Silver Market Morning: Jan 31 2017 - Gold and Silver move over $1,200 without Shanghai!

On Monday in New York, there were purchases of gold into the Gold Trust of 0.60 of a tonne, still not enough to affect the gold price, which continued to rise after President Trump announced his Executive Order on Immigrants. There was no change in the holdings of the SPDR gold ETF, so we see the rise in the gold price over $1,200 as a rise that could easily be turned back. But there are only two more days to do that as Chinese demand returns on Friday. China continues to enjoy its Lunar New Year. We expect gold’s price action to be subdued until they return.