Gold rose throughout most of world trade and ended near its midafternoon high of $1255.70 with a gain of 0.85%. Silver rose to as high as $16.522 and ended with a gain of 1.1%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 21 July, 2017
New York closed only $0.80 lower than Shanghai yesterday and has been trying to follow Shanghai all the way up, with London opening today at a discount to Shanghai’s trading today of $5.06 an narrower discount than we have seen this week. Both London and New York are being pulled up by Shanghai. With this strong Chinese demand the chances of both London and New York breaking through $1,250 are greatly increased. Full Story
– Gold hedge against currency devaluation – cost of fuel, food, housing – True inflation figures reflect impact on household spending – Household items climbed by average 964% – Pint of beer sees biggest increase in basket of goods – rise of 2464% – Bread rises 836%, butter by 1023% and fuel (diesel) up by 1375% – Gold rises 2672% and hold’s its value over 40 years Full Story
The US dollar crashed, gold and silver have risen just because American administrators are searching the past life of Donald Trump. They just want to create a media hype to impeach him. Trump is going against the current political system for the betterment of the common American which has not been digested by the system rulers. Full Story
Gold fell $6.30 to $1235.30 in London before it climbed back to $1242.00 by a little after 9AM EST and then dropped back to $1237.60 in the next hour of trade, but it then jumped to a new session high of $1247.50 in late morning action and ended with a gain of 0.17%. Silver rose to as high as $16.414 and ended with a gain of 0.06%. Full Story
– Bitcoin volatility shows not currency or safe haven but speculation – Volatility still very high in bitcoin and crypto currencies (see charts) – Bitcoin fell 25% over weekend; Recent high of $3,000 fell to below $1,900 – Bitcoin least volatile of cryptos, around 75% annualised volatility – Gold much more stable at just 10% annualised volatility – Bitcoin volatility against USD about 5-7 times vol of traditional forex trading Full Story
Gold fell $5.10 to $1237.00 in Asia before it climbed back to $1243.80 in midmorning New York trade and then chopped back lower at times, but it ended with a loss of just 0.04%. Silver slipped to $16.166 before it jumped back to $16.359 and then also fell back off, but it still ended with a gain of 0.12%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 19 July, 2017
New York closed $2.78 lower than Shanghai’s close yesterday, with London opening today at a discount to Shanghai’s trading today of $8.22, a slightly widening discount to Shanghai. But London is being pulled up by Shanghai. Chinese demand is sufficient to lift prices there, despite the slower rise in the gold price in London. This bodes well for more rises in London and New York. Full Story
James Rickards, geopolitical and monetary analyst and best selling author of ‘Currency Wars’, ‘The Death of Money’ and ‘The New Case for Gold’ wrote yesterday in the Daily Reckoning that the “time to position in gold is right now.” In an timely piece, Rickards points out how the Federal Reserve is behind the curve, has “theories that bear no relation to reality” and has “blundered by raising rates.” This is happening at a time when the U.S. economy and stock markets are very vulnerable. Full Story
The next two days are very crucial for all metals and energies. Gold, silver, copper and nickel are bullish but need to break key resistances for another wave of rise. If gold, silver, copper and nickel do not break key resistances then there can be a sell off. Zinc and lead are testing key short term support. Either zinc and lead hold those key supports or else there will be a sell off. Crude oil needs to break and trade over $49.00 this week to prevent short sellers from getting the upper hand. Natural gas is bullish but once again like bullion, they need to break key resistances for another wave of rise. Full Story
Gold gained $10.40 to $1244.40 in midafternoon New York trade before it edged back lower in the last hour of trade, but it still ended with a gain of 0.66%. Silver rose to as high as $16.31 and ended with a gain of 0.93%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 18 July, 2017
New York closed $2 lower than Shanghai’s close yesterday, with London opening today at a discount to Shanghai’s trading today of $7.10, the same discount to Shanghai we saw yesterday. But London is being pulled up by Shanghai. Shanghai in turn was pulling back today from its high as the Yuan strengthened, bringing Shanghai’s gold price to the same differential as it had yesterday. Full Story
– Bloomberg silver price survey – Large majority bullish on silver – Silver median “12 month-forecast” of $20 – Precious metal analysts see silver “24 percent rally from current levels” – Investors are pouring money into silver ETFs – Speculative funds bearish even as ETF assets rise to record – Spec funds being bearish is bullish as frequently signals bottom Full Story
Lack of news resulted in a weaker US dollar and the continued rise in metals and energies. Trump and his never ending controversies implies stalemate among US lawmakers to pass new legislation. Only war legislations have been passed by republicans. Global safe haven demand has been on the rise. The internet is filled with speculation that the Russia-China energy deal will result in an end to the petrodollar. Tensions in the South China Sea and a NATO expansion in eastern Europe will increase in all kinds of trade between Russia and China. Full Story
Gold gained $7.50 to $1235.90 $16.196 by a little after 10AM EST before it chopped back lower at times, but it still ended with a gain of 0.46%. Silver rose to as high as $16.196 and ended with a gain of 1.07%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 17 July, 2017
Janet Yellen’s comments Friday were followed by the publication of the latest CPI numbers which showed that the belief that the poor data, issued on Friday, which led the Fed to say it was a temporary setback, looks like turning out to be more permanent. With this in mind and indeed if this proves to be so, we may not see another rate hike in 2017. Equity markets have not yet discounted this, but it is being reflected in the dollar’s exchange rate. Once it is factored in, we expect more ‘bubble’ rises in U.S. equities [albeit against better earnings results from the corporate sector] as the prospect of better yields in these markets, for much longer, attracts funds. Full Story
– Bank of England warn that “bigger systemic risk” now than in 2008 – BOE, Prudential Regulation Authority (PRA) concerns re financial system – Banks accused of “balance sheet trickery” -undermining spirit of post-08 rules – EU and UK corporate bond markets may be bigger source of instability than ’08 – Credit card debt and car loan surge could cause another financial crisis – PRA warn banks returning to similar practices to those that sparked 08 crisis – ‘Conscious that corporate memories can be shed surprisingly fast’ warns PRA Chair Full Story
It was quite a week last week. For the bears of gold and silver, it was the distance between the slip and the lip. Trump’s Russia connections and a hawkish Federal Reserve came to the rescue of gold and silver bulls. Low inflation will reduce the pace of interest rate hikes. Interest rates in the USA will rise at a faster pace if and only if the Federal Reserve ignores inflation and focusses on other macro factors of the US economy. Global central banks and not just the Federal Reserve do not have room to reduce liquidity by much. Full Story
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