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Gold back above $1,600/oz as Apple’s virus warning lifts safety demand

18 Tuesday Feb 2020

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Gold surged over 1% on Tuesday to fetch more than $1,600 an ounce as Apple Inc’s surprise warning about the impact of the coronavirus outbreak fueled concerns about global economic weakness, driving investors to lower-risk assets.

Palladium notched an all-time high, driven by short supplies of the auto-catalyst metal.

Spot gold was up 1.3% at $1,601.04 per ounce, its highest since Jan. 8. U.S. gold futures climbed 1.2% to $1,604.70 an ounce.

“The equity markets are under pressure and gold is still being viewed as a quintessential safe-haven asset as we do get some negative news in this case in regards to coronavirus and its effects on the global economy,” said David Meger, director of metals trading at High Ridge Futures.

read more via: https://www.cnbc.com/2020/02/18/gold-markets-equities-coronavirus-in-focus.html

5 Questions To Ask Yourself Before Buying Precious Metals

23 Friday Aug 2019

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Gold can be a great investment

Buying physical gold or silver as an investment is not always as straightforward as it sounds. Novice investors often get lost in a variety of options: “Should I buy minted bars or sovereign coins?” “Maybe that limited edition coin would be a good investment?”

Sensible investors evaluate bullion options by the price and premium on the gold spot price. But the premium is only one part of the equation. It doesn’t necessarily mean that you’ll get that premium back upon the sale.

Worse, there are unscrupulous dealers out there. They will try to trick you into buying numismatics and other collectibles that have a huge premium and won’t retain their value over time.

As a result, it’s essential to get an understanding of precious metals before dipping your toes into this market.

In this article, I’ll answer some of the most important questions you should ask yourself before buying precious metals.

Read more at: https://www.forbes.com/sites/oliviergarret/2018/05/21/5-questions-to-ask-yourself-before-buying-precious-metals/#609a749f6f92

Asian Metal Market Update

09 Wednesday Jan 2019

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Big moves will be there in metals, energies and the US dollar Index only after the outcome of US-China trade talks are known. Till then, the consolidation phase will be there. Focus of the world in on a Chinese slowdown. Long term metal investors are on the sidelines as they expect slower and lower Chinese demand. If the trade talks succeed and all issues comes to an end once and for all, then also, the Chinese economic growth will not happen overnight. It will take at least another quarter to see actual higher and sustained growth.

Read more via: http://news.goldseek.com/InsigniaConsultants/1547042683.php

Gold prices post a modest decline as dollar weakens ahead of midterm vote – MarketWatch

06 Tuesday Nov 2018

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Gold prices posted a slight decline on Monday, holding above $1,230 an ounce for a third straight session as traders eyed some weakness in the U.S. dollar a day ahead of the closely watched midterm elections.

“Stepping back from today’s price action, what is most interesting for gold is how well it has held its ground despite a significant rally in the U.S. Dollar Index in recent weeks,” Michael Armbruster, managing partner at Altavest, told MarketWatch. “When it comes to gold, it’s easy to be lulled into a sense of complacency when the U.S. dollar is trending higher along with interest rates.”

Gold for December delivery GCZ8, -0.37%  edged down $1, or less than 0.1%, to settle at $1,232.30 an ounce, squarely between the day’s high of $1,236.60 and low of $1,228.40.

The contract ended last week slightly lower after a report showed a U.S. job market that was even stronger than expected—data seen keeping the next Federal Reserve interest-rate hike likely on track for December. Higher rates dull the appeal of nonyielding bullion, while boosting the dollar, making dollar-priced commodities less attractive to investors using other currencies.

Still, data Monday showed the nonmanufacturing index compiled by the Institute for Supply Management slipped to 60.3 last month from a 21-year high of 61.6 in September.

The dollar continued its decline after the ISM services survey, with the ICE U.S. Dollar index DXY, -0.06% down 0.3% at 96.286 in Monday dealings. Last Thursday, gold settled at its highest level in more than three months when the index weakened and as stock markets wrapped up a dismal October.

