By: Chris Mullen, Gold-Seeker.com - 19 August, 2016
Gold fell $14.74 to $1337.96 by a little after 8AM EST before it bounced back higher in midmorning trade, but it still ended with a loss of 0.86%. Silver slipped to as low as $19.253 and ended with a loss of 2.18%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 19 August, 2016
New York closed higher than Shanghai’s whole day as Shanghai gold prices remain steady in Yuan!
It was a rapidly weakening Yuan exchange rate against the dollar that was responsible for dollar gold prices to fall. The combination of the Yuan price of gold and the move in the Yuan exchange rate affecting dollar gold prices this way, is just what the Shanghai Gold Exchange wanted. When they established the Fix an accompanying statement made it clear that it was not just to give SGE gold prices but to promote the use of the Yuan in such dealings. Here it is! Full Story
The Rothchild’s investment house has increased its allocation to gold by 8% and aggressively sold quoted equities and sterling to navigate choppy “uncharted waters” post-Brexit. Sale of shares have been used to buy gold and other non-disclosed precious metals, which, at the end of June accounted for 8 per cent of the £2.8 billion portfolio according to the trust’s half-year results, released on Tuesday. Full Story
By: Chris Mullen, Gold-Seeker.com - 18 August, 2016
Gold gained $9.51 to $1356.01 in early Asian trade before it fell to see a slight loss at $1346.27 shortly after the open in London, but it then chopped back higher into the close and ended with a gain of 0.46%. Silver rose to $19.929 before it dropped back to $19.627, but it then edged back higher in New York and ended with a gain of 0.46%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 18 August, 2016
The Fed Minutes described a split in the FOMC, but where the ‘hawks’ sat was on the non-voting side and the ‘doves’, led by Janet Yellen, sat on the voting side. The factors affecting the ‘doves’ were global influences as well as productivity, alongside wages. We can see that while the U.S. economy appears solid, the growth is low and not accompanied by a ‘healthy’ level of inflation. Hence the market views a rate hike in September with only a 21% likelihood and a hike early next year at a 50% likelihood. This prospect heightens the impact a rate hike will have on all global financial markets. Full Story
The severe gold correction literally wiped away every ounce of bullishness. It had come to last one out of the bullish camp, please turn off the lights. While bullishness is off the canvas now, we still see little or no interest in gold overall while its main rival, financial assets, are now in a full bullish blow-off mode. Being a supporter of gold is like being the “Maytag Repairman” when compared to what most investors and professional are loaded to the gills with (financial assets). Full Story
By: Chris Mullen, Gold-Seeker.com - 17 August, 2016
Gold fell $4.81 to $1341.29 in Asia before it bounced back to $1346.71 in late morning New York trade and then briefly spiked lower following the 2PM EST release of today’s fed minutes, but it quickly rebounded to a new session high of $1351.48 and ended with a gain of 0.03%. Silver slipped to $19.563 before it also bounced back higher at times, but is still ended with a loss of 0.71%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 17 August, 2016
Again Shanghai was higher than New York’s closing but London decided to walk its own road at the opening, opening lower at $1,341. The reason London pulled gold prices down before the opening in London was the continuing ‘strength of the euro/weakness of the dollar, as you can see in the euro gold prices below. Full Story
This was one of the most important events in modern financial, economic and monetary history and is a seminal moment in the creation of the global debt crisis which has confronted the U.S., Europe and the world in recent years and continues to this day. Nixon ushered in an era of floating fiat currencies not backed by gold or silver but rather deriving value through government “fiat,” diktat or order of the government. Full Story
Gold’s next big move seems to be the distance between the lip and the kiss. A $30 rise will result in sell stop losses getting triggered and another wave of rise to $1434+ very quickly. On the contrary, inability to get a sustained rise over $30 ($1380+) can result in prices falling first to $1309 and below and then rising. Long term investors need to worry. Short term traders and jobbers have some serious mind games in trading. Full Story
By: Chris Mullen, Gold-Seeker.com - 16 August, 2016
Gold gained $15.57 to $1354.97 in London before it fell back to almost unchanged at $1341.93 at about 10AM EST, but it then chopped back higher in the next few hours of trade and ended with a gain of 0.5%. Silver climbed up to $20.097 before it dropped back to $19.729 and then also bounced back higher, but it still ended with a loss of 0.05%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 16 August, 2016
Shanghai was higher than London’s opening and much higher than New York’s close. London opened at $1,350 whereas as you can see, the p.m. Fix in Shanghai was at nearly $1,354. Shanghai’s physical demand is greater than New York’s paper demand today. U.S. physical demand via the gold ETFs was absent yesterday. Full Story
Gold in UK pounds neared its post-Brexit high overnight as sterling fell sharply on currency markets due to concerns about rising inflation as shown in data today and the outlook for the UK economy. Gold is up nearly 4% in sterling terms in August and by a whopping 38% year to date. ‘Sterling silver’ has surged by even more this year and is now 56% higher in sterling terms year to date. Full Story
Silver’s demand in India over the next ninety days will determine whether prices can rise to $50.00 by January 2017 or not. There is a silver lining in every second of our lives. Silver is there in mobile phones to water purifiers to air purifiers to air conditioners to solar electricity. But this demand in the short term is already discounted and is the key reason why I expect silver to be an inert metal in the next decade. In the short term, Indian silver jewelry demand and Indian silver gift demand should have a big demand on global prices. I believe that one should invest more in silver if prices fall in the next thirty days. Technically silver is bullish as long as it trades over $18.00. Full Story
By: Chris Mullen, Gold-Seeker.com - 15 August, 2016
Gold gained $7.45 to $1342.05 in Asia before it fell back to almost unchanged at $1335.88 at about 9AM EST, but it then climbed to a new session high of $1343.80 by late morning in New York and ended with a gain of 0.36%. Silver rose to as high as $20.023 and ended with a gain of 0.61%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 15 August, 2016
As the time approaches when the Yuan becomes one of the world’s ‘hard’ currencies it is meeting the definition of being widely traded in the global monetary system. Just to what extent remains to be publicized. Certain Capital Controls still persist but the silence on this ahead of the incorporation of the Yuan in the IMF’ Special Drawing Rights is deafening. Full Story
Deposit bail-in risks are slowly being realised in Ireland, after it emerged overnight that FBD, one of Ireland’s largest insurance companies, have been moving cash out of Irish bank deposits and into bonds. Revelations regarding deposit bail-in risks came in the wake of warnings of a new property crash centred on the housing market in Ireland. The former deputy governor of the Central Bank warned in an op-ed in a leading international financial publication, Project Syndicate, that Ireland is at risk of another housing market crash. Full Story
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