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Silver Market Morning: August-11-2017

Friday, August 11th

Gold Today New York closed yesterday at $1,290.10. London opened at $1,287.00 today. 

Overall the dollar was weaker against global currencies, early today. Before London’s opening:

-         The $: € was weaker at $1.1754 after the yesterday’s $1.1732: €1.

-         The Dollar index was weaker at 93.47 after yesterday’s 93.70. 

-         The Yen was stronger at 109.09 after yesterday’s 109.98:$1. 

-         The Yuan was weaker at 6.6672 after yesterday’s 6.6594: $1. 

 -         The Pound Sterling was slightly weaker at $1.2975 after yesterday’s $1.2980: £1


Yuan Gold Fix

Trade Date


Benchmark Price AM 1 gm

Benchmark Price PM 1 gm

      2017    8    11

      2017    8    10          

      2017    8    9







Trading at 277.00



$ equivalent 1oz at 0.995 fineness

   $1: 6.6672

        $1: 6.6594

        $1: 6.6782    







Trading at $1,287.25



Please note that the Shanghai Fixes are for 1 gm of gold. From the Middle East eastward metric measurements are used against 0.9999 quality gold. [Please note that the 0.5% difference in price can be accounted for by the higher quality of Shanghai’s gold on which their gold price is based over London’s ‘good delivery’ standard of 0.995.]


New York closed $7.00 higher than Shanghai’s close yesterday. Then today sees Shanghai lifting the gold price again. But London is opened at the same level that Shanghai was trading at. This is the first time we have seen the two centers trading at precisely the same level. Today is an important one to see if London and New York rise higher. Shanghai needs to take gold above $1,300 for the gold price to run higher.

With the gold price continuing to rise we are torn between New York’s exuberant paper gold trading and Shanghai’s solid gains on the back of physical trading. Today and next week become important days for the gold price. It is also the time when North Korea said they would fire a missile towards Guam!

Silver Today –Silver closed at $17.06 yesterday after $16.86 at New York’s close Wednesday.

LBMA price setting:  The LBMA gold price was set today at $1,288.30 from yesterday’s $1,278.90.  The gold price in the euro was set at €1,095.59 after yesterday’s €1,091.03.

Just before the opening of New York the gold price was trading at $1,287.50 and in the euro at €1,094.81. At the same time, the silver price was trading at $17.12. 

Gold (very short-term) 

The gold price should plod higher, in New York today.    

Silver (very short-term) 

The silver price should follow gold high faster, in New York today.    

Price Drivers

The gold price has hit an important level of $1,290 but is not yet there in Shanghai or London. Friday is the busiest day of the week with a weekend of closed markets ahead. With Korean tensions mounting we would expect to see investors worldwide take a cautionary stance in markets, favoring gold, as some prominent Fund managers are now advising.  We would expect this scene to favor gold prices. The current levels are important, Technically. [Read more in the current issue of Gold Forecaster on this] 

Both the dollar and the Yuan are slightly weaker today. But please note that the rise in the dollar gold price is not matched by the rise in the euro gold price, making the dollar gold price rise, more a currency change than a reaction to North Korea. The downtrend in the dollar remains the main reason why gold is rising in that currency, but the rise in the Yuan is also a mixture of both factors.

President Trump continues to stoke the fire of North Korea and North Korea seems to be using his remarks as fuel for their fires. Next week see the issue coming to ahead as the threat from North Korea is to fire a missile towards Guam in ‘mid-August’.  If this deadline is passed, does that mean the threat has evaporated? We think not! So long as a psychopath remains in power in North Korea we see matters escalating. For him to back down would mean in his and his people’s eyes that he has been beaten. So, we don’t expect him to come to his senses. – Brace yourselves!

Gold ETFs – Yesterday there were no changes in the holdings of the SPDR gold ETF but purchases of 2.39 tonnes was added to the Gold Trust yesterday. The SPDR gold ETF and Gold Trust holdings are at 786.869 tonnes and at 213.82 tonnes respectively.

Since January 4th 2016, 163.043 tonnes of gold have been added to the SPDR gold ETF and to the Gold Trust. 

Since January 6th 2017, 0.283 of a tonne of gold has been added to the SPDR gold ETF and the Gold Trust. The gold acquisitions by these two funds in 2017 have returned to the negative and now stand at -4.412 tonnes in 2017.


 Julian D.W. Phillips 

GoldForecaster.com | StockBridge Management Alliance  To ensure you can benefit from the future higher gold prices we will see then, you need to hold it in a manner that makes sure it can’t be taken from you. Contact us at ultimategoldtrust@stockbridgemgmt.com to buy physical gold in a way that we feel, removes the threat of it being confiscated. We’re the only storage company that offers that!

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 Global Gold Price (1 ounce)















Rs. 82,233273

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