16th October, 2017

Monday, October 16

China is to release inflation data.
Canada is to report on foreign securities purchases and the country’s central bank is to publish its business outlook survey.
The U.S. is to release data on manufacturing activity in the New York region.

Daily Gold Market Report

Gold confirms the breach – Analysis - 16-10-2017
Gold price confirmed breaching 1299.20 level after closing last week above it, reinforcing the expectations of continuing the bullish trend on the intraday and short term basis, and the way is open to target 1321.49 level that represents our next main target, noting that the EMA50 supports the expected rise. Note that holding above 1299.20 represents the first protecting factor to the continuation of the suggested positive scenario, as breaking it will push the price to test 1263.15 areas again before any new attempt to rise. Expected trading range for today is between 1290.00 support and 1321.00 resistance. Expected trend for today: Bullish

Daily Silver Market Report

Silver reaches the first target – Analysis - 16-10-2017
Silver price managed to reach our first target at 17.43 and settles there, waiting to breach this level to reinforce the expectations of extending the bullish wave on the short term basis followed by heading towards our next target at 18.30. Stochastic negativity might cause some temporary sideways fluctuation before resuming the expected bullish trend, which will remain valid and active unless breaking 16.56 level and holding below it. Expected trading range for today is between 17.20 support and 17.50 resistance. Expected trend for today: Bullish

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Silver Market Update

Like gold, silver gapped out of its downtrend last week, but volume was lacking on this move, which, given the now bullish outlook for the dollar, may turn out to be a “pop” that will be followed by renewed decline. This breakout was predicted in the last update, when it was pointed out that silver’s COTs were still far from outright bullish.

Gloom to boom: Gold gets sparkle back for festivals

Mumbai: Until early this month, Indian jewellers expected the traditional surge in demand from the Hindu festival of lights in October to be muted. The gold industry was struggling to emerge from a slump in sales caused by a government crackdown on the black market and efforts to increase financial transparency. In August, jewellers were dealt a fresh blow by a decision to bring them under the Prevention of Money Laundering Act—a move they likened to being bracketed with those selling arms and ammunition.

Why gold bonds in secondary market are better investment than the new issue

The new series of gold bonds will be available for purchase on the first three days of each week starting 9 Oct, till 27 Dec. The Reserve Bank of India (RBI) will fix their price on a weekly basis. This ‘on tap’ facility can be useful for investors who want to buy small quantities of gold in a staggered manner. The RBI, which has increased the investment cap for individuals from 0.5 to 4 kg, has restricted the Rs 50 initial discount to investors who apply for the bonds online.

Gold eases amid firm dollar, stronger equities

Gold prices eased a touch on Monday, weighed down by a firm dollar and stronger Asian equities. FUNDAMENTALS * Spot gold was down 0.1 per cent at $1,303.42 an ounce at 0053 GMT. It gained nearly 0.9 per cent in the previous session on weaker-than-expected US inflation data.

The curious case of this year's high gold imports

Gold imports have been high this year. Historically, large imports of gold have been a sign of capital flight and lack of confidence in the domestic economy .But this time the situation is different. Gold imports have turned to be a symptom of a capital surplus (domestic savings and external capital inflows) relative to investment activity . Allowing the current situation to persist would constrain domestic output which could lead to large reversals in currency .

Gold rate per gram: Check out current gold price per gram

Gold prices eased a touch on Monday, weighed down by a firm dollar and stronger Asian equities.

Peak Gold Output Is Looming for World’s No. 2 Producer

Gold output in Australia, the world’s second-largest producer, will peak in 2021 and more than halve by the mid-2050s as aging mines close, according to Melbourne-based industry adviser MinEx Consulting Pty. The nation needs to act to boost future production from new discoveries, or risk “significant supply disruption in the medium-term,” MinEx managing director Richard Schodde said in a study published Monday. Gold exploration spending rose 26 percent in the 12 months to July, Australia’s government said in a report this month.

Gold seized from air passengers

Customs officials at the Anna International Airport foiled three attempts to smuggle gold on Saturday and Sunday respectively. According to officials, based on specific intelligence that gold was being smuggled into India from Singapore, customs officers carried out a search operation on board the Indigo flight 6E 54 from Singapore.

Gold import surges to $17bn in April-September

NEW DELHI: Gold import surged by more than two folds to $16.95 billion during the first half of FY18, according to the commerce ministry data. Gold import, which has a bearing on the country's current account deficit, was worth $6.88 billion for the period. In September, import of the yellow metal dipped 5% to $ 1.71 billion from $1.80 billion in the same month of FY17.

Company raises £51m to begin Co Tyrone gold rush

Nepal takes central role in China-India gold smuggling

Gold's Rebound And Thoughts On Crypto: SchiffGold Friday Gold Wrap Podcast Oct. 13, 2017

In this episode, host Mike Maharrey talks about gold's rebound, tax reform, Germany's budding love affair with gold, and he shares some thoughts on cryptocurrency. Tune in to the Friday Gold Wrap each week for a recap of the week's economic and political news as it relates to gold and silver, along with some insightful commentary. You can also listen on SoundCloud:

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