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Silver Market Morning

Gold Today – The gold price closed at $1,314.00 down $4.20 on Friday in New York. In Asia prices rose a dollar. In London, the Fix was set at $1,313.50 up $3.50 and in the euro at €967.018 up €4.06, while the euro stood weaker than Friday at $1.3583. Ahead of the opening in New York the gold price was trading at $1,312.65 and in the euro at €966.78.

Silver Today – The silver price closed at $19.80 up nearly a dollar [5%], in New York. Ahead of New York’s opening, silver was trading at $20.80.

Gold (very short-term)

Gold should pause before continuing to rise, in New York today.

Silver (very short-term)

We expect silver to pause before continuing to rise with gold, in New York today.

Price Drivers

There were no sales or purchases from the SPDR gold ETF in the U.S. on Friday, or from or into the Gold Trust. The holdings of the gold ETFs stand at 782.884 tonnes in the SPDR gold ETF and at 163.20 tonnes, in the Gold Trust. With the oil price scene having fundamentally changed in the last week and with the gold price changing its Technical picture substantially, we expect to see developed world investors buying into the rise in gold and silver prices.

We do expect to see markets digest the full impact of the extension of religious violence in the Middle East before reacting more this week. The decade-old fear that religion there would overwhelm politics has now matured sweeping away the structures set up by the U.S. to prevent that. The stringent violence and the intention to start a full blown sectarian war across the Arab world, ensures there can be no return to moderation for the foreseeable future in that region. Likewise it ensures that the overall control of the oil price in the Middle East via O.P.E.C. has been severely weakened until an outcome to that war is seen. We therefore expect to see Middle Eastern demand for gold, rise from now on as the credibility of Middle Eastern currencies declines in relation to the extent of the ISIS threat against them.

Fears of a developed world bond market ‘bubble’ are growing as prices reach record highs against a backdrop of record low interest rates. Should this ‘bubble’ burst [and we cannot see how it can’t eventually] the damage will extend far beyond the bond markets right through to the ‘hard’ currencies of the world! This has already been recognized by most professionals, but there is a certain ‘lemming’ quality to their attitudes [Subscribe - see to protect yourself from penalties from holding your gold overseas when it is to be confiscated].

Silver – Silver is running with gold in large steps before pausing before the next move. We have entered an exciting phase for silver investors as well as gold investors!. []


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

Global Gold Price (1 ounce)
















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