Gold bounced between $1353.49 and $1363.32 just ahead of this morning’s jobs report and jumped between $1342.57 and $1369.90 in the hour afterwards before it drifted back towards $1350 by late morning in New York, but it then rallied back higher into the close and ended with a gain of 0.6%. Silver rose to as high as $20.205 and ended with a gain of 2.64%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 8 July, 2016
Whenever you get that feeling that the way higher is free of obstacles, profit taking usually kicks in or a simple pause or consolidation comes in. That’s what’s happening now. While we have not seen any physical gold sales out of the gold ETFs we follow until now, the appearance of one dampens euphoria. Today, is an expression of that. Full Story
Against the backdrop of ongoing geopolitical and financial market uncertainty the Chinese central bank has continued to add to their gold holdings in an effort diversify the reserves further. As reported by Bloomberg, China, the world’s biggest producer and consumer of gold, added about 500,000 ounces to central bank reserves in June, restarting monthly purchases to diversify holdings after taking a breather in May. Full Story
Gold saw slight gains in Asia before it fell to see a loss of $12.89 at $1351.11 in late morning New York trade, but rallied back higher into the close and ended with a loss of just 0.36%. Silver slipped to a low as $19.467 and ended with a loss of 2.09%. Full Story
The fallout from Brexit continues and financial uncertainty can be seen in the markets as the British Pound continues to come under pressure and a growing number of property funds in the UK are freezing redemptions. The Telegraph’s Ben Marlow draws some chilling comparisons with the Bear Stearns crisis of 2007. Full Story
By: Julian D. W. Phillips, Gold Forecaster - 7 July, 2016
While global financial markets are slightly calmer today, we see them digesting the worrisome information coming out of the impending crises areas. None of the information has changed but global financial markets need to get a sense of proportion and measure each factor within this context. For instance the Italian Banking crisis can drag out through the summer and could gain the green light for the Italian government to inject funds into them. Then it appears that in the short to medium term, the crisis would evaporate. Full Story
At the end of 2015, most the hedge funds were giving bearish investment views on gold and silver. Some said that gold prices would fall to $800 and would never recover anytime. These very firms who said that gold prices will fall to $800 this year are now saying that gold prices are on the verge of a great bull run. Please be prudent and invest carefully. Investment trends are changing quickly. Full Story
Gold gained $19.18 to $1374.78 in London before it pared back to $1361.11 in midafternoon New York trade, but it then bounced back higher into the close and ended with a gain of 0.62%. Silver rose to as high as $20.474 and ended with a gain of 0.7%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 6 July, 2016
With HSBC knowing it had to buy over 30 tonnes of gold in London after New York’s purchases of SPDR and Gold Trust shares, to supply the U.S. gold ETFs, it would be expected that the bank would take short-term positions in Shanghai to that extent. Once London opened they would then find the gold and take it off London’s market, then sell its Shanghai position after the price rise, taking a turn in Shanghai. Full Story
Key drivers include: 1) low/negative real rates, 2) the view that the dollar has peaked against DM currencies, and 3) lingering macro risks. We expect the next leg to be driven by an extension of the trend of strategic portfolio allocation into gold from a diverse set of investors. This trend should now deepen, attracting more participants and encouraging those who have been hesitating to get more involved. Full Story
Gold gained $11.43 to $1355.13 in Asia on Monday before it fell back to $1341.35 at about 2AM EST today, but it then climbed to as high as $1356.88 in New York and ended with a gain of 0.89% from Friday’s close. Silver soared to as high as $21.096 at the open of trade on Monday before it fell to as low as $19.598 in London today, but it then bounced back to $20.061 in early New York trade and ended with a gain of 1.27% from Friday’s close. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 5 July, 2016
Shanghai pulled the gold price back ahead of New York’s re-entry after Independence Day to a level not far from the close of last Thursday. We do expect a ‘shunt’ effect in New York as the three global gold markets return to a common view on the gold price. We expect the view that caused New York to take gold and silver prices higher on Friday, ahead of the long weekend; will return to move prices up today. Full Story
There can be profit booking before the US jobs numbers on Thursday and Friday. Nothing extra ordinary has happened over the weekend. No new political developments or surprises can be an excuse for gold and silver to see a correction. The next ten trading sessions is very crucial for gold and silver. They need to break and trade over $1360 and $2152 for another five percent rise before the end of July. Momentum is bullish for gold and silver. But I will prefer cautious optimism in gold. However I will still prefer to use sharp declines to invest in silver. Silver is still undervalued as compared to its precious metals counterparts. Full Story
GoldSeek Radio's Chris Waltzek talks to Chris Powell of the Gold Anti-Trust Action Committee in this special 40-minutes Gold Nugget interview. Full Story
Investors seeking a haven from volatile currencies and equities pushed prices of the metals to a two-year high. With central banks pledging more stimulus to prop up markets (the Bank of England may cut interest rates within months and traders have reduced odds on the Federal Reserve raising rates), the appeal of owning non-yielding assets like precious metals has increased. Full Story
By: Julian D. W. Phillips, Gold Forecaster - 4 July, 2016
With New York closed today, our audience is either those whose interests/positions demand they keep in touch or in countries where business is as usual. All of us are slightly open mouthed at the strong rises in both gold and in particular silver, of late. It is a good opportunity to reflect on the global ‘big’ picture. In summary this points to a solid, rising second half of the year for both gold and silver prices. Full Story
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