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Gold and Silver Market Morning: Jan 5 2017 – Gold and Silver prices follow Shanghai higher!

Thursday, January 5, 2017 13:03
% of readers think this story is Fact. Add your two cents. / Julian D.W. Phillips / 5 January 2017

B4INREMOTE-aHR0cDovL3d3dy5nb2xkc2Vlay5jb20vaW1hZ2VzL2dzbG9nby5qcGc=Gold Today –New York closed at $1,163.50 on the 4rd January after closing at $1,159.50 on the 3rd January. London opened againat $1,173.00 today.

Overall the dollar is weaker against global currencies today. Before London’s opening:

–         The $: € was weaker at $1.0503: €1 from $1.0441: €1 yesterday.

–         The Dollar index was weaker at 102.36 from 102.98 yesterday.

–         The Yen was stronger at 116.66: $1 from yesterday’s 117.56 against the dollar.

–         The Yuan was stronger at 6.8874: $1, from 6.9321: $1, yesterday.

–         The Pound Sterling was stronger at $1.2319: £1 from yesterday’s $1.2270: £1.

Yuan Gold Fix

Shanghai gold prices continue to rise slightly on a daily basis and both London and New York are moving higher, faster as they appear to be catching Shanghai up. This again confirms that demand in Shanghai is solid and solid enough to pull gold out of the developed world gold markets. The strength or weakness of the dollar is not affecting this as you can see in Yuan prices. These appear to be rising in a relatively stable pattern over the last month. It is the translation into dollar prices that reflects dollar moves.


The post Gold and Silver Market Morning: Jan 5 2017 – Gold and Silver prices follow Shanghai higher! appeared first on Silver For The People.


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