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Silver Market Updates

Silver Market Morning: Nov-3-2016 -- Gold price tops $1,300 now consolidating below it!

November 03, 2016
By SilverSeek

As you can see the rise of the gold price to $1,308 yesterday brought out sellers and has taken the gold price back to the same lower levels seen before New York opened then. This is an expected development as prices don’t rise continuously. The price hit overhead resistance at the psychological level of $1,308 and should consolidate around these levels as buyers and sellers trade in and out of these higher levels until the next move is made in either direction.

Silver Is Looking Really Bullish In Dollars, Euros and Rands

November 02, 2016
By SilverSeek

On the silver chart, I have highlighted two patterns that appear similar. I have marked them 1 to 6 to show how they might compare. Both patterns start from a significant silver top. Both patterns represent the end part or handle of a cup and handle-type pattern. If the comparison is justified, then we are currently just after point 6, the point where a major breakout occurred.

Silver Market Morning: Nov-2-2016 -- Gold price challenging $1,300!

November 02, 2016
By SilverSeek

What has changed in the last day? The dollar has gone weaker which is what Treasury has wanted all along. Why yesterday? The election race has changed with the institution of more investigations into Hilary Clinton’s e-mails, which brought the polls to a point where the Trump camp has caught up with the Clinton camp. This has set global financial markets on edge. A Trump win signifies a Republican government and an end to political gridlock.

Silver Market Morning: Nov-1-2016 -- Gold price rising from new support!

November 01, 2016
By SilverSeek

Growth in international trade is slowing, as describe by shipping statistics. It is the first time since World War II that trade with other nations has declined during a period of economic growth. Sluggish global economic growth is both a cause and a result of the slowdown. It is a structural phenomenon that will be much longer term and deflationary.

Silver Market Morning: Oct-31-2016 -- Gold price breaking up through resistance!

October 31, 2016
By SilverSeek

Once again, take a look at the last three days of Shanghai gold Fixings. Allow for the different qualities of gold being priced and you see Shanghai prices higher than New York and London. On Monday London opened in line with Shanghai then prices began to pull back through the morning. Allowing for Shanghai pricing of higher quality gold the prices were lower in London by $4 during the morning up to the LBMA price setting.

Market Report: PMs find support

October 28, 2016
By SilverSeek

This sideways trading pattern could end with a break to the upside, because the euro is drifting lower. Note that the euro comprises 57% of DXY. The reason this is important is a strong dollar worries the Fed. The Fed is desperate to limit the deflationary effects of a rising dollar, and believes that the appalling trade deficit is due to the dollar being very over-valued. So if DXY goes much higher, we can probably dismiss the possibility of an increase in the Fed Funds Rate in December.

Silver Market Morning: Oct-28-2016 -- Gold price consolidating!

October 28, 2016
By SilverSeek

Take a look at the last three days of Shanghai gold Fixings. Allow for the different qualities of gold being priced and you see Shanghai holding higher than New York and London. And this is in the face of heavy sales of physical gold from the U.S. We need to watch this pattern and see if there are more ‘bear raids’ to come?

Silver Market Morning: Oct-25-2016 -- Gold price moving higher!

October 25, 2016
By SilverSeek

Demand from China remains strong as we see above, with another higher price level in Shanghai. New York tries to hold back prices but is begrudgingly being pulled higher by Shanghai and in the face of heavy SPDR sales, the day before yesterday. So is it a strong dollar or a weak Yuan? Certainly the People’s Bank of China is taking advantage of the dollar’s strength to weaken the Yuan, seemingly, without it being accused of currency manipulation.

Silver Market Morning: Oct-24-2016 -- Gold price consolidating heavy SPDR gold ETF sales!

October 24, 2016
By SilverSeek

Demand in China is strong, as expressed in Yuan prices in Shanghai. This will pull gold into China from London. Only the People’s Bank of China buys ‘London Good Delivery’ [0.995 quality.]. Switzerland re-refines London’s gold into higher quality [0.9999], half a percent better quality. We expect a resumption of the flow of the highest quality gold into the Far East, that’s both China and India.

Market Report: Finding support

October 21, 2016
By SilverSeek

This is small bear, and not much evidence of better conditions. However, with predominantly bearish commentators, excepting of course the gold bugs who are always bullish, it ranks as a credible performance. Furthermore, open interest on Comex has fallen substantially from the peak on July 11, leaving the market moderately oversold. This commentator is also convinced that some portfolio exposure, as opposed to purely speculative trading, is being maintained in rolling futures positions, so we…

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