Saturday, November 12, 2016

Gold price spread between Shanghai and London now up to $7 as recent price slam sends more buyers to China

Following the Presidential election on Nov. 8, the gold cartel dumped extraordinary amounts of paper gold contracts which not only reversed the $61 gains that occurred when it appeared that Donald Trump was going to win, but they also ended up slamming down the price by an additional $50 over the next two trading sessions.

Part of this was due to a massive rise in the dollar, which went from 96 to over 99 on the dollar index, and the deflationary scare that crept into the markets that many now believe will quash the Fed from raising rates in December.

In the meantime, the takedown of the gold price by the bullion banks through their dumping of 85,000 paper contracts, or over $10 billion in gold derivatives, was the equivalent of 12% of the global gold mining output annually.


Yet the chaos in the gold price had limited effects over in China, where the Shanghai Gold Exchange functions as the world's largest physical gold market.  And in one of the more interesting notes over the past days was that the spread between the London/Comex gold fix and the Shanghai daily fix is now $7, which is up $2 from just one month ago.

Shanghai morning fix Nov 11 (10:15 pm est last night): $  1265.29 
NY ACCESS PRICE: $1260.00 (AT THE EXACT SAME TIME) 
Shanghai afternoon fix:  2: 15 am est (second fix/early  morning):$   1267.47 
NY ACCESS PRICE: 1260.60 (AT THE EXACT SAME TIME/2:15 am) 
HUGE SPREAD TODAY!!  7.00 dollars - Harvey Organ

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