These Fed-levitated stock markets that have almost magically avoided significant selloffs thanks to QE, ZIRP, and the associated Fed jawboning are in serious trouble when this next tightening cycle arrives. It will prove an extraordinarily-risky time for extraordinarily-anomalous markets. So sell high while you still can, and redeploy some of that capital by buying low in the precious metals which are set to soar. Full Story
Greece, EU and Banks Staring Into Abyss Markets Are “Irrationally Exuberant” – Gods Punish Hubris “Invisible Hand” Propping Up Sanguine Markets Short Term Considerations Long Term Considerations Best Case Outcomes Worst Case Outcomes Wealth Preservation Strategies Full Story
Window-dressing or the management of prices for a favourable mark-to-market valuation at year-ends, half-years and quarters has long been a distorting feature in financial markets. Full Story
By: Julian D. W. Phillips, Gold Forecaster - 19 June, 2015
The rise in the gold price was due to short covering and to dealers moving prices up to protect their books, in a thin market. From now on we are watching the LBMA gold price setting to see if we can discern the presence of the Bank of China. It is unlikely we will see them as they will simply take up available stock ensuring they don’t push prices higher by themselves. Full Story
Gold and silver are entering a four day crucial technical period. If they are able to trade over $1203 and $1633 for the rest of the next four days, then we can expect another wave of rise. Over the course of this year, there have been times when gold and silver have not followed the US dollar. Short sellers in gold know that $1220-$1260 is a safe zone to sell as gold has not been able to break past this zone over the past few months. Full Story
Gold climbed $18.41 to $1205.51 by late morning in New York before it pared back off a bit into midday, but it still ended with a gain of 1.26%. Silver rose to as high as $16.456 and ended with a gain of 0.19%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 18 June, 2015
New York closed at $1,187.10 up $5.40. The dollar is weaker at $1.1387 down 1.2 cents with the dollar index down to 93.87 from 94.90. The LBMA Gold Price was set at $1,198.50 up $19.50 with the equivalent euro price at €1,051.22 up €5.62. This price was higher than pre-setting prices in the market! Ahead of New York’s opening, gold was trading in London at $1,197.60 and in the euro at €1,050.34. Full Story
- Russia “bought gold” for “diversification” – Russian Central Governor Nabiullina - Russian central bank prefers gold bullion to euros or dollars - Russia points out that other countries have a “bigger share of gold in their reserves” - “Can’t imagine a situation where bitcoins would be considered a reserve currency” - On bitcoin – sees “mobility”, “expediency” and “low cost” but may regulate Full Story
Gold fell $7.02 to $1174.68 at about 10:45AM EST before it jumped up to as high as $1189.13 after today’s fed statement and then fell back off in the last 40 minutes of trade, but it still ended with a gain of 0.46%. Silver rose to as high as $16.259 and ended with a gain of 0.94%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 17 June, 2015
New York closed at $1,181.70 down $4.50. Today sees the dollar almost unchanged at $1.1263 with the dollar index almost unchanged at 94.90 down from 94.97. The LBMA Gold Price was set at $1,178.50 down $3.60 with the equivalent euro price at €1,045.60 down €4.64. Ahead of New York’s opening, gold was trading in London at $1,179.50 and in the euro at €1,045.84. Full Story
- Armstrong and blogosphere on shortage of gold coins in Europe - No shortage of gold whatsoever at retail level in Europe - Gold demand in most of Europe quite mixed despite significant risks - Germany, Switzerland, Greece seeing strong demand but no shortages - Alarmist warning that governments to make gold “illegal” - Poor data and research or disinformation? Full Story
The massive build up in net short positions in gold and silver is an indication of a trend reversal. The FOMC meet has to be very clear on the interest rate cycle. A hawkish tone can result in a quick rise. Traders and investors are still not yet convinced over the ability of gold and silver to make a sustained rise. Unless gold and silver are able to break and trade over key short term resistances of $1219 (gold) and $1787 (silver), they just might find sellers and/or trade in the current range bound trade. Full Story
Gold fell $10.07 to $1176.13 by a little after 9:30AM EST before it bounced back higher into the close, but it still ended with a loss of 0.38%. Silver slipped to as low as $15.895 and ended with a loss of 0.56%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 16 June, 2015
New York closed at $1,186.20 up $5.20. Today sees the dollar weaker at $1.1265 down half a cent with the dollar index weaker at 94.97 down from 95.28. The LBMA Gold Price was set at $1,182.10 up $3.85 with the equivalent euro price at €1,050.24 down €3.74. Ahead of New York’s opening, gold was trading in London at $1,183.50 and in the euro at €1,051.11. Full Story
- Texas creates state gold depository – bringing gold home from New York Fed - Move to remove gold from Federal Reserve highlights distrust - Follows repatriation moves by Germany, Netherlands, Austria and others - Legislation will prevent Federal government from confiscating gold - Includes provisions that may lead to return to using gold as currency in the U.S. - New gold electronic payments system protect from “national financial or currency crisis” - European, UK and Irish governments could learn from prudent monetary move Full Story
Gold dropped $8.03 to $1172.97 in London before it rose to see a $9.11 gain at $1190.11 by late morning in New York and then drifted back lower in afternoon trade, but it still ended with a gain of 0.44%. Silver rose to as high as $16.253 and ended with a gain of 1.07%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 15 June, 2015
New York closed at $1,181.00 down $0.50. Today sees the dollar weaker at $1.1215 down from $1.1189 a quarter of a cent weaker against the euro with the dollar index weaker at 95.28 down from 95.40. The LBMA Gold Price was set at $1,178.25 down $1.00 with the equivalent euro price at €1,053.98 up €6.18. Ahead of New York’s opening, gold was trading in London at $1,181.50 and in the euro at €1,051.58. Full Story
- “Whole Financial System Will One Day Implode” – Marc Faber - “I feel like I’m on the Titanic …” - Arguing over the best assets akin to re-arranging deck chairs on Titanic - Investors need escape plan and “safety boat” - Forget Fed rate hike, Fed QE 4 is coming - Diversify and hold “commodities, precious metals” Full Story
I am not sure whether the FOMC meet will have any big impact in gold and silver or the US dollar. They have been discreet on their interest rate stance. A September interest rate hike has been more or less factored in. Everything from equity markets to bond markets, currency markets and commodity markets have all factored in a September hike. Full Story
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