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.
We are now fighting the battle of $1,260 with London taking the gold price down too Fix at $1,253.50 which was the market price through to just ahead of New York when it moved back towards $1,257 before pulling back to $1,251.
Sovereign Debt problems are worrying bankers again. It’s understandable because the growth of the developed world is seeing a deceleration of growth. Many assume it will pick up, but we ask, why should it? Meanwhile gold is looking solid still with all the positive factors pushing gold up still in place.
We are developing the theme of the last article [Subscribers can access our archives] on “The Yuan goes Global” in the current issue of the Gold Forecaster, and commenting on “What will happen to gold in a slow recovery”. These will not be issued in full as short articles to gold sites in general. To read these important pieces and to find out our preferences and for our full range of weekly forecasts please subscribe through: – www.SilverForecaster.com or www.GoldForecaster.com for our weekly newsletters.
Gold – Very Short-term
The churning of the gold price between $1,250 and $1,260 is a critical battle for the future of the gold price. We expect today to see more ebbing and flowing between these two levels.
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Silver – Very Short-term
Silver was fixed at $19.97 before slipping back at New York’s open at $19.93 As with gold, we expect the price to continue to churn today. We are discussing the reasons why and where it is going now in the next issue of the Silver Forecaster this week. We expect the silver price to show a stronger bias again today.
Gold Price Drivers
The market awareness that the recovery is slowing and will likely keep doing so is being addressed even by President Obama in his election campaign. The country needs to feel that a recovery is really going to give them secure jobs and house prices are going to rise before economic momentum picks up again. And until that happens, the deceleration will continue until deflation is the problem. At the first sign that deflation is with us, we expect the Fed and the Administration to stimulate, at all costs. Evidence of deflation must be seen before U.S. Investors react.
The gold market is asking if gold is peaking. It’s a horrible feeling to think you bought at the top. It’s going to take something dramatic to take investor’s minds off that thought. Until then the big buyers are accepting offers at price limits only.
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Regards,
Julian D.W. Phillips
