Latest Gold & Silver Price News
For the week commencing June 15th, there are several central bank announcements which will probably impact the gold and silver price significantly. On Wednesday, all eyes will be on the U.S. Fed interest rate decision, which will come with economic projections by the Fed and a speech by chairman Mrs. Yellen. It is almost certain that markets and metals will be moving, whatever the announcement and interest rate decision will be.
When the inevitable correction/crash occurs, the exits will be crowded, the herd will fall over the cliff, a few financial “dead bodies” will float to the surface, and banks will need bail-ins from depositors, so the “war on cash” is designed to force more assets into banks in anticipation of coming bail-ins.
The story will bear close watching as HSBC and the New York Fed prepare for Texas to take actual delivery down the road. Texas’ gold holdings are reported to now total $1 billion in value. If those gold bars have been surreptitiously leased out, pledged, hypothecated or even sold, then we could see a major scramble when the time comes.
Based solely upon the price movement of $GOLD, the outlook leans toward the negative. However, the expected continued weakness in the dollar, and improvement in the sentiment for gold, give us an indication that gold may finally begin to move higher in the longer term. Nevertheless, I still feel like it is about a 50-50 call at this point.
In his weekly market review, Frank Holmes of the USFunds.com summarizes this week’s strengths, weaknesses, opportunities and threats in the gold market for gold investors. Gold closed the week at $1,181.65 up $9.65 per ounce (0.82%). Gold stocks, as measured by the NYSE Arca Gold Miners Index, lost 1.59%. The U.S. Trade-Weighted Dollar Index slipped 1.39% for the week.
We see the daily gold chart amplifying the odds for a rally next week. The first seven trading days in June had the highest volume, the greatest selling effort, all but one of the trading days were red. Typically, smart money [controlling interests], sells highs where you would expect to see selling volume greater. When volume is noticeably higher at a swing low, it would be smart money doing the buying and the public selling their longs at lower prices before they [may or may not] go lower.
A pack of Marlboros cost $0.19 many years ago. A typical price is now $6.50. Since we use unbacked debt based fiat currencies, inflation is here to stay, along with occasional panics, periodic crashes, and wealth transfers to the financial cartel. Exchanging a small expense every day for a purchase of silver will create a considerable stack of silver over 20 years. The expense is gone but the silver endures. We have choices as individuals and as nations. More silver and less fiat currency is, in my opinion, a good choice.
By Shadow of Truth from The Daily Coin: There is a trend, we can see a clear opposition is growing, we have more people moving toward our point of view than the Statists’ views. At the end of the day, how much worse does it need to become until the people finally realize that they are completely enslaved.
The status quo is heavily slanted in favor of fiat currencies, against gold, and maintaining their power and wealth. The anti-gold sentiment is quite strong. It reminds me of two thoughts. If everyone is thinking the same thing, no one is thinking. If everyone is leaning over the same side of the boat, watch out.
In his weekly market review, Frank Holmes of the USFunds.com summarizes this week’s strengths, weaknesses, opportunities and threats in the gold market for gold investors. Gold closed the week at $1,171.82 down $18.73 per ounce (-1.57%). Gold stocks, as measured by the NYSE Arca Gold Miners Index, lost 3.76%. The U.S. Trade-Weighted Dollar Index gained 0.58% for the week.
We [collectively], do not need to know if the swing bottom is in, or not. The market will give confirmation once a bottom is determined to be final. Buying after a bottom has been confirmed will mean buying at prices higher than the actual bottom, but one can be much more secure in positioning, once the trend has been confirmed as changed. Just ask all of the bottom pickers over the last 4 years how they have been faring in not waiting for that confirmation.
T bonds and the S&P look dangerous, while silver has been crushed during the past four years. Which of those three asset classes is likely to perform better between now and Election Day 2016? Which of those assets has no counter-party risk? Two of those assets currently trade at or near all-time highs, while one is, relatively speaking, quite inexpensive! Invest accordingly.
Following last Wednesday’s article suggesting that silver mining companies write to the CFTC (which I did make public at the urging of subscribers), one mining company (befitting of its name) became the first to do so. The CEO of First Majestic Silver Corp, Keith Neumeyer, became the first miner to write to the CFTC concerning the massive historic one-week repositioning of speculative positions on the COMEX that far exceeded anything occurring in the real world of silver production or consumption. While I hope additional mining companies take the matter up with the agency, Neumeyer not only did the right thing, he set a precedent that, to my knowledge, had not previously occurred in the 30 years that I have closely followed the silver market and, most likely, long before that.
There is no shortage of negative commentary on gold and silver. A quick google search will produce headlines which make that point. Not all objections and criticisms of gold are intellectually honest – they slant the narrative to support their bias in favor of the status quo, stocks, bonds, and central bank issued currencies, such as Federal Reserve Notes. The dishonesty is understandable since gold is often viewed as an anti-dollar and gold prices sometimes function as a check on the excessive debt creation.