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Silver Market Morning

Gold Today – Gold closed in New York at $1,626.20. The Fixing in London today was set at $1,623.5. In the euro it was set at €1,284.516. The changes since Friday have been slight, meaning the Greek election results have had little impact. Ahead of New York’s opening gold stood at $1,624.12 and in the euro, €1,283.30 while the euro was at €1: $1.2651.

Silver Today – Silver held steady at $28.66 in New York again, but dropped only slightly in London’s morning to $28.50. Ahead of New York’s opening at $28.63, barely changed on Friday.

Silver (very short-term)

Silver may well be to weaker, today in New York.

Price Drivers

Gold – Gold dropped $10 after the Greek election results. The euro stayed virtually unchanged in London’s morning. This is not what the market expected after the positive result to stay in the Eurozone. What we see in the result is that the mayhem of Greece leaving the Eurozone has been avoided, but that’s all. The Eurozone’s structural problems still persist in Greece [is this just a reprieve, before more cuts or failed efforts to reach budget objectives appear?]. Now it’s back to Spain and Italy. For a moment their yields dropped at market opening but not for long before Spanish yields hit 7.08% and the crisis was here again.

For gold and silver investors the results of the election are OK. After all, Greece is not why gold is rising. The overall, global breakdown of fiat money values is, alongside emerging market demand. This is set to continue until the very foundation of the monetary system is changed structurally. We see little to no political will to do this. This, with the clash of government, democratic, objectives set against profit-driven banking objectives, is the root problem. Britain’s attempt to force banks to lend into businesses and not place new money back into government bonds is an attempt to address this clash. With banks being the arteries and veins of economies, the failure to send new money to the capillaries of the financial system is one of the symptoms of this clash. [To follow our weekly commentary, please subscribe to our newsletters at and at].

Silver – Silver is cautiously steady to slightly weaker, waiting for gold to show the way. With the Greek tragedy averted what next? The forces that lifted the silver price to these levels remain in place.


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

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