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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.
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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

Gold investors are hoping to see the $1,300 price in the rear-view mirror as trade tensions increase between the U.S. and EU and as markets await clarity on the Brexit calamity.  Continue reading →

At the time of this report early Monday morning, we see the spot price of Gold one again trying to close in on the $1,300 level. Continue reading →

The price of Gold softened moderately overnight in the Far East and Europe, trading in just a $6 range. The good news is that the price is relatively steady. The bad news is at this moment is there doesn’t seem to be a catalyst to get the price of Gold back over the $1,300 level once again. Continue reading →

For the time being, the report of a trade deal with China is keeping the price of Gold stationary. The price of Gold is in a need of recharge, and that doesn’t seem likely, for the moment. Continue reading →

Investors continue to find the Equity markets attractive even with no end in sight to the China and Brexit negotiations. Continue reading →

Palladium is having wild day, just how wild depends how you look at it.

At the time of this report, Palladium hit an intraday spot low of $1,441, down at one point over $100 dollars. Continue reading →

A tight trading range overnight in the U.S. Dollar is keeping the price of Gold from moving in either direction. Continue reading →

Let’s focus on the two precious metals that lately have been grabbing the most attention. Continue reading →

Surprisingly, even with a stronger U.S. Dollar and rallying Bond prices across the globe, the price of Gold is holding up well. Continue reading →

The Fed signals no rate hike this year with one increase in 2020, saying it will leave rates unchanged, because economic growth has slowed.

Additional notes from today’s minutes, the Fed says:

• It will taper balance-sheet roll off, sees it halting end-sept. Fed sees slower household spending, business investment.
• Economic growth has slowed from solid 4q.
• Core inflation remains near 2%

Markets seemed to be caught be surprise by the Feds long-term outlook…The price of Gold rallied from $1,302 to $1,318 on the news.
The Dow Industrial average reverses on the news and rallies almost 200 point to the up side. Ten-year Treasuries trading earlier this morning at 2.6 percent now after the news trading at 2.53 percent.

Enjoy the rest of your day.

Disclaimer: This editorial has been prepared by Walter Pehowich of 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.

All eyes on the Fed today. Their two-day meeting ends at 2pm EST time with a decision on rate hikes. This will be followed by the Fed Chairman’s news conference at 2:30 pm. Continue reading →

The price of Gold getting help from weaker U.S. Treasury yields and a declining Dollar index. Continue reading →

At the time of this report, we see the price of Gold back above $1,300, sparked by a weaker than expected Empire State manufacturing survey. The yellow metal is teetering at the previous resistance level of $1304. This seems to be an important level as the market either accelerates or declines depending on if the trend is up or down from this level. The price of Gold had fallen just below $1,300 yesterday largely on the fading strength in the U.S. dollar.
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Overnight, higher bond prices and a weaker Dollar Index have caused holders of short positions to head for the exits. If you look at the time and sales volumes during the gold rally today, as soon as we broke thru the $1,304 level of resistance volumes picked up and the short covering rally accelerated. Continue reading →

Higher Treasury yields and a selloff in the Bond Market are attributing to lower Gold prices this morning. Continue reading →

Just this past Monday, we reported that a number of countries in the EU were enjoying double digit gains in their Equity Markets since the start of the year. Continue reading →

The Dollar index is firming up and trading in a tight range overnight giving some Gold investors hope that a strong rally in the dollar will not materialize. Continue reading →

The recent rallies in the Gold and Silver markets are over because of the improving outlook for the global economy. The anticipated trade deal with China and a favorable Brexit outcome are now strong possibilities, so investors are giving up their Gold and Silver holdings for an investment back into the Global Equity Markets. Continue reading →

Surprisingly, we start the day seeing the price of Gold under continued pressure. As the price of Gold declined and penetrated the significant spot level of support at $1,318, selling emerged and the selloff accelerated as many Wall Street Gold traders saw this as an opportunity to put on short positions. Continue reading →

This morning, we see the U.S. Dollar at a three-week low after the Fed Chairman’s comments yesterday. Jerome Powell said that the U.S. economy should keep growing at a solid, though somewhat slower pace this year, but he indicated that there are global economic risks to contend with, continued volatile financial markets and uncertainty about U.S. trade policy. Continue reading →

The President said today that significant progress has been made over the weekend in the China trade negotiations, and with that, he has decided to cancel the March first deadline. Off that headline, we see stock futures up triple digits as investors seemingly applaud the news.
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Wednesday’s minutes from the January Fed meeting revealed that the group was not sure whