Gold $1272.50 UP $4.30
Silver 17.68 UP 8 cents
In the access market 5:15 pm
Gold: 1276.00
Silver: 17.77
THE DAILY GOLD FIX REPORT FROM SHANGHAI AND LONDON .
The Shanghai fix is at 10:15 pm est and 2:15 am est
The fix for London is at 5:30 am est (first fix) and 10 am est (second fix)
Thus Shanghai’s second fix corresponds to 195 minutes before London’s first fix.
And now the fix recordings:
Shanghai morning fix OCT 28 (10:15 pm est last night): $ 1275.87
NY ACCESS PRICE: $1270.90 (AT THE EXACT SAME TIME)
Shanghai afternoon fix: 2: 15 am est (second fix/early morning):$ 1273.38
NY ACCESS PRICE: 1267.95 (AT THE EXACT SAME TIME)
HUGE SPREAD TODAY!! 5 dollars
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
London Fix: OCT 28: 5:30 am est: $1265.90 (NY: same time: $1266.00: 5:30AM)
London Second fix OCT 27: 10 am est: $1273.00 (NY same time: $1272.20 , 10 AM)
Shanghai premium in silver over NY: 80 cents.
It seems that Shanghai pricing is higher than the other two , (NY and London). The spread has been occurring on a regular basis and thus I expect to see arbitrage happening as investors buy the lower priced NY gold and sell to China at the higher price. This should drain the comex.
Also why would mining companies hand in their gold to the comex and receive constantly lower prices. They would be open to lawsuits if they knowingly continue to supply the comex despite the fact that they could be receiving higher prices in Shanghai.
end
.
For comex gold:
1 NOTICE(S) FILED FOR 100 OZ
For silver:
for the Oct contract month: 13 notices for 65,000 oz.
This post was published at Harvey Organ Blog on October 28, 2016.
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