news.goldseek.com / Julian D.W. Phillips / 9 September 2016
Gold Today –New York closed yesterday at $1,337.50 yesterday. London opened at $1,335.80.
– The $: € was slightly weaker at $1.1271 down from $1.1267 yesterday.
– The Dollar index was stronger at 94.94 from 94.78 yesterday.
– The Yen was weaker at 102.12 down from 101.62 yesterday against the dollar.
– The Yuan was weaker at 6.6798 from 6.6640 yesterday.
– The Pound Sterling was weaker at $1.3297 from yesterday’s $1.3348.
Yuan Gold Fix
Shanghai was roughly in line with New York’s close and London slipping a little lower.
When it comes to measuring either the increase in Chinese gold reserves or the gold imports to China we must say that the information provided by the Chinese is only what they want us to know. With last month’s announcement of a 5 tonne increase in official gold reserves we read into it that they want all to know they are continuing to increase their reserves but not at a visibly aggressive rate. There are several ways they can increase their reserves but not take them onto their books, ‘officially’.
We remind readers that they “own gold through their people”. That includes all gold currently inside their borders but primarily directly through state controlled institutions.
LBMA price setting: The LBMA gold price setting on Friday was at$1,335.65. Yesterday it was at set at $1,348.00.
The gold price in the euro was set on Friday at €1,185.61 against yesterday’s€1,194.08.
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