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 fell in both the euro and the dollar, Fixing in London at $1,344.00 down $20 on yesterday morning. In the euro it Fixed at €992.98 from yesterday’s €1,011.71. The euro stands at $1.3530 and looks strong enough to shake out the weak holders of gold. The dollar is steady against other ‘hard’ currencies. This is a continuation of the ‘relief recovery’ because the Eurozone is still intact. As New York opened the gold price was slightly easier at $1,343 and €993.6.
Apart from covering the gold and silver markets Gold Forecaster and Silver Forecaster are structured in a way that gives perspective to macro-economic factors from oil to currencies covering the pertinent global gold markets that directly affect the gold price and some that simply influence it. It is a “must-read” for all who want to understand why the gold price is moving as it is and why. It also aims to help you understand why currencies and today’s national economic problems are influencing the global economy and the precious metal prices [we cover platinum in the Silver Forecaster too]. Subscribe at www.GoldForecaster.com or for silver at www.SilverForecaster.com].
Gold – Very Short-term
Gold’s risk remains high even after yesterday’s fall in New York. While it has fallen we still expect a strong move either way.
Silver – Very Short-term
Silver’s risk remains high even after yesterday’s fall to $28.41 at the Fix. It now stands at $27.24 ahead of New York’s opening. Although it has fallen heavily we still expect a strong move either way.
Gold Price Drivers
While none of the fundamentals of the gold market have changed the market needs more news to take it higher. Looking back over the last few months gold benefitted from a fear that the euro and the Eurozone were near to collapse and fear drove investors into gold. Many of these held gold for the short-term hoping for a terrific run in the gold price. Once it became clear that Portugal would not come for a bailout yet, many of these investors felt that the drama was over and are in the process of closing their positions. A look at the debt crisis in the Eurozone tells us that the crisis is by no means over. Yes, the “Rescue package” enlargement will not be tended to until March or later and Ireland’s government will not change until Spring either. But this is a postponement not a resolution of the problems. Standing back we see that 2011 and 2012 are pregnant with so many potentially destructive issue in this world that we are not convinced that there has been a change of trend in gold or silver. We are issuing a series on “The Financial Earthquake” that lies ahead in the years to come, in our newsletters in the weeks to come alongside our forecasts for the factors that affect the gold price. We are about to issue our forecasts on the Chinese Yuan and on Chinese gold demand. We suggest you subscribe to the Gold Forecaster and Silver Forecaster where you can read these. It is there that we will we will detail all the factors that will join to jeopardize the global economic landscape in 2011, keep you in touch with their progress in 2011.
