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Gold and Silver Market Morning: Dec-23-2015

 -- Published: Wednesday, 23 December 2015 | Print  | Disqus 

Gold Today –The New York gold price closed Monday at $1,072.50 down from $1,078.20 down $5.70 on the day.  In Asia, prices lifted to $1,074.00 but London taking it down to $1,072 with the dollar index falling slightly to 98.26 down from 98.70. The euro rose to $1.0938 up from $1.0869 on Tuesday against the dollar. The London a.m. LBMA gold price was set at $1,071.50 down from $1,077.00 Tuesday.  The euro fixing was €980.78 down from Tuesday’s €984.64. Ahead of New York’s opening, the gold price was trading at $1,073.35 and in the euro at €982.61. 


Silver Today –The silver price in New York closed unchanged at $14.26. Ahead of New York’s opening the silver price stood at $14.30.


Gold (very short-term) The gold price will consolidate in New York today. 


Silver (very short-term) The silver price will consolidate in New York today.


Price Drivers

Tuesday saw no sales from the SPDR gold ETF or from the Gold Trust. The holdings of the SPDR gold ETF are now at 645.939 tonnes and at 154.32 tonnes in the Gold Trust.


Yesterday saw little to no activity in the gold markets of the U.S. despite the higher euro. If the formula of U.S. gold investors that gold moves with the euro and the opposite way to the dollar, then there is more adjustment to the gold price, higher, on the way soon.


We expect the path of the dollar index to move sideways and for the euro to move sideways to stronger today as the markets wind down for the festive season in the U.S. There is no doubt that even the most experienced professionals in the financial markets are surprised that the euro has not tumbled as the interest rate differentials between the U.S. and E.U. would appear to dictate. Some believe it is coming soon because of this differential. But we have to look deeper than these indicators point out. What is certain is that the euro has gone stronger since the Fed’s interest rate hike and the dollar index has not resumed its rise. These factors should not be ignored by gold and silver investors because they are today’s realities. If the current strength of the euro feeds through to gold and silver we will see a changing market. If gold breaks above $1,080 and holds that level convincingly, we will see the start of a very exciting 2016 for gold and silver.


In 2016 we do see a very different one for gold and silver than we have seen for the last four years. This is made more certain by the enormous weight of shorts in these markets on COMEX, the present institutional negative views for these metals and by the arrival of China in the global markets of gold in April with the Yuan Gold Fixing in Shanghai. There will be much more on this in our newsletter. - Subscribe  [To find protection from confiscation: ]


Silver The silver price is unfazed by the slight drop in gold and remains unchanged today waiting for gold to rise. - Subscribe       




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


Global Gold Price (1 ounce)















Rs. 71,498.35


Y 7,024.38

Y 6,983.88


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 -- Published: Wednesday, 23 December 2015 | E-Mail  | Print  | Source:

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