news.goldseek.com / Julian D.W. Phillips / 28 October 2016
Gold Today –New York closed at $1,273.60 yesterday after the previous close of $1,273.60 London opened at $1,266.00.
– The $: € was weaker at $1.0920: €1 from $1.0911: €1 yesterday.
– The Dollar index was stronger at 98.82 from 98.59 yesterday.
– The Yen was weaker at 105.32: $1 from yesterday’s 104.13 against the dollar.
– The Yuan was weaker at 6.7802: $1 from 6.7720: $1 yesterday.
– The Pound Sterling was weaker at $1.2126: £1 from yesterday’s $1.2187£1.
Yuan Gold Fix
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? If there are and the gold price holds over $1,265, then we are seeing a fundamental shift in the place where the gold prices are made. This is a battle going unnoticed in the western financial press. Well you saw it here first!
LBMA price setting: The LBMA gold price setting was at $1,265.90against yesterday’s $1,273.90. The gold price in the euro was set lower at€1,159.67 against yesterday’s €1,166.25.
The post Gold and Silver Market Morning: Oct-28-2016 — Gold price consolidating! appeared first on Silver For The People.