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Silver Market Morning

Gold Today – The gold price closed at $1,326.90 up 10 cents on Wednesday in New York. In Asia prices dropped to $1,321 ahead of the London Fix which was set at $1,322.50 down $4.25 and in the euro at €968.581 down €2.401, while the euro stood almost unchanged at $1.3654. Ahead of the opening in New York the gold price was trading at $1,323.10 and in the euro at €969.06.

Silver Today – The silver price closed at $21.16 up 11 cents, in New York. Ahead of New York’s opening, silver was trading at $21.07.

Gold (very short-term)

Gold should consolidate against resistance, in New York today.

Silver (very short-term)

We feel that the silver price will wait for gold to give it direction and mark time, in New York today.

Price Drivers

There were no purchases of gold into the SPDR gold ETF or but there was a small sale from the Gold Trust in the U.S. on Wednesday. The holdings of the gold ETFs stand at 796.392 tonnes in the SPDR gold ETF and at 164.28 down 0.48 of a tonne in the Gold Trust. The foreign exchange markets were quiet today. Gold responded to a combination of institutional buying [not through the SPDR gold ETF] and short covering. It remains in consolidation mode building up strength to tackle overhead resistance.

It appears that Iran is on the brink of having all sanctions removed. The U.S. is caught between a rock and a hard place as, in Islam the Shia believe that religion rules state [e.g. Shah removed in favor of theocracy] whereas Sunni believe that state can rule religion [U.S. support for Saudi Arabia], but ISIS [extreme Sunni] sees this in a different light with a Caliph ruling an Islamic state, which opposes politics entirely, except its own. So as a matter of pragmatism, lifting sanctions off Iran [Shi’ites - who kicked the U.S. out of their country], and finding them as an allay against their friends [Sunnis] makes for strange bedfellows and alliances that could prove fragile and prone to disintegration. With the dollar’s global rule dependent on the oil of that region, to allow Iran to assist in defeating ISIS could lead to Iran controlling sufficient of the world’s oil production to control the oil price, which affects us all. All of the countries in the Middle East including each of their enemies, trust gold and will use gold to facilitate trade between each other and the rest of the world, as their currencies lose credibility outside their borders. As the crises in the region worsen and spread, gold will take on a greater and greater significance in international trade there. With current supplies restricted to current mining output and ‘scrap’ sales such an increase in demand can only lead to higher prices. [Subscribe - see to protect yourself from penalties from holding your gold overseas when it is to be confiscated].

Silver– Silver is keen to rise at the slightest sign from gold. []


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

Global Gold Price (1 ounce)
















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