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Gold & Silver Market Morning: June 20, 2014

 -- Published: Friday, 20 June 2014 | Print  | Disqus 

Gold Today – The gold price closed at $1,318.20 up $34.20 on Thursday in New York. In Asia prices pulled back slightly to $1,307. In London, the Fix was set at $1,310.00 up $28.00 and in the euro at €962.958 up €22.731, while the euro stood stronger than yesterday at $1.3604. Ahead of the opening in New York the gold price was trading at $1,311.10 and in the euro at €964.01.


Silver Today – The silver price closed at $19.84 up 12 cents, in New York. Ahead of New York’s opening, silver was trading at $20.73.


Gold (very short-term)


Gold should continue to rise, in New York today.


Silver (very short-term)


We expect silver to continue to rise with gold, in New York today.


Price Drivers

There were no sales or purchases from the SPDR gold ETF in the U.S. on Thursday, or from or into the Gold Trust. The holdings of the gold ETFs stand at 782.884 tonnes in the SPDR gold ETF and at 163.20 tonnes, in the Gold Trust.


The underlying current of demand has been joined by speculative buying as the Technical picture has jumped to the positive upside. Gold and silver are looking good!


In 1973 the oil price jumped from $8 a barrel to $35 a barrel while gold jumped from $42 an ounce to over $120 an ounce. We do not see a direct link over the years between the two. What we do see is a moving up together in times of, not only political crisis, but monetary crisis. In those days the dollar was suspect and continued so until Volker forced interest rates up to 26% in the mid 1980’. We are moving back into days of tremendous uncertainty as the ripples from the sectarian violence spread through the financial markets of the world. Today, we see the dollar weakening against most currencies, despite the vigorous use of swaps to try to stabilize the forex market to prevent ‘brutal’ moves. With tremendously low interest rates capital flows in the financial world will be heavier and more frequent and exchange rates more volatile. Gold is the beneficiary, as you can see today. If we are right it is clear that we have broken out of the gold price doldrums of the last year or so.


We have detailed the positive demand factors in our Gold Forecaster newsletter for a long time now and these have led to balanced markets, easily influenced by any new demand factor as we, again, highlighted recently. We are now seeing just what a heavy impact on gold and silver prices such new factors can have on such a balanced market. This daily report gives only a superficial view of our views, which you should reinforce with the full picture in our newsletters.  [Subscribe - see to protect yourself from penalties from holding your gold overseas when it is to be confiscated].


Silver – Silver is running to the next resistance level now. []



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

Global Gold Price (1 ounce)

















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 -- Published: Friday, 20 June 2014 | E-Mail  | Print  | Source:

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