|
Gold Today -New York closed yesterday at $1,337.50 yesterday.London
opened at $1,335.80.
-The $: ? was slightly weaker at $1.1271 down from $1.1267
yesterday.
-The Dollar index was stronger at 94.94 from 94.78 yesterday.
-The Yen was weaker at 102.12 down from 101.62 yesterday against
the dollar.
-The Yuan was weaker at 6.6798 from 6.6640 yesterday.
-The Pound Sterling was weaker at $1.3297 from yesterday's$1.3348.
Yuan Gold Fix
|
Trade Date
|
Contract
|
Benchmark Price AM
|
Benchmark Price PM
|
|
2016099
2016098
|
SHAU
SHAU
|
287.79
289.20
|
287.75
289.35
|
|
Dollar equivalent @ $1: 6.6798
$1: 6.6640
|
|
$1,340.05
$1,349.81
|
$1,339.86
$1,350.51
|
Shanghai was roughly in line with New York's close and London slipping a
little lower.
When it comes to measuring either the increase in Chinese gold reserves or
the gold imports to China we must say that the information provided by the
Chinese is only what they want us to know. With last month's announcement of
a 5 tonne increase in official gold reserves we read into it that they want
all to know they are continuing to increase their reserves but not at a
visibly aggressive rate. There are several ways they can increase their
reserves but not take them onto their books, 'officially'.
We remind readers that they "own gold through their people".
That includes all gold currently inside their borders but primarily directly
through state controlled institutions.
LBMA price setting: The LBMA gold price setting on Friday was at $1,335.65.
Yesterday it was at set at $1,348.00.
The gold price in the euro was set on Friday at ?1,185.61 againstyesterday's?1,194.08.
Ahead of the opening of New Yorkthe gold price was trading at $1,336.55and
in the euro at ?1,188.20.At the same time, the silver price was
trading at $19.48.
Silver Today -The silver price was pulled back to $19.62 at
New York's close down from $19.78, yesterday.
Gold (very short-term)The gold price will consolidate, today in
New York.
Silver (very short-term) The silver price will consolidate,
today in New York.
Price Drivers
Yesterday did not see any purchases of gold into the gold ETFs. As a
result the gold price simply held at higher levels. All was quiet on the
currency fronts leaving both silver and gold to mark time today. Physical
demand of good sizes drives the gold price with dealers translating gold
prices in line with exchange rate movements.
In our current issue of the Gold Forecaster we will discuss just what
strategy will tremendously increase your returns in a time when gold prices
are rising and just how to maximize returns, when it is not. [Subscribe:
www.GoldForecaster.com
]
Gold ETFs - There was a small sale of 1.187 tonnes from the SPDR
gold ETF but no change in the holdings of the Gold Trust, leaving their
respective holdings at 951.811 tonnes and 225.39 tonnes.
Since January 4th this year, the holdings of these two gold
ETFs have risen by 376.899 tonnes.
Silver - The silver price followed gold lower to close at $19.62
yesterday and will be sensitiveto gold slippage.
Regards,
Julian D.W. Phillips
GoldForecaster.com | SilverForecaster.com | StockBridge Management Alliance [Gold
Storage geared to avoid its confiscation]
About GoldForecaster.com
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that have an impact on the Gold market.
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Gold Forecaster Newsletter!
|
Global Gold Price (1 ounce)
|
|
Today
|
Yesterday
|
|
Franc
|
Sf1,302.87
|
Sf1,302.75
|
|
US
|
$1,336.55
|
$1,347.00
|
|
EU
|
?1,188.20
|
?1,193.20
|
|
India
|
Rs.89,228.61
|
Rs. 89,468.41
|
|
China
|
Y 8,930.16
|
Y 8,974.12
|
|
|
