By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 17 June, 2011
Overnight gold dropped to $1,525 from New York’s close of $1,529, but in the euro it pulled back €10 to €1,072 as the euro strengthened slightly to €1: $1,4231 just ahead of London’s Fix. At the Fix gold in the dollar was $1,526.25 and in the euro at €1,072.10. Full Story
U.S. DOLLAR gold bullion prices bounced to $1528 per ounce Friday morning London time – just below where they started the week – as commodities fell and US Treasuries dipped. Stock markets rallied, but were still on course for a loss on the week. Full Story
Gold has given up much of yesterday’s modest gains and is marginally lower in all currencies except the Swiss franc. The euro has stabilized despite continuing contagion concerns and an existential threat to the euro currency itself. Full Story
Gold climbed as much as $8.34 to $1532.94 by about 9:40AM EST before it fell to see a $3.10 loss at $1521.50 in the next 20 minutes of trade, but it then rallied back higher into the close and ended with a gain of 0.29%. Silver rose to $35.765 and dropped to $35.178 before it also rallied back higher and ended with a gain of 0.57%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 16 June, 2011
Yesterday and today well illustrate why we include the gold price in four currencies below. You can see that in all currencies it is jumped strongly because of the storm brewing in Europe. In the dollar the gold price held steady to slightly stronger overnight. In the euro it is hitting record highs starting in Asia at €1,080 and rising to €1,082.10 at the Fix. Full Story
THE PRICE OF gold eased back once again vs. the rising US Dollar on Thurday morning, but the price to buy gold for both Euro and UK investors flirted with new all-time highs as Europe's debt crisis worsened. Full Story
Gold is higher in Euros but mixed in other currencies this morning as the euro continues to weaken on sovereign debt and contagion risk. The euro has fallen against all currencies in recent days but especially against gold with euro gold having risen from below €1,050/oz on Tuesday to over €1,083/oz today. Sterling gold has risen to close to record highs at £950.81/oz after retail sales slumped on fuel and job fears. Full Story
It’s all about Greece. Greek Prime Minister George Papandreou said he will form a new cabinet on Thursday and seek a vote of confidence from his fractious Socialist party to see through a harsh austerity bill, as riot police battled tens of thousands of protesters in the heart of Athens. Full Story
Gold fell almost $10 to $1513.93 by a little after 8AM EST before it shot up to as high as $1534.32 in the next hour and a half of trade, but it then drifted back lower into the close and ended with a gain of just 0.07%. Silver fell to as low as $34.80 before it surged up to $35.953 by late morning in New York, but it then fell back off a bit in the last couple hours of trade and ended with a loss of 0.4%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 15 June, 2011
It was the afternoon in New York that pulled the gold price in the dollar back from the teens in the $1,500 area to $1,525. Asia held the price at that level with London letting it slip to $1,520 and in the euro to €1,059.23. There is not enough movement in the current trading range to draw a conclusion on the next direction for gold in either the euro of the dollar. As we said yesterday, ‘This means it will ebb and flow on a daily basis until the tide takes over.’ Full Story
THE U.S. DOLLAR gold price dropped to a low of $1517 per ounce Wednesday morning London time – a 3.8% fall from last month's all-time high – while stock and commodity markets fell and US Treasuries gained after Eurozone finance ministers failed to break the deadlock over Greek debt. Full Story
The euro has fallen on international markets as the European sovereign debt crisis is deepening and appears to be reaching a dangerous denouement. European stock markets are also weaker due to serious divisions in Greece and in the EU as to how to resolve the Eurozone debt crisis and prevent contagion. Full Story
Gold climbed $8.85 to $1523.75 in Asia before it fell in London and saw a $2.95 loss at $1511.95 by about 9AM EST, but it then rallied back higher in New York and ended with a gain of 0.57%. Silver fell to as low as $34.408 in early New York trade before it also rallied back higher into the close and ended with a gain of 1.61%. Full Story
HERE's a thing – Eurozone central banks have stopped selling and started buying gold so far in 2011. Only by €6 million mind, and all of it in gold coin according to the European Central Bank's weekly statements. But this net gold buying still stands, even ignoring Estonia's 0.6 tonne purchase at New Year (its contribution, on joining the Euro, to the ECB's reserve assets). Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 14 June, 2011
With the sale of 10 tonnes of gold out of the gold Exchange Traded Fund SPDR in the States, the gold price was pulled down to close at $1,515 at New York’s close. Asia moved in on that price and has taken it back to $1,523.55 just ahead of London’s opening. It took a hit in the euro too falling back to €1,053.38 at the opening of Europe. Indeed, in all currencies it is falling. Full Story
WHOLESALE PRICES for gold bullion eased back to $1516 per ounce Tuesday morning London time – nearly 4% off May's record high – after recovering half of Monday's 1.3% fall. Spot silver prices also fell back after a rallying briefly, falling to $34.63 per ounce – a three-week low. Full Story
Gold is tentatively higher this morning with the British pound, yen, Swiss franc and dollar showing weakness. Greek German 10 year bond yields have surged to euro era record highs and the Greek 10 year bond has surged to a new record high of 17.146%. The euro has remained remarkably stable, so far, but euro gold at €1,052/oz remains near (3.4%) record highs of €1,088/oz. Full Story
Gold waffled near unchanged for most of trade in Asia and London, but it then fell off rather markedly in New York and ended near its late session low of $1510.94 with a loss of 0.92%. Silver fell to as low as $34.553 and lost 3.97%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 13 June, 2011
What has been remarkable has been the gold price in the euro. It has held at €1,061 for the last three business days. This translates into the reality that the dollar gold price is simply reflecting the strength of the dollar against the euro. That phrase [the strength of the dollar] is looking very deceptive because it is falling, but slower than the euro. At the opening in London the gold price in the dollar stood at $1,530 and now stands at $1,026.85 and the dollar at €1: $1.4363. So for investors who use the dollar to buy and sell their gold, please note you are not trading gold, but taking a position on the moves of the dollar now. Full Story
WHOLESALE MARKET gold prices fell Monday morning London time, dropping to $1525 per ounce – 2.3% off last month's record high – while stocks were flat and commodities mixed, as continuing economic worries prompted talk of catastrophe and economic stagnation. Full Story
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