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Gold and Silver Market Morning: Dec-16-2015

 -- Published: Wednesday, 16 December 2015 | Print  | Disqus 

Gold Today –The New York gold price closed at $1,060.90 down from $1,064.10 down from on Tuesday’s close.  In Asia prices rose to $1,064.60 before London held it there, as the dollar index held at 98.20 the dollar Index. The euro is at $1.920 down a full cent from Tuesday’s $1.1031 against the dollar. The London a.m. LBMA gold price was set at $1,065.75 down from Tuesday’s $1,069.15.  In the euro the fixing was €975.60 up from yesterday’s $972.44. Ahead of New York’s opening, the gold price was trading at $1,063.85 and in the euro at €974.22. 


Silver Today –The silver price in New York closed at $13.75 up 4 cents. Ahead of New York’s opening the silver price stood at $13.83.


Gold (very short-term)

The gold price will wait for the Fed in New York today.    


Silver (very short-term)

The silver price will wait for the Fed in New York today.


Price Drivers

Fed day is here [once again?] and it is now all about the dollar’s exchange rate. We reiterate our oft stated fact that the U.S. can no longer afford a strong dollar if it is to keep its ‘moderate’ recovery intact. We do see dealers and speculators shifting the euro around the dollar to second guess what the Fed and later the market will do on that front. But the last day has seen stability creep into the market as is waits like a cat ready to pounce, for the Fed’s announcement. Now, after a year of watching the dollar rise 21% overall against other currencies, we see a time when the U.S. will say ‘enough’! When the Yen fell 60% and the euro 30% they did so at the expense of the U.S.’ international trade competitiveness. The Yuan is headed on a downward trail now as it was tied to the dollar as it rose. Now it too should claim a cheaper level for the same reason.


Consequent, on these moves the gold and silver prices are hovering around the $1,060 - $1,070 and around the $14.00 levels, in waiting mode too.


We note that there have been no sales or purchases from or to the SPDR gold ETF but a relatively large sale of 1.2 tonnes from the Gold Trust as the nervous step aside, in the U.S. The holdings of the SPDR gold ETF remain at 634.63 tonnes and now at 155.87 tonnes in the Gold Trust.


While the Technical picture continues to point downwards we have to ask, at the moment, does that have the power to override what the Fed will do and the fundamentals of the monetary world? Both gold and silver have been moving as monetary assets, as currencies, ignoring their fundamentals at a time when one would have thought it impossible to ignore them. Prices have, for years, gone down while the fundamentals have said they should go up. Right now we have to tie in gold and silver to other currency’s moves today. So Janet Yellen, in a mild, but precise manner, will hold everybody’s riveted attention at center stage, the way we have not seen a Fed Chairman do so, ever before.


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Silver The silver price will follow gold and Chairwoman Yellen. - Subscribe       



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


Global Gold Price (1 ounce)















Rs. 71,041.51


Y 6,890.88

Y 7,021.45


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 -- Published: Wednesday, 16 December 2015 | E-Mail  | Print  | Source:

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