• Gold: 1,295.71 2.52
  • Silver: 16.53 0.08
  • Euro: 1.173 0.002
  • USDX: 93.746 -0.145
  • Oil: 71.33 -0.5

Silver Market Morning: April 5 2017 - Gold consolidating on support!

Julian D. W. Phillips
Wednesday, April 5th

Gold Today New York closed at $1,256.30 yesterday after closing at $1,253.20 Monday. London opened at $1,255.00 today.


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

  - The $: € was weaker at $1.0670 after yesterday’s $1.0657: €1.

- The Dollar index was weaker at 100.57 after yesterday’s 100.61.

- The Yen was weaker at 110.70 after yesterday’s 110.47:$1.

- The Yuan was weaker at 6.8892 after yesterday’s 6.8836: $1.

- The Pound Sterling was weaker at $1.2428 after yesterday’s $1.2437: £1.


Yuan Gold Fix

Trade Date


Benchmark Price AM 1 gm

Benchmark Price PM 1 gm

2017 4 5

2017 4 4

2017 4 3










$ equivalent 1oz @ $1: 6.8892

$1: 6.8836

$1: 6.8831









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 reopened today and was trading between 280 and 280.5 towards the close.


This translates into $1,264 and $1,266.41. New York is trading at a $5.11 discount to Shanghai and London opened at a $6.41 discount to Shanghai.


LBMA price setting: The LBMA gold price was set today at $1,252.50 from yesterday’s $1,258.65.


The gold price in the euro was set at €1,173.96 after yesterday’s €1,183.16.


Ahead of the opening of New York the gold price was trading at $1,252.70 and in the euro at €1,173.05. At the same time, the silver price was trading at $18.27.


Silver Today –Silver closed at $18.31 yesterday after $18.22 at New York’s close Monday.


Gold (very short-term) The gold price should consolidate with a positive bias, in New York today.


Silver (very short-term) The silver price should consolidate with a positive bias, in New York today.


Price Drivers

While the gold price retreated today in both the dollar and euro it remains above the current support at $1,250. It appears to be building a base, still, waiting for news that will make it move.


The gold price is like a mirror for the different currencies and their financial systems. It is an inefficient market in that it does not reflect such on a day to day basis. It reflects the situation over time and has to contend with all sorts of interference from speculators, banks and governments. But, over time, it is an unbiased, accurate reflection of a nation’s financial condition through its exchange rate against gold.


That’s why we found the letter to shareholders from Jamie Dimon, CEO of JP Morgan is an important one for gold prices in the U.S. $.


While saying the U.S. is an exceptional country, he added, “it is clear that something is wrong.” He included in his letter, “…. It is understandable why so many are angry at the leaders of America’s institutions, including businesses, schools and governments. …This can understandably lead to disenchantment with trade, globalization and even our free enterprise system, which for so many people seems not to have worked. We need trust and confidence in our institutions.”


The questions to be asked by gold are, “Are the U.S. institutions prepared to adjust their own priorities to rectify the situation? Internationally, just how will the U.S. “become great again”?


Within the U.S. in a globalized world, with a massive Chinese economy rising, will the U.S. have sufficient influence to continue to dominate the global economy, in a multi-currency system, or is it inevitable that its role as the global reserve currency will wane?


Over time, gold will reflect the actions taken to rectify the situation, not the good intentions!


In each country, its currency’s value against the gold price will reflect its financial condition against gold. In the last week, for instance, South Africans that own gold have seen the Rand price of gold rise in double digit percentages, while the Rand sank, demonstrating our point well.


Gold ETFs – Yesterday saw no purchases or sales into or from the SPDR gold ETF or the Gold Trust. Their respective holdings are now at 836.765 tonnes and 199.85 tonnes.


Since January 4th 2016, 235.585 tonnes of gold have been added to the SPDR gold ETF and to the Gold Trust. Since January 6th 2017 25.529 tonnes have been added to the SPDR gold ETF and the Gold Trust.




Julian D.W. Phillips


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Global Gold Price (1 ounce)



28th March












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