17 Tuesday Jul 2018
Posted in gold, market, precious metal market, scrap gold
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10 Tuesday Jul 2018
Posted in gold, market, precious metal market, scrap gold, scrap precious metals, US market
Tags
china, gold, gold prices, trade tensions, United States, US dollar
* Dollar falls to lowest since June 14
* Spot gold hits highest since June 26
* Gold may rise into $1,268-$1,277/oz – technicals
* Silver, platinum, palladium at over one-week highs
By Karen Rodrigues
BENGALURU, July 9 (Reuters) – Gold prices hit a near
two-week high on Monday as investors covered their short
positions and the dollar slipped to its weakest since mid-June,
while lingering U.S.-Sino trade tensions also supported the
bullion.
Spot gold was up 0.5 percent at $1,260.41 an ounce,
as of 0708 GMT, after touching its highest since June 26 at
$1,262.06.
U.S. gold futures for August delivery were 0.5
percent higher at $1,261.70 an ounce.
Gold is pushing higher on the dollar’s weakness in Asian
trading, said Tim Brown, trader at MKS PAMP Group, wrote in a
note.
The dollar index , which measures the greenback
against a basket of six major currencies, slipped to an over
three week low after U.S. jobs data showed slower-than-expected
wage growth.
The U.S. economy created more jobs than expected in June,
but steady wage gains pointed to moderate inflation pressures
that should keep the Federal Reserve on a path of gradual
interest rate increases this year.
A weak U.S. dollar makes greenback-denominated gold cheaper
for holders of other currencies.
“Some short covering has likely ensued given certainties
over the U.S.-Sino trade tensions on Friday. Still, the uptick
in risk appetite into the week may be short-lived if more trade
tariff threats are seen into the week ahead,” said OCBC analyst
Barnabas Gan.
The United States and China exchanged the first salvos in
what could become a protracted trade war on Friday, slapping
tariffs on $34 billion worth of each others’ goods and giving no
sign of willingness to start talks aimed at a reaching a truce.
President Donald Trump said on Thursday the United States
may ultimately impose tariffs on more than a half-trillion
dollars’ worth of Chinese goods.
“With the ongoing U.S.-Sino trade tensions, the resignation
of David Davis will likely be a side-show, though it may raise
some concerns amongst market-watchers depending on how the
overall Brexit issue progresses,” OCBC’s Gan added.
Brexit Secretary Davis resigned because he was not willing
to be “a reluctant conscript” to Prime Minister Theresa May’s
plans to leave the European Union, delivering a blow to the
British leader struggling to end divisions among her ministers.
Read more via PRECIOUS-Gold prices hit two-week high on short covering, weaker dollar | Reuters
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06 Friday Jul 2018
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Gold looks like an attractive buy at the moment, with investor sentiment reaching the bottom in the marketplace, according to one European fund manager.
In a recent interview with Kitco News, Ronald-Peter Stoeferle, fund manager at asset-management firm Incrementum AG and author of last month’s latest In Gold We Trust annual report, said that from a risk-reward perspective, gold looks extremely attractive. He added that he sees several factors that will lead to higher prices by the end of the year.
“I think we have seen the lows in gold for the year,” he said.
Stoeferle’s comments come as the gold market has managed to bounce off its 12-month lows and is currently trading below the initial resistance of $1,260 an ounce. August gold futureswere last at $1,256.40 an ounce, up 0.24%.
The most significant factor driving gold prices higher is falling momentum in the U.S. dollar, said Stoeferle,noting that interest in the greenback is starting to wane as the Federal Reserve moves closer to the end of its interest rate hike cycle.
Read more via Now Is The Time To Buy Gold As Negative Sentiment Is Exhausted – Incrementum AG | Kitco News
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Posted by landisrefining | Filed under market, precious metal market, scrap gold, scrap precious metals, US market
20 Wednesday Jun 2018
Posted in gold, market, precious metal market, scrap gold, scrap precious metals
Gold prices are moderately lower and hit another six-month low in early-afternoon U.S. trading Wednesday. Silver prices are slightly lower and hit a four-week low. The near-term technical postures for both metals have deteriorated the past week, which is inviting the chart-based sellers into the futures markets. August Comex gold futures were last down $4.00 an ounce at $1,274.60. July Comex silver was last down $0.008 at $16.315 an ounce.
