Gold Today – Gold closed in New York at $1,604.50 up $22.20 on yesterday. London opened slightly higher at $1,606.10 rising to Fix at $1,603.00 $15.50 higher as the euro recovered back over 1: €$1.2185 up 80 cents. In the euro it was Fixed at €1,321.735 up €12.3 on yesterday morning, while the euro stood at €1: $1.2128 almost the same as yesterday. Ahead of New York’s opening gold stood at $1,608.56 in the middle and in the euro at €1,318.98.

Silver Today – Silver in New York closed at $27.35 and rose in London to $27.40. Ahead of New York’s opening stood at $27.48.

Gold _{(very short-term)}

Gold should have a mixed to higher bias, today in New York.

Silver _{(very short-term)}

Silver should have a mixed to higher bias, today in New York.

Price Drivers

Gold & Silver –

There are certain events that the exit of Greece from the Eurozone will precipitate in the gold world as well as in all other financial markets that are of great importance to the future of gold. We will be issuing an article on these very soon.

It is becoming clearer and clearer that there is a large ‘blind spot’ in the minds of financial people regarding this probability. Only financial men who have been in the markets for 40 years or over understand what can happen. Since then and until 2007 financial men in general have lived in a growing, constructive world that has bred a ‘comfort zone’ that is still the norm for them. But we have entered a decaying zone, one replete with disappointing financial news and sagging structures that repeatedly fail to meet expectations. Consequently, there is an inability to really understand what happens in such a climate and how human endeavor can react in both a positive and negative manner. Are you ready, informed and clear on what lies ahead and what you will do? It is growing more apparent by the day that the decay will continue. We say this because, like the ice cap in Greenland, what was taken to be ‘normal’ suddenly disappears and a new ‘normal’ replaces it. The difference, from today onwards, is that the exit of Greece from the Eurozone and Spain asking for a bailout, then…. is going to happen unless some remarkable, very different, [unlikely] event happens to turn the Eurozone economy around to one of vibrant growth. When that happens expect to see a squadron of pigs flying around the E.C.B. in Brussels in perfect formation. [To follow our weekly commentary, please subscribe to our newsletters at www.GoldForecaster.com and at www.SilverForecaster.com.]

Silver – Silver is moving with gold, closely, again.

Regards,

Julian D.W. Phillips for the Gold & Silver Forecasters