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Gold and Silver Market Morning: Jan-7-2016

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Published : January 07th, 2016
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Category : GoldWire

Gold Today -The New York gold price closed Monday at $1,093.50 up from $1,078.50.In Asia it moved up to $1,099.35 but in London it held back slightly where the LBMA price was set at $1,096.00 up from $1,083.85 with the dollar index lower at 98.72 down from 99.42 yesterday.The euro was at $1.0863 up from $1.0741 against the dollar. The gold price in the euro was set at ?1,010.23 up from ?1,009.03 as the euro recovered. Ahead of New York's opening, the gold price was trading at $1,102.45 and in the euro at ?1,014.07.

Silver Today -The silver price in New York closed at $14.02 up 3 cents. Ahead of New York's opening the silver price stood at $14.06.

Gold (very short-term)The gold price will be stronger in New York today.

Silver (very short-term) The silver price will be stronger in New York today.

Price Drivers

The gold price has confirmed its breakout solidly and has broken through the next overhead resistance at $1,100. The dollar was turned back for the 100 level on the dollar index and is now trading lower against the euro as we forecast. The gold price is moving independently of any currency moves on the part of the dollar and the euro and is rising in all the world's currencies.

Yesterday saw sales of 1.403 tonnes from the SPDR gold ETF but none from the Gold Trust. The holdings of the SPDR gold ETF are now at 642.368 tonnes and at 152.55 tonnes in the Gold Trust.If the unfortunate seller was shorting the metal, we expect him to cover his position a.s.a.p. Likewise, the massive short position on COMEX, while the Commercials have never been so neutral. More inwww.goldForecaster.com [To find protection from confiscation: www.Stockbridgemgmt.com ]

With China closing its markets for the second time this week as downside limits are achieved the fear is that the 8th, when the ban on equity sales is due to expire the market will collapse. We see the Chinese authorities extending the ban to prevent this. But alongside their falls, global stock markets continue to fall alongside the oil price. George Soros believes that the current situation is reminiscent of the 2008 credit crunch. This would explain his longer term investments in gold.

Data on a broad range on the U.S. economy is now disappointing and indicating a bear market in U.S. equities is on the cards.

It certainly points to cash being a sound investment. But the only none-currency cash/asset is gold and then silver. We do see that 2016 may have started with a bang, but this bang may well continue for a lot of 2016. Now is the winter of gold's discontent turned to glorious summer!

Silver- The silver price has yet to catch gold up, but we expect it will. - Subscribe www.SilverForecaster.com

Regards,

Global Gold Price (1 ounce)

Today

Yesterday

Franc

Sf1,103.06

Sf1,095.86

US

$1,102.45

$1,086.25

EU

?1,014.07

?1,011.08

India

Rs.73,764.93

Rs. 72,602.23

China

Y 7,373.19

Y 7,120.04


Data and Statistics for these countries : China | All
Gold and Silver Prices for these countries : China | All
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Julian Philips' history in the financial world goes back to 1970, after leaving the British Army having been an Officer in the Light Infantry, serving in Malaya, Mauritius, and Belfast. After a brief period in Timber Management, Julian joined the London Stock Exchange, qualifying as a member. He specialised from the beginning in currencies, gold and the "Dollar Premium". At the time, the gold / currency world exploded into action after the floating of the $ and the Pound Sterling. He wrote on gold and the $ premium in magazines, Accountancy and The International Currency Review. Julian moved to South Africa, where he was appointed a Macro economist for the Electricity Supply Commission, guiding currency decisions on the multi-Billion foreign Loan Portfolio, before joining Chase Manhattan the the U.K. Merchant Bank, Hill Samuel, in Johannesburg, specialising in gold. He moved to Capetown, where establishing the Fund Management department of the Board of Executors. Julian returned to the 'Gold World' over two years ago and established "Gold - Authentic Money" and now contributing to "Global Watch - The Gold Forecaster".
WebsiteSubscribe to his services
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