The safe-haven gold market can’t hold a bid despite some risk aversion seen in the marketplace this week, due to worries about a global trade war. It seems the specter of less global commerce in raw commodities if a trade war would break out is trumping safe-haven buying. Gold bulls are frustrated because at present their metal is acting like a raw commodity instead of a safe-haven asset.
A strong U.S. dollar is also working against the precious metals markets. The U.S. dollar index hit another 11-month high overnight. Since gold is priced in U.S. dollars on most world markets, any appreciation of the greenback makes the metal more expensive to purchase in non-U.S. currency.
The other key “outside market” today finds Nymex crude oil prices firmer and trading just above $65.00 a barrel. Oil traders are looking ahead to the late-week OPEC meeting, at which time Saudi Arabia and Russia are expected to announce they will increase oil production.
Read more via Gold, Silver Prices Down On Technical Selling | Kitco News
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07 Thursday Jun 2018
Posted in gold, market, precious metal market, scrap gold, scrap precious metals, US market
You began investing in precious metals because they represent something honest.
Gold and silver are tangible, scarce, and beautiful. People have always recognized them as such. Societies naturally gravitated toward using them as a trusted medium of exchange – money – almost as soon as societies were formed.
Over time civilizations have come and gone. The world has seen constant social upheaval and change.
People from ancient Sumeria would not recognize modern society. But they would recognize a gold coin. In fact, some of the coins used in their time have survived to this day. Physical gold and silver have retained the trust and value placed in them thousands of years ago.
Gold and silver do not rely upon the stewardship of any government, thank goodness. They do not require legal tender laws to be deemed valuable in trade. The metals you hold inside your safe are worth something regardless of what happens outside.
Bullion coins, rounds, and bars are also completely off the grid and portable. This potent combination of attributes makes metals unique in the investment world.
Perhaps most importantly, gold and silver shine the light upon what politicians and bankers are doing to the fiat dollar. Relative to an ounce of gold, the dollar has lost some 97% of its value since 1913.
Read more via Precious Metals Represent Something True
Gold bars
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04 Monday Jun 2018
Posted in market, precious metal market, scrap gold, scrap precious metals, US market
Gold Bars
Investing.com – Gold traders will keep their focus on more trade-related headlines in the coming week, as President Donald Trump prepares to meet world leaders at the G7 summit in Canada.
Fresh geopolitical developments surrounding President Trump’s planned meeting with North Korean leader Kim Jong Un slated for later this month will also be on the agenda.
With a lack of major economic reports in the coming week, market participants will pay extra close attention to monthly trade figures out of the U.S., amid the ongoing threat of a global trade war.
There are no Federal Reserve speakers in the coming week since it is the quiet period ahead of the June 12-13 Federal Open Market Committee meeting, when the Fed is widely expected to raise interest rates.
The U.S. central bank is increasingly likely to raise rates a fourth time this year after Friday’s upbeat employment report showed U.S. job growth accelerated in May and the unemployment rate dropped to an 18-year low of 3.8%.
The U.S. Labor Department’s report also showed solid wage gains, pointing to rapidly tightening labor market conditions, which could stir concerns about inflation.
Gold settled back below $1,300 an ounce on Friday, as the U.S. jobs report buoyed the dollar and suggested that the Fed remains on track to raise interest rates later this month and later this year.
Expectations for higher interest rates tend to be bearish for gold, which struggles to compete with yield-bearing assets when rates rise.
Gold’s losses Friday also came as relief swept across global financial markets after Italy’s two main populist parties struck a deal to form a coalition government, ending months of political deadlock and averting a summer ballot that was seen as a de facto referendum risking a euro crisis.
Gold futures for August delivery settled down $5.40, or 0.4%, at $1,299.30 a troy ounce on the Comex division of the New York Mercantile Exchange late Friday, its lowest finish since May 23.
It logged a loss of about 0.7% for the week.
Elsewhere in precious metals trading, silver futures declined 0.2% at $16.42 a troy ounce, with the contract ending about 0.6% lower for the week.
Among base metals, copper ended at $3.091, up around 0.9% for the session and gaining 0.7% for the week.
Ahead of the coming week, Investing.com has compiled a list of significant events likely to affect the markets.
Monday, June 4
The UK is to release data on construction sector activity.
Tuesday, June 5
China is to publish its Caixin services index.
The Reserve Bank of Australia is to announce its benchmark interest rate and publish a rate statement which outlines economic conditions and the factors affecting the monetary policy decision.
The UK is to produce data on service sector activity.
The U.S. Institute for Supply Management is to publish its non-manufacturing index.
Wednesday, June 6
The U.S. is to publish data on labor costs and productivity as well as the monthly international trade report.
Thursday, June 7
The U.S. is to publish weekly data on jobless claims.
Friday, June 8
China is to report on trade figures.
via Gold Prices – Weekly Outlook: June 4 – 8 By Investing.com
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31 Thursday May 2018
Posted in gold, market, precious metal market, scrap gold, US market
* Dollar near 6-1/2 month peak
* Italy crisis sparks stock sell-off
* China says ready to fight back if U.S. ignites trade war
* SPDR gold holdings rise 0.35 pct on Tuesday
By Karen Rodrigues
BENGALURU, May 30 (Reuters) – Gold prices edged down on
Wednesday as a robust U.S. dollar weighed on the market, but
concerns about political turmoil in Italy and Sino-U.S. trade
conflict limited losses.
Spot gold was 0.2-percent lower at $1,296 per ounce
by 0736 GMT.
U.S. gold futures for June delivery were down 0.3
percent at $1,295.40 per ounce.
“The stronger dollar is the most significant headwind,” said
Stephen Innes, APAC trading head at OANDA.
“With the yellow metal’s sensitivity to the U.S. dollar on
full display, it is unlikely gold will move significantly higher
until we reach the EU ‘Crisis Zone’ which we are nowhere near at
this stage.”
The dollar index , which measures the greenback
against a basket of six major currencies, hovered near its 6-1/2
month peak touched in the previous session.
Investors fear that repeat elections in Italy – which could
come as soon as July – may become a de-facto referendum on
Italian membership of the currency bloc and the country’s role
in the European Union.
“People are really worried about what’s happening in Europe
and the U.S.-China trade tensions … we also see U.S. bond
yields drop,” said Richard Xu, a fund manager at HuaAn Gold,
China’s biggest gold exchange-traded fund.
U.S. benchmark 10-year Treasury yields on Tuesday registered
their largest one-day drop since Brexit nearly two years ago.
Meanwhile, China on Wednesday lashed out at Washington’s
unexpected statement that it still holds the threat of imposing
tariffs on $50 bln of Chinese goods, saying Beijing was ready to
fight back if Washington was looking to ignite a trade war.
“That (U.S.-China conflict) is driving down risk appetite,
hence the stock markets are tanking,” Xu said.
Asian stocks extended a global sell-off on Wednesday as
Italy’s political crisis rippled across financial markets.
Holdings of SPDR Gold Trust , the world’s largest
gold-backed exchange-traded fund, rose 0.35 percent to 851.45
tonnes on Tuesday.
In other precious metals, spot silver was down 0.6
percent at $16.28 an ounce.
Platinum fell 0.4 percent to $900.45 an ounce, while
palladium was 0.2-percent lower at $977.31.
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22 Tuesday May 2018
Posted in market, precious metal market, scrap gold, scrap precious metals
* Dollar index climbs to five-month high
* China, U.S. have great potential for cooperation- Chinese state
media
* Specs cut net long position in gold in week to May 15
By Apeksha Nair
BENGALURU, May 21 (Reuters) – Gold slid to a near five-month
low on Monday, as the dollar rose and demand for safe-haven
assets eased after U.S. Treasury Secretary Steven Mnuchin said a
trade war between China and the United States was “on hold”.
Spot gold was down 0.6 percent at $1,283.30 per ounce
at 0658 GMT, after earlier hitting $1,281.76, its lowest since
Dec. 27.
U.S. gold futures for June delivery were 0.7 percent
lower at $1,282.50.
“Gold price is under pressure as the dollar maintains its
strength,” said Naeem Aslam, chief markets analyst at Think
Markets.
“‘On Hold’ is a risk-on term…The absence of trade tariffs
and hostile tone between the two countries has also impacted the
gold price more adversely,” Aslam said.
The dollar rose versus the yen and hit a five month-high
against a basket of currencies, after Mnuchin’s comments
downplaying a trade dispute with China, boosting risk sentiment
amid hopes for an easing of trade tensions between the world’s
two biggest economies.
Chinese state media on Monday praised a significant dialing
back of trade tension with the U.S., saying China had stood its
ground and the two countries had huge potential for win-win
business cooperation.
“You have this combination of technical factors which is at
the moment un-supportive (for gold). As long as the dollar is on
the firm side, gold is under pressure,” said Dominic Schnider at
UBS Wealth Management in Hong Kong.
The price of gold fell below the psychologically important
$1,300 per ounce level last week for the first time since late
December and has since continued to trade below its 200-day
moving average.
A stronger dollar makes dollar-denominated gold more
expensive for holders using other currencies. Furthermore,
rising U.S. interest rates, and the expectation that U.S.
Federal Reserve will raise rates again next month, limits
investor demand for non-yielding bullion.
“Investors are looking towards the biggest event of this
week- the FOMC minutes and if the Fed doesn’t tame its hawkish
stance, we would expect more weakness in the gold price,” Aslam
said.
Hedge funds and money managers cut their net long position
in COMEX gold contracts by 21,294 contracts to 31,327 in the
week to May 15, data showed on Friday.
In other precious metals, silver fell 0.8 percent to
$16.30 an ounce.
Platinum was 0.4 percent lower at $879 an ounce,
after marking an over five-month low at $874 earlier.
Palladium rose 0.5 percent at $968.30 per ounce,
after hitting a two-week low at $960.22 on Friday.
via PRECIOUS-Gold hits 5-month low as U.S. trade war with China ‘on hold’ | Reuters
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18 Friday May 2018
Posted in gold, market, precious metal market, scrap gold
![Live 24 hours gold chart [Kitco Inc.]](https://i0.wp.com/www.kitco.com/images/live/gold.gif)
(Kitco News) – Gold prices are trading near steady levels in late-morning action Friday, and have recovered small losses seen overnight and in earlier U.S.-session trading. Short covering in the futures market and some bargain hunting in the cash market heading into the weekend are featured. There are also some geopolitical crosscurrents in play that could be limiting selling interest in the safe-haven gold market. Comex June gold was last up $0.10 at $1,289.60.
Read more via Gold Erases Modest Early Losses | Kitco News
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17 Thursday May 2018
Posted in market, precious metal market, scrap gold, scrap precious metals
Tags
Set of gold bars
By Myra P. Saefong and Mark DeCambre
Gold futures finished slightly higher Wednesday, a day after the metal got pummeled below $1,300 an ounce to post its lowest settlement of the year on the back of a jolt higher by U.S. government bond yields and a resurgent dollar.
The recent jump in Treasury yields and strength in the greenback had served to undercut appetite for precious metals in recent sessions.
On Wednesday, the 10-year Treasury note TMUBMUSD10Y, +0.21% yield was at about 3.08%, pulling back from its highest levels since 2011, while the U.S. dollar, as measured by the ICE U.S. Dollar Index DXY, +0.14% a measure of a half-dozen rival currencies, was up 0.1% at 93.33, after trading as high as 93.63—its highest level of 2018, according to FactSet data.
Higher yields dent demand for nonyielding bullion and a strengthening greenback makes commodities priced in the currency, like gold, more expensive to buyers using other monetary units.
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