This strong basing has led to a nascent breakout from the tired 7-year trend of gold stocks underperforming gold. Today this despised sector is radically undervalued relative to the metal which drives its profits and hence ultimately stock prices. So as gold-stock prices and gold itself mean revert in the coming years, gold stocks should easily quadruple. There’s no other sector in the stock markets with such bullish potential. Full Story
By: Julian D. W. Phillips, Gold Forecaster - Global Watch - 20 June, 2014
In 1973 the oil price jumped from $8 a barrel to $35 a barrel while gold jumped from $42 an ounce to over $120 an ounce. We do not see a direct link over the years between the two. What we do see is a moving up together in times of, not only political crisis, but monetary crisis. In those days the dollar was suspect and continued so until Volker forced interest rates up to 26% in the mid 1980’. Full Story
Fiat currencies continue to be devalued and cash can become ‘trash’ quickly as savers found out to their detriment in the 1970’s. Today, there is also the unappreciated risk of bail-ins. That’s why real diversification remains essential. Full Story
Gold climbed steadily higher throughout most of world trade and ended near its late session high of $1319.48 with a gain of 3.47%. Silver rose to as high as $20.893 and ended with a gain of 4.64%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 19 June, 2014
The gold price closed at $1,274.00 up $2.80 on Wednesday in New York. In Asia and London prices rose to $1,281. The Fix was set at $1,282.00 up $13.00 and in the euro at €940.227 up €4.522, while the euro stood stronger at $1.3635. Ahead of the opening in New York the gold price was trading at $1,282.20 and in the euro at €940.75. Full Story
Gold added to overnight gains this morning as the dollar weakened after the U.S. Federal Reserve confirmed ultra loose monetary policies are set to continue due to slowing economic growth and despite inflation pressures building. Full Story
Gold dropped down to $1266.37 at about 4AM EST before it bounced back to $1273.69 in early New York trade and then fell back towards unchanged by late morning, but it then rallied back higher in afternoon trade and ended near its last minute high of $1274.71 with a gain of 0.3%. Silver rose to as high as $19.851 and ended with a gain of 0.61%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 18 June, 2014
The gold price closed at $1,271.20 down $0.50 on Tuesday in New York. In Asia and London saw the price fall to $1,269 at the opening in London. The Fix was set at $1,269.00 up $4.50 and in the euro at €935.705 up €3.5271, while the euro stood stronger at $1.3565. Ahead of the opening in New York the gold price was trading at $1,271.00 and in the euro at €936.83. Full Story
Traders and more speculative investors are waiting on the sidelines for the U.S. Federal Reserve to conclude its policy meeting before placing big bets on gold. In China, the world’s largest physical gold buyer, gold prices were trading either at a discount of about $1 an ounce or on par with the global benchmark, in a sign that buying interest has waned somewhat. Full Story
Gold fell $9.98 to $1261.72 just after this morning’s economic releases at 8:30AM EST, but it then rallied back higher for most of the rest of trade and ended with a loss of just 0.12%. Silver rose to as high as $19.745 and ended with a gain of 0.46%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 17 June, 2014
The gold price closed at $1,271.70 down $5.20 on Monday in New York. In Asia and London saw the price fall to $1,264 at the opening in London. The Fix was set at $1,264.50 down $17.25 and in the euro at €932.178 down €15.161, while the euro stood stronger at $1.3565. Ahead of the opening in New York the gold price was trading at $1,266.80 and in the euro at €933.63. Full Story
Oil prices fell 0.5% but remained near nine month highs as Sunni militants have seized a large part of northern Iraq. U.S. President Barack Obama did an about turn yesterday and has announced that nearly 300 U.S. troops will enter Iraq and base themselves in Baghdad to protect the U.S. embassy and strategic interests. U.S. and Iranian officials held talks to stabilize the region, which has been roiled by the advance of Sunni rebels toward Baghdad. Full Story
The rise in US manufacturing activity resulted in profit taking in gold and silver. Lack of negative news from Iraq also attracted sellers. The International Monetary Fund cut its growth forecast for the U.S. economy this year and said the Federal Reserve may have scope to keep interest rates at zero for longer than investors expect. Full Story
Gold climbed $8 to $1284.90 in Asia before it pared back to $1279.55 in London and then bounced back towards its earlier high at the open of trade in New York, but it then fell back off into the close and ended near its late session low of $1270.67 with a loss of 0.41%. Silver slipped to as low as $19.589 and ended with a loss of 0.36%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 16 June, 2014
The gold price closed at $1,276.90 on Friday up $3.10 in New York. In Asia and London the price rose another $5 ahead of the Fix, where it was set at $1,281 .75 up $8.75 and in the euro at €947.339 up €9.171, while the euro stood weaker at $1.3529. Ahead of the opening in New York the gold price was trading at $1,280.30 and in the euro at €946.28. Full Story
Concerns over fighting in Iraq and Ukraine saw a global shift into traditional safe haven currencies, precious metals and bonds today as oil rose again and hovered near a nine-month high. European stocks fell. Worries about Iraq were intensifying after Sunni insurgents seized the mainly ethnic Turkmen city in the northwest of the country over the weekend. It continued to drive fears about widespread turmoil in the country and the region. Full Story
Global economic calculations could change due to the crisis in Iraq and the subsequent impact on crude oil prices. Iraq tensions will force the Federal Reserve to be hawkish on interest rates this week. They will not be very clear on the interest rate cycle for the rest of the year. There are huge short positions in gold and silver. If there is sustained short covering, then gold and silver could easily rise to $1335/$1400 (gold) and $20.40/$22.35 (silver). This week is very crucial for gold and silver. They have to rise and shine this week, or else RIP in the short term. I am bullish. Full Story
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