Gold drifted down to $1077.89 at about 8AM EST, but it then jumped to as high as $1101.48 in afternoon trade and ended with a gain of 0.92%. Silver rose to as high as $14.737 and ended with a gain of 0.27%. Full Story
- Bail-ins are a risk facing Greek savers and businesses - ‘The Economist’ warns bail-ins in Greece would be “extraordinarily counter-productive” - Capital controls choking small and medium size businesses - Greek liquidity crisis now a solvency crisis - ELA now provides more liquidity to the Greek banking sector than deposits do - Greece households and especially businesses worry about a “bail-in” of big deposits – above €100,000 - Financial interests of banks placed over those of small and medium businesses and taxpayers Full Story
I intend to buy gold when retail selling gets absurd. Retail investors are selling aggressively in the futures market. ETFs are witnessing historical outflows. This is the nature of every investment. The boom-bust cycle is there in every commodity. But unless previous boom-bust commodity cycles, this one will be much shorter than previous ones. Full Story
Gold gained $11.82 to $1105.72 by a little after 4AM EST, but it then fell back off for most of the rest of trade and ended with a loss of 0.48%. Silver slipped to as low as $14.591 and ended with a loss of 1.01%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 23 July, 2015
After New York closed at $1,093.90 down $6.30 after closing at $1,100.20 on Tuesday. This morning in Asia the gold price rose back to $1,097 before the LBMA gold price was set at $1,101.65. The dollar was weaker at $1.0996 after yesterday’s $1.0940 against the euro, with the dollar Index down to 97.03 from 97.28 yesterday. The euro equivalent was €1,001.86 down from €1,002.74 yesterday. Ahead of New York’s opening, gold was trading in London at $1,101.80 and in the euro at €1,001.73. Full Story
- U.S. Mint sees highest monthly gold eagle sales in over two years - Indians take advantage of low price in a season not typically known for gold buying - Chinese investors, disillusioned with stock market, are buying gold in large volumes - Demand for coins from Perth Mint 37% higher in June and even higher for July Full Story
Gold fell $12.05 to $1088.15 by a little after 10AM EST before it bounced back higher into midday, but it still ended with a loss of 0.57%. Silver slipped to as low as $14.646 and ended with a loss of 0.07%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 22 July, 2015
After New York closed at $1,103.20 down $30.70 on Monday it closed at $1,100.20 on Tuesday. This morning in Asia the gold price fell again to $1,094 and was then set at $1,096.80. The dollar was weaker at $1.0940 down from $1.0854 against the euro, with the dollar Index down to 97.28 from 97.89. The LBMA gold price was set this morning at $1,096.80 down $11.20. The euro equivalent was €1,002.74 down from €1,029.31 yesterday. Ahead of New York’s opening, gold was trading in London at $1,094.00 and in the euro at €1,001.33. Full Story
- Russia adds another 800,000 ounces or 25 tonnes to gold reserves in June - Russia’s has sixth largest gold reserves in the world - Allocates 13% of FX reserves to gold - Central bank buys all Russian gold production - Other Russian gold demand imported - If billionaire oligarchs diversify into gold, prices will rise sharply - Russia views gold bullion as “100% guarantee from legal and political risks” Full Story
In India there is huge speculation that gold prices will fall by another ten percent to fifteen percent (from current prices). As a result retail buyers have not flocked to buy gold. Gold has to show clear signs of trend reversal to attract buyers in India and Asia. There is massive speculation that Indian gold prices will fall below Rs.23000 per ten grams and that silver prices will fall to Rs.29000 per kilogram. It is this speculation that did not result in massive Indian demand. Full Story
Gold dipped down to $1094.46 in Asia before it bounced back to $1109.78 in London, but it then fell to as low as $1098.39 in afternoon New York trade and ended with a loss of 0.27%. Silver rose to as high as $14.966 before it also fell back off in late trade, but it still ended with a gain of 0.68%. Full Story
- Gold market comes under “unprecedented attack” – Telegraph – “Sharp drop bore similarities to bear raids by Chinese funds” – FT - Paper contracts for 57 tonnes of gold dumped onto market in two minutes - Gold still holding up in euros, Canadian dollar and other currencies - Very negative sentiment towards gold signals close to bottom - Physical gold still vital financial insurance despite simplistic anti gold narrative Full Story
I will be worried only if gold and silver continue to fall after September’s FOMC meet. The current fall is just a part of summer trading which is backed by lack of demand and a complete breakdown in the technicals. To me one should use gold and silver price falls till September’s FOMC meet to invest for the short term as well as the long term. The quicker the fall, the chances of an equal quick recovery will be high. Full Story
Gold crashed down to $1086.81 in early Asian trade before it bounced back to $1117.48 by a little before 4AM EST, but it then drifted back lower again in London and New York and ended with a loss of 2.71%. Silver slipped to as low as $14.57 and ended with a loss of 1.21%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 20 July, 2015
New York closed at $1,133.90 down $11.20. In Asia the gold price fell $20 to $1,113 ahead of London’s opening. London barely lifted it back to $1,115. The dollar was stronger at $1.0834 up from $1.089, against the euro, with the dollar Index at 98.02 up from 97.54. The LBMA gold price was set this morning at $1,115 down $28.00, after a heavy sale at the close in New York on Friday. The euro equivalent was €1,029.31 down €20.08. Ahead of New York’s opening, gold was trading in London at $1,114.60 and in the euro at €1,028.56. Full Story
- China revises up its stated gold reserves in bid for IMF membership and reserve currency status – China announces a 604 tonne increase in gold reserves – First public disclosure re reserves in since 2009 - China officially owns around 1,660 tonnes of gold reserves – true total figure is likely much larger - Playing long game – protecting USD reserves and positioning RMB as global reserve currency - China true gold holdings much higher as also owns gold in SAFE and CIC Full Story
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