Gold dropped down to $1162.85 at about 9:30AM EST, but it then rallied back higher into the close and ended with a loss of just 0.52%. Silver slipped to as low as $15.987 and ended with a loss of 0.49%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 5 June, 2015
New York closed at $1,177.00 down $16.40 against Wednesday’s close as there were very thin volumes being traded. Today sees the dollar slightly firmer at $1.1226 down from $1.1126 against the euro with the dollar index weaker at 95.67. The LBMA Gold Price was set at $1,175.90 down $11.10 and the equivalent euro price was €1,047.11 down €14.72. Ahead of New York’s opening, gold was trading in London at $1,173.20 and in the euro at €1,044.84. Full Story
- Bloomberg Intelligence suggest gold-backed yuan see gold at $64,000 per ounce - “Chinese gold standard would need a rate 50 times bullion’s price” - As China-U.S. relations deteriorate, gold-backed yuan possible - Dollar and financial and monetary dominance of U.S. at risk - U.S. and China war of words continues to escalate - China rejects U.S. hegemony in Southeast Asia - Currency war to escalate Full Story
Gold dropped $12.35 to $1172.95 by late morning in New York before it bounced back higher in afternoon trade, but it still ended with a loss of 0.7%. Silver slipped to as low as $16.132 and ended with a loss of 2.24%. Full Story
- Bitcoin wallet app Blockchain suffers major security blunder - Poor tech sees multiple accounts being created using same address - Security lapses in electronic and digital currencies not uncommon - Bitcoin and cryptocurrencies in infancy but are useful tools - Physical gold offers most secure form of wealth preservation Full Story
Gold dropped $13.62 to $1179.78 in early afternoon New York trade before it bounced back higher, but it still ended with a loss of 0.68%. Silver slipped to as low as $16.416 and ended with a loss of 1.49%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 3 June, 2015
New York closed at $1,193.40 up $3.70 on Monday as the trading range remains tight but pushing up persistently. Today sees the dollar weaker at $1.1126 down from $1.0898 against the euro with the dollar index at 96.05. The LBMA Gold Price was set at $1,186.60 down $2.15 and the equivalent euro price was €1,061.83 down €20.92. Once again this was a currency play against a weaker dollar and stronger euro. Ahead of New York’s opening, gold was trading in London at $1,188.60 and in the euro at €1,068.93 with the euro recovering still further. Full Story
- 11 countries face legal action if bail-in rules are not enacted within two months - Bail-in legislation aims at removing state responsibility when banks collapse - Rules place burden on creditors – among whom depositors are counted - Austria abolished bank deposit guarantee in April - “Bail-in regimes” coming globally Full Story
Gold edged down to $1185.93 in late Asian trade before it bumped up to $1196.29 at about 9:15AM EST and then chopped back lower at times, but it still ended with a gain of 0.34%. Silver rose to as high as $16.856 and ended with a gain of 0.36%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 2 June, 2015
New York closed at $1,189.70 up $1.20 on Friday as the trading range remains tight. Today sees the dollar stronger at $1.0898 against Friday’s $1.0949 against the euro with the dollar index at 97.48. The LBMA Gold Price was set at $1,188.75 up $1.45 and the equivalent euro price was €1,082.75. Once again this was a currency play against a weaker dollar and stronger euro. Ahead of New York’s opening, gold was trading in London at $1,188.60 and in the euro at €1,078.10 with the euro recovering. Full Story
- Merkel, Hollande, Juncker, Lagarde and Draghi in “emergency” meeting re Greece - Bankrupt Greece must find €1.6 billion to pay IMF in June - First instalment of €300 million due on Friday - Leaders of EU, IMF and ECB hold emergency summit in Brussels - 58% of Syriza membership in favour of returning to Drachma - Unforeseeable consequences and risks of ‘Grexit’ Full Story
Gold dropped $5.16 to $1184.54 in London before it jumped up to $1204.07 at about 10AM EST and then fell back off into midday, but it ended with a loss of just 0.03%. Silver rose to as high as $17.168 and ended with a gain of 0.06%. Full Story
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch - 1 June, 2015
New York closed at $1,189.70 up $1.20 on Friday as the trading range remains tight. Today sees the dollar stronger at $1.0898 against Friday’s $1.0949 against the euro with the dollar index at 97.48. The LBMA Gold Price was set at $1,187.3 down $3.10 and the equivalent euro price was €1,087.375. Ahead of New York’s opening, gold was trading in London at $1,189.50 and in the euro at €1,086.80 with the euro recovering slightly. Full Story
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