-- Published: Tuesday, 7 July 2015 | Print | Disqus
Gold Today –New York closed at $1,168.90 up $1.90. Asia and London held it there. The dollar was unchanged at $1.0970 and the dollar Index was higher at 96.87 up from 96.74. The LBMA gold price was set this morning at $1,166.25 up $2.00. The euro equivalent was €1,062.93 up €7.26. Ahead of New York’s opening, gold was trading in London at $1,166.00 and in the euro at €1,062.61.
Silver Today – The silver price fell to $15.69 up 4 cent in New York. Ahead of New York’s opening it was trading at $15.62.
Gold (very short-term) The gold price will consolidate, today.
Silver (very short-term) The silver price will consolidate, today.
The Greeks have seen the I.M.F. assessment of their debt position and suggested the way forward. The French are now open to debt reduction, but the Germans are preparing for Greece to exit. Today will see the E.U. Finance Minister put forward a united position? With more pressure from the E.C.B. on Greece by not forwarding more emergency funds, it look very much like we will see a return to the Drachma within a week or so, if no more funds come from the E.U. The markets are tired of this story now and are not reacting to it, at the moment. Until the story impacts the $: € exchange rate we don’t think it will affect the gold or silver prices. To date the markets have been inclined to take the euro weaker on prospects of a departure from the E.U. by Greece, [this is happening now] but after an initial dip, we see the euro going stronger as the overall E.U. is strengthened and with it the euro. What is also clear is that a stronger euro will do the E.U. no favors at all. This may well be perceived as a weaker dollar and so speculators will take the gold and silver prices higher thereafter.
If we see a deal with Iran in the next week over the nuclear issue we expect the oil price to discount the additional oil supplies to the market and fall further, likely below $50. This will likely be gold neutral too. But it will add to the turbulence in global markets. But the additional oil supplies to the market are unlikely to be sold in for U.S. dollars, but in either the Yuan or the euro. In China, a Yuan oil price is also coming to Asian markets. This chips away at dollar hegemony loosening the dollar’s hold over global markets. Eventually this will lead to a very different currency world to the one we see now. For more - Subscribe www.goldForecaster.com
Since Friday there have been no sales or purchases of gold from the SPDR gold ETF or the Gold Trust. The holdings of the SPDR gold ETF are at 709.65 tonnes and at 167.40 tonnes in the Gold Trust.
Silver– Silver is still waiting for the gold price to lead the way, which is still waiting for currency reactions. Subscribe www.SilverForecaster.com
Julian D.W. Phillips for the Gold & Silver Forecasters
Global Gold Price (1 ounce)
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-- Published: Tuesday, 7 July 2015 | E-Mail | Print | Source: GoldSeek.com