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Gold Today -Gold closed in New York at $1,313.30 on Thursday
after Wednesday's close at $1,308.30.London opened at $1,310.
-The $: ? was weaker at $1.1182 down from $1.1134 yesterday.
-The dollar index was weaker at 95.79 from 96.11 yesterday.
-The Yen was almost unchanged at 103.57 from yesterday's 103.55
against the dollar.
-The Yuan was slightly weaker at 6.6823 from 6.6801 yesterday.
-The Pound Sterling was stronger at $1.3267 from
yesterday's$1.3140.
Yuan Gold Fix
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Trade Date
|
Contract
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Benchmark Price AM
|
Benchmark Price PM
|
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2016092
201609 1
|
SHAU
SHAU
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282.69
282.32
|
282.50
281.63
|
|
Dollar equivalent @ $1: 6.6823
$1: 6.6801
|
|
$1,315.81
$1,314.52
|
$1,314.93
$1,311.31
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After New York pulled up from its lows around $1,305 to $1,313 Shanghai
stabilized too, following New York, as did London.
The Yuan weakened against the dollar while the dollar weakened against
other currencies. It was a day when the U.S. began to wind down ahead of the
long weekend.
LBMA price setting: The LBMA gold price setting on Friday was at $1,311.50.
On Thursday it was at set at $1,305.70.
The gold price in the euro was set on Friday at ?1,172.34 up
slightly onThursday's?1,171.45.
Ahead of the opening in New Yorkthe gold price was trading at $1,314.05
and in the euro at ?1,174.20.The silver price is trading at $18.87
ahead of New York's opening.
Silver Today -The silver price closed in New York at $18.87 Thursday
up from $18.65 Wednesday.
Gold (very short-term)The gold price will consolidate, in New
York today.
Silver (very short-term) The silver price will consolidate, in
New York today.
Price Drivers
Today in New York markets should be quiet as the long weekend has begun
for so many. While the trading desks will have few dealers on hand the day is
a great opportunity for those large speculators who like to create big
movements in prices.
This week alone has seen attempts on COMEX to crush the gold price with
High Frequency Trading dumping $1.5 billion worth of Futures contracts onto
the market. The day before yesterday and yesterday saw over 17 tonnes of gold
dropped into the physical market [which should feed through to London] and
yet the gold price in the last day has bounced off $1,306.
With markets now closed from end of business today until Tuesday, there
may well be position-squaring to minimize exposure for such a long time
[three days in markets is a long time]. Perhaps that is what happened this
week, as it is also a week when one month ended and another began.
Nevertheless, the markets are vulnerable to great volatility.
Some may say that it is the dire situation in Venezuela that's caused the
sell-off in gold. We have difficulty with that as this would be seen in
London's market and prices, not in New York, on COMEX or in the SPDR gold
ETF. They would be selling directly to willing buyers and more likely to be
courted by those looking for large tonnages which would go direct to the sellers
and not through the market place.
Gold ETFs - In New York yesterday there was another large sale of
5.342 tonnes from the SPDR gold ETF but no change in the holdings of the Gold
Trust. This left their respective holdings at 937.89 tonnes and 225.44 tonnes.
Since January 4th this year, the holdings of these two gold
ETFs have risen by 364.215 tonnes.
Silver - The silver price was higher at London's opening, after New
York again took it higher. It simply took gold to stabilize at current levels
for silver to continue rising. Market stability has certainly made both
dealers and buyer feel that the silver price has fallen too far.
Regards,
Julian D.W. Phillips
GoldForecaster.com | SilverForecaster.com | StockBridge Management Alliance [Gold
Storage geared to avoid its confiscation]
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Global Gold Price (1 ounce)
|
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Today
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Yesterday
|
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Franc
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Sf1,287.05
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Sf1,286.76
|
|
US
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$1,314.05
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$1,306.55
|
|
EU
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?1,174.20
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?1,171.80
|
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India
|
Rs.87,780.51
|
Rs. 87,481.75
|
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China
|
Y 8,780.48
|
Y 8,727.75
|
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