By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 26 May, 2017
New York closed $6.08 lower than Shanghai’s close yesterday. London opened today at a $3.87 discount to Shanghai. And there you have it. The evidence is clear that Shanghai is pulling both London and New York higher. Shanghai followed New York on the world clocks with London opening after that. While both London and New York are more volatile than Shanghai, Shanghai gold prices in the Yuan have moved steadily higher over the last few days. Full Story
Do you think silver is poised to go higher? I sure do. That’s because I’m watching what is going on in the world’s silver ETFs. I’m also watching the mountain of forces that are piling up to push the metal higher. Look at this chart. It shows all the metal held by the world’s physical silver ETFs (black line). And all the metal held by the world’s physical gold ETFs (blue line)… Full Story
Gold edged up to $1259.70 in Asia before it drifted back to $1253.90 in late morning New York trade, but it then bounced back higher into the close and ended with a loss of just 0.09%. Silver slipped to as low as $17.132 and ended with a loss of 0.17%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 25 May, 2017
Shanghai prices rose after New York’s close rose too, catching up slightly to Shanghai, as you can see in the reduced discount New York is standing at. London opened at a smaller discount to Shanghai too. If this continues then Shanghai holds the pricing power. The Yuan overnight was quite a bit stronger against the dollar as the People’s Bank of China pressured the banks to take it higher against the dollar, likely to compensate for the weakness in the dollar. Full Story
– Should I invest my fortune in gold? – Lessons from gold and silver: Reviewing the research – What precious metals can tell us about finance? – What are precious metals and why should we care? – What size of market and how evolved over time? – Long and detailed history of gold and silver as money – What does a tonne of gold look like? Full Story
By: Chintan Karnani, Insignia Consultants - 25 May, 2017
Gold and silver are bullish after the FOMC minutes. Fed policy makers signaled they wanted more evidence that recent weakness in economic growth was transitory before removing monetary stimulus further. So basically if May nonfarm payrolls comes in below 150,000 then June’s interest rate hike will not be there. Any indication of interest rate hike postponement will be bullish for US dollar denominated asset class. Full Story
Gold dipped $3.90 to $1247.90 in Asia before it bounced back to $1254.30 in early New York trade and then fell to see a slight loss in late morning action, but it then rallied back higher in afternoon trade and ended near its post FOMC Minutes release reaction high of $1257.90 with a gain of 0.43%. Silver rose to as high as $17.199 and ended with a gain of 0.70%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 24 May, 2017
Again it was a day for the gold price to change because of the dollar’s influence as it strengthened a little, but remained at low levels. There was a significant sale of gold from the SPDR gold ETF which assisted the fall. The discounts of London and New York to China widened quite heavily yesterday, but only to the extent that held the euro price of gold relatively steady. Full Story
Undermining the Federal Reserve received a major boost yesterday. Arizona Governor Doug Ducey signed into law a bill that eliminates capital gains taxes on gold and silver, thus allowing Arizona residents to use precious metals as currency instead of Federal Reserve notes. Currency competition against the monopolist Fed is starting to unfold. Let’s hope that other states follow in Arizona’s heroic footsteps. There’s no reason to wait for another severe financial crisis to act. Full Story
By: Chintan Karnani, Insignia Consultants - 24 May, 2017
The UK terror attack has failed to support gold and silver. There is some speculation that Indian demand for gold and silver is higher as jewelers expect higher tax rates on the GST front (Goods and Services Tax). GST rates on gold, silver and jewelry sales will be finalized on 3rd June. Gold and silver demand will fall after 3rd June as jewelers reduce buying. I do not expect the Modi government to lend support to the jewelers of India. The Modi led NDA government has increased taxes on every industry which is labour intensive. Jewelry making is still a labour intensive industry. Full Story
Gold waffled between $1263.80 and $1258.40 in Asia before it edged back up to $1263.10 at about 9:30AM EST, but it then dropped back off into the close and ended near its late session low of $1250.70 with a loss of 0.67%. Silver slipped to as low as $17.026 and ended with a loss of 0.41%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 23 May, 2017
What is true is that COMEX has a turnover of 2.1 billion ounces of ‘paper gold’ [Gold derivatives – Options and Futures] Of this between 1% and 5% is actual gold bullion, whereas all of Shanghai’s gold trade is physical gold bullion. i.e. COMEX trades between 653 tonnes and 3,266 tonnes to Shanghai’s almost 14,000 tonnes annually. COMEX’s turnover is far closer to 653 tonnes of physical gold bullion than 3,000 tonnes. This makes New York only 5% of Shanghai’s physical gold bullion turnover. Full Story
Terrorist events have not impacted markets globally in recent months and years. However, the concern is that with consumers indebted and consumer sentiment vulnerable, a spate of terrorist attacks or worse a terrorist ‘spectacular’ akin to ‘September 11’ could badly impact already fragile economies and increasingly frothy financial markets. Full Story
Gold climbed steadily higher throughout most of world trade and ended near its early afternoon high of $1262.60 with a gain of 0.42%. Silver rose to as high as $17.206 and ended with a gain of 1.78%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 22 May, 2017
Today’s gold price is all about a weaker dollar. But the dollar is barely changed against the Chinese Yuan. The dollar took a hammering over the weekend falling to lows on the index that we have not seen for a long time. If the dollar continues to fall, as we expect, the dollar gold price will look strong. Technically, we see higher gold prices, but are keeping our eyes on overhead resistance to see if we can expect a breakout. Full Story
A Fed rate hike on June 14 could be a catalyst for a move even higher, just as the last two rate hikes on Dec. 14, 2016, and March 15, 2017, were turning points for gold. No market moves up in a straight line, and gold won’t either. But what we’re seeing right now is very encouraging. While everyone is focused on the Washington circus this week, they’re missing what could be the real news — gold. Full Story
By: Chintan Karnani, Insignia Consultants - 22 May, 2017
There are lots of Federal Reserve speakers this week as well as economic data releases. These numbers will be taken seriously by the markets as they are pre FOMC data. The FOMC meet is on 14th June. UK elections are also nearing. Lowering of North Korean risk and other Asian geopolitical risk will be bearish for bullion. Demand is not that much. $1250 is the middle of the road price gold. +/-$50 either side move can happen very quickly. Gold should delink from currency price moves this week (as observed last week). Full Story
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