Gold is in an unsurprising pull back this morning after ending yesterday strong. The yellow metal closed the December contract on Comex at a record high for 2019 as investors continued their flight to safety, capping a week that included wild swings in equity markets, fears that the global economy is heading for a recession and negative bond yields.

December gold futures settled at $1,531.20 Thursday on Comex and gained 1.5% in the first four days of the week. Currently, the December contract is at $1,518.80, off by $12.40. Continue reading →

Gold ticked up this morning on continued concerns over the civil unrest in Hong Kong and worries about global economic growth.

Gold futures had slipped yesterday and equities soared when the U.S. delayed some tariffs on Chinese goods until December. The stock markets promptly rallied, but at the opening bell this morning, the Dow was down $370, Nasdaq down $132 and the S&P was down $41.

This morning the yellow metal recovered its position solidly above $1,500 an ounce. Investors continued to seek a safe haven to protect against the U.S.-China trade standoff, economic uncertainty, the unrest in Hong Kong and the devaluation of the Argentine peso. Continue reading →

Gold futures are once again above the $1,500 psychological mark this morning as investors sought a safe haven in the yellow metal to protect against economic uncertainty, the U.S.-China trade standoff and the continued unrest in Hong Kong.

Goldman Sachs cut its fourth-quarter U.S. growth forecast by 20 basis points to 1.8% on Sunday, citing the trade war. In a note to clients, Chief Economist Jan Hatzius said Goldman expects a new round of tariffs to go through in September and doesn’t think a trade deal will happen before the 2020 presidential election. “Fears that the trade war will trigger a recession are growing,” the report said. Continue reading →

Gold a tad below $1,500 after the release of U.S. Producer Price Index for July shows flat inflation after spending a big chunk of the week over that psychological line.

The PPI rose .2% for July as economists had forecast. The important Core inflation number, which does not reflect highly dynamic food and energy prices, was down .1%, the first decrease in almost five years.

December futures this week rose to the highest level for a most-active contract on Comex since 2013. Gold has strengthened in recent months trade tensions, slowing global growth and easing monetary policy. Continue reading →

Gold topped $1,500 an ounce on Comex early Wednesday and then rose another $10/ounce over the last two hours as global economic concerns continue to grow. The Dow dropped over 400 points at the opening bell.

“Yields are collapsing, and gold is soaring,” said Peter Cardillo, chief market economist at Spartan Capital Securities to CNBC. “That’s raising concern about the impact of the trade war on the economy.” Continue reading →

Gold hits six year high and eyes $1,500 as trade tensions between the U.S. and China intensify and unrest in Hong Kong continues. The yellow metal’s safe haven glow shone brightly sending gold futures ever higher. Currently, the December Comex Contract is up $14.00 an ounce at 1,471.50.

Gold gained strength as a hedge against uncertainty as Asian stocks headed for their biggest selloff since October and the yuan fell past 7 per dollar, a level that investors had considered a line in the sand for China’s policy makers. The dollar tumbled against the yen. U.S. stocks are set to open solidly lower when the New York day session begins shortly. Continue reading →

Gold indifferent to this morning’s job report after climbing yesterday when comments by President Donald Trump fanned the flames of the trade war with China.

This morning’s Jobs report, which was inline with expectations, had scant impact on the yellow metal. The Bureau of Labor Statistics said 164,000 jobs were created in July with unemployment at 3.7%.

Meanwhile, new U.S. tariffs against Chinese goods could be more than 25%, Trump said after U.S. financial markets closed Thursday. Remarks earlier in the day – that U.S. will levy a 10% tariff on $300 billion in Chinese goods starting Sept. 1 – partly spurred the biggest two-day drop in the Standard & Poor’s 500 Index since May. Continue reading →

The gold market has been charting a fairly stable course the last few days as traders eagerly await the Federal Reserve’s monetary policy decision, which will be released later this afternoon.

That stability was unshaken by this morning’s positive private sector employment report for July. The private payrolls company ADP said that the past month slightly beat the job growth forecast of 150,000 by 6,000 new jobs. Continue reading →

Gold futures are a bit up, but basically holding steady this morning, as the markets hold their breath ahead of an anticipated interest-rate cut by the U.S. Federal Reserve on Wednesday. Fed speculation, the U.S.-China trade standoff and geopolitical tensions in the Middle East sent gold to a six-year high this month by making the yellow metal more attractive as a hedge.

