Gold gained $7.20 to $1235.50 at about 6AM EST before it fell back to $1226.20 in early afternoon New York trade, but it then bounced back higher in the last few hours of the day and ended with a gain of 0.08%. Silver rose to as high as $16.516 before it fell back $16.226, but it then rallied back higher in afternoon trade and ended with a gain of 0.43%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 5 May, 2017
Within the hour of the gold price setting on London the price was marked down $6. We find it difficult to accept that the gold price setting was out of line with the market, rather the market was bracing itself for more selling in the U.S. Ahead of the opening of New York the gold price was trading at $1,232.40 and in the euro at €1,124.66. At the same time, the silver price was trading at $16.36. Full Story
– Small planet with finite resources including gold, silver – Resources finite but near infinite creation of currency – Derivatives and fiat currency creation going exponential – Primary gold production fell in 2016 – Thomson Reuters – Peak gold – “biggest gold story not reported” – Harder to pinpoint peak silver as is mining byproduct – South African gold production is ‘canary in gold mine’ – SA gold production collapsed over 80% – from over 1,000 metric tonnes in 1970 to just 167.1 metric tonnes in 2016 Full Story
By: Chintan Karnani, Insignia Consultants - 5 May, 2017
There can be a clash between long term support and short term bearish momentum. Silver, crude oil and copper are near long term supports. Gold if it falls after NFP can test long term support as well. France election result (if there is a surprise) will have a bigger impact for gold and currency markets than the US nonfarm payroll numbers. Full Story
Gold fell $13.70 to $1225.80 in midmorning New York trade before it bounce back higher at times, but it still ended with a loss of 0.9%. Sliver slipped to as low as $16.228 and ended with a loss of 0.97%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 4 May, 2017
The Fed remains positive on U.S. growth despite the slowdown in the first quarter. The indications are that the joblessness rate is now at maximum employment and the inflation rate getting close to the targeted 2%. This allows the Fed to continue discussions on shrinking the Fed’s Balance Sheet and leaving the door open for a June rate hike. The market saw this as negative for gold which has fallen heavily in the last day. Full Story
Central Bank of Ireland governor Philip Lane yesterday rejected suggestions of an Irish property bubble and that the economy is on the brink of another housing bubble and said the recent increase in house prices is not indicative of a property bubble forming. Full Story
Gold dropped $10.70 to $1246.20 at about 10:30AM EST before it bounced back higher around the release of today’s fed announcement, but it then fell back off into the close and ended with a loss of 1.38%. Silver slipped to as low as $16.465 and ended with a loss of 2.14%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 3 May, 2017
As we pointed out in the piece on Swiss gold exports demand from Asia remains very strong indeed. The refineries in Switzerland have been working 24 hours a day and 6 days a week to convert gold into metric measurement bars. This has gone on for many years now and is set to continue for the foreseeable future. It is quite remarkable that the developed gold world is quiet on the subject because it is only a matter of time before the western gold markets becomes secondary markets to Shanghai. Full Story
Precious metals continue to weaken, especially silver which has declined eleven consecutive days and is now down over 10.6%. The sell off is again almost solely a result of futures market participants pushing or manipulating prices lower – depending on your view – despite no bearish silver or wider market developments or news that could be construed as bearish for silver. Full Story
By: Chintan Karnani, Insignia Consultants - 3 May, 2017
The Federal Reserve statement today will also spell the US dollar policy. Incoming US economic data releases so far have been mixed. Long term prospects of the US economy are rosy. Infosys said it plans to hire 10,000 U.S. workers in the next two years and open four technology centers in the United States, starting with a center this August in Indiana. Curbs on H1B visas will result in hiring of more Americans and less outsourcing. Measures taken by Trump and his team are pro growth but unpopular. Full Story
Gold fell $5.20 to $1252.00 by a little after 9AM EST, but it then rallied back higher for most of the rest of trade and ended with a loss of just 0.02%. Silver slipped to as low as $16.789 and ended with a loss of 0.36%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 2 May, 2017
Many may think the gold price reflects demand and supply of physical gold. It doesn’t. It primarily reflects marginal supply and demand, speculative activity and the assumptions of the main dealers as to where the market is going. The physical demand and supply of gold is mainly directly contracted between physical buyers and sellers, with the contract price, primarily the London pm price setting, but for a growing number of market professionals the Shanghai gold Fix is being used by both parties to the contract. In other words the trading in physical gold, in the case of around 95%+ of such buyers and sellers, does not influence the gold price. Full Story
– London property market vulnerable to crash – House prices in London are falling – London property up 84% in 10 years (see chart) – House prices have risen over 450% in 20 years – Brexit tensions as seen over weekend and outlook for U.K. economy to impact property – Global property bubble fragile – Risks to global economy – Gold bullion a great hedge for property investors Full Story
By: Chintan Karnani, Insignia Consultants - 2 May, 2017
Lack of trading volumes along with a technical breakdown has resulted in the crash of gold and silver. The slide can continue today also if physical demand does not return in Asia. Gold and silver will restart their short term bullish trend only if the Federal Reserve indicates a pause in interest rate hikes for the June meeting and/or US jobs numbers come in filthy bad. Investment demand for gold and silver will depend on the price outlook. Full Story
Gold fell $6.70 to $1261.70 in Asia before it jumped back to unchanged at $1268.40 after this morning’s economic data was released, but it then fell to a new session low of $1254.30 in early afternoon New York trade and ended with a loss of 0.88%. Silver slipped to as low as $16.806 and ended with a loss of 1.92%. Full Story
By: Chintan Karnani, Insignia Consultants - 1 May, 2017
The next ten trading days will be a big week or two for all investors and traders. Economic and politics are all there. Implications will be there for the short term as well as long term. Gold and silver are technically bearish. Copper and crude oil are in a neutral zone. Euro and cable are bullish against the US dollar. The Japanese Yen is bearish against the US dollar. It remains to be seen if the current trend continue till next week or we will see a new trend. Full Story
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