Gold and Silver Market Morning: June-27-2016 — Governments don’t know what lies ahead, try to calm markets!

Monday, June 27, 2016
By Paul Martin

By: Julian D. W. Phillips, Gold Forecaster
Monday, 27 June 2016

Gold Today –Gold closed in New York at $1,318.90 up from $1,257.50 on Friday a rise of $51.40. Before the opening in London the gold price rose further to over $1,332, before pulling back to $1,325 after the market opened.

– The $: € plunged lower on Monday morning to $1.1004 from [pre-Brexit] Thursday’s $1.1336.
– The dollar index moved higher to 96.37 up from the pre-Brexit, 93.48.
– The Yen continues to strengthen [101.70] after central bank indicated it may well intervene to weaken the Yen.
– The Yuan continues to weaken to 6.65 respectively. The Yuan fix showed the Chinese authorities are taking pulling the Yuan down more in line with the euro than the dollar.
– The dollar is strong on the Index so we do expect action to weaken the dollar even if it is just through swaps. The Fed expressed their worries at their last statement, so we doubt they will tolerate such strength.

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