Gold dipped $3.21 to $1185.29 by a little after 8AM EST before it bounced back to $1193.22 in the next couple of hours of trade and then chopped back lower into midday, but it still ended with a gain of 0.1%. Silver rose to as high as $16.816 and ended with a gain of 0.18%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 29 May, 2015
New York closed at $1,188.50 up $1 on yesterday as the trading range tightens again. Today sees the dollar almost the same as yesterday at $1.0949 against the euro with the dollar index at 97.06. The LBMA Gold Price was set at $1,190.40 up $0.95 and the equivalent euro price was €1,087.75. Ahead of New York’s opening, gold was trading in London at $1,189.00 and in the euro at €1,082.43. Full Story
- Debt load of many countries is an economic risk - Ageing populations in developed world to put pressure on economies - Goldman proposes “creative” social policy to deal with looming crisis - Entire debt-based monetary system needs reform Full Story
Gold edged up to $1192.17 in Asia before it fell back to $1181.57 in London, but it then bounced back higher in New York and ended with a gain of 0.08%. Silver rose to as high as $16.78 and ended with a gain of 0.06%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 28 May, 2015
New York closed at $1,187.50 down $0.20 on yesterday as the trading range tightens once more. Today sees the dollar almost the same as yesterday at $1.0939 against the euro with the dollar index at 97.13. The LBMA Gold Price was set at $1,189.45 up $1.60 and the equivalent euro price was €1,087.75. Ahead of New York’s opening, gold was trading in London at $1,188.00 and in the euro at €1,086.87 reflecting a weaker dollar. Full Story
- War “inevitable” if U.S. meddles in South China Sea – Global Times - Senior NATO official warns that “we’ll probably be at war this summer” - Soros warns of ‘New World Order’ and war with China - Soros warns could be “on the threshold of a Third World War” - Many countries in Pacific lay claim to strategically important and mineral rich islands - Tensions between U.S. and China and Russia escalating - War would have many facets including cyber-warfare and currency wars Full Story
Gold edged up to $1190.76 in Asia before it fell back to $1183.93 in London, but it then bounced back higher in New York and ended with a loss of just 0.02%. Silver rose to $16.816 before it fell back to $16.603 and then also chopped back higher, but it still ended with a loss of 0.3%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 27 May, 2015
New York closed at $1,187.70down $6 on yesterday after another opening effort in New York to drive the gold price down on the back of a stronger dollar. Today sees the dollar holding at $1.09 against the euro with the dollar index at 97.00. Asia saw gold moving to $1,190 ahead of London’s opening. The LBMA Gold Price was set at $1,187.85 and the equivalent euro price was €1,089.87. Ahead of New York’s opening, gold was trading in London at $1,186.20 and in the euro at €1,090.56. Full Story
- Gold is a “100% guarantee from legal and political risks” - Russia’s central bank buys another 300,000 ounces in April - Russia views its overseas assets as vulnerable - ‘De-dollarisation’ continues across Asia - Gold offers protection from growing risks today Full Story
Gold fell to as low as $1185.78 in early morning New York trade before it bounced back higher at times, but it still ended with a loss of 1.6%. Silver slipped to as low as $16.668 and ended with a loss of 2.11%. Full Story
- ‘Beautiful Mind’ Nobel winner Nash dies in tragic crash - Nash was subject of movie “A Beautiful Mind” with Russell Crowe - Nash was renowned mathematician who developed game theory - Game theory suggests that world may be forced back onto a gold standard - Debased dollar vulnerable to bitcoin, crypto-currencies, silver and gold - Gold standard could cause a price reset at $10,000 Full Story
Arch Crawford, head of Crawford Perspectives, elucidates listeners with comments on the impending FOMC rate hike, slated for September / December 2015. He's doubtful that domestic economic conditions are robust enough to sustain a rate hike. Arch is concerned by the US equities market, which is making 118 year highs on extremely low volume, which he thinks is a sign of manipulation. The discussion includes Martin Armstrong's market timing model, which seems to coincide with the Hebrew Shemita (Shmita) a seven year cycle of amnesty. The cycle is nearing another seven year zenith, coinciding with the expected Fed rate hike this Fall. Could an FOMC rate increase trigger a global economic landslide? Many recent guests certainly think so. Full Story
GDX has 12% downside to strong support and 17% downside to its daily low. Be patient and use support to your advantage. If metals are heading to new lows then it would likely create one last chance to buy miners at fire sale prices. Consider learning more about our premium service including our current favorite junior miners which we expect to outperform in the second half of 2015. Full Story
As for the metals, they tried to breakout but then failed and are now back in their ranges so there isn’t much to consider in that space for the moment. Full Story
Below is a combo chart that has gold on top and silver on the bottom. This chart goes back to the bull market top for both gold and silver and the bear market that ensued. Silver topped out in April of 2013 with gold topping out in September of the same year. Their first bear market consolidation patterns were rectangles and both broke down at the same time. Full Story
- China’s new gold fund – 60 countries to develop gold mining projects - Allow member central banks to have easier access to gold - Gold to be traded on increasingly important Shanghai Gold Exchange - Another important step in making yuan reserve currency - China and Russia challenging U.S. dominance in key Eurasia - New gold fund shows monetary importance placed on gold by China - China ensuring supply in event gold flows from West to East end - Gold’s reemergence as important monetary asset both for individuals and powerful nations Full Story
By: Julian D. W. Phillips, Gold Forecaster - 25 May, 2015
Friday saw no sales or purchases into or from the SPDR Gold ETF, or any from or into the Gold Trust. The holdings of the SPDR gold ETF are at 715.260 tonnes and at 166.60 tonnes in the Gold Trust.
On a quiet Monday, what can we expect that could affect the price of gold this week? We believe that the main influence will come from the IMF announcement on the inclusion of the Chinese Yuan in the composition of the Special Drawing Right. It may not happen immediately simply because the Yuan is ‘pegged’ to the dollar and may well continue so for the rest of the year. In October the announcement will be made official as China initiates two-way traffic in Hong Kong in the Yuan. This is part of the build-up to the year’s end when the decisions will be made ‘official after the final announcement in October. Before then we expect a Yuan ‘Gold Fix’ to be set in motion in Shanghai. Full Story
The precious metals business seems to be gearing up for a new gold rush in the retail sector judging by last week’s takeover of the slightly-staid industry stalwart GoldMoney by the upstart Bitgold whose shares have soared since its initial public offering in Toronto this January. It’s an all-share deal with some big insiders. Full Story
The Federal Reserve chairman has indicated of a gradual increase in interest rates. This has already been factored in by the markets. This week’s US GDP number (on Friday) will give us a clear view whether there will be a September interest rate hike. Interest rate factor has already been factored in gold, silver and the US dollar. Full Story
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