Gold and Silver Market Morning: May 08 2017 – Gold bottoming and consolidating!
news.goldseek.com / Julian D.W. Phillips / 8 May 2017
Gold Today –New York closed at $1,229.30 Friday after closing at$1,239.50 Thursday. London opened at $1,230.00 today.
Overall the dollar was weaker against global currencies, early today. Before London’s opening:
– The $: € was weaker at $1.0973 after Friday’s $1.0964: €1.
– The Dollar index was weaker at 98.73 after Friday’s 98.83.
– The Yen was weaker at 112.68 after Friday’s 112.23:$1.
– The Yuan was weaker at 6.9035 after Friday’s 6.8994: $1.
– The Pound Sterling was stronger at $1.2975 after Friday’s $1.2935: £1.
Yuan Gold Fix
The Shanghai Gold Exchange was trading at 275.6 towards the close today. This translates into $1,236.71. New York closed at a $7.41discount to Shanghai’s close yesterday. London opened at a discount of$6.71 to Shanghai’s close today.
Arbitrageur margins are tight at around $7 so, we see the global gold market prices very close, as they all move down roughly in line with each other.
LBMA price setting: The LBMA gold price was set today at$1,229.70 from yesterday’s $1,239.40.
The gold price in the euro was set at €1,124.45 after Friday’s€1,130.99.
The post Gold and Silver Market Morning: May 08 2017 – Gold bottoming and consolidating! appeared first on Silver For The People.
Source: http://silveristhenew.com/2017/05/08/gold-and-silver-market-morning-may-08-2017-gold-bottoming-and-consolidating/
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