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Gold and Silver Market Morning: Sep-8-2016 — Gold and silver strengthening to attack resistance?

news.goldseek.com / Julian D.W. Phillips / 8 September 2016

Gold Today –New York closed yesterday at $1,345.00 yesterday.  London opened at $1,348 again.

–         The $: € was weaker at $1.1267 down from $1.1245 yesterday.

–         The Dollar index was weaker at 94.78 from 94.85 yesterday.

–         The Yen was unchanged at 101.62 yesterday against the dollar.

–         The Yuan was almost unchanged at 6.6640 from 6.6638 yesterday.

–         The Pound Sterling was weaker at $1.3348 from yesterday’s $1.3408.

Yuan Gold Fix

The P.B. of C. has taken steps to increase borrowing costs offshore in an attempt to halt the decline of the Yuan against the U.S. dollar. We are still over three weeks away from acceptance of the Yuan into one of the currencies of the SDR. The Chinese do not want any accusations of manipulating the Yuan lower ahead of this acceptance as one of the world’s ‘hard’ currencies.

LBMA price setting:  The LBMA gold price setting on Thursday was at$1,348.00. Yesterday it was at set at $1,348.75.

The gold price in the euro was set on Thursday at €1,194.08 againstyesterday’s €1,199.32.

Ahead of the opening of New York the gold price was trading at $1,347.00 and in the euro at €1,193.20.  At the same time, the silver price was trading at$19.87.

Silver Today –The silver price was pulled back to $19.78 at New York’s close down from $19.93, yesterday. 

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