The CME FedWatch Tool has kept the odds of a July 31 rate cut at 100% since the Federal Open Market Committee’s last meeting in June. The tool shows the odds of a 50-basis-point cut have inched back up to 23.5% this morning with the likelihood of a 25-basis-point reduction at 76.5%. Continue reading →

Gold had reclaimed a bit of turf this morning after yesterday’s positive U.S. economic reports, but then the yellow metal dipped upon new U.S. GDP Q2 growth number. Gold futures headed for their first weekly drop since early June on Comex, while silver is poised for another advance.

The just release GDP data shows 2.1% growth, beating the expected 2% rise. This is the last major economic report before Federal Reserve policy makers meet next week. Continue reading →

Gold futures are slightly up this morning after touching a one-week low in the previous session. Meanwhile, silver futures climbed to a new one-year high on Tuesday.

Expectations of an interest-rate cut by the U.S. Federal Reserve next week and geopolitical tensions in the Middle East are making precious metals more attractive as a hedge against uncertainty. But gold came under pressure as the U.S. Dollar Index reached a five-week high on Wednesday. The U.S. currency was supported by a deal to extend the U.S. government’s debt limit, which was announced late Monday in a tweet by U.S. President Donald Trump. Continue reading →

Gold rose early Monday as geopolitical tensions from the Middle East added to the yellow metal’s luster as a hedge against uncertainty.

A British-flagged oil tanker, the Stena Impero, was seized by the Iranian Revolutionary Guard on Friday in the Strait of Hormuz after the Iranian government said it was “violating international maritime rules.” Another tanker, the British-owned MV Mesdar, was also boarded by armed guards but released, the BBC reported. Continue reading →

Gold soared to a new six-year high and gold futures target a fifth weekly gain today as expectations of a Federal Reserve interest-rate cut this month solidified and Mideast tensions ramped up.

Gold also got a boost after remarks published this week by billionaire Ray Dalio, founder of the world’s largest hedge fund, who recommended adding the yellow metal to portfolios. He said that central bank policies are about to cause a “paradigm shift” in the markets.

August gold was up early Friday on Comex after advancing 0.3% Thursday and gaining 1.1% so far this week. Currently, the August contract is at $1,436.90, up $8.80 as gold targets fifth weekly gain. Continue reading →

Gold futures inching back up this morning after disappointing U.S. housing data. The new report showed building permits dropped to 6.1%, in June, down to its lowest level since May 2017. This follows the data released by the Commerce Dept. late yesterday showing that U.S. housing starts dropped for the second month in a row, down 0.9% in June.

Gold has recovered to the middle of its $1,400 to $1,420 trading range, after dipping near the psychological $1,400 mark.

Gold futures had slipped yesterday as the dollar advanced on a strong U.S. retail sales report. Currently, August Comex contracts are sitting at $1,411.20, but are down so far this week. They have risen for the past four consecutive weeks. Continue reading →

Gold futures are little changed this morning after ending a fourth week above $1,400 an ounce on Friday.

China posted its lowest quarterly gross domestic product growth in 27 years early Monday amid an ongoing trade war with the U.S. which has sent the yellow metal soaring in recent months as investors seek a safe-haven asset. GDP growth moderated to 6.2% in the second quarter from a year earlier, in line with Reuters estimates. Meanwhile, June industrial output and retail sales beat analysts’ estimates. Continue reading →

Gold futures are poised to settle above $1,400 an ounce for the fourth week after Federal Reserve Chairman Jerome Powell’s two days of testimony before Congress solidified expectations of a rate cut at the end of the month.

This morning’s Producer Price Index released by the U.S. Labor Department rose an expected 0.1% for June, following May increase of 0.1%. Gold dipped a tad at the news, then recovered.

