Gold and Silver Market Morning Report for July 2, 2015
by Julian Phillips
Gold and Silver Today: Gold – New York closed at $1,168.50 down $4.00. Asia and London took it down to $1,164. The dollar was 0.75 of a cent stronger at $1.1054 and the dollar Index was higher at 96.37 after being 95.70. The LBMA gold price was set this morning at $1,164.30 down $7.40. The euro equivalent was €1,051.00 down €6.73. Ahead of New York’s opening, gold was trading in London at $1,162.60 and in the euro at €1,050.18.
Silver Today – The silver price fell to $15.59 down 13 cent in New York. Ahead of New York’s opening it was trading at $15.60.
The media continues to feast on Greece’s drama but the markets remain unmoved until the way forward is clear, one way or the other. What is of more importance is the sight of so many currencies struggling against a stronger dollar now. In Indonesia the use of the dollar for internal trade has been halted as the local currency sinks. Puerto Rico’s debt problem, the Ukraine and many others are stumbling, as is a waning global economy. While trade competitiveness improves for these countries, most are not reaping the benefits of rising exports. We still see pressure within the U.S. Treasury to hold the dollar back, but foreign exchange pressures are mounting on the dollar. What history shows is that market intervention fails against a fundamentally weakening or strengthening currency. With the dollar the ‘tree trunk’ of the currency system it is no surprise that the branches are withering first. The most important exchange rate in the monetary world is the $: €. The E.C.B. wants the euro weaker, the U.S. doesn’t, so where next? With the Jobs report on the way, will it be sufficiently positive to send the dollar stronger?
The post Gold and Silver Market Morning Report appeared first on .
