Gold:1336.80 down $7.50
Silver 19.59 down 17 cents
In the access market 5:15 pm
Gold: 1337.40
Silver: 19.62
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 3 am est (first fix) and 10 am est (second fix)
Thus Shanghai’s second fix corresponds to 45 minutes before London’s first fix.
And now the fix recordings:
Shanghai morning fix Sept 8 (10:15 pm est last night): $1348.03
NY ACCESS PRICE: $1347.05 (AT THE EXACT SAME TIME)
Shanghai afternoon fix: 2: 15 am est (second fix/early morning):$1348.96
NY ACCESS PRICE: 1346.75 (AT THE EXACT SAME TIME)
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London Fix: Sept 8: 3: am est: $1348.00 (NY: same time: $1347.42: 3 AM)
London Second fix Sept 8: 10 am est: $1343.40 (NY same time: $1344.60 , 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
For gold:The front September contract month we had 399 notices filed for 39900 oz
For silver: the month of September we have a total of 429 notices filed for 2,145,000 oz
Let us have a look at the data for today.
This post was published at Harvey Organ Blog on September 8, 2016.
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