Gold hovering around the $1,800 mark, but looks headed for its first weekly decline in five weeks, as strength in the U.S. dollar made it the preferred risk-off trade as the pandemic and economic picture worsened. Continue reading →
Gold recovering from overnight dip as equities face pressure and COVID cases grow. The yellow metal lost ground overnight on a stronger greenback, dropping below the $1,800 mark briefly, but bouncing back as investors take advantage of the dip.
The Dow was down over 500 points (over 1.5%) at the opening bell, ending a 3-week winning streak, as concerns over the rise of the Delta variant grow. The NASDAQ and S&P also struggling this morning, down 55 (-1.2%) and 139 (-0.92%) respectively.
Gold also got some support from declines in U.S. Treasury yields, which were near a one-week low, with 10-year yields dropping to a new 5-month low. Their retreat — and the climbing COVID-19 cases — have made the yellow metal more attractive as a hedge against uncertainty. But the dollar’s gains pressured prices. The dollar index was near a three-month high.
August gold futures rose 0.2% last week to settle at $1,815.00 an ounce on Comex. The front-month contract, which trading near a four-week high last week, slipped 0.8% Friday. Gold has increased 2.5% so far in July. It fell 7% in June in the worst month since November 2016 after advancing 7.8% in May, the best month for the precious metal since July 2020. Gold climbed $372 — or 24% — in 2020 because of uncertainty about the economy and the pandemic and is down 4.2% so far in 2021. The August contract is down $2.70 (-0.15%) an ounce to $1,812.30 and the DG spot price is $1,812.00.
The rapid spread of the delta variant of the coronavirus is forcing new shutdowns around the world as cases climb. That has increased concern that the pandemic isn’t over yet.
“Most people will either get vaccinated, or have been previously infected, or they will get this delta variant,” Dr. Scott Gottlieb, former commissioner of the U.S. Food & Drug Administration during the Trump Administration said Sunday on CBS’s “Face the Nation” program.
Investors will continue to watch for signals on how the economy is dealing with the latest development in the pandemic, including inflation and what the Federal Reserve will do about it. They will also look closely at the labor market.
The June U.S. inflation report last week showed consumer prices jumped the most since 2008 and beat all estimates. Gold is a traditional hedge against inflation. But U.S. weekly initial jobless claims reached a pandemic-era low in the report released last week.
Investors will await the latest weekly jobless claims on Thursday as well as the U.S. existing home sales report. The European Central Bank is scheduled to release a rate decision Thursday.
September silver futures fell 1.7% last week to settle at $25.80 an ounce on Comex. The front-month contract lost 2.3% Friday and is down 1.5% so far this month. Silver fell 6.5% in June after rallying 8.3% in May. The metal rose 47% in 2020 and is down 2.3% so far this year. The September contract is down $0.405 (-1.57%) an ounce to $25.398 and the DG spot price is $25.33.
Spot palladium decreased 6% last week $2,655.00 an ounce and retreated 3.4% Friday. It’s down 4.9% in July and up 8.3% so far in 2021. Currently, the DG spot price is down $47.30 an ounce to $2,603.00.
Spot platinum rose 0.8% last week to $1,115.90 an ounce and fell 2.5% Friday. It’s up 3.3% so far in July. The autocatalyst metal is up 4% in 2021. The DG spot price is down $23.10 an ounce to $1,093.80, currently.
Disclaimer: This editorial has been prepared by Dillon Gage Metals for information and thought-provoking purposes only and does not purport to predict or forecast actual results. This editorial opinion is not to be construed as investment advice or as a recommendation regarding any particular security, commodity or course of action. Opinions expressed herein cannot be attributable to Dillon Gage. Reasonable people may disagree about the events discussed or opinions expressed herein. In the event any of the assumptions used herein do not come to fruition, results are likely to vary substantially. It is not a solicitation or advice to make any exchange in commodities, securities or other financial instruments. No part of this editorial may be reproduced in any manner, in whole or in part, without the prior written permission of Dillon Gage Metals. Dillon Gage Metals shall not have any liability for any damages of any kind whatsoever relating to this editorial. You should consult your advisers with respect to these areas. By posting this editorial, you acknowledge, understand and accept this disclaimer.