“Increased risk aversion with the equity markets’ selloff has certainly added a risk-averse boost to gold in recent weeks, but if the dollar starts to lose traction due to the reversal of the U.S.-China trade dispute, then this could be a driver of continued gold strength,” said Richard Perry, analyst at Hantec Markets.

Perry is watching $1,236 as a technical “line in the sand” for gold and says a consistently higher market at that price opens the way to a climb toward $1,266.

Armbruster pointed out that “investors should keep in mind that central banks around the world (China, Russia and others) are reportedly adding to their gold holdings. Such behavior by central banks may trump headwinds from the dollar and interest rates and result in a surprise rally.”

Read more via Gold prices post a modest decline as dollar weakens ahead of midterm vote – MarketWatch

More Upside For Gold Prices

02 Friday Nov 2018

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This month’s rally in gold prices may not be over.

That’s because investors are still heavily betting on a decline in the value of the precious metal. When speculators overwhelmingly bet in one direction then a move in the opposite way is often the result.

Bars of gold bullion. Rob Bennett/AP Images for APMEX

Investors wanting to profit from a likely upward move in prices might consider buying the SPDR Gold Shares exchange-traded fund (ticker: GLD) which hold bars of solid gold bullion. Alternatively, try buying December-dated futures contracts on the CME futures exchange.

On October 1, I wrote that speculators were betting so heavily on a further decline in gold prices that we’d likely see a rally. You can read the story here. Starting late January gold prices tumbled until they reached a recent low in mid-August.

However, even as the price stabilized traders held onto those so-called short positions, also known as bets on a decline in prices, and kept betting on further falls in the price.

By early October the negative bets became extreme and hence increased the likelihood of a gold price rally.

Read more via More Upside For Gold Prices

PRECIOUS-Gold steady as robust U.S. economy outlook stems safe-haven buying | Reuters

05 Friday Oct 2018

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* SPDR Gold holdings down 4.5 million ounces since April

* U.S. 10-year Treasury yields highest since 2011

* Dollar near 11-month highs against Japanese yen (Recasts with prices paring gains, adds comments)

By Swati Verma

BENGALURU, Oct 4 (Reuters) – Gold steadied on Thursday as positive U.S. economic data and prospects of tighter monetary policy offset limited gains from safe haven buying.

Spot gold was up 0.1 percent at $1,197.87 an ounce by 2:14 p.m. EDT (1814 GMT). U.S. gold futures settled down $1.30, or 0.11 percent, at $1,201.60.

Read more via PRECIOUS-Gold steady as robust U.S. economy outlook stems safe-haven buying | Reuters

Gold prices edge higher as dollar finds little traction ahead of Wednesday’s Fed decision – MarketWatch

27 Thursday Sep 2018

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pile of gold round coins

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Gold futures eked out back-to-back gains Tuesday as the dollar index softened ahead of the Federal Reserve decision, which could yield a third rate increase of the year—a negative development for gold because it can bolster the dollar.

December gold GCZ8, -0.91%  rose 70 cents, or less than 0.1%, to settle at $1,205.10 an ounce, gaining as the dollar index DXY, +0.54%  traded little changed at 94.155.

The dollar and gold, which is chiefly priced in the U.S. currency, tend to move inversely. Gold prices based on the most-active contracts have declined by 8% so far in 2018 while the dollar index is up about 2.2%.

Read more via Gold prices edge higher as dollar finds little traction ahead of Wednesday’s Fed decision – MarketWatch

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PRECIOUS-Gold prices slip as trade, emerging market worries lift dollar |

04 Tuesday Sep 2018

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Off The Wire

PRECIOUS-Gold prices slip as trade, emerging market worries lift dollar

Reuters
Reuters Tuesday September 04, 2018 12:16 AM

Kitco News

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* Gold may fall to $1,190/oz -technicals
* Palladium hovers near 11-week highs hit on Monday (Recasts, adds comment) By Sethuraman N R BENGALURU, Sept 4 (Reuters) – Gold prices inched down on Tuesday as the dollar hit a one-week high on the back of intensifying global trade tensions and economic worries in emerging markets.
Gold prices are down about 8 percent this year amid rising U.S. interest rates, trade disputes and the Turkish currency crisis, with investors parking their money in the dollar which is being viewed as a safe-haven asset. Spot gold was down 0.1 percent at $1,199.20 an ounce at 0347 GMT, while U.S. gold futures had dropped 0.1 percent to $1,205 an ounce. “The emerging market economic crisis is making currencies very weak and benefiting the dollar, which continues to pressure gold,” said Peter Fung, head of dealing at Wing Fung Precious Metals in Hong Kong. The dollar index , which measures the greenback against a basket of currencies, was up 0.1 percent at 95.182.
A firmer U.S. dollar makes gold more expensive for holders of other currencies, with safe-haven demand for gold this year overshadowed by the metal’s relationship with the greenback. “Gold should track the dollar’s movement very closely and interest rate expectations too are weighing on the metal,” Fung said. Markets are closely watching U.S. economic data, including a manufacturing survey on Tuesday and an employment report on Friday, which could influence gold’s moves as investors look for clues on the pace of U.S. interest rate increases. Meanwhile, worries over an escalation in trade conflicts between the United States and other countries have kept participants in broader markets on edge. “With all the noise building around the trade dispute, along with unsettling economic prospects for Turkey and Argentina that will likely drag on more emerging market economies … gold should be in demand,” said Stephen Innes, Asia-Pacific trading head at OANDA.
After a 16-percent slide in the peso last week, Argentine President Mauricio Macri on Monday announced new taxes and steep cuts to spending in an “emergency” bid to balance next year’s budget. Meanwhile, Turkey’s central bank signalled on Monday it would take steps to combat “significant risks” to price stability, comments seen as hinting at interest rate hikes. Spot gold may fall to $1,190 per ounce, as suggested by its wave pattern and a projection analysis, according to Reuters technical analyst Wang Tao. Spot silver dropped 0.2 percent to $14.43 on Tuesday, after falling to an over two-week low at $14.37 on Monday. Platinum was up 0.4 percent at $786.70, while palladium was down 0.1 percent at $977.50, after hitting an 11-week high of $985.50 on Monday. (Reporting by Nallur Sethuraman in Bengaluru Editing by Richard Pullin and Joseph Radford)

 

via PRECIOUS-Gold prices slip as trade, emerging market worries lift dollar |

Gold Prices Push Into Positive Territory As U.S. Core PCE Hits 2% | Kitco News

31 Friday Aug 2018

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landis refining, dental industry, scrap metal, purchase gold, purchase dental scrapsKitco – Gold prices have pushed into positive territory after inflation pressures have officially hit the Federal Reserve’s target.

Thursday, U.S. Department of Commerce said that its Core Personal Consumption Expenditures Index, increased also increased 0.2% in July, in line with expectations. Annually, core inflation, which is the Fed’s preferred inflation measure increased a tick higher to 2%, up from June’s reading of 1.9%.

This is the first time inflation has hit 2% since 2012.

headline inflation, increased 0.1% last month, in line with expectations. For the year, inflation pressures increased 2.3%.

Gold prices were in negative territory ahead of the data and has pushed into the green in initial reaction. December gold futures last traded at $1,211.90 an ounce, up 0.03% on the day.

Read more via Gold Prices Push Into Positive Territory As U.S. Core PCE Hits 2% | Kitco News

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Wednesday Sector Laggards: Precious Metals, Non-Precious Metals & Non-Metallic Mining Stocks – Nasdaq.com

17 Friday Aug 2018

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stock marketIn trading on Wednesday, precious metals shares were relative laggards, down on the day by about 5.1%. Helping drag down the group were shares of Tanzanian Royalty Exploration ( TRX ), off about 10.3% and shares of Hudbay Minerals ( HBM ) down about 8.6% on the day.

Also lagging the market Wednesday are non-precious metals & non-metallic mining shares, down on the day by about 4.3% as a group, led down by Reto Eco-Solutions ( RETO ), trading lower by about 10.8% and Century Aluminum Company ( CENX ), trading lower by about 10.3%.

Read more Via Wednesday Sector Laggards: Precious Metals, Non-Precious Metals & Non-Metallic Mining Stocks – Nasdaq.com

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