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.
It’s a new week and a new perspective for gold investors. Last week many started to think gold might have peaked and saw with trepidation gold struggle to get through the $1,360 barrier.
When it plummeted, albeit on thin trade, just ahead of the Fed announcement some thought gold had had its day. Then, after the expected news from the Fed, gold did what it should do and started to rise, initially in line with the fall of the dollar. But this should only have taken it to $1,377 holding around $1,370 or less. Instead it nearly broke through the $1,400 barrier. But the fall is not just about the dollar, it’s about the currency system overall. That extra $20 on the gold price was pure gold demand and this was reflected in gold prices in other currencies too.
Monday morning saw gold hold above $1,390, before London’s Fix reflected overall demand for the physical metal and Fixed at $1,390.00. Far from thinking the gold price has peaked, investors want in, but don’t want to be the first to pay $1,400 for an ounce of gold. This week you can expect so many writers to say $1,500 is next. That’s only 7% away. That’s not a big step anymore!
Apart from covering the gold markets Gold Forecaster and Silver Forecaster addresses macro-economic factors from oil to currencies covering subjects that directly affect or influence the gold price. It is a “must-read” for all who want to understand gold. It helps you understand the why of the gold & silver price moves. [We also cover platinum in the Silver Forecaster too]. Without understanding can you successfully profit from these markets? Subscribe through www.GoldForecaster.com & www.SilverForecaster.com
Gold – Very Short-term
Europe is holding steady at $1,390, but we expect New York to pay up for the gold that’s bought today. U.S. investors, by and large, have missed out on the breakout. There must be a great deal of reassessment going on now, so we expect New York to remain positive on the gold price.
Silver – Very Short-term
Europe is holding steady at $26.85 [up from Friday’s Fix of $26.14 Fix], but we expect New York to pay up for the silver that’s bought today. U.S. investors were involved in silver’s breakout, but will take more to be at the forefront of the rise. There must be a great deal of reassessment going on now, so we expect New York to remain positive on the silver price.
Gold Price Drivers
The mindset of the precious metal markets will look to higher prices this week, we believe. Last week’s attitude of doubt was blown away by the Fed and global demand will include U.S. demand this week, we feel. Most investors realize now that the U.S. dollar will cheapen irrespective of any other currency or global problem. Global investor markets will react this week and spawn more worrisome situations as a result of the Fed’s actions last week.
Regards,
Julian D.W. Phillips