Gold was mildly down Friday morning pressured by slightly rebounding U.S. bond yields and dollar, but is still appears heading for a fourth weekly gain as investors remained confident that the U.S. Federal Reserve would maintain its easy monetary policy after Chairman Jerome Powell reiterated in congressional testimony that inflation would be temporary. Continue reading →
Precious Metals Wholesaler Dillon Gage Metals Unveils Olympian Gold and Silver Worth
ADDISON, TX (July 13, 2021) – This year, one of the world’s largest precious metals wholesale trading firms, Dillon Gage Metals, is sharing secrets behind the globally recognized Olympic medals athletes train so hard to obtain. Continue reading →
While celebrating our nation’s liberty, we will observe the following hours:
FizTrade Electronic Trading*:
- Friday, July 2nd: Normal close at 4 pm Central
- Sunday, July 3rd: Normal open at 5 pm Central
- Monday, July 5th: Close at Noon, opens at 5 pm Central
Trading Room and Refinery:
- Monday, July 5th: Closed
Have a happy and safe Fourth of July!
*Subject to change without notice. Hours are dependent upon Globex Market hours.
Gold yo-yos on jobs report, initially slipping on the positive numbers, but then regaining close to daily highs. Continue reading →
Gold dips on this morning’s jobs report that shows private payrolls well above analysts estimates. The yellow metal was already under pressure as the U.S. dollar strengthened on speculation that positive jobs data may motivate the Federal Reserve’s monetary policy to become more hawkish. Continue reading →
Gold stays in range, hovering around $1,780 an ounce. After slipping early Monday as the dollar and U.S. Treasury yields edged higher, the yellow metal clawed back as some investors bought the dip. Many traders staying on the sidelines waiting for a clearer signal from the U.S. Federal Reserve’s and other central bank’s on policy tightening and the scaling back of pandemic stimulus efforts. Continue reading →
Gold falls 1% overnight on a stronger dollar ahead of Fed meeting, but it has clawed back almost $20 an ounce this morning from a low of $1,847 as traders buy the dip. Investors await Wednesday’s meeting of Federal Reserve policy makers for indications on what the central bank will do about rising inflation. Continue reading →
Gold pressured by the dollar this morning after rebounding above the $1,900-an-ounce threshold overnight. The yellow metal’s early morning climb was sparked by the report showing a surge in U.S. inflation wasn’t seen by investors as enough for the U.S. Federal Reserve to tighten monetary policy. Continue reading →
Dillon Gage has incorporated ACH payment options on the award-winning FizTrade™ platform. FizTrade now gives precious metals customers the power to trade and submit payment via a secure, encrypted banking portal when purchasing on their desktop. Continue reading →
Gold returns near four-month high after briefly dipping this morning on a strengthening dollar. Meanwhile investors await the minutes of the Federal Reserve’s last policy meeting for insight into whether members of the Federal Open Market Committee are divided on their accommodative monetary stance and approach to inflation. Continue reading →
Gold waffles between positive and negative territory on CPI data. The yellow metal jumped over $10 an ounce to $1,844.70 on surprising inflation surge, but has since lost ground. It had dropped at the beginning of the trading day as the dollar strengthened and the treasury yields advanced. Continue reading →
Gold rises early Friday as a safe-haven investment as details on the Biden tax plan make headlines. President Joe Biden’s plans to boost the capital-gains tax sent investors out of equities, the dollar and Treasurys giving gold a shot at its third weekly gain as it hovers just under $1,800. Continue reading →
Congratulations to Terry Hanlon, President of Dillon Gage Metals, on being named one of the most influential people in numismatics by Coin World. Continue reading →
Gold slipped from its two-week high early Wednesday as global equities climbed and the dollar rebounded on strong U.S. economic data, as concern grows that central bank tapering might start sooner than expected. Now all eyes and ears turn to today’s 2 p.m. EDT release of the Fed minutes from their March 16th meeting. Continue reading →