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.
In a remarkable day for gold, it closed up at $1,818 after touching $1,830 in New York. That was after a p.m. Fix of $1,824.00. Before London opened, gold stood in Asia at a staggering $1,847.15 nearly $30 higher. In the euro it stood at €1,292.75. In an even more remarkable day in London, it has raced up yet again to Fix in London at $1,862 up from yesterday’s $1,794.50. In the euro it was Fixed at €1,299.28 up from €1,246.44 yesterday, at the time the dollar traded at €1: $1.4405.
Ahead of New York, it is pulling back slightly in the euro to €1,287.60. In the dollar it is at $1,854.60.
Silver in Asia stood at $41.06 and is moving quietly to follow gold. Ahead of New York’s opening silver is trading at $41.44 up $1 on yesterday.
Gold (very short-term)
The gold price should have a stronger bias, today in New York.
Silver (very short-term)
The silver price should have a stronger bias, today in New York.
Price Drivers
Gold investors who are short of gold are certainly being caught short. We are of the opinion that any ‘spike’ activity is due to two reasons.
– Firstly, traders who thought that gold would fall with the equity markets and positioned themselves on the short side are being badly mauled.
– Secondly new investors or those who buy on the rise, such as western and Chinese investors, are paying up to just get some gold.
It appears that the policy of ‘buying the dips’ is paying off handsomely as those investors get stock without paying up for it. When buyers come in on the rise they are finding no stock there for them. Bear in mind that the big jump before London opened did not come out of the developed world, but out of Asia!
London and New York will catch up for sure.
We are looking at the developed world’s economies weakening to the point that the veins and arteries of the system, the banking system [already suffering from a hardening of the arteries] is itself being weakened again. Unless the entire financial body is invigorated an operation to improve the financial blood system will not be sufficient to right the body.
Perhaps watching Chavez of Venezuela switch his country’s reserves to the growth portfolio of BRIC investments plus gold with its own flow of oil has been seen as the path of wisdom and not the act of a loose canon President of a banana republic? Take a look at our commentary in the latest issues of the Gold Forecaster and the Silver Forecaster, by subscribing to them!
