Silver is almost certainly the most volatile of the world’s more-popular markets. When silver starts moving, it often moves fast. Fortunes are won and lost in a matter of months, a very exciting or terrifying prospect depending on which side of the trade you are on. The key to silver’s price action has always been gold. Silver follows gold, usually dramatically leveraging the yellow metal’s fortunes. Silver is a gold play. Full Story
After a volatile and momentous week for global markets, gold and silver look set to finish higher in all currencies and have their best week in a month. Full Story
The private bank and wealth manager is now selling gold from client portfolios, however. Because with gold price "momentum now clearly negative and key technical support broken at $1500, it looks to be an increasingly expensive form of insurance." Full Story
By: Julian D. W. Phillips, Gold Forecaster - Global Watch - 24 May, 2013
Elsewhere in the world demand for gold remains strong. Central banks bought 109 tonnes of gold in the first quarter of 2013. But the heavy demand for gold still comes from Asia. Full Story
Gold and silver are looking bullish and can rise to $1420+ and $2350+ as long as they trade over $1360 and $2200. There is no US economic release today and it will be a technical trade. We prefer a buy on sharp dips strategy as long as gold trades over $1350 and silver trades over $21.50. Copper and crude oil are caught between mixed US economic numbers and lower Chinese manufacturing growth. Full Story
Gold is up today while stock indices globally are sharply down after the Nikkei crashed 7.3%. The stock crash in Japan is leading to weakness in European equities and will lead to losses when U.S. markets open. Full Story
By: Julian D. W. Phillips, Gold Forecaster - Global Watch - 23 May, 2013
The SPDR gold ETF saw sales on Wednesday of 5.777 tonnes making 23.08 tonnes sold this week so far from the SPDR gold ETF. The selling knocked the price back in New York towards $1,367 but when London opened the gold price sprang up again to $1,393, demonstrating the outflow from the U.S. gold ETF and the inflows into the east. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 22 May, 2013
The gold price continues to consolidate below $1,400 in New York around $1,376. In Asia and early London the gold price was lifted above $1,385 to Fix in London’s morning at $1,385.25 up $6.50 and in the euro at €1,071.429 up €1.2, while the euro was slightly changed at €1: $1.2929 slightly stronger. Ahead of New York’s opening it stood at $1,386.40 and in the euro at €1,072.40. Full Story
BULLION prices rose throughout Asian and early London trade on Wednesday morning, touching $1398 per ounce for the third time this week and recovering 4.4% from Monday's one-month low. Silver rose more steadily, and was capped below $22.80 as energy prices slipped and agricultural commodities held flat. Full Story
The fundamentals of the platinum and palladium markets are beginning to receive market attention and not before time. The positive supply demand dynamics are leading to increased investment demand as seen in the ETF data and Chinese demand rising again due to both industrial and jewellery demand. Full Story
By: Manan Somani, Insignia Consultants - 22 May, 2013
There is nothing new in Federal Reserve officials telling the markets that an early withdrawal of QE is not there in the near term. Incoming US economic releases are mixed. Energy prices are rising and if they rise at current pace this summer then there will not be a withdrawal of QE till the next quarter of 2014. Lower interest rates, a mild rise in energy induced inflation and stable global economic growth will prevent gold, silver and other safe havens from a another big crash (at current prices). Full Story
This technical occurrence happened at the same time as Moody's threatens a credit downgrade for the United States. According to them not enough is being done in the U.S. to bring down soaring deficits. Don't forget the downgrade from the S&P in August of 2011 sent gold soaring to $1900. Full Story
Summing up, the situation remains bullish for the USD Index. The recent declines in the Euro Index along with the breakout in the USD Index will likely keep the current bullish outlook in place for the coming weeks. The implications of the bullish situation here, especially for the medium term, are bearish for the precious metals. Gold prices declined last week and pulled back on Thursday but it still does not seem that this period of decline is completely over. Full Story
Below is the NYSE Gold Miners Index which is tracked by the GDX ETF. Look at the RSI. Not only did it reach a multi-decade low but it has remained oversold far longer than during the comparable periods. In the four previous periods, the market rebounded suddenly and strongly in percentage terms. Meanwhile, the bullish percent index, a breath indicator is more oversold than in 2008. We plot the indicator with a 10-week moving average that shows it as far more oversold than in 2008. While this indicator does not go back that far, odds are it is likely at a 13-year low. Full Story
By: Julian D. W. Phillips, Gold Forecaster - Global Watch - 21 May, 2013
In view of the events happening now in the gold and silver markets, we feel it wise that we warn readers that it is dangerous to accept ‘big’ reasons for ‘small’ events in these markets. The fall in the gold and silver prices was because of professional traders with sufficient weight of both selling and buying to hit prices, as we have seen in the last two months. They are equally capable of driving prices up the same way. There reason is uncomplicated and straightforward. It’s for profit! The developed world sophisticated markets provide the capability and capacity to undertake such operations. They realize that with the SPDR sales eventually coming to an end, the see-saw of demand supply will tip in favor of demand and higher prices. It is just a matter of timing. Full Story
For those of you who are short of time and are accustomed to scrolling down to the bottom of an article to read its conclusions I’m going to save you the trouble by putting the conclusions at the start: the broad US stock markets are approaching a parabolic blow off top and should be sold, and gold and silver are bottoming and should be bought. If you have fallen to the floor laughing at this suggestion it is a sign that you have been brainwashed by The Ministry of Disinformation and you are warned to pull yourself together and take the time to calmly consider the hard facts presented below – otherwise you won’t be laughing at all in a few months when YOU will be lying face down in the dirt with tire tracks across your back. Full Story
However, in the short term the gold market might have to see production derailed to offset the current wave of investment liquidation. Gold may have even drafted some support off news reports overnight of strong Indian demand and Indian equities lifting the Indian currency but apparently not enough to send gold prices higher overnight. Comex Gold Stocks were 7.968 million ounces up 766 ounces. Gold stocks have declined in 12 of the last 20 days. Full Story
By: Julian D. W. Phillips, Gold Forecaster - Global Watch - 20 May, 2013
With the Japanese Yen attracting so much attention because of the QE stimulus being applied that now, ‘coincidentally’ triggering a fall in the Yen to 102+ at the moment, little attention has been given to the Swiss Franc’s forced weakening. It now stands at 0.9677 against the dollar after falling from 0.934 of late. This confirms that the world’s ‘safe haven’ currencies are being forced weaker by their central banks and that competitive devaluations are alive and well. Full Story
Commenting on the central bank's campaign to deter gold demand – first by imposing those new import restructions, but also by asking commercial banks to promote coins and bars less aggressively, in a bid to reduce India's trade deficit – "I don't know whether it would lead to reduction in consumption," Chaudhuri says.
"In India there is such a fascination for gold. What stops people from going to the jewelry shops and banks?" Full Story
It is likely that the very aggressive selling in illiquid Asian markets overnight was by a large hedge fund or bank or a combination of hedge funds and banks with deep pockets. Reuters quoted an analyst at a Japanese bank who said that silver’s price falls were due to one “unidentified investor”. Full Story
We had another spectacular week while the markets and stocks just won’t quit. I hate to rub it in if you’re a suffering mining investor mainly. Trust me, I feel your pain. Full Story
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