In the same category

Gold and Silver Market Morning: Nov-8-2016 -- Gold price waiting for results?

IMG Auteur
Published : November 08th, 2016
888 words - Reading time : 2 - 3 minutes
( 0 vote, 0/5 )
Print article
  Article Comments Comment this article Rating All Articles  
0
Send
0
comment
Our Newsletter...
Category : GoldWire

Gold TodayNew York closed at $1,281.50 yesterday after the previous close of $1,304.20 London opened at $1,284.00.

-The $: € was stronger at $1.1043: €1 from $1.1073: €1 yesterday.

-The Dollar index was slightly stronger at 97.76 from 97.54 yesterday.

-The Yen was unchanged at 104.45: $1 from yesterday’s 104.46 against the dollar.

-The Yuan was weaker at 6.7785: $1 from 6.7745: $1 yesterday.

-The Pound Sterling was weaker at $1.2390: £1 from yesterday’s $1.2446 £1.

Yuan Gold Fix

Trade Date

Contract

Benchmark Price AM 1 gm

Benchmark Price PM 1 gm

2016118

2016107

2016104

SHAU

SHAU

SHAU

280.73

282.27

283.64

/

281.99

283.00

$ equivalent 1 oz @ $1: 6.7785

$1: 6.7745

$1: 6.7619

$1,288.14

$1,295.97

$1,304.69

/

$1,294.69

$1,301.75

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 closed in line with other world gold markets today. No p.m. Fixing was given. The Yuan continues to weaken and will continue doing so. Ironically, its fall is being tempered by the People’s Bank of China which is selling dollars to ensure the fall is not ‘brutal’ and stem accusations of manipulation.

LBMA price setting: The LBMA gold price setting was at $1,284.00 against yesterday’s $1,286.80. The gold price in the euro was set higher at €1,162.41 againstyesterday’s €1,162.95.

Ahead of the opening of New Yorkthe gold price was trading at $1,284.20 and in the euro at €1,162.49.At the same time, the silver price was trading at $18.34.

Silver Today –The silver price fell to $18.22 at New York’s close yesterday from $18.39, Thursday.

Gold (very short-term)The gold price will mark time until the election results, in New York today.

Silver (very short-term) The silver price will mark time until the election results, in New York today.

Price Drivers

Global financial markets are on hold until we hear the results of the U.S. Presidential results tomorrow. As we saw earlier in the last week, when Mrs. Clinton looked to be in trouble with the FBI, gold rose, discounting a Trump victory, but when exonerated, the gold price pulled back as a Clinton victory was discounted. At current levels a Clinton victory remains discounted in all world markets. The amount by which it is being discounted is not that large, so don’t expect major dramas unless Trump wins, which appears only likely if the desire for change brings out voters who don’t usually vote. The world waits, braced! The gold and silver markets are no place for widows and orphans right now!

Meanwhile we are hearing that in India demand is down heavily. We find that hard to believe as Indians have no qualms in buying smuggled gold to avoid the taxes on gold now and likely in the future. The latest suggestions imply that bureaucrats will attempt to pry open the black market in gold, which as decades ago, failed. All that has happened is that smuggling has become institutionalized. We believe that Indian gold demand is strong.

In China, while the disclosed figures point to a 28% fall in demand as stated by Shanghai withdrawals demand levels annualized point to over 2,000 tonnes with up to 520 tonnes being mined locally. Bear in mind exports of gold are not permitted from China. Overall the numbers remain opaque as the SGE can hold gold by itself and these figures are not reported. Likewise the People’s Bank of China can hold gold in its agencies for its reserves without disclosing these figures.

Subscribe -GoldForecaster.com To ensure you can benefit from the higher gold prices we will see then you need to hold it in a manner that makes sure it can’t be taken from us. 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!

Gold ETFs – There were no purchases or sales of gold into or from the SPDR gold ETF or the Gold Trust Friday, leaving their respective holdings at 949.688 tonnes and 230.99 tonnes.

Since January 4th this year, the holdings of these two gold ETFs have risen by 379.669 tonnes. This reflects the wait and see attitude of investors.

Silver – Silver should move further than gold after the results are announced, either way!

Regards,

Julian D.W. Phillips

GoldForecaster.com | SilverForecaster.com | StockBridge Management Alliance [Gold Storage geared to avoid its confiscation]

About GoldForecaster.com Service:

We focus on keeping our readers on top of the emerging 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, up-to-date portfolio 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 $99 trial subscription and gain immediate access to the latest weekly Gold Forecaster Newsletter!

Global Gold Price (1 ounce)

Today

Yesterday

Franc

Sf1,253.31

Sf1,256.74

US

$1,284.20

$1,288.30

EU

€1,162.49

€1,164.72

India

Rs.85,563.04

Rs. 85,990.80

China

Y 8,711.24

Y 8,727.72


|
Data and Statistics for these countries : China | Georgia | India | All
Gold and Silver Prices for these countries : China | Georgia | India | All
<< Previous article
Rate : Average note :0 (0 vote)
>> Next article
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
Comments closed
Latest comment posted for this article
Be the first to comment
Add your comment
Top articles
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS
Take advantage of rising gold stocks
  • Subscribe to our weekly mining market briefing.
  • Receive our research reports on junior mining companies
    with the strongest potential
  • Free service, your email is safe
  • Limited offer, register now !
Go to website.