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Silver Market Morning

Gold Today –New York closed at $1,284.90 down $9.20. In Asia gold slipped to $1,280. The Fix saw the gold price set at $1,275.50 down $11.50 and in the euro, at €1,129.361 down €2.565, while the euro was ¾ of a cent stronger at $1.1294 up over 1 ½ cents. Ahead of New York’s opening gold was trading in London better, at $1,276.30 and in the euro at €1,129.27.


Silver Today – The silver price closed at $17.99 down 10 cents. Ahead of New York’s opening it was trading uncertainly at $17.62.


Gold (very short-term) The gold price will consolidate, in New York, today.


Silver (very short-term) The silver price will consolidate, in New York today.


Price Drivers

There were no purchases or sales into or from the SPDR gold ETF or into or from the Gold Trust on Wednesday. The holdings of the SPDR gold ETF are at 752.697 and at 167.54 tonnes in the Gold Trust. Consequently, the gold price drifted in line with a weakening dollar against major currencies.


A look at the performance of the Swiss Franc shows that it is being weakened by the Swiss National Bank and now stands at 0.9212 against the dollar a fall from its peak of last week of 0.85. This is why you are watching the gold price rise in the Swiss Franc while it is falling in the dollar.


The Fed stated that the recovery in the U.S. was now solid, but remains worried about declining inflation and the economic turbulence outside the U.S. There is a great tendency to take the daily detail we see reported and allow ourselves to redefine the ‘big’ picture based on these. While a trader may deal on the back of the very short-term picture, the professional investor, always takes the daily detail and pops it into the long-term picture to keep his perspective and slot detail into context. Standing back we see that the trend in gold and silver has changed for the better and that an economically strong U.S. will not change the world, but the world can change the U.S. The Fed’s sober line is to be respected.


After all, the gold and silver price is not about economic strength or the exchange rate of one currency against another. It is about confidence in the monetary system to fulfill the function it is supposed to serve, that of measuring value as well as being a means of exchange. Right now it functions well as a means of exchange, but has failed to measure true value. We are now at the point where its role as a measure of value is being abandoned in favor of other interests of the nation, leaving a crying need for a measure of value that will remain no matter what. We see this as a long-term path for gold and silver now. It also explains the change in direction of the precious metals. [Subscribe to &].


Silver– The silver price should remain volatile, for the time being, relative to gold.




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


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