Silver as an investment

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.

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