Gold waffled between $1165.17 and $1158.35 and ended with a gain of 0.14%. Silver rose to as high as $15.648 and ended with a gain of 0.78%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 10 July, 2015
New York closed at $1,162.40 up $3.60 with Asia and London holding it there in a barely changed market. The dollar was weaker at $1,1107 down from $1.1033 against the euro with the dollar Index 96.11 down from 96.50. The LBMA gold price was set this morning at $1,162.40 up only $0.30. The euro equivalent was €1,038.27 down €14.69. Ahead of New York’s opening, gold was trading in London at $1,160.10 and in the euro at €1,037.01. Full Story
- Governments move toward ever greater financial repression - Repression includes suppression of rates, capital controls, outlawing of cash and bail-ins - Finance ministers discuss cashless society, giving banks total control over public’s money - Bail-in legislation is at advanced stage internationally - Bail-ins coming to indebted western nations – question is when … - Legislation is devised to protect larger banks - Ramifications of bail-ins have not been thought through - Bail-ins will be destructive and may contribute to deflationary collapse - Diversification both in asset classes and geographical diversification essential Full Story
Gold jumped up to $1166.43 by a little after 2AM EST and climbed $8.33 to $1167.13 in early New York trade before it fell back off into midday, but it still ended with a gain of 0.22%. Silver rose to as high as $15.563 and ended with a gain of 2.11%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 9 July, 2015
New York closed at $1,158.80 up $3.00 with Asia and London taking it up to $1,162.80. The dollar was almost unchanged at $1,1033 against the euro and the dollar Index was almost unchanged at 96.50 up from 96.45. The LBMA gold price was set this morning at $1,162.10 up $7.85. The euro equivalent was €1,052.96 up €7.25. Ahead of New York’s opening, gold was trading in London at $1,162.20 and in the euro at €1,053.39. Full Story
- Restrictions on borrowing to speculate were eased in 2010 - Middle class savers gradually saturated the market trading on leverage - Market crash began as government tried to reign in leverage in overheated markets - Leverage amplified gains on the up-leg, amplifies losses on down-leg forcing further sell offs - Policy u-turns could not halt crash Full Story
Physical demand for all precious metals and base metals will increase sharply as long as they trade over this week’s low. In my view shocks of any kind result in overshooting or undershooting by fifteen percent followed by a trend reversal. Greece is not the culprit. China is the culprit for base metals and silver’s fall. I do not believe that Chinese economy is down and out. The Chinese are making policy changes to increase domestic consumption and reduce reliance on exports. China is just going through this transition phase. Full Story
Gold fell $8.62 to $1147.18 in Asia, but it then rallied back higher in London and New York and ended near its early afternoon high of $1164.59 with a gain of 0.26%. Silver slipped to as low as $14.774 before it climbed back to $15.264 and then ticked back lower at times, but it still ended with a gain of 0.26%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 8 July, 2015
New York closed at $1,155.80 down $13.10 with Asia and London holding it there. The dollar was weaker at $1.1038 against the euro from $1.0970 and the dollar Index was lower at 96.45 down from 96.87. The LBMA gold price was set this morning at $1,154.25 down $12. The euro equivalent was €1,045.71 down €17.22. Ahead of New York’s opening, gold was trading in London at $1,155.10 and in the euro at €1,046.14. Full Story
- Shanghai Composite has lost over 32% of its value in less than month - Investors selling on “panic sentiment” - Persistent intervention by government agencies has failed to support market - Market has doubled over past year while real economy struggles - Chinese Market had been boosted by participation of market-illiterate savers - May morph into wider crisis Full Story
There will be more slowdown in gold production if gold falls and stabilizes around $1000. Hedge funds and long term investors are all waiting to pounce gold around $1000 and below. History suggests that the price of any investment has a tendency to overshoot or undershoot investor expectation. Full Story
Gold fell $18.72 to $1150.18 at about 10:30AM EST before it bounced back higher at times, but it still ended with a loss of 1.12%. Silver slipped to as low as $14.796 and ended with a loss of 3.76%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 7 July, 2015
New York closed at $1,168.90 up $1.90. Asia and London held it there. The dollar was unchanged at $1.0970 and the dollar Index was higher at 96.87 up from 96.74. The LBMA gold price was set this morning at $1,166.25 up $2.00. The euro equivalent was €1,062.93 up €7.26. Ahead of New York’s opening, gold was trading in London at $1,166.00 and in the euro at €1,062.61. Full Story
- World is “over-indebted”, Mark Faber tells Bloomberg - “Defaults will follow or they will have to create very high inflation rates” - Greece will leave EU or Troika will take 50% “haircut” - Leaving EU may be Greece’s best option - Anti-Austerity groups in other countries will be bolstered by Greek defiance – may have negative impact on bonds Full Story
Gold edged down to $1162.89 by a little after 5AM EST before it jumped up to $1174.06 in early afternoon New York trade and then drifted back lower into the close, but it still ended with a gain of 0.28%. Silver rose to as high as $15.808 and ended with a gain of 0.26%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 6 July, 2015
New York closed at $1,167 up slightly. Asia and London took it down to $1,164. The dollar was 0.25 of a cent stronger at $1.1029 and the dollar Index was higher at 96.45 up from 95.93. The LBMA gold price was set this morning at $1,164.25 down $4.00. The euro equivalent was €1,055.67 up €3.00. Ahead of New York’s opening, gold was trading in London at $1,165.60 and in the euro at €1,056.47. Full Story
- Brave Greeks vote overwhelmingly against austerity - Varoufakis resigns to clear air for next phase of negotiations - We think a Greek debt deal is highly likely over the next few days - EU elites had hoped “yes” vote would force the replacement of Syriza with unelected technocratic experts - Syriza may nationalize banks to protect depositors from “bail-ins” - UK slashes Deposit Insurance from £85,000 to £75,000 - Europe and the world now in uncharted waters, gold will protect Full Story
A Greece “No” vote should be positive for gold. The fall in the euro is the only blocker for now. The reaction of stock markets all across the world will be the key. The drama will continue for a few more days. There has been a massive support for anti-austerity all across Europe for Greece. All these people are voters. Whenever the next democratic elections are held in different nations across Europe, anti-austerity parties will get a big chunk of votes. Full Story
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