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.
The week ends with the U.S. dollar strong against the world’s major currencies as well as against gold.
The euro stands at $1.2972 and the Swiss Franc at 0.9638 on a day when we are notified that the U.S. needs to raise the limit on the amount it can borrow from $14.3 trillion upwards before March 31st, or face debt defaults, according to Mr. T. Geithner, Treasury Secretary of the U.S. With the Eurozone facing debt crises with a debt situation better than that of the U.S. you may find it strange that U.S. debt is not suffering the way the government bonds of the Eurozone are.
Gold Fixed this morning at $1,358.00 and a higher €1,045.98 this morning in London. This shows the gold price in the euro rising but falling in the U.S. dollar so be careful in thinking it is gold that is falling. What you have to ask is, “are we looking at a dollar that is going to turn upwards in more than a rally or is this just a short-term rally.
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Gold – Very Short-term
The gold price is sitting on strong support so while it may be volatile today, should steady at current levels in New York today.
Silver – Very Short-term
The silver price is sitting on strong support so while it may be volatile today, should steady at current levels in New York today.
Gold Price Drivers
Today’s gold price driver is a stronger dollar, not just a weaker euro. Against the world’s leading currencies the U.S. dollar is stronger.Yes, we see the euro weaker against the other leading currencies too, but it is the dollar that is strong by itself today.This reflects a mood of hope that the U.S. economy is not just moving sideways but is actually turning upwards. The expectation today is for a gain of 150,000 in payrolls, in December which would follow a 39,000 November increase, bringing the total advance for last year to 1.1 million. The expected rise would lower the unemployment rate to 9.7% from 9.8%. Watch that report for confirmation that the U.S. economy has at last turned up. The markets and the media continue to interpret this as a reason for the gold price to fall. We don’t! We suggest you subscribe to the Gold Forecaster and Silver Forecaster where we will explain our reasons why we feel so and continue to detail the when and the why the gold and silver markets will continue to thrive. There too, we will publish reports on companies like Coeur d’Alene [silver and gold] and other attractive junior mining companies in the gold and silver worlds.
It seems China is doing a better job of supporting the euro and the dollar than the central banks of those areas in their foreign reserves policies. After attempting to comfort dollar holders by saying they are not sellers of dollars, we are now told that they are “The euro and the European financial markets are an important part of the global financial system and were, are and will be one of the most important investment areas for China’s foreign-exchange reserves,” says the People’s Bank of China. They also said they will be buying more Spanish debt. Bear in mind the Eurozone is its biggest market for exports. But the problems of the euro zone are structurally deep-rooted and not something that China will be able to solve.
