Santacruz Silver Mining reports fatality at Tres Amigos mine in Bolivia
Tres Amigos mine, a part of the Caballo Blanco Group of mines, has resumed operations after it was shut down following the incident.
The most precise statement of the state of the market is the nature of the majority of the bad news streaming out constantly. Today, according to the Eurozone President, the euro and the Eurozone is facing collapse unless the debt problems can be ironed out quickly.
If the Eurozone fails or even one of its members, then Europeans will flock to gold! While Ireland is of the belief that its banks need help, not the government, the government will not take a bail-out. This is very bad for the market and is where politics and finance meets. Greece is being questioned on its ability to repay debt. Portugal and Spain are waiting in line for attacks by financial markets on them. And yet gold fell. Why you may ask? Apart from investor caution in all markets, gold, in the minds of most traders, moves with the euro, so they are selling gold. However, it is clear that gold’s fortunes are not connected to those of the euro. We believe that gold investors will see the disconnect and react accordingly. The U.S. dollar is currently standing at $1.3477 and gold is standing at $1,339 having fixed this morning at $1,336.50 and in the euro at €988.39.
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Gold – Very Short-term
Gold should continue to consolidate with the bias to the upside in New York today. We expect all market to remain circumspect in the light of the potential disasters facing the markets from Europe.
Silver – Very Short-term
Silver should continue to consolidate with the bias to the upside in New York today. We expect all market to remain circumspect in the light of the potential disasters facing the markets from Europe.
Gold Price Drivers
Today, the Eurozone Sovereign debt crisis is so bad that the possibility of a failure of the euro and the Eurozone is now possible according to the Eurozone President. If it happens this will cause absolute havoc in the currency markets, apart from the carnage in equity markets. We cannot see that being allowed to happen, but many, many investors are seeing just how gold cannot collapse or fail in these extreme times.
The fall in the gold price is the same as falls in other markets. We believe this is due to investor caution, waiting to see what happens and holding back until the way forward is clear. The very fact that the world’s second major currency could even face such a crisis has frightened everybody and knocked confidence in the currency system itself.
So, what price is a euro and what price is gold? Or put better which would you rather have now the euro or gold? The fact that you are thinking about this question is an answer in itself.
Regards,
Julian D.W. Phillips