Bullion had retreated Thursday as yields on 10-year Treasuries reached a one-month high, the dollar pared losses and equity indexes set records. The Dow Jones Industrial Average closed above 27,000 for the first time ever, while the Standard & Poor’s 500 Index closed at a new high just shy of 3,000. Continue reading →

Since it began in 1984, HELPS International has brought smiles to the faces of millions of millions of people in need as well as the organization’s volunteers. Now you can join in the smiles, with a few clicks on your Amazon account, just in time for Prime Day.

Dillon Gage is very proud of its connection to HELPS International, our philanthropic focus, which was founded by Dillon Gage CEO Steve Miller in 1984. Continue reading →

The dove has landed? Gold boosted back above $1,400 this morning after Federal Reserve Chairman Jerome Powell began his testimony to Congress signaling openness to a rate cut.

Powell will appear before Congress for two days – today and tomorrow – in semiannual testimony on the nation’s economic health and policy outlook. This morning, Powell said in prepared remarks that since Fed officials met in June, “it appears that uncertainties around trade tensions and concerns about the strength of the global economy continue to weigh on the U.S. economic outlook.” Adding “inflation pressures remain muted.”

Investors are listening closely to the testimony to determine what Fed policy makers will do at their July 31 meeting. Rate-cut speculation is partly behind gold’s rally to a six-year high in recent months. Continue reading →

Gold solidified its position above $1,400 an ounce in the early morning hours after a rocky time on Friday following the strong U.S. jobs report. Today’s climb got an assist from expectations that the U.S. Federal Reserve is still set on cutting interests rates and from lingering concerns over global growth.

August gold futures fell 1.5% on Comex on Friday and retreated 1% last week. Currently, the August contract is at $1,406.7, up $6.60. Continue reading →

Gold futures were steady near a six-year high earlier today, but dropped with the release of the U.S. monthly jobs report for June, ending the yellow metal’s six-week run of weekly rallies.

Data showed nonfarm payrolls rose the most in five months, up 224,000 jobs for June. Economists had forecast a rise of 160,000 jobs.

“The U.S. jobs data is driving all the pressure on gold right now. The payroll numbers crushed all expectations. That may decrease the urgency for a Fed cut in July,” said Chris Gaffney, president of world markets at TIAA Bank told Reuters this morning. Continue reading →

Gold poised to test new highs today, after it significantly bounced back yesterday from its drop following Saturday’s G20 trade announcements.

This morning, Gold spiked after private payrolls company ADP reported only 102,000 jobs were created in June, falling well off the expected 140,000. This makes four out of the five last months that this report has not met expectations.

August futures extended their advance after climbing 1.4% Tuesday to settle above $1,400 an ounce again on Comex. The August contract is currently sitting at $1,423.70, up $15.70. Continue reading →

Gold is reclaiming much of the turf it lost after the announcements about the U.S.- China trade war during the G20 on Saturday. It appears to be a combination of bargain hunters early this morning followed by safe haven seekers this afternoon. Continue reading →

Gold dropped below $1,400 when trading reopened yesterday, following the seeming progress made on the U.S.-China trade war during the G20 on Saturday. Gold prices fell nearly 2% on Monday to their lowest in more than a week as the dollar strengthened and investors opted for riskier assets. However, the yellow metal has been inching back closer to $1,400 as the morning has progress. Currently, spot gold is at $1,393.

U.S. President Donald Trump and Chinese President Xi Jingping agreed over the weekend to resume negotiations following a meeting on the sidelines of the Group of 20 summit in Osaka, Japan. The dollar index increased. Continue reading →

Gold rose early Friday, extending the yellow metal’s gain of more than 5% in the first four days of the week. It slipped Thursday but settled above $1,400 an ounce for the fifth consecutive session.

This morning’s U.S. economic news had little impact on the yellow metal. The Dept. of Commerce reported consumer spending rose slightly in May by .4%, while prices rose slightly. These likely indicators of a slowing economy could give the Fed ammunition to cut rates at the end of July. Continue reading →

Gold gave up some of its recent gains early Wednesday after comments by U.S. Federal Reserve Chairman Jerome Powell seemed to indicate that an interest-rate cut in July isn’t a done deal. Prices remained above $1,400 an ounce, near a six-year high. Analysts in Reuters indicated that profit taking was also behind the dip.

