Gold and Silver Market Morning: Feb 17 2017 – Gold is looking firm in all currencies! / Julian D.W. Phillips  / 17 February 2017

Gold Today –New York closed at $1,239.30 on the 16th February after closing at $1,232.60 on the 15th February. London openedat $1,240.00 today.

 Overall the dollar was weaker against global currencies early today. Before London’s opening:

–         The $: € was weaker at $1.0645: €1 from $1.0627: €1 onyesterday.

–         The Dollar index was weaker at 100.69 from 100.80 onyesterday.

–         The Yen was stronger at 112.85:$1 from yesterday’s 113.70 against the dollar.

–         The Yuan was weaker at 6.8654: $1, from 6.8603: $1, yesterday.

–         The Pound Sterling was weaker at $1.2407: £1 from yesterday’s $1.2494: £1.

Yuan Gold Fix

Shanghai was trading at 275.90 Yuan towards the close today. This equates to $1,249.96, but allowing for the different quality of gold being traded [.9999 fineness] it stands at $1,244.96. Shanghai continues to lead the way over New York by $5 and $3 over London.

With Capital Controls over Yuan outflows reducing turnover volumes in its currency we are watching the classic central bank battles against moves in a currency. We have yet to see a central bank win the battle over controlling an exchange rate.


Read more ... source: The Bitcoin Channel

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