Silver as an investment

Gold and Silver Market Morning: Jan 16 2017 – Gold and Silver correcting, U.S. buying!

news.goldseek.com / Julian D.W. Phillips / 16 January 2017

Gold Today –New York closed at $1,198.30 on the 13th January after closing at $1,195.40 on the 12th January. London opened at $1,202.25today.

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

–         The $: € was stronger at $1.0593: €1 from $1.0633: €1 Friday.

–         The Dollar index was slightly stronger at 101.70 from 101.33Friday.

–         The Yen was stronger at 114.11: $1 from Friday’s 114.70 against the dollar.

–         The Yuan was weaker at 6.9082: $1, from 6.8873: $1, Friday.

–         The Pound Sterling was weaker at $1.2056: £1 from Friday’s $1.2168: £1.

Yuan Gold Fix

Shanghai gold prices, having corrected on Friday, are, again, moving higher in Shanghai touching 270.1 Yuan or $1,211.1 in today’s trading [using the same quality of gold]. It is always tempting to make prices simple to understand even if it means attributing any moves in the gold price to any handy piece of news locally. But that would be misleading. Chinese prices are rising because of Chinese market conditions, not because of Trump’s latest tweet.

New York closed $11.34 lower than Shanghai on Friday. London opened at $3.85 lower than Shanghai was trading today.

LBMA price setting:  The LBMA gold price setting was at $1,202.75this morning against Friday’s $1,196.35.

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