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Silver Market Morning

Gold Today – Gold closed in New York at $1,587.80 up $4 even as the euro continued to fall. Asia left it unchanged ahead of London’s opening at which point it rose to $1,590 ahead of the Fix. The morning Fix today was set at $1,594.50 up $13.5 and in the euro at €1,293.292 up €6, while the euro stood at €1: $1.2329. The euro stood at €1: $1.2317 after the Fix. Ahead of New York’s opening gold stood at $1,593.30 in the middle and in the euro at €1,293.53.

Silver Today – Silver was higher in New York at $27.34 then climbed in London to $27.42. Ahead of New York’s opening at $27.45.

Gold (very short-term)

Gold should have a stronger bias today, in New York.

Silver (very short-term)

Silver should have a stronger bias today, in New York.

Price Drivers

Gold & Silver – After E.U. leaders worked through the night, again, they came up with €30 billion of the €100 billion to be paid into the Spanish banks this month to stave off a deepening crisis. Austerity measures are hammering tax receipts so compounding deficit problems, as expected. This takes the pressure off Spanish bond yields. The markets in Asia rallied briefly before continuing to slip. The euro rose above €1: $1.23 in London as this move was factored in. Seen in context, this staves off today’s crisis bur does not address the underlying problems. This is how the markets perceive these moves. [To follow our weekly commentary, please subscribe to our newsletters at and at]

Across the sea in the U.S. political parties have polarized, once more, in the face of the oncoming ‘fiscal cliff’. After watching political interests take priority over expanding the debt base of the U.S. government, it appears that no lessons were learned and we are about to enter a similar period of contention over spending cuts and a “fiscal cliff” at the end of this year. If E.U. leaders can just do enough to postpone the dramas of their debt crisis, the euro could be sent to the side of the stage, while the U.S. dollar once again takes center stage. After 5 years of unsuccessfully trying to put the developed world back on a growth path, the factors we see today point to the same failures, for the foreseeable future. With government failing to act powerfully, the central banks are, inadequately, left to try to do so. Is there any wonder that the moves in Turkey to harness gold in their system are happening. Is it any wonder that on both sides of the Atlantic a re-definition of gold as a Tier I asset from a Tier II asset are taking place? [We are producing an article on this subject right now for subscribers] Will such re-monetization measures lead to the confiscation of gold?

Silver – The silver price continues to hold a stronger line than gold. Silver’s trading patterns are narrowing!


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

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