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 Gold Fix in London this morning was $1,201.25 after closing in New York around $1,204. London tended to slip during the day.
The B.I.S. holds around 482 tonnes of gold as of April. This is as much as the tenth largest central bank holding of gold reserves.
It is of great significance to gold’s position in the monetary world. [We have produced an article in our current issue of the newsletter – a truncated version is available to the public – Subscribe through www.SilverForecaster.com or www.GoldForecaster.com]. This story has not been properly understood, we believe.
Gold is still testing the downside at the moment, which may have some way to go still, before turning. The Technical picture tells a different tale to the fundamentals. Again, New York should come in a seller, but for how long?
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Silver fought well to hold above $18.00 yesterday and is clinging to that level now. But we could easily see a small fall today. Silver will track gold again, today.
We will be addressing the issue of “Is Silver de-coupling from gold” shortly, in the Silver Forecaster newsletter.
Spain managed to raise funds for short-term requirements as did the U.K. but at higher interest rates. The I.M.F. growth forecasts were raised to 4.6% for the global economy, but most of this is due to Asia and South America. The question still remains, will the developed West move sideways or dip back into recession.
Indian and Chinese demand remains good particularly on the falls now seen in the gold price.
With so little real structural reform in the global economy and with so many comforting statements from the monetary authorities, we are very cautious as to the years ahead for the monetary system as we now know it. While this atmosphere persists, gold will be favored.
Even the banking stress tests in Europe are thought to be not stringent enough. Investors are unlikely to believe these reports if they are too soft or inadequate.
When we consider that some central banks, albeit through commercial banks, have gone as far as to raise liquidity against their own gold, we realize that the Eurozone debt crisis is more serious than we are being told at the moment! This is to say the least alarming.
While such fears flow through the markets, how can the monetary system gain bankers and the public’s confidence?
Regards,
Julian D.W. Phillips
