Gold edged down to $1326.59 in Asia before it bounced back to $1336.05 in London and then fell to a new session low of $1322.69 at about 9:30AM EST in New York, but it then bounced back higher into the close and ended with a loss of just 0.4%. Silver slipped to as low as $20.047 and ended with a loss of 0.89%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 15 July, 2016
The Chinese gold market followed New York yesterday as the Yuan picked up slightly over yesterday’s exchange rate. All global markets were surprised by the Bank of England’s inaction, despite the indication that if the U.K. economy slowed down between now and August, easing action would be taken. This left the markets in the same position as the Bank of England, waiting for post-Brexit data. Full Story
The gold price continued to fall overnight after the Bank of England, contrary to expectations, kept interest rates unchanged at yesterday’s meeting. The market had earlier priced in an over 80 percent chance of a 25-basis point cut in the July meeting, though some had reckoned that the BoE may prefer to wait till August when more data will be available to assess the impact from the Brexit decision. Full Story
Gold edged up to $1346.77 in early Asian trade before it dropped as much as $23.37 to $1320.43 at about 10AM EST and then rallied back higher for most of the rest of trade, but it still ended with a loss of 0.74%. Silver slipped to as low as $20.023 and ended with a loss of 0.64%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 14 July, 2016
The Chinese gold market was not convinced by the fall in New York and lifted the gold price, reflecting internal Chinese demand. After the close and ahead of London’s opening the gold price was ‘marked down’ pretty heavily and after the LBMA price setting was trading at $1,326.65. No doubt, if Shanghai prices remain higher, its banks in London will move physical gold from their London bases to Shanghai to arbitrage prices and shift more bullion into China. Full Story
Not everybody is believing the positive spin being put on recent financial market data. In fact some would go as far as to say that it is “propaganda” being spread in the mainstream media in an election year for the US. At least that is what John Embry concluded in a recent interview. For those that are not familiar with Embry, he is the chief investment strategist at Sprott Asset Management and Sprott Gold and Precious Minerals Fund, and a highly respected precious metals industry expert with nearly 50 years of experience. Full Story
Gold dipped $4.38 $1327.82 in early Asian trade, but it then rose to as high as $1345.06 by midmorning in New York and ended with a gain of 0.87%. Silver rose to as high as $20.466 and ended with a gain of 1.44%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 13 July, 2016
The Chinese gold market followed New York down, but then turned it up at China’s morning Fix taking it higher during their day to set the pace for London’s morning. The attempt to break the gold price down in New York with the very large physical gold sale worked to some extent, but Shanghai then ignored the sale as demand came in at the lower prices. Certainly, Shanghai took the reins in the last day against the will of New York. We will watch today to see who exerts dominant pricing power? Full Story
Equity markets globally have rebounded to their pre-Brexit levels and volatility in financial markets is the lowest that it has been for a month. Even the precious metals rally has taken a breather. Are the markets suggesting that the fallout from Brexit is less than previously thought and that the systemic risk posed by the UK leaving the EU is contained? Full Story
The current fall in gold and silver is just due to profit taking which if it continues till Thursday will mark the beginning of a short term bearish phase. Buy stop losses will be triggered and/or hedges will be done if gold and silver fall today. Lack of bad news from the UK has resulted in the fall of gold and silver. Physical demand is absent. Global conditions have not changed only mild calm has returned to the financial markets. I expect that laggards will use sharp falls in gold and silver to invest for the long term. Full Story
Gold saw slight gains in Asia, but it then fell back off for most of trade in London and New York and ended near its early afternoon low of $1331.05 with a loss of 1.65%. Silver slipped to as low as $19.977 and ended with a loss of 0.99%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 12 July, 2016
Ahead of the opening in New York the gold price stood at $1,347.65 and in the euro at €1,214.21. London is trying to establish a pattern of lower prices ahead of New York when it feels physical buying may not appear in New York and in particular the gold ETFs. The moment physical interest is shown in the ETFs the gold price is lifted. Full Story
Gold jumped $7.55 to $1374.75 at the open of trade last night before it fell to as low as $1351.35 in midmorning New York trade and then bounced back higher into midday, but it still ended with a loss of 0.92%. Silver jumped to as high as $20.668 in Asia before it dropped back to $20.155 in early New York trade, but it then chopped back higher into the close and ended with a gain of 0.5%. Full Story
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