By: Chris Mullen, Gold-Seeker.com - 6 January, 2017
Gold fell $10.21 to $1170.99 by early afternoon in New York before it bounced back higher into the close, but it still ended with a loss of 0.69%. Silver slipped to as low as $16.307 and ended with a loss of 0.84%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 6 January, 2017
Yesterday the People’s Bank of China stepped into the foreign exchange market to try to restrain the fall in the Yuan and managed to pull the Yuan higher with it reaching 6.86 at one point. But as you can see this has been short-lived as the currency sank back to 6.9211 today, despite a weaker dollar. The recent fall in the Yuan has been due to a strong dollar and not a weak Yuan. But China is conscious of the Trumped up charge that it is a ‘currency manipulator’. The evidence is otherwise with the Yen, euro and sterling providing more evidence of such than China. Full Story
– Gold gains in USD, GBP, EUR, CAD, AUD, NZD, JPY – Gold gains in CNY, INR and most emerging market currencies – Gold surges 31.5% in British pounds after Brexit shock – Gold acted as hedge and safe haven in 2016 … for those who need safe haven – Further signs of market having bottomed and bodes well for 2017 – What drivers will gold respond to in 2017? – EU elections and contagion risk, Geo-politics, terrorism, war and cyber war – Outlook for gold good during Trump Presidency (2017 to 2020) Full Story
If the US December nonfarm payroll comes in in the same way as the private ADP jobs number, then gold has a higher chance of rising to $1230 in the immediate term and $1314 in the medium term. One needs to look into the nonfarm payrolls on an overall context and not just the headline number. Headline number can be misleading, leading to trading losses. Full Story
By: Chris Mullen, Gold-Seeker.com - 5 January, 2017
Gold gained $15.41 to $1178.91 in Asia before it pared back to $1170.62 in London, but it then rose to a new session high of $1184.82 in New York and ended with a gain of 1.52%. Silver rose to as high as $16.709 and ended with a gain of 1.16%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 5 January, 2017
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. Full Story
Gold price seen jumping 13% in 2017 after 9% gain in 2016, Bloomberg analyst survey shows 140-character missives by President-elect means new paradigm “140 characters of unfiltered Trump is likely to create tensions with America’s largest trading partners…” Bloomberg Intelligence poll shows 42 percent of respondents predict gold will be the best-performing metal in 2017 Full Story
Gold imports to Turkey jumped to 36.7 tons in December recording a 688 percent after its president Erdogan called for its citizens to convert their foreign exchange into Turkish Lira or gold. The Chinese are buying a lot of gold. There is higher demand for gold all over the Eurozone over fears of Islamic terrorism. Physical gold demand is on the rise. Investment demand in ETFs keeps on fluctuating. Physical gold demand is a long term indicator of gold prices. In the short term and medium term ETF inflows/outflows and other news affect prices. Full Story
By: Chris Mullen, Gold-Seeker.com - 4 January, 2017
Gold gained $8.25 to $1167.75 by a little after 8AM EST before it chopped back lower at times, but it still ended with a gain of 0.34%. Silver rose to as high as $16.522 and ended with a gain of 0.86%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 4 January, 2017
With a weaker dollar today, gold has jumped in the dollar but even more so in the euro. But what is remarkable is that there was a huge sale of gold from the SPDR gold ETF, which did not move the gold price down. Instead the gold price rose and more so than appeared justified by the fall in the dollar. We can attribute this to the ongoing pull of Chinese prices and demand in Shanghai. The fact that gold prices went higher in London tells us that the gold sold from the SPDR gold ETF was not sold into London this morning, indicating it is on its way to Shanghai. Full Story
Many of these changes have their genesis in misguided monetary policy, specifically those pursued by the US Fed in the 1990’s and since, with micro management of economies via stimulus, artificial interest rates and the Pandora’s box that is Quantitative Easing. The risk of the “2 a.m. tweet” where policy is poorly stated or misunderstood is very real. What is of real concern is that many of the themes we identify are based on developments that are very new and lack much historic context, especially when one considers the scale of the economies that may be effected. Full Story
Last year it was proved that silver prices were heavily manipulated by a combination of very large and too big to fail banks. Banks are used to court cases and pay penalties. Yet they end up with massive profit on manipulation of any financial instrument. Bank rig prices when either trading volumes are low or there is lack of large retail investment or fundamentals are weak. Full Story
By: Chris Mullen, Gold-Seeker.com - 3 January, 2017
Gold gained $8.17 to $1158.77 in Asia before it fell back to $1146.24 in London, but it then rallied to a new session high of $1163.18 in New York and ended with a gain of 0.77%. Silver rose to as high as $16.485 and ended with a gain of 2.07%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 3 January, 2017
On Friday the New York price closed at $1,151.70 on the last business day of last year, after Shanghai had closed at $1,187.35 a difference of $31.65 allowing for the difference in the gold being priced. This price also reflected a weaker dollar seen on Friday. This distorts the gold price we see today, so until the SGE publishes the gold price on the day it is set, we will need to adjust our perspective with hindsight. Full Story
Last year precious metals and industrial metals had been shared between bulls and bears. In the first half of last year, precious metals zoomed, while in the second half of the year industrial metals and natural gas zoomed. Over the past two years, there have been very gloomy predictions on gold and silver all over the internet. None of the extreme bearish forecast actually came. Full Story
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