This morning’s mixed economic news including slumped Durable Goods Orders failed to significantly move gold’s needle as the focus is on the Fed Chair’s comments. Continue reading →

Gold consolidated its rally above $1,400 an ounce in early trading Monday, extending the five-year high reached last week.

This morning, the U.S. dollar fell .2% against rival currencies after closing last week with its biggest weekly drop in four months.

Futures advanced after the U.S. Federal Reserve signaled that it’s positioning for an interest-rate cut as soon as next month. As of this morning, the CME FedWatch Tool put the odds of a rate cut on July 31 at 100%. It was at 86.3% last Tuesday, the day before the latest policy decision.
Continue reading →

Gold skyrocketed to the highest level in more than five years and the Standard & Poor’s 500 Index climbed to a record on Thursday after the U.S. Federal Reserve signaled that it’s positioning for an interest-rate cut, possibly as soon as next month.

Gold futures for August delivery topped the key $1,400-an-ounce resistance level in intraday trading early Friday. Futures rose 3.6% Thursday to the highest level for a most-active contract since September 2013 and settled at $1,396.90 an ounce on Comex. Currently, the August contract is at $1,401.10, up $4.20. Continue reading →

Gold is slightly off Tuesday’s new highs this morning as traders await a rate decision by the U.S. Federal Reserve and as trade tensions with China lessen. Continue reading →

Gold bumped up this morning on the Empire State manufacturing numbers, as the survey revealed its biggest drop ever (a reading of negative 8.6 for June following May’s 17.8) which is also the first negative number in over two years. Continue reading →

Spot gold rose above the $1,350/oz. resistance level overnight to reach its highest level since April last year. The rise is driven by concerns over global economic growth, particularly in China, and the escalating tensions in the Persian Gulf. Continue reading →

Gold starting the day in the mid-$1,330 range – rebounding from Tuesday’s intraday losses – as the appetite for riskier assets waned on persistent fears of an ongoing U.S.-China trade war. Also boosting gold is the strong belief that the Fed will ease interest rates in the near future. Continue reading →

Gold prices slipped from a 14-month high after an agreement between the U.S. and Mexico appeared to avert a trade war, reducing demand for the yellow metal as investors became less risk averse. Continue reading →

Gold capped its biggest six-day rally in more than two years on Thursday amid the possibility of a U.S. interest rate cut and fears of a global trade war. Today, the yellow metal looks to continue that run with this morning’s first economic data. Continue reading →

Gold prices are marching on, rising to over a three-month high this morning as trade concerns continue to feed safe-haven demand along with the support received from Fed Chair Jerome Powell’s remarks on Tuesday indicating he is open to cutting interest rates in response to the trade conflicts. Continue reading →

Gold’s luster as a safe-haven asset grew as the weekend brought new warnings of how a trade war would affect the global economy. In early morning trading, Gold made double-digit gains and marked a nine-week high just shy of $1,320. Continue reading →

Late yesterday, President Trump proposed new tariffs on Mexico that would go into effect on June 10th. World markets promptly slid while gold rose through the night, past its high from over two weeks ago. Continue reading →

This morning, trade war concerns continue to keep the price of Gold in positive territory. Continue reading →

The minutes from the U.S. Federal Reserve’s latest meeting released on Wednesday were in line with market expectations. Everyone expects that the Fed will remain patient, so much so that a rate hike is not likely this year, nor is the Fed likely to cut rates unless a full-blown US-China trade and tech war emerges, posing a significant downside risk to the U.S. economy. Continue reading →

Dillon Gage trading room and refinery will be closed Monday, May 27th, in honor of Memorial Day. Continue reading →

Overnight the price of Gold in Asia and Europe traded in just a four-dollar trading range as no new news emerges to move the price in either direction. Continue reading →

Overnight the price of Silver reached a new low for 2019 at $14.35 while sellers still seem to be overtaking the buyers in the Gold market. Continue reading →

This morning we see the price of spot Gold trading either side of $1,300 dollars. Yesterday we witnessed the price of Gold making a new one month high during Asian trading hours. Continue reading →

Stocks plunge after China retaliates on tariffs. Beijing says that it will set new tariffs of between 5% and 25% on $60 billion of U.S. imports. Continue reading →

