Gold at (1:30 am est) $1234.20 UP $4.20
silver at $17.73: up 6 cents
Access market prices:
THE DAILY GOLD FIX REPORT FROM SHANGHAI AND LONDON
The Shanghai fix is at 10:15 pm est last night and 2:15 am est early this morning
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:
TUESDAY gold fix Shanghai
Shanghai FIRST morning fix Feb 7/17 (10:15 pm est last night): $ 1238.64
NY ACCESS PRICE: $1232.20 (AT THE EXACT SAME TIME)/premium $6.44
Shanghai SECOND afternoon fix: 2: 15 am est (second fix/early morning):$ 1241.64
NY ACCESS PRICE: $1233.45 (AT THE EXACT SAME TIME/2:15 am)
SPREAD/ 2ND FIX TODAY!!: $8.19
China rejects NY pricing of gold as a fraud/arbitrage will now commence fully
London FIRST Fix: Feb7/2017: 5:30 am est: $1231.00 (NY: same time: $1229.50 (5:30AM)
London Second fix Feb 7.2017: 10 am est: $1231.00 (NY same time: $1231.60 (10 AM)
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.
This post was published at Harvey Organ Blog on February 7, 2017.