Profile image
By silveristhenew (Reporter)
Contributor profile | More stories
Story Views

Last Hour:
Last 24 Hours:

Gold and Silver Market Morning: Oct-18-2016 — Gold and silver moving up, China taking control of the gold price!

Tuesday, October 18, 2016 11:38
% of readers think this story is Fact. Add your two cents. / Julian D.W. Phillips / 18 October 2016

B4INREMOTE-aHR0cDovL3d3dy5nb2xkc2Vlay5jb20vaW1hZ2VzL2dzbG9nby5qcGc=Gold Today –New York closed at $1,254.60 on yesterday after the previous close of $1,251.40.  London opened at $1,260.00.

–         The $: € was weaker at $1.1004: €1 from $1.0097: €1 yesterday.

–         The Dollar index was weaker at 97.73 from 97.94 yesterday.

–         The Yen was stronger at 103.90: $1 from 104.10: $1 yesterday against the dollar.

–         The Yuan was slightly stronger at 6.7378: $1 from 6.7388: $1 yesterday.

–         The Pound Sterling was stronger at $1.2276: £1 from Friday’s $1.2179£1.

Yuan Gold Fix

The difference between New York’s close and Shanghai’s gold prices  is gaining momentum. Yesterday and today there is a $10 difference, commonly referred to as the ‘premium in Shanghai. Such a comment implies that Shanghai has to add on an amount because gold is less available there and must wait for imports to even out prices. But the reality is that China has more than enough physical gold to satisfy the market on ‘normal’ days. When demand is growing ahead of supplies, it’s because of a short-term increase in demand over supply, a different feature. That’s why prices rise anywhere in the world. The question to be asked is, “Which price reflects the balance of supply and demand better and which price should world markets, as well as suppliers and buyers, use as a basis for their contracts?”


The post Gold and Silver Market Morning: Oct-18-2016 — Gold and silver moving up, China taking control of the gold price! appeared first on Silver For The People.


We encourage you to Share our Reports, Analyses, Breaking News and Videos. Simply Click your Favorite Social Media Button and Share.

Report abuse


Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Top Stories
Recent Stories



Top Global


Top Alternative




Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.