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.
Over the weekend, gold slipped a little to $1,735 ahead of London’s opening. The euro was stronger at $1.43: €1, but these days that only means that the euro is not falling as fast as the dollar. In the euro the gold price was €1,212.65. The Swiss Franc has been successfully weakened back to 0.7951 from its recent peak at 0.7296. Today saw the gold price Fixed at $1,738.00 [$2 down on Friday’s Fix ] and in the euro at €1,214.11 [€5 down on Friday]. Ahead of New York, the gold price was holding around the Fixing prices and the euro
Over the weekend, gold slipped a little to $1,735 ahead of London’s opening. The euro was stronger at $1.43: €1, but these days that only means that the euro is not falling as fast as the dollar. In the euro the gold price was €1,212.65. The Swiss Franc has been successfully weakened back to 0.7951 from its recent peak at 0.7296.
Today saw the gold price Fixed at $1,738.00 [$2 down on Friday’s Fix ] and in the euro at €1,214.11 [€5 down on Friday]. Ahead of New York, the gold price was holding around the Fixing prices and the euro weakening against the dollar to 1.4293.
Silver was Fixed at $39.18 and holding around $39.10 ahead of New York’s opening. Silver is immune to gold’s movements right now.
Gold (very short-term)
The gold price should be relatively steady to stronger, today in New York.
Silver (very short-term)
The silver price should be relatively steady to stronger, today in New York.
Price Drivers
Nothing has happened over the weekend to change the scene from last week. What is of significance is the commentary by the head of the World Bank, Robert Zoellick who said that the lack of political leadership in resolving the crises and the economy has led to a loss of confidence was an understatement from a supportive party. It was Mr. Zoellick who suggested last year that gold should be used as a ‘reference’ for the value of currencies.
We can quote individual instances that lead to the rise of the gold and silver price today, but the world must recognize that it is the world’s monetary system and how it is being handled from 1971 until now and we expect, in the future, that is the cause for gold and silver’s price rises. Currencies are in a bear market!
The incorporation of new Asian demand for gold with demand rising from falling confidence will drive the gold price, overall, long-term. When will such demand stop and change direction? We are commenting on this in the next issue of the Gold Forecaster and the Silver Forecaster, so we again, suggest that you subscribe to them to understand the markets you are seeing!
This week the E.U. leaders are being watched carefully to see if they really can do something effective about the debt crises. Germany is balking at greater fiscal union so much so that an E.U.-wide Eurobond to give greater financial unity to the Eurozone has been taken off the table. Get ready for the next episode!
Meanwhile we are but a week or two from the start of the ‘gold season’! What then?
