Maguire – China Moves To Crush The West In The Gold Market

Maguire: An increasing number of producers are being approached by China to buy their forward production, and at a premium over spot.

And I have reliable information from one of the producers I deal with that they are getting a forward sale price equivalent to just a small discount over the strong Shanghai closing wholesale premiums. They (those premiums in Shanghai) average around $15 per ounce, but have been as high as $30 per ounce.

Even today’s premium of $17 is a substantial premium over the dilutive London spot price. And it’s undermining the LBMA’s efforts to steal forward production at a discount.

Read more@king world news



Categories: Business

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