,290.8

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.]

The Shanghai Gold Exchange was trading at 285.10 towards the close today. This translates into $1,282.64.

All three global gold markets are in line with each other. At this moment in time, we don’t see that the three are leading or following each other, but the closeness of prices tells us that arbitrageurs are doing a very professional job of smoothing out the gold markets across the world. New York closed $1.44 below Shanghai’s closing yesterday and today. London opened at a $1.46 discount to Shanghai in line with New York. This is the closest we have ever seen them.

LBMA price setting:The LBMA gold price was set today at $1,281.50 from yesterday’s $1,279.90.The gold price in the euro was set at €1,198.00 after yesterday’s €1,191.05.

Ahead of the opening of New Yorkthe gold price was trading at $1,284.15 and in the euro at €1,200.59. At the same time, the silver price was trading at $17.99.

Silver Today –Silver closed at $18.01 yesterdayafter $18.14 at New York’s close Wednesday.

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

Silver(very short-term) The silver price should consolidate with a stronger bias, in New York today.

Price Drivers

The dollar is recovering against other currencies today with gold rising in the dollar. Technically gold is sitting on support, while still consolidating. [For our forecasts, subscribe through www.GoldForecaster.com]

France

With the French elections taking place this weekend, after another terror attack the mood in the world remains dark. The French polls are reminding us of the polls before the U.S. election, so we do not rate their abilities too highly. There is always a danger that we get so used to the dark side of the world that it becomes a ‘new normal’ but we do expect such attacks [in Paris today] to affect voters in France. Next week could see two euro-skeptics in the run-off for the Presidency.

Expectations too high

Currency markets are behaving in an unpredictable fashion at the moment as are markets.

Equity markets are too high and not for the right reasons as the U.S. recovery is still moderate and not such that gives rise to the current record highs we are seeing. Likewise in Europe with its tentative recovery. The IMF has increased its forecasts for the coming years. We would like to see more reasons and sustainability before endorsing such opinions. There are too many potential events that could disturb such a positive picture. What we do draw from the global scene is that the environment remains positive for gold.

China

When we see China reporting an increasingly robust economy we see a nation that is doing its best to be a separately, self-sustaining economy with supplies coming from countries not under U.S. influence. We do not see the U.S. and China working interdependently with each other in the future. China will walk its own road.

Russia continues to publicize the gold it buys, with last month’s purchases just below 25 tonnes. We do believe that China continues to build up its reserves in its institutions and through its agencies, but for whatever reason, has decided not to be open about this.

Gold ETFs –Yesterday saw sales of 6.513 tonnes from the SPDR gold ETF but no change in the Gold Trust. Their holdings are now at 854.25 tonnes and at 204.36 tonnes respectively.

Since January 4th 2016, 257.256 tonnes of gold have been added to the SPDR gold ETF and to the Gold Trust.  Since January 6th 2017 47.20 tonnes have been added to the SPDR gold ETF and the Gold Trust.

Regards,

Julian D.W. Phillips 

GoldForecaster.com|SilverForecaster.com|StockBridge Management AllianceTo 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 admin@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!

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Global Gold Price (1 ounce)

Today

Yesterday

Franc

Sf1,281.58

Sf1,273.42

US

$1,284.15

$1,278.60

EU

€1,200.59

€1,189.73

India

Rs.82,833.75

Rs. 82,628.25


|
Data and Statistics for these countries : China | France | Georgia | Russia | All
Gold and Silver Prices for these countries : China | France | Georgia | Russia | All
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Julian Philips' history in the financial world goes back to 1970, after leaving the British Army having been an Officer in the Light Infantry, serving in Malaya, Mauritius, and Belfast. After a brief period in Timber Management, Julian joined the London Stock Exchange, qualifying as a member. He specialised from the beginning in currencies, gold and the "Dollar Premium". At the time, the gold / currency world exploded into action after the floating of the $ and the Pound Sterling. He wrote on gold and the $ premium in magazines, Accountancy and The International Currency Review. Julian moved to South Africa, where he was appointed a Macro economist for the Electricity Supply Commission, guiding currency decisions on the multi-Billion foreign Loan Portfolio, before joining Chase Manhattan the the U.K. Merchant Bank, Hill Samuel, in Johannesburg, specialising in gold. He moved to Capetown, where establishing the Fund Management department of the Board of Executors. Julian returned to the 'Gold World' over two years ago and established "Gold - Authentic Money" and now contributing to "Global Watch - The Gold Forecaster".
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