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Silver Market Updates

Silver Market Morning: Jan 13 2017 - Gold and Silver Correcting!

January 13, 2017
By SilverSeek

Shanghai gold prices corrected this morning in Shanghai. While we cannot get access today’s Shanghai’s Fixings, gold was trading down, between $1,191 and $1,196 or back to 263.73 Yuan and 264.83 Yuan. After the gold price rises in Shanghai during this week, a correction was needed to make the market healthy.

Silver Market Morning: Jan 12 2017 - The dollar is lower against gold and gold higher against all currencies!

January 12, 2017
By SilverSeek

Shanghai continues to lead the way for the gold price. And as happened yesterday London and New York rose too. With Shanghai prices continuing to rise we expect London and New York to rise again too. To catch Shanghai up, prices in New York need to rise another $15. London is now in line with yesterday’s Shanghai gold price.

Silver Market Morning: Jan 11 2017 - Shanghai taking gold higher!

January 11, 2017
By SilverSeek

If Shanghai is leading the way for the gold price, we would expect London and New York to rise too. Consequently, the gold price needs to move to $1,200 for it to be in line with Shanghai now. Shanghai on Tuesday was $13 higher than the close of New York. This morning London opened only $10.59 lower than yesterday’s Shanghai closing. And this strength in gold is happening while the dollar is rising and the Yuan slipping slightly.

Silver Market Morning: Jan 10 2017 - Shanghai London and New York prices coming in line!

January 10, 2017
By SilverSeek

Again New York’s prices are moving up towards Shanghai’s, which continues to rise steadily but solidly. Shanghai on Monday was only $6.50 higher than the close of New York. This morning London opened only $3.50 lower than Shanghai. The weaker dollar is impacting the gold price, to the relief of the People’s Bank of China.

Silver Market Morning: Jan 9 2017 - Shanghai dominating London and New York prices!

January 09, 2017
By SilverSeek

London is the developed world’s heart of the physical gold market. New York is the paper market. ‘Paper gold prices’ cannot overrule physical prices. It seems obvious, but it isn’t as COMEX has dominated gold prices [with the support of physical sales into London] for several years.

Market Report: Strong rally on bear closing

January 06, 2017
By SilverSeek

The euro having been under pressure rallied by nearly 3%, bearing in mind it is 40% of the dollar index. At last night’s close, gold was up 2.5% and silver 4% in the first week. Bear closing is the order of the day, as forewarned in last week’s market report. Everyone seemed to be bullish dollar/bearish everything else, and that was bound to reverse at some time. Whether the December highs for the dollar marks a significant turning point remains to be seen. If not, the bullion banks have…

Silver Market Morning: Jan 6 2017 - Shanghai pulling London and New York prices higher!

January 06, 2017
By SilverSeek

Yesterday the People’s Bank of China stepped into the foreign exchange market to try to restrain the fall in the Yuan and managed to pull the Yuan higher with it reaching 6.86 at one point. But as you can see this has been short-lived as the currency sank back to 6.9211 today, despite a weaker dollar. The recent fall in the Yuan has been due to a strong dollar and not a weak Yuan. But China is conscious of the Trumped up charge that it is a ‘currency manipulator’. The evidence is otherwise with…

Silver Market Morning: Jan 5 2017 - Gold and Silver prices follow Shanghai higher!

January 05, 2017
By SilverSeek

Shanghai gold prices continue to rise slightly on a daily basis and both London and New York are moving higher, faster as they appear to be catching Shanghai up. This again confirms that demand in Shanghai is solid and solid enough to pull gold out of the developed world gold markets. The strength or weakness of the dollar is not affecting this as you can see in Yuan prices. These appear to be rising in a relatively stable pattern over the last month. It is the translation into dollar prices…

Silver Market Morning: Jan 4 2017 - Gold and Silver see a shift in sentiment!

January 04, 2017
By SilverSeek

With a weaker dollar today, gold has jumped in the dollar but even more so in the euro. But what is remarkable is that there was a huge sale of gold from the SPDR gold ETF, which did not move the gold price down. Instead the gold price rose and more so than appeared justified by the fall in the dollar. We can attribute this to the ongoing pull of Chinese prices and demand in Shanghai. The fact that gold prices went higher in London tells us that the gold sold from the SPDR gold ETF was not…

Silver Market Morning: Jan 3 2017 - Gold and Silver reflecting currency moves as 2017 starts!

January 03, 2017
By SilverSeek

On Friday the New York price closed at $1,151.70 on the last business day of last year, after Shanghai had closed at $1,187.35 a difference of $31.65 allowing for the difference in the gold being priced. This price also reflected a weaker dollar seen on Friday. This distorts the gold price we see today, so until the SGE publishes the gold price on the day it is set, we will need to adjust our perspective with hindsight.

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