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Gold and Silver Market Morning: Dec-03-2015

 -- Published: Thursday, 3 December 2015 | Print  | Disqus 

Gold Today –The New York gold price closed at $1,052.70 down from $1,069.00 a fall of $16.30 on Wednesday.  In Asia prices were held around $1,053 as the dollar hovered around 100.19 on the dollar index. The LBMA price setting fixed it at $1,050.60 down from $1,066.90 on Wednesday’s LBMA price setting. The dollar is at $1.0586 up from $1.0596 against the euro.  In the euro the fixing was €995.17 down from Wednesday’s €1,007.03.  Ahead of New York’s opening the gold price was trading at $1,050.85 and in the euro at €995.26. 


Silver Today –The silver price in New York closed at $14.03 down 14 cents on Wednesday’s close. Ahead of New York’s opening the silver price stood at $13.95.


Gold (very short-term)

The gold price will fall with the euro in New York today


Silver (very short-term)

The silver price will fall with the euro in New York today.


Price Drivers

The next two days will see a carefully engineered set of moves by the E.C.B. [today] and the U.S. Fed [tomorrow]. Draghi is most likely to expand the stimulative moves made via quantitative easing, lowering interest rates from -0.2% and extending the time frame of QE to 2017. We expect some if not all of these to be announced today in London’s afternoon. Tomorrow it is near certain the Janet Yellen will announce a 25 basis point rise in U.S. interest rates. The joint effect of these moves is expected to take the euro down to $1.03 or lower against the dollar. If this nearly 3% fall in the euro is translated into gold prices we will see the gold price veer towards $1,000. 


This is not a ‘currency war’ between the U.S. and E.C.B. as they are seemingly acting “in concert” with each other. The story is far deeper than just this week. We note that the euro’s content in central bank reserves has plummeted across the world. Were these central banks warned of the fall of the euro? Or did they see the euro losing value in 2012? The inclusion of the Chinese Yuan in the SDR in this context implies that global central banks will be rapidly including the Yuan in place of the euro as also implied by the extent to which the Yuan [10%] makes up the SDR largely at the expense of the euro. If so, we repeat that the U.S. and China are not allies so we are at the start of extreme times with desperate moves being made in the monetary world.


Speculators of all kinds have never been so short in the COMEX gold market, so they see a substantial fall in the gold price. Massive sales were seen of 15.776 tonnes of gold from the SPDR gold ETF and a sale of 0.03 of a tonne from the Gold Trust, yesterday. The holdings of the two gold ETFs, the SPDR gold ETF and the Gold Trust remain at 639.023 tonnes in the SPDR gold ETF and at 157.97 in the Gold Trust. These sales would have pushed prices down heavily.


With so many shoving the gold price down, we pause and ask, “Should we see this as a euro play taking gold with it or are we watching a bigger global story that paves the way to ‘extreme times’ in which gold will resume its historic role.” We simply say, “Markets, even gold, do not go only one way!” Are we about to see the last big sell-off? We discuss this more in:


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Silver The silver price should fall with gold today. - Subscribe       



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


Global Gold Price (1 ounce)















Rs. 701,105.49


Y 6,722.92

Y 6,831.63

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 -- Published: Thursday, 3 December 2015 | E-Mail  | Print  | Source:

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