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Silver Market Morning: April 28 2017 - Gold is holding below support!

Julian D. W. Phillips
Friday, April 28th

Gold Today New York closed at $1,265.00 yesterday after closing at $1,269.50 Wednesday. London opened at $1,266.25 today.


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

  - The $: € was weaker at $1.0940 after yesterday’s $1.0892: €1.

- The Dollar index was weaker at 98.76 after yesterday’s 99.01.

- The Yen was weaker at 111.37 after yesterday’s 111.30:$1.

- The Yuan was weaker at 6.8944 after yesterday’s 6.8940: $1.

- The Pound Sterling was stronger at $1.2939 after yesterday’s $1.2900: £1.


Yuan Gold Fix

Trade Date


Benchmark Price AM 1 gm

Benchmark Price PM 1 gm

2017 4 28

2017 4 27

2017 4 26










$ equivalent 1oz @ $1: 6.8944

$1: 6.8940

$1: 6.8907









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.]


The Shanghai Gold Exchange was trading at 283.20 towards the close today. This translates into $1,272.63. New York closed at a $5.95 discount to Shanghai’s close yesterday. London opened at a discount of $6.38 to Shanghai’s close today.


Shanghai’s gold prices slipped slightly again today, but the discounts of New York and London are narrowing slightly too. But in London and New York, dollar prices are consolidating in a narrowing band implying that we are moving to a point of resolution, after which we expect a strong move either way.


We note that the Chinese market is not reacting to the increasingly confrontational stance over North Korea.


LBMA price setting: The LBMA gold price was set today at $1,265.55 from yesterday’s $1,264.30.


The gold price in the euro was set at €1,159.99 after yesterday’s €1,159.38.


Ahead of the opening of New York the gold price was trading at $1,265.30 and in the euro at €1,159.76. At the same time, the silver price was trading at $17.23.


Silver Today –Silver closed at $17.30 yesterday after $17.49 at New York’s close Wednesday. Repeat: Silver is falling much faster than gold. As the silver price primarily reflects the U.S. silver market their price is certainly pointing downwards. If gold does not follow you can be sure that there will be a strong bounce soon. But if gold does break down, the silver price may well not fall as far.


Gold (very short-term) The gold price should move in a tight range before a strong move, in New York today.


Silver (very short-term) The silver price should have a weaker bias, in New York today.


Price Drivers

There were small sales from the U.S. based gold ETFs of 0.888 of a tonne an amount unlikely to change the gold price at this point in time. [For our forecasts, subscribe through www.GoldForecaster.com ]


As we approach the end of the first 100 days of President Trump’s Presidency the media is not just pointing out his failures to implement his election promises, but his changing his mind on these. He may well be ‘draining the swamp’ but he is stuck in the mud.


In fairness, he is finding that dealing with all aspects of government is a far cry from the businesses he ran and is being obstructed in his decisive policies. But he is disappointing insofar as all we have are the bare bones of a new tax code that if he gets support will be enacted in a few months time, but no infrastructure plan, as yet. Hence, expectations for his performance are far lower than they were when he arrived at the White House.


Even his aggressive stance on North Korea is not being factored into the global financial markets. No doubt North Korea has noted this too.


Gold ETFs – Yesterday saw sales of 0.888 tonnes into the SPDR gold ETF but no change in the Gold Trust. Their holdings are now at 853.362 tonnes and at 204.36 tonnes respectively.


Since January 4th 2016, 256.368 tonnes of gold have been added to the SPDR gold ETF and to the Gold Trust. Since January 6th 2017 46.312 tonnes have been added to the SPDR gold ETF and the Gold Trust.




Julian D.W. Phillips


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