Gold and Silver Market Morning: Sep-13-2016 –Gold and silver looking for direction!

Jon Economy, Gold, Government, Market Commentary, Precious Metals, Silver

Gold Today -New York closed yesterday at $1,327.00 yesterday. London opened at $1,333.00.
– The $: was slightly weaker at $1.1232: 1 down from $1.1219: 1 yesterday.
– The Dollar index was stronger at 95.30 from 94.40 yesterday.
– The Yen was stronger at 102.18: $1 up from 102.08: $1 yesterday against the dollar.
– The Yuan was slightly weaker at 6.6800: $1 from 6.6808: $1 yesterday.
– The Pound Sterling was weaker at $1.3263: 1 from yesterday’s$1.3297: 1.
Yuan Gold Fix
Shanghai went $6 higher than New York and London followed this price at the opening before pulling back to New York’s close at the LBMA price setting. We are watching to see if this is the start of pricing in Shanghai separating itself from New York. London’s pricing seems to respect Shanghai and could be asking the same question.
We are seeing China stabilizing as the throes of developing an internal economy pull this way and that. The government appears to have an iron grip on the economy which also appears to be following the course it wants. The benefit for gold is that is middle classes continue to grow steadily. They continue to have affection for gold and will continue to do so for the foreseeable future.

This post was published at GoldSeek on 13 September 2016.