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Gold and Silver Market Morning: Jan 5 2017 - Gold and Silver prices follow Shanghai higher!

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Published : January 05th, 2017
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Category : GoldWire

Gold TodayNew York closed at $1,163.50on the 4rd January after closing at $1,159.50 on the 3rd January.London opened again at $1,173.00 today.

Overall the dollar is weaker against global currencies today. Before London’s opening:

-The $: € was weaker at $1.0503: €1 from $1.0441: €1 yesterday.

-The Dollar index was weaker at 102.36 from 102.98 yesterday

-The Yen was strongerat 116.66: $1 from yesterday’s 117.56 against the dollar. 

-The Yuan was stronger at 6.8874: $1, from 6.9321: $1, yesterday

-The Pound Sterling was stronger at $1.2319: £1 from yesterday’s $1.2270: £1.

Yuan Gold Fix

Trade Date

Contract

Benchmark Price AM 1 gm

Benchmark Price PM 1 gm

      201715

2016  1    4

      2016  12    3

SHAU

SHAU

SHAU

/

264.27

264.34

/

264.77

264.30

$ equivalent 1oz @  $1: 6.8874

$1: 6.9321

$1: 6.9566

/

$1,185.75

$1,181.88

/

$1,187.99

$1,181.70

Please note that the Shanghai Fixes are for 1 gm of gold. From the Middle Eat 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.]

Shanghai gold prices continue to rise slightly on a daily basis and both London and New York are moving higher, faster as they appear to be catching Shanghai up. This again confirms that demand in Shanghai is solid and solid enough to pull gold out of the developed world gold markets. The strength or weakness of the dollar is not affecting this as you can see in Yuan prices. These appear to be rising in a relatively stable pattern over the last month. It is the translation into dollar prices that reflects dollar moves.

Against New York’s prices Shanghai was trading $19 higher, but against London Shanghai was trading only $10 higher. We have to remember that Shanghai prices are yesterday’s prices after which New York was open, then London. But we can perceive that New York is resisting the price rises at the moment. With no ETF sales yesterday we expect New York to be unable to resist letting gold prices rise.

This is a visible lessening of COMEX’ influence, a structural change in the global gold market.

LBMA price setting:The LBMA gold price setting was at $1,173.05 this morningagainst yesterday’s $1,165.90. 

The gold price in the euro was set higherat €1,116.98 afteryesterday’s €1,117.51.

Ahead of the opening of New Yorkthe gold price was trading at $1,173.55 and in the euro at €1,117.08.  At the same time, the silver price was trading at $.16.57

Silver Today –Silver closed at $16.43 at New York’s close yesterday from $16.29 on the 3rd January.

Gold(very short-term) The gold price will have a positive bias, in New York today.      

Silver(very short-term) The silver price will have a positive bias, in New York today.

Price Drivers

We have pointed out that Shanghai is now making the market in gold as you can see from the relatively stable pattern of rising gold prices. The gold price in the dollar is reflecting dollar moves against all currencies.

A correct perspective, we feel is to separate the currencies and look at gold prices in each different currency. In the last day we can see that Yuan and euro prices have been relatively stable. When gold prices rise in all currencies or fall in those currencies, that is a gold price move, but when in different currencies it moves differently, this reflects currency moves only.

Gold ETFs – Yesterday in New York, there were no sales from the SPDR gold ETF but there was a purchase of 0.41 of a tonnes in the holdings of the Gold Trust, leaving their respective holdings at 813.871 tonnes and 196.61 tonnes. This was the first decent purchase of gold we have seen since Trump was elected and the Fed raised rates!

Since January 4th this year, 209.601 tonnes of gold has been added to the SPDR gold ETF and to the Gold Trust.  We are almost at half the level accumulated in 2016.

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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We focus on keeping our readers on top of the emerging Gold bull market with a global fundamental and technical overview.Members gain accessto 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.

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Global Gold Price (1 ounce)

Today

yesterday

Franc

Sf1,195.73

Sf1,196.20

US

$1,173.55

$1,165.15

EU

€1,117.08

€1,117,22

India

Rs.79,740.38

Rs. 79,356.04

China

Y 8,082.71

Y 8,080.4


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Data and Statistics for these countries : Georgia | All
Gold and Silver Prices for these countries : Georgia | 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".
WebsiteSubscribe to his services
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