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Silver Market Morning

Gold Today –New York closed at $1,207.4 down$1.10. London Fixed the gold price at $1,203.50 down $3.00 and in the euro, at €1,061.381 up €2.025, while the euro was half a cent weaker at $1.1339. Ahead of New York’s opening, gold was trading in London at $1,204.40 and in the euro at €1,063.49.


Silver Today – The silver price closed at $16.39 down 12 cents. Ahead of New York’s opening it was trading at $16.42.


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


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


Price Drivers

There were purchases of 1.194 tonnes into the SPDR gold ETF but none into the Gold Trust on Thursday, as gold prices are now solidly under the influence of gold markets outside China. The holdings of the SPDR gold ETF are at 768.263 tonnes and at 167.03 tonnes in the Gold Trust. So far, in the absence of Chinese gold demand, the gold price is holding above support at $1,200. We are still of the opinion that physical activity will dominate, while traders and speculators try to push the price around. But even they appear loathe to break support as they are aware of the influence the E.U.-Greek situation could have on the gold price and currency markets.


As to Greece, Germany rejected Greece’s proposal. We expect today’s meeting of governments in the E.U. to do the same. The Eurozone believes that Greece will back down. We see the Greek Prime and finance Ministers on a somewhat Messianic quest, in their minds, so will not accept any lesser proposal than the one they put forward. Maybe we are a trifle cynical, but we believe both sides are fully aware of the next step and have decided to accept it. Perhaps on Monday when you read this market report, you will be seeing tremendous volatility in global financial markets as a result!


In our current issue of the Gold Forecaster, we detail the types of Capital/Exchange Controls that may be implemented in Greece, which within a few years we see a very different Greece than the one we are seeing now. [Subscribe to &]. Maybe you should be ready to book a pretty cheap holiday there soon?


What is very pertinent to the long-term gold price is the Fed’s reaction to problems outside of the U.S. and their impact on both the dollar and on the U.S. economy. Many feel that the U.S. is nigh on immune to outside financial problems, but the Fed doesn’t think so! Nor do we!


Silver– The Silver Trust is seeing buyers of its shares after weeks of sales. But while this is a good gauge of professional silver investor’s opinions, we see that they are not enough to influence the silver price, which remains tethered to the gold price.




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


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