Gold dipped to $1215.00 in Asia, but it then shot to as high as $1232.60 in early New York trade and ended with a gain of 0.84%. Silver rose to as high as $16.081 and ended with a gain of 1.4%. Full Story
John Mauldin of Mauldin Economics latest research note, Prepare for Turbulence, is excellent and a must read warning about the coming financial crisis. Mind refreshed from what sounds like a wonderful honeymoon and having had the time to read some books outside his “comfort zone” he has come to the conclusion that we are on the verge of a “major financial crisis, if not later this year, then by the end of 2018 at the latest.” Full Story
Lack of new news of Trump and Russia resulted in the fall in gold and silver prices. Movement of gold prices will be dependent on Trump-Russia connection news. Traders will start taking positions for the FOMC meet on 26th July after the release of today’s CPI numbers and Retail sales numbers. Next week only US housing numbers are there and it will not have any sustaining effect. Full Story
Gold edged up to $1224.40 in Asia before it fell back to $1216.70 in midmorning New York trade, but it then bounced back higher into the close and ended with a loss of just 0.17%. Silver slipped to as low as $15.695 and ended with a loss of 1.19%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 13 July, 2017
Janet Yellen’s comments yesterday made it clear that the Fed wants a ‘neutral’ interest rate, neither higher than inflation nor lower. At the moment it is lower, but with inflation falling in the U.S. the Fed may well delay another rate hike beyond year’s end because they may see ‘neutral’ rates without raising rates again this year. This has softened the dollar, which at one point nearly touched the point at which the dollar falls into a ‘bear’ market. We see that as coming very soon. It will benefit the dollar gold price. Full Story
– Fed has caused “frustration” and “confusion” in market place – “If you adjust for inflation, you should have gold somewhere around 2 to 3,000 per ounce” – “If you look at what is going on the world, gold should probably be $5,000 to $6,000 per ounce” – “Lot of us are so jaded about what is going on in the world, it is like yesterday’s newspaper in five minutes” – “One day you will not be able to dismiss them and you will see a huge move in the precious metals” Full Story
Gold and silver rose after the Federal Reserve chairman signaled a slower pace of interest rate hikes than expected. Yellen said that the Federal Reserve remains on track to both interest rate hikes and to begin shrinking its balance sheet before the end of next year. July and August US jobs numbers will be the key as cyclical factors due to the US summer season will come into play. Full Story
Gold edged above $1220 in Asia and fell back to $1214.20 by a little after 8AM EST before it popped up to $1225.40 in the next hour of trade and then drifted back lower at times, but it still ended with a gain of 0.32%. Silver rose to as high as $16.023 ended with a gain of 0.51%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 12 July, 2017
The gold price has confirmed the bottom is in and it rose to $1,219 this morning in London. The support at the $1,200 level is very large. But you will note that in the euro, it has barely moved. We see the weakening dollar playing a strong role in the dollar gold price going forward. This means that we must gauge the gold price by looking at it in different currencies as well as the dollar. Full Story
– India gold imports in H1, 2017 greater than all of 2016 – India imported 521 tonnes of gold in first half of 2017 – H1 figure for gold imports $22.2 Bln versus $23 Bln in all ’16 – Gold demand was up 15% year- on-year in the first quarter – June gold imports climbed to an estimated 75 tonnes from 22.7 tonnes a year ago – Annual total set to surpass 900 tons, strongest year since ’12 – “I trust gold more than the currencies of countries” – 63% of Indians in Survey Full Story
Gold saw slight losses in Asia and London and dropped to as low as $1208.30 in late morning New York trade, but it then jumped to as high as $1217.40 in midafternoon action and ended with a gain of 0.19%. Silver rose to as high as $15.85 and ended with a gain of 1.15%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 11 July, 2017
Both New York and London turned higher yesterday. New York rose to Shanghai’s level at the close yesterday and London today is pulling the gold price down leaving the differential with Shanghai at just over $9 lower than yesterday’s differential. All global gold markets are looking for a bottom still. But as we mentioned yesterday there is an almost osmotic pressure in London that is shifting physical gold to the Far East constantly, in line with the price differentials between London and Shanghai. Full Story
– Silver’s plunge is nearing completion – Bloomberg analyst – Silver’s 10% sharp fall in seconds remains “mystery” – Plunge despite anemic global supply and strong demand – Total silver supply declined in ’16 – lowest level since ’13 – Silver mine production down in ’16, first time in 14 years – Total silver supply decreased by 32.6 Mln Ozs in 2016 – Supply deficit in 2016- fourth consecutive year (see table) – “Falling knife” caution but opportunity presenting itself Full Story
I am against selling gold, silver, copper and crude oil unless they fall below yesterday’s low. Once again there is not much economic data today. Physical demand in Asia and premiums will be the key to gold and silver prices today. A stronger demand along with firmer premiums will ensure that gold and silver rise today. Full Story
Gold dipped $7.40 to $1205.00 in Asia before it jumped up to $1214.70 in London and then fell back under $1210 in early New York trade, but it then climbed to a new session high of $1215.00 by late morning and ended with a gain of 0.14%. Silver slipped to $15.197 before it climbed to as high as $15.737 and then drifted back lower, but it still ended with a gain of 0.64%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 10 July, 2017
As you can see Shanghai has not dropped as far as New York or London. The price differential is very wide now on today’s price of $15.94 between Shanghai and London. We have no doubt that today, gold, from the SPDR [GLD} is flowing across to Shanghai via HSBC the Custodian of the gold ETF. The big question is will Shanghai pull up London and New York prices or will Shanghai be pulled down to a much narrower differential? At the moment it is New York and London that are pulling prices down, but at the cost of gold flowing eastwards. Full Story
– China and Russia allied on Syria and North Korea – Beijing and Moscow economic and monetary ties deepen – Trump needs Russia in order to maintain balance of power in superpower triumvirate – Sino-Russian relations currently in their “best time in history” says Chinese President ahead of G20 Full Story
Expectations of an early interest rate hike after June US nonfarm payrolls resulted in the slide of gold and silver. Key long term supports are being tested. Either gold and silver manage to trade over key long term support OR in case they fall below key long term support then there can be new multi year lows. FOMC meet is on 26th July. The Federal Reserve will not be there in August but will be there in the middle of September. Continued US jobs growth in July and August will not result in an interest rate hike by the Federal Reserve in October. I expect an October interest rate hike by the Federal Reserve if the US continues with higher employment in this quarter. Full Story
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