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Silver Market Morning

Gold Today – Gold closed in New York at $1,583.90 on Friday. London opened $11 down as the euro fell again on more fear. London’s morning Fix today was set at $1,571.50 and in the euro at €1,298.117, while the euro stood at €1: $1.2105 down nearly 1.5 cents on the dollar. Ahead of New York’s opening gold stood at $1,572 in the middle and in the euro at €1,297.03.

Silver Today – Silver closed on Friday in New York at $27.31. But following gold fell back to $26.88 on euro falls. Ahead of New York’s opening at $26.970.

Gold (very short-term)

Gold should have a mixed to lower bias today, in New York.

Silver (very short-term)

Silver should have a mixed to lower bias today, in New York.

Price Drivers

Gold & Silver – The ad nauseam continuation of Eurozone and euro fears continued to grow as first thing this morning in London, the euro lurched down to 1: $1€.21. As we warned in this daily report as well as in our newsletter, Spanish debt woes will escalate when the Spanish regional debt kicks in. It now has with Valencia and Murcia asking for a bailout. You may well ask, “How can this happen?” Spanish 10-year yields are now 7.46%, 2-year debt 6.08% now!

Spain is an amalgam of several countries consolidated into one at the time of Charles I, when the Moors were chased out of Spain. But they remain autonomous to a large extent. Ahead of the last elections, the last government [including the regions] spent all they could on their favorite projects and ran their credit to the limit. The new government came in to find no money in the kitty. It is now coming to light. With Italy sinking economically too, the euro itself is now in far more danger than when it was just Greece, Ireland and Portugal in debt distress. The new factor today is that a Sicilian official has asked that Sicily be put into receivership! It too is autonomous from the central government of Italy. Italian 10-year debt is at 6.37%.

This is again translating into a strong dollar. Clearly this has nothing to do with gold, except for the knee-jerk reaction that a “strong dollar means weak gold”. But as investors understand this they will then see that gold is not just a ‘counter to the dollar’, but to all currencies. When this happens gold will rise in the dollar. [To follow our weekly commentary, please subscribe to our newsletters at and at] We expect an interesting week, to say the least!

Silver – Silver’s price lurched lower with gold but remains inherently stronger than gold. The euro’s moves against the dollar will dominate precious metals today we expect.


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

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