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.
On Friday afternoon gold was Fixed at $1,297, this morning it was Fixed at $1,298.25. Again, we are seeing major buyers with ‘limit orders’ looking for quantity and not chasing prices, controlling the gold price. The psychological effect of $1.300 is a factor in profit-seeking investors hesitation.
Eurozone problems are again a concern to markets this week, with talk of punishing delinquent countries that over-borrow. Penalties such as restricted voting rights, fines and other penalties are being discussed right now. Suddenly the attraction of being a poor member of the Eurozone is not so great. On top of that you are tied into a strong currency relative to your nation’s economic condition. Can the Eurozone take these strains?
The law that could see China labeled as a ‘currency manipulator’ may well be signed into the books this week. It will be a symptom of gung-ho politics, rather than measured good sense. It will be good for the gold price, as you will see, in the days to come. [More in this week’s Gold Forecaster] We recommend that, so you are sure to get the full picture of these developments that we offer you, subscribe through: – www.SilverForecaster.com or www.GoldForecaster.com to our newsletters. Who are we? We are a newsletter that helps you to understand gold, its market and its place in the financial world. In addition we have a 95% correct record on the Gold & Silver Prices.
In the next issue of our newsletters we will post articles [Subscribers can access our archives] on “Why did the gold price begin rising in 2,000 and is still doing so?” and the evolution of the gold market as $1,300 an ounce is crossed [for subscribers only].
Gold – Very Short-term
Gold is marking time but could move over into a new ‘big’ figure of $1,300 today. We expect the U.S. market to take it there when it does.
Silver – Very Short-term
Silver was again Fixed at $21.35 then move higher to $21.50 boding well for the market in New York.
Gold Price Drivers
The battle lines of the Yuan exchange rate have been drawn. China’s Premier made it clear that he would not budge. So did President Obama. We have discussed the ramifications of this in the U.S. Dollar section of our next issue of the Gold Forecaster. We believe it is the start of significant changes to come in the monetary and currency worlds. It is extremely gold-positive.
U.S. investors are in danger of missing this picture if they see only the U.S. viewpoint. Remember investors should not allow the emotions of politics into their investing unless they want to see with a slant effect. We are apolitical and will tell you what we see lying ahead.
What is very clear is that the actions to repair the damage to the financial crisis of 2007 and since then is merely superficial. Unless it becomes serious reform [not just of the banks either] the very dark clouds on the horizon will not clear. Until consumer, ground-level, stimuli of the economy in large doses is undertaken and structural reformation of the global monetary system is put in place there will be nothing that will stop the gold price from rising much more.
Regards,
Julian D.W. Phillips
