By: Chris Mullen, Gold-Seeker.com - 9 December, 2016
Gold edged up to $1172.01 in late Asian trade, but it then chopped back lower in London and New York and ended near its midafternoon low of $1156.46 with a loss of 1.01%. Silver slipped to as low as $16.791 and ended with a loss of 0.94%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 9 December, 2016
Shanghai prices moved lower today despite more gold ETF selling in New York. Prices in Shanghai were $20.00 higher than New York and $22 above London’s opening [allowing for the difference in the quality of gold priced in the different markets]. With lower Shanghai prices and a weaker Yuan the story that government restraints on the import of gold appear to be ‘not credible’. The continuation of the very high discounts levels to Shanghai prices argue for U.S. gold sold to be arriving in China to satisfy demand there. Full Story
The euro fell and gold rose 1.1% in euro terms from €1,090/oz to €1,102.85. Stocks globally moved higher, and European stocks look set for their best week since February, supported by the extended ECB currency printing and a calm, some would say complacent and irrationally exuberant, reaction to the Italian referendum. Full Story
By: Chris Mullen, Gold-Seeker.com - 8 December, 2016
Gold edged up to $1177.99 by a little before 8AM EST before it fell back to $1169.29 in the next hour of trade and then chopped back higher at times, but it still ended with a loss of 0.19%. Silver slipped to as low as $16.961 and ended with a loss of 0.64%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 8 December, 2016
Some reports state that Chinese gold prices were ‘at a premium’ to New York’s prices. It would be more accurate to say that New York prices are at a discount to Shanghai prices in view of the more stable market in Shanghai. Capital restrictions in China have not been confirmed. We doubt that this would be true in view of the government’s encouragement of buying of gold at retail, institutional and government levels. Full Story
The Office for National Statistics yesterday admitted to a big “processing error” that meant it had miscalculated the value of everything that the country exports and imports for almost two years. For the three months to September, the correction catapulted the trade deficit from £11 billion to £17 billion, the worst since records began in 1955. Full Story
The European central bank meeting will not have any impact on metals and energies. Their growth and inflation targets of next year will be unreliable. France and Germany goes to elections next year. France will get a new leader. Choppy times ahead for euro. Safe haven demand will either go the US dollar or gold. The next week is very crucial for silver. If silver manages to trade over $17.00 for a week, then another short term bull could be there with $19.76 and $21.05 as possible targets. For now I will be extra careful trading in silver. Full Story
By: Chris Mullen, Gold-Seeker.com - 7 December, 2016
Gold gained $11.03 to $1180.13 by midmorning in New York before it drifted back lower into the close, but it still ended with a gain of 0.33%. Silver surged to as high as $17.216 and ended with a gain of 2.45%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 7 December, 2016
With Chinese prices stable at higher levels, it appears that when speculators sell without the backing of physical gold sales prices in Shanghai ignore New York’s prices. Shanghai therefore appears less dependent on the other global gold markets as it walks its own physical gold road. Once U.S. ETF sales halt we should see Shanghai prices take a more dominant role. Full Story
The Indian government has been trying to reduce its citizens’ demand for imported gold through a number of means over the last few years. This is part of a wider crackdown on currency used in the black market, that included the withdrawal and replacement of its two largest-denomination bank notes in early November. The strategy will likely have some unintended consequences if we take our cues from the events of 1910. Full Story
This year I have been totally wrong in long term projections for gold and silver. I expected gold to top $1520 which failed as India adopted demonetization. I expected Indian silver prices to rise to Rs.53000 per kilogram on Diwali day. Another big flop projection. Clients made money by investing in copper, zinc, lead and natural gas. Full Story
By: Chris Mullen, Gold-Seeker.com - 6 December, 2016
Gold edged up to $1175.19 at about 9:45AM EST before it fell back to $1167.05 in early afternoon trade and then bounced back higher into the close, but it still ended with a loss of 0.09%. Silver slipped to as low as $16.69 and ended with a loss of 0.18%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 6 December, 2016
With the gold price differential continuing to drain liquidity from London to Shanghai and with the Chinese New Year on the horizon we are sensitized to the speed with which gold prices move against sales or no sales of physical gold from the U.S. based gold ETFS. When these sales fall off prices are now rising. If purchases come in we expect to see almost disproportionate rises as the lack of stock makes itself felt. Full Story
The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) and the World Gold Council have made an important decision which was announced yesterday at the World Islamic Banking Conference in Bahrain. This decision is about one of the most important markets in the world: the gold market, an invest-able market worth an estimated $2.4 trillion and is also of significance for the world of Islamic finance. Full Story
By: Chris Mullen, Gold-Seeker.com - 5 December, 2016
Gold jumped $12.34 to $1188.04 at the open of trade last night before it chopped down to see a loss of $18.23 at $1157.47 by midmorning in New York and then bounced back to $1175.85 in early afternoon trade, but it then drifted back lower into the close and ended with a loss of 0.48%. Silver dipped to $16.501 before it rose to as high as $16.861 and then also fell back off, but it still ended with a gain of 0.36%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 5 December, 2016
Gold prices in Shanghai are $19 higher than New York’s close and $24 higher than London’s opening [allowing for the difference in the quality of gold priced in the different markets]. Many reports blame the restrictions on gold imports for the differential or on the restraints on exporting Yuan. If this is true, then the demand in China is extremely strong. Full Story
Although the referendum on Sunday was officially on Renzi’s plan for legislative overhaul, it was widely seen in Italy as a vote of confidence in the prime minister and his government. In voting “no” — projections suggest 59% of those in the ballot made that choice — the Italians have set the stage for an early election and perhaps given local populist parties the chance to deliver a Brexit- or Trump-style shake-up. Full Story
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