Stocks plunge after China retaliates on tariffs. Beijing says that it will set new tariffs of between 5% and 25% on $60 billion of U.S. imports. Continue reading →

Today the President imposes increased tariffs on China’s imports to the tune of 25 percent. The President said, it’s all ok, because with the increased tariffs, we are making more money than the best agreement can get us. Some seem to disagree. Most investors expect these costs, one way or the other, to be passed on to the American consumer. Continue reading →

It’s about time the price of Gold is rallying. Gold has rebounded nicely, up 1% since the start of the week, driven by a pick-up in safe haven demand and seeing a decline in Equities prices caused by rising trade tensions between the United States and China. Continue reading →

Gold trading steady overnight, despite the President’s threat of raising tariffs on China. After reading the President’s tweet, equity investors started selling immediately off the headline, not waiting for the details. Continue reading →

On Wednesday, Fed Chairman Jerome Powell said he feels comfortable with the current policy and is likely to keep interest rates steady for an extended period of time. Continue reading →

ADP April job numbers came in better than expected this morning with 275,000 new jobs created in April, well over 180,000 level the street was expecting. In turn, this report boosted the Equity market and strengthened the U.S. Dollar. Continue reading →

The price of Gold continues to recover off the most recent lows, and that’s the good news. Affecting the price of Gold, is the Dollar Index which has appreciated by 1.5% over the past three months. Over the same period, the price of spot Gold has declined over 3 percent. Continue reading →

At the time of this report early Friday morning, the spot price of Gold has rebounded nicely to the $1,280 area after testing the mid $1,260 area just a couple of days ago. Continue reading →

Gold and Silver rebounded today after a harsh Tuesday with gold inching toward $1,280. That bounce back occurred despite the pressure from a strengthening U.S. Dollar and yesterday’s all-time highs in the S&P and Nasdaq, due to strong reported corporate earnings. Continue reading →

Oil prices rally over three percent over night, highest levels since November 2018, giving precious metal investors an indication that inflation is gearing up. Continue reading →

This morning, the price of Gold is seen treading water at $1,276 right in the middle of two levels. Support at $1,260 and the new resistance level
of $1,282. Continue reading →

Here are the Dillon Gage hours for Easter weekend.

Trading room and refinery hours:

• Thursday, April 18th – Close at 4:00pm Central Time
• Friday, April 19th – Closed
• Saturday, April 20th – Closed
• Sunday, April 21st – Closed
• Monday, April 22nd – Open 7:30am Central Time

FizTrade™ electronic trading hours:

• Thursday, April 18th – Close at 4:00pm Central Time
• Friday, April 19th – Closed
• Saturday, April 20th – Closed
• Sunday, April 21st – Open at 5:00pm Central
• Monday, April 22nd – Resume normal hours

A happy and safe holiday from the Dillon Gage family to yours!
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As we start this short week, investors seemed to be focused on other things like the religious holidays and spring break which are right at our doorstep. Surprisingly, we find the spot price of Gold under pressure, even with a softening dollar index. Continue reading →

As we reported in our last Market Gage, a significant short position in Gold still exists, but the price of Gold still shows resiliency as it seems the shorts do not have enough support to pull the rug out from the price. In other words, buying continues to emerge as soon a we come close to support levels. Continue reading →

Although several silver asset classes had their struggles last year, including commodities, there were three very positive developments in the 2018 silver market that helped raise silver demand up 4% in 2018, according to the Silver Institute’s new World Silver Survey 2019. Here are three of their significant findings:

“First, total silver demand increased for the first time since 2015, rising 4 percent to 1.03 billion ounces. Second, there was a robust recovery in retail investment, led principally by silver bar demand, which climbed sharply last year. Third, on the supply side, global mine supply fell for the third consecutive year, following a continuous streak of 13 annual increases before 2016. Silver scrap supply has been in retreat since 2012 and fell by nearly 2 percent last year. These factors led to another tightening of the supply/demand balance, contributing to a physical deficit of 29.2 million ounces (Moz) in 2018.”

The World Silver Survey 2019 is available as a downloadable PDF from the Institute’s website at silverinstitute.org