Tag Archives: gold market

Gold Erases Modest Early Losses | Kitco News

18 Friday May 2018

Posted by in gold, market, precious metal market, scrap gold

≈ Leave a comment

Tags

, , , ,

Live 24 hours gold chart [Kitco Inc.]

(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

Visit us at LandisRefining.com

Gold scores first gain in 4 sessions

17 Thursday May 2018

Posted by in market, precious metal market, scrap gold, scrap precious metals

≈ Leave a comment

Tags

,

landis refining, dental industry, gold bars, gold refining, scrap gold

Set of gold bars

By  and 

Published: May 16, 2018 3:15 p.m. ET

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.

Follow us on instagram

Like us on facebook

Visit us at LandisRefining.com

PRECIOUS-Gold prices recover on short-covering

17 Thursday May 2018

Posted by in market, precious metal market, scrap gold

≈ Leave a comment

Tags

,

landis refining, gold nugget

Gold nugget

* Dollar index hovers near 5-month high
* Benchmark U.S. Treasury yield hovers around 3 percent
* Spot gold may bounce to resistance at $1,302/oz-
technicals

By Apeksha Nair
BENGALURU, May 16 (Reuters) – Gold prices recovered some
lost ground on Wednesday on short-covering after prices fell to
the lowest level this year in the previous session on surging
U.S. bond yields and a stronger dollar.
Spot gold rose 0.3 percent to $1,294.30 per ounce at
0639 GMT, after shedding 1.7 percent and marking the lowest this
year at $1,288.31 in the previous session.
This was also the lowest price level for the yellow metal
since Dec. 28.
U.S. gold futures for June delivery were up 0.3
percent at $1,293.60 per ounce.
“Rising U.S. bond yields and a stronger dollar were factors
behind gold’s decline below the $1,300 level. The slight pick up
suggests that there might have been some opportunistic buying on
the part of investors,” said John Sharma, an economist with
National Australia Bank.
A stronger dollar makes greenback-denominated gold more
expensive for holders of other currencies, while rising U.S.
yields tend to weigh on bullion’s non-yielding appeal.
The dollar on Wednesday hovered near a five-month high
against a group of major currencies, boosted by a surge in the
benchmark 10-year Treasury yield after strong U.S. retail data
on Tuesday.
Meanwhile, Asian shares were under pressure after North
Korea cancelled high-level talks with Seoul, denouncing military
exercises between South Korea and the United States and throwing
into question next month’s unprecedented summit between Kim Jong
Un and U.S. President Donald Trump.
While global political tensions continued to provide
safe-haven support to the metal, investors said the main price
drivers would likely remain a stronger dollar and rising U.S.
interest rates.
“There are lot of geopolitical risks but people are just
used to it. Therefore it has not become a big driver for gold,”
said Helen Lau, analyst at Argonaut Securities.
Higher interest rates in the United States amid a rising
dollar will continue to add downward pressure on gold, Lau said.
Spot gold may bounce to a resistance at $1,302 per ounce,
before falling again, Reuters technical analyst Wang Tao said.

In other precious metals, silver was up 0.4 percent
at $16.30 per ounce after falling about 1.6 percent on Tuesday
in its biggest one-day percentage decline since April 23.
Platinum rose 0.4 percent to $897 an ounce, while
palladium eased 0.1 percent to $981.72 an ounce after
recording the biggest single-day percentage loss in two weeks at
1.3 percent in the previous session.

(Reporting by Apeksha Nair and Eileen Soreng in Bengaluru;
Editing by Sunil Nair)

via PRECIOUS-Gold prices recover on short-covering | Metals & Mining | Reuters

Visit us at LandisRefining.com

PRECIOUS-Gold firms as dollar rally cools, U.S.-Iran tensions heat up | Metals & Mining | Reuters

11 Friday May 2018

Posted by in gold, market, precious metal market, scrap gold

≈ Leave a comment

Tags

, ,

gold bars* U.S. consumer price data weaker than expected
* Dollar slips from 4-1/2-month peak
* U.S.-Iran tensions support gold prices

(New throughout, updates prices, market activity and comments;
adds second byline and NEW YORK dateline)
By Renita D. Young
NEW YORK/LONDON, May 10 (Reuters) – Gold rose on Thursday as
the U.S. dollar backed away from 2018 highs after
weaker-than-forecast U.S. inflation data and as tensions between
the United States and Iran also supported the precious metal.
The dollar slipped from a 4-1/2-month peak after U.S. data
showed the Consumer Price Index rose 0.2 percent in April, less
than the 0.3 percent increase that had been forecast. A weaker
dollar makes dollar-priced gold cheaper for non-U.S. investors.

Also helping gold, viewed as a safe-haven investment, was
U.S. President Donald Trump’s move on Tuesday to withdraw from a
nuclear accord with Iran, raising the risk of conflict in the
Middle East.
Israel said on Thursday it had attacked nearly all of Iran’s
military infrastructure in Syria after Tehran fired rockets at
Israeli-held territory.
“We’ve seen a (dollar rally) in the last few weeks, but
actually gold hasn’t gone down as far as you might think, so
political tensions are helping,” said Macquarie commodities
strategist Matthew Turner.
Turner said the dollar was the main driver for gold and he
expects the precious metal to come under pressure in the near
term, with the dollar extending its rally.
Spot gold rose 0.6 percent at $1,320.53 per ounce by
1:34 p.m. EDT (1734 GMT). During the session it touched
$1,322.76, a 10-day high. U.S. gold futures for June
delivery settled up $9.30, or 0.7 percent, at $1,322.30 per
ounce.
Risk appetite among investors limited gold’s gains. Global
equities hit a three-week high as rising oil prices boosted
energy companies, offsetting increased political uncertainty.

“It appears as though the investment side of the equation
has not attracted a lot of attention,” said Rob Lutts, chief
investment officer of Cabot Wealth Management
“We are at the lower end of the range. It appears we could
drift back up to $1,350, but longer term. We really need to see
more investment.”
North American gold-backed exchange-traded funds registered
inflows in April at their highest level since September 2017,
with safe-haven purchases ushered in by a trade stand-off
between the United States and China, Syria tensions and worries
about possible U.S. sanctions on Russia.
In other precious metals, silver gained 1.4 percent
at $16.72 an ounce after earlier hitting a two-week high at
$16.74.
Platinum rose 1.7 percent at $925.40 per ounce,
earlier hitting $926.20, a two-week high. Palladium rose
2.6 percent at $1,000.70 per ounce, earlier seeing $1,002.10, a
2-1/2-week high.

(Additional reporting by Apeksha Nair in Bengaluru; editing by
David Goodman and David Gregorio)

via PRECIOUS-Gold firms as dollar rally cools, U.S.-Iran tensions heat up | Metals & Mining | Reuters

Are The Precious Metals Percolating For A Big Move? | Seeking Alpha

08 Tuesday May 2018

Posted by in gold, market, precious metal market, scrap gold, scrap precious metals

≈ Leave a comment

Tags

, ,

Since the beginning of 2018, gold has been stuck in a trading range between $1310 and $1360. Silver has ranged between $16.20 and $17.50, though primarily between $16.80 and $16.25 since February. So what’s next? While most analysts base their views largely on chart technicals, I have found – at least for me – the Commitments of Traders “tea

landis refining, dental industry, scrap metal, purchase gold, purchase dental scraps, gold market

Ticker

 leaves” is a more reliable forecasting tool. Friday’s COT report showed a continuation of the trader positioning pattern that I believe will support the next big move higher.

Elijah Johnson and James Anderson invited me on to their weekly Metals and Markets podcast to discuss why I believe the metals may be bottoming. In addition, we discuss the why Amazon.com (NASDAQ:AMZN) and Tesla (NASDAQ:TSLA) are horrifically overvalued:

via Are The Precious Metals Percolating For A Big Move? | Seeking Alpha

Visit us at LandisRefining.com

PRECIOUS-Gold prices crawl up as dollar pauses rally | Reuters

07 Monday May 2018

Posted by in gold, market, precious metal market, scrap gold, scrap precious metals

≈ Leave a comment

Tags

, , , ,

landis refining, dental industry, scrap metal, purchase gold, purchase dental scraps

American Gold Coin

BENGALURU, May 7 (Reuters) – Gold prices edged up in early
trade on Monday as the dollar took a breather after climbing to
its highest level this year in the previous session.

FUNDAMENTALS
* Spot gold rose 0.2 percent to $1,316.62 per ounce
at 0034 GMT.
* U.S. gold futures for June delivery were up 0.2
percent at $1,317.20 per ounce.
* The dollar index , which measures the greenback
against a basket of six major currencies, was steady at 92.547
after hitting its best since December at 92.900 on Friday.

* U.S. job growth increased less than expected in April and
the unemployment rate dropped to near a 17-1/2-year low of 3.9
percent as some out-of-work Americans left the labor force.
* Two Federal Reserve officials who are currently voting
members of the U.S. central bank’s rate-setting committee said
on Friday they were keeping an open mind on the total number of
interest rate rises needed this year.
* U.S. interest rate futures rose modestly on Friday, as
traders still expect the Federal Reserve to raise key borrowing
costs at its June 12-13 policy meeting in the wake of
weaker-than-forecast growth in domestic payrolls and wages in
April.
* Euro zone business growth dimmed again in April but the
picture remained relatively bright as new business stayed
buoyant and firms managed to build up backlogs of work, a survey
showed on Friday.
* SPDR Gold Trust , the world’s largest gold-backed
exchange-traded fund, said its holdings fell 0.17 percent to
864.13 tonnes on Friday from 865.60 tonnes on Thursday.

* Hedge funds and money managers trimmed their net long
positions in COMEX gold contracts in the week to May 1, U.S.
Commodity Futures Trading Commission (CFTC) data showed on
Friday.
* Demand for physical gold barely changed in major Asian
hubs last week even as global prices weakened, while a
correction in local rates in India prompted retail consumers and
jewellers to start purchases.
* The World Gold Council, owner of the world’s largest
gold-backed exchange traded fund (ETF), is launching a new fund
with a cut-price management fee to fend off rivals with lower
charges, a source familiar with the matter told Reuters.

via PRECIOUS-Gold prices crawl up as dollar pauses rally | Reuters

Visit us at LandisRefining.com

Gold, Silver Slightly Lower Amid Upbeat Risk Appetite | Kitco News

10 Tuesday Apr 2018

Posted by in dental scrap, gold, market, precious metal market, scrap gold, scrap precious metals

≈ Leave a comment

Tags

, , , ,

stock market

Photo courtesy of colourbox.com

(Kitco News) – Safe-haven gold and silver prices are slightly lower in early U.S. trading Monday. Higher world stock markets overnight are a negative for the competing asset class of precious metals. However, a slightly weaker U.S. dollar index today is working in favor of the metals bulls. June Comex gold futures were last down $0.60 an ounce at $1,335.40. May Comex silver was last down $0.007 at $16.355 an ounce.

U.S. stock indexes are also pointed toward higher openings when the New York day session begins, which suggests better investor risk appetite in the marketplace to start the trading week. Still, traders and investors are wondering if the high volatility in the stock market will continue this week. Such would favor the stock market bears and the precious metals market bulls.

The markets have not reacted significantly to reports of missile strikes on the Syrian military overnight, after weekend reports that the Syrian army has used poison gas on its civilians. Reports said the missile strikes came from Israeli jets.

The U.S.-China trade dispute simmered down a bit during the weekend. Trump administration officials said on Sunday that trade sanctions against China are not imminent and there is time to work out a solution to the matter.

The key “outside markets” on Monday morning see the U.S. dollar index slightly lower. The greenback is seeing a corrective pullback today after hitting a five-week high on Friday. Meantime, Nymex crude oil prices are higher and trading just below $63.00 a barrel.

Read more via Gold, Silver Slightly Lower Amid Upbeat Risk Appetite | Kitco News

Visit us at LandisRefining.com

Will Gold Keep Reacting to US-China Trade War Jitters? – Market Realist

06 Friday Apr 2018

Posted by in gold, market, precious metal market, scrap precious metals

≈ Leave a comment

Tags

, , ,

landis refining, gold bars

Gold Bars

Will Gold Keep Reacting to US-China Trade War Jitters?

By Meera Shawn

9 hours ago

Trade war jitters?

Among the four precious metals that we’ll be discussing in this series, only gold saw gains on Wednesday, April 4. Gold prices for April futures were up 0.23% and closed at $1,335.8 an ounce. Silver was down 0.84% to close at $16.2. Platinum was down 1.4% and was the biggest loser among the four precious metals. It ended the day at $912.1 an ounce. Palladium was also lower by 1.1% and closed at $918.9 per ounce.

The rise in gold was most likely due to the ongoing unrest in the markets due to the US and China trade war. China said that it would impose additional tariffs on $50 billion worth of US imports. The tariffs would include products ranging from cars, chemicals, tobacco, and whiskey. This made markets jittery, which led the US dollar to fall and pushed gold higher. The sentiment didn’t provide a substantial impact on the other three precious metals.

Gold price versus Volatility Index 2018-03-26

 Correlated moves

The above chart compares the performance of gold to the volatility index (or VIX). It is a barometer for overall uncertainty in the market. The higher chances that we could see weak markets led to a rise in this index.

We have seen that gold has a strong relationship with market unrest (VIXY) (VXZ). The higher the tensions in the market, the higher the demand for gold. As gold is famous as a safety asset, investors often jump to this reserve-for-safety. Though the short-term relationship between gold (IAU) and VIX can diverge in a more extended run, we can expect the two to track each other.

Some of the mining companies that also increased on Wednesday with gold include Cia De Minas Buenaventura (BVN), Eldorado Gold (EGO), Alacer Gold (ASR), and Coeur Mining (CDE). They were up 2.4%, 2.5%, 1.5%, and 2.3%, respectively.

via Is Gold Still Taking Cues from Downturn in Equities? – Market Realist

Precious Metals First Quarter 2018 Review And The Outlook For Q2 2018 – ETFS Physical Precious Metal Basket Trust ETF (NYSEARCA:GLTR) | Seeking Alpha

03 Tuesday Apr 2018

Posted by in gold, market, precious metal market, scrap precious metals

≈ Leave a comment

Tags

, , ,

Weighing in on the precious metal market

Summary

Gold is the only precious metal that moves higher in Q1.

Silver underperforms and posts a loss for the first quarter.

Continued weakness in platinum.

Palladium rises to a new record high, reverses, and posts the biggest loss in the sector.

Bullish and bearish factors facing precious metals in Q2.

The precious metals sector of the commodities market posted an overall loss in the first quarter of 2018.

The composite of the four precious metals that trade on the COMEX and NYMEX divisions of the CME dropped by 8.10% in 2014. The sector fell by 19.46% in 2015, but in 2016, precious metals gained 11.71 %. Precious metals moved 20.19% higher in 2017 posting its second consecutive annual gain. In Q1 2018, the sector moved 4.08% lower in a corrective move led by losses in palladium and silver. The sector declined despite a continuation of weakness in the US dollar which declined by 2.19% over the three-month period.

 

Read More via Precious Metals First Quarter 2018 Review And The Outlook For Q2 2018 – ETFS Physical Precious Metal Basket Trust ETF (NYSEARCA:GLTR) | Seeking Alpha

Visit us at LandisRefining.com