• Gold: 1,488.50 2.91
  • Silver: 17.52 0.00
  • Euro: 1.103 -0.001
  • USDX: 98.301 -0.4
  • Oil: 54.85 0.93

Silver Market Morning

Julian D. W. Phillips
Friday, November 14th

Gold Today – The gold price closed up at $1,161.80 up from $1,160.10 in New York on Thursday. London took it down to $1,153 ahead of the Fix. It was Fixed at $1,154 down $7.00 and in the euro at €926.312 down €4.5, while the euro stood stronger at $1.2458. The volumes of net gold traded were two sellers selling 22,000 ounces and two buyers buying 36,000 ounces before the pro-rata process kicked in. Ahead of New York’s opening, gold was trading at $1,153.70 and in the euro at €926.18.


Silver Today – The silver price closed in New York at $15.61 down 5 cents. Ahead of New York’s opening it was trading at $15.40.


Gold (very short-term) The gold price will consolidate in New York, today.


Silver (very short-term) Silver will consolidate, in New York, today.


Price Drivers

In New York there were sellers of 2.052 tonnes of gold from the SPDR gold ETF but none from the Gold Trust on Thursday. The holdings of the SPDR gold ETF were at 720.615 tonnes and in the Gold Trust at 160.42 tonnes. The euro is also slightly weaker today at $1.2457 down from $1.2473. The main influence on the gold price currently is the level of the euro against the U.S. dollar. We expect this will continue in the short-term at least.


Each day sees more and more people convinced that the Eurozone is headed into a recession as Germany’s exports begin to falter. With China turning inwards to develop its people and utilize the infrastructure it has built, its demand for German goods is dropping. Its intention has always been to replace foreign goods with home- made products over time and this is happening steadily. The E.U. itself is slowing and also lowering the demand for German goods. We cannot see any light at the end of the tunnel that will halt falling growth in the short-term. The failure of member governments to agree on the way forward is reinforcing this negative trend. In turn it is likely that the U.S. will suffer from globally falling growth. As a result gold is being pulled down, but it has completed the major part of its fall to date.


In a conversation with a Swiss banker today, it is becoming more apparent that the Swiss referendum is going to go the way of a “Yes” vote. If so, then there is precious little gold in the market that is freely available to Switzerland. Such a vote would have an explosive impact on the gold price. [Get the bigger picture - Subscribe to www.GoldForecaster.com & www.SilverForecaster.comto protect against confiscation and penalties -see www.Stockbridgemgmt.com ]


Silver– The silver price has started to fall faster than gold. www.SilverForecaster.com

There will be no Gold & Silver Market Morning reports until Monday 24th November


Kind Regards,


Julian D.W. Phillips for the Gold & Silver Forecasters


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