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Gold & Silver Market Morning

 -- Published: Friday, 4 July 2014 | Print  | Disqus

Gold Today – The gold price closed at $1,319.60 down $7.30 Thursday in New York. In Asia prices rose to $1,321 ahead of the London Fix which was set at $1,321.50 down $1.00 and in the euro at €972.335 up €3.754, while the euro was weaker at $1.3591 down over half a cent. Thereafter, gold held at roughly the same level being moved by dealers and arbitrageurs in line with the $: € exchange rate, clearly unimpressed by the success of the American Revolution.


Silver Today – The silver price closed at $21.13 down 3 cents, in New York.


Gold (very short-term)


New York is closed today.


Silver (very short-term)


New York is closed today.


Price Drivers

There were no purchases or sales of gold into the SPDR gold ETF or the Gold Trust in the U.S. on Thursday. The holdings of the gold ETFs stand at 796.392 tonnes in the SPDR gold ETF and at 164.28 tonnes in the Gold Trust.  Gold and silver remain in consolidation mode.


Events are moving much faster than expected in the Middle East, not as a result of unforeseen circumstances, but as a result of long-term planning mixed with opportunism. Having waited and rebelled for many decades, the Kurds are taking the opportunity to hold a referendum to form a new country, Kurdistan. We will see a new country thereafter, never to return to the Iraqi fold. With the U.S. military telling all that the new ISIS Caliphate cannot be destroyed without help, the Sunnis now have a new nation, full, it seems of ongoing violence as opposers are hunted down. So by default, the Southern part of Iraq has become a Shia nation. We are sure it is under the control of Iran. This is gold and silver positive.


The Dow Jones is over 17,000 and the moderate recovery appears to be on track if the Jobs report is to be believed. It is to gold and silver’s advantage for the recovery to continue. The rise in the DJ is not because of a country-wide belief that a sound broad-based consumer-led recovery is underway. The bulk of new jobs are temporary because there are insufficient permanent jobs, primarily due to the shift of manufacturing eastwards and IT developments removing a huge portion of lower level jobs. Artificial intelligence is scheduled to remove a further, huge swathe of jobs over time. Imagine if electric cars took over from gas and diesel driven cars. The damage to motor industry jobs would be devastating. Whole new industries are needed to replace old jobs. So the recovery can only, at best prevent economic shrinkage. The growth levels seen prior to 2007 are a thing of the past just as a world prior to the First World War [100 years ago] was so different to the world after it. [Subscribe - see to protect yourself from penalties from holding your gold overseas when it is to be confiscated].


Silver– Silver is robust but waiting for gold to lead the way. []




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


Global Gold Price (1 ounce)

















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