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.
Gold held up overnight in Asia, then in London traders tried to push it down a couple of Dollars. This did not work and just ahead of the Fix gold was trading at $1,228, at which it fixed. As New York opened it became clear that the U.S. wanted more gold and the price rose through $1,230 to hold $1,235 in New York, ahead of the afternoon Fix.
The mood in the market is strong and unaffected by the slight moves in currencies [The €1: $1.2895]. Gold investors nervously look at the currency markets and fear that they will dominate the gold price. So, it is good to remind one and all that the U.S. Dollar is like a tree trunk, with all the other currencies branches springing out from the tree. There will come a time when the rot in the trunk will threaten other currencies. Behind the scenes moves are being made to limit collateral damage as much as possible. The have to be made with minimum damage to global trade and foreign exchange markets, so as to preserve the stability of the global economy.
We are including an article on the future of the Dollar and the problems it is facing in the next issue of the Gold Forecaster.
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Gold – Very Short-term
The Fix at $1,228 reflected the $10 rise that the U.S. market added to the gold price yesterday. New York has it running higher at $1,235, so we do expect today to see a robust market for gold throughout today.
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Silver – Very Short-term
After a Fix today of $18.45, 12 cents more than yesterday, silver jumped another 10 cents in New York promising better prices today.
We do expect a positive day for silver in New York.
Gold Price Drivers
The U.S. is making the running in gold as it rose from $1,215 to the present $1,235. Technical factors will be inciting these rises, leaving more to come still.
Initial jobless claims rose by 12,000 to 500,000 in the week ended Aug. 14, according to the Labor Department. This surprised the market and pointed again to the probability of a double-dip recession. We don’t think the Administration will wait for this to happen, but will stimulated the economy soon. Uncertainty already at a high level is rising again prompting more gold buying. This is being seen in the gold ETF, SPDR.
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Regards,
Julian D.W. Phillips
