news.goldseek.com / Julian D.W. Phillips / 13 October 2016
Gold Today –New York closed at $1,255.20 yesterday after the previous close of $1,253.60. London opened at $1,260.00.
– The $: € was stronger at $1.1008: €1 from $1.1014: €1 yesterday.
– The Dollar index was stronger at 98.01 from 97.79 yesterday.
– The Yen was weaker at 103.98: $1 from 103.60: $1 yesterday against the dollar.
– The Yuan was weaker at 6.7239: $1 from 6.7140: $1 yesterday.
– The Pound Sterling was weaker again at $1.2158: £1 from yesterday’s $1.2261: £1.
Yuan Gold Fix
China continues to hold higher gold price levels than New York or London, but today we are seeing London opening at Shanghai’s levels. Shanghai continues to reflect physical demand as the Yuan continues to weaken. We forecast a falling Yuan with 7.00 by year’s end close to the beginning of the year and pointed out it would accelerate it fall after becoming a currency used in the SDR. It is doing this now. Yes, the dollar is strong at the moment, and Chinese exports down 10% y on y, but the middle classes in China continue to burgeon. Evidence of this is that car sales are up 28.9% y on y there. This does impact gold in that the ‘nouveau riche’ are gold buyers at retail level.
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