Today’s AM fix was USD 1,786.50, EUR 1,380.92, and GBP 1,109.01 per ounce.
Yesterday’s AM fix was USD 1,777.25, EUR 1,374.73and GBP 1,102.38 per ounce.
Silver is trading at $35.08/oz, €27.13/oz and £21.84/oz. Platinum is
trading at $1,707.00/oz, palladium at $664.50/oz and rhodium at
Gold edged up $3.40 or 0.19% in New York yesterday which saw gold
close at $1,778.50. Silver initially climbed to $34.848 then it fell off
in afternoon trading and finished with a loss of 0.06%.
Alan Wheatley, Global Economics Correspondent for Reuters has written
a very interesting article, 'Analysis: China's currency foray augurs
geopolitical strains’ where he emphasizes China’s desire to wean out the
US dollar’s currency reserve status.
China is actively taking steps to phase out the US dollar which will
decrease volatility in oil and commodity prices and deride the
‘exorbitant privilege' the USA commands as the issuer of the reserve
currency at the centre of a post-war international financial
architecture which is now failing.
In 1971, U.S. Treasury Secretary John Connally said, "It's our currency and your problem".
China is frustrated with what it sees as the US government’s
mismanagement of the dollar, and is now actively promoting the
cross-border use of its own currency, the yuan, or also called the
renminbi, in trade and investment.
Read the full post here.