Gold and Silver Market Morning: Nov-22-2016 — Gold and Silver finding a bottom!

Gold Today -New York closed at $1,208.30 yesterday after the previous close of $1,218.28 London opened at $1,217.82.
Overall the dollar was weaker against global currencies.
– The $: was weaker at $1.0644: 1 from $1.0626: 1 yesterday.
– The Dollar index was a weaker at 100.74 from 101.11 yesterday.
– The Yen was stronger at 110.58: $1 from yesterday’s 110.84 against the dollar.
– The Yuan was stronger at 6.8910: $1 from 6.8967: $1 yesterday.
– The Pound Sterling was stronger at $1.2491: 1 from yesterday’s $1.2331: 1.
Yuan Gold Fix
As you can see gold prices in Shanghai are $21 higher than New York’s close and $12 higher than London’s opening [allowing for the difference in the quality of gold priced in the different markets],
The dollar is lower again, bouncing off the 101 dollar index area there. The dollar is the driver of U. S. prices allowing gold prices in other currencies to rise. While heavy selling continues from the gold ETFs in the U. S. New York will pull prices down. With London being the hub of the developed world’s physical gold market it will pull prices higher as the Chinese banks, via a typically structured ‘swap’ transaction, will arbitrage gold between Shanghai and London, where profitable.

This post was published at GoldSeek on 22 November 2016.