Silver Market Morning
Gold Today –New York closed at $1,748.70 up $1. This morning, Asia and London dealers dropped it only by a dollar to $1,746.55 as the euro climbed to $1.3193 as the U.S. dollar continued to slip. At the Fix it was set at $1,748.00 only 25 cents higher. In the euro it was Fixed at €1,331.708, while the euro kept rising through to $1.3114. Ahead of New York’s opening gold stood at $1,747.40 and in the euro at €1,332.57.
Silver Today – Silver closed higher at $33.15 in New York yesterday. Ahead of New York’s opening it stood at $33.11.
Gold (very short-term)
Gold will soon move strongly one way or the other, in New York today.
Silver (very short-term)
Silver will soon move strongly one way or the other, in New York today.
Gold & Silver – With more volatility about to strike precious metal prices, it seems that all it takes for the euro to rise is news that Spain will ask for a bailout. This is on a day when the dollar is not falling but holding current levels against other globally used currencies. How our perceptions change! The fact that Spain is moving towards bankruptcy has no impact, but the news the bank will give it another loan means that it is not bankrupt yet. That’s good news? [To follow our weekly commentary, please subscribe to our newsletters at www.GoldForecaster.com and www.SilverForecaster.com].
We are seeing a jump in Indian demand for physical gold and imports of gold to India are underway. This is after an absence of the bulk of the year to date. We now add to this that demand from the U.S. investor overall in the last month or so is being seen in the market place, despite last week’s sale of six tonnes from the SPDR gold ETF.
Gold mining in South Africa will survive the awful strikes it is experiencing now. Labor is returning to work now, at most mines and the fall in the Rand of around 10% has increased the cash inflow to their balance sheets by a similar amount.
Silver – Silver is again recovering fast as it is about to make a new strong move.
Julian D.W. Phillips for the Gold & Silver Forecasters