Gold Today –New York closed at $1,155.80 down $13.10 with Asia and London holding it there. The dollar was weaker at $1.1038 against the euro from $1.0970 and the dollar Index was lower at 96.45 down from 96.87.  The LBMA gold price was set this morning at $1,154.25 down $12. The euro equivalent was €1,045.71 down €17.22. Ahead of New York’s opening, gold was trading in London at $1,155.10 and in the euro at €1,046.14.

Silver Today – The silver price fell to $15.10 down 59 cents in New York. Ahead of New York’s opening it was trading at $15.03.

Gold _{(very short-term)} The gold price will look for a bottom, today in New York, today.

Silver _{(very short-term)} The silver price will look for a bottom in New York, today.

Price Drivers

Another deadline, really? This time we might well be there! With the E.U. telling Greece it needs more proposals or that’s it and Greece waiting for a better deal, both sides are preparing for the exit. We would be surprised to see Greece waiting for the death blow to their banks, without rushing Drachma to their banks in time for the financial system to be ‘rescued’. This should happen this weekend. But nothing is predictable on this matter now. Political posturing has taken over.

Meanwhile, the equity market rout in China is considerably worse that the west has seen for 88 years. Government measures have not halted the fall which appears to be heading to 50% of its June peak. It’s a bear’s paradise! It will take a long time before confidence in the equity market is restored there.

Late in June, 48.33 million grams of gold was traded in a single day on the Shanghai Gold Exchange, [according to the China Times] showing just how strong Chinese demand is and the disjoint between New York/London and Shanghai is in the gold market. This demand for gold has not spilled over into New York or London, yet. With the Bank of China still learning the ropes of being an LBMA member at the price setting we may see the gold price react simply to western market influences and not to fundamentals, for a little while longer still. Could China be pushing prices lower in New York or London? For more - Subscribe www.goldForecaster.com

We are at a very critical point on the Technical side.        

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 and gold were knocked back yesterday but could have found a bottom at current levels.                                   Subscribe www.SilverForecaster.com

Regards,

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

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 -- Published: Wednesday, 8 July 2015 | E-Mail  | Print  | Source: GoldSeek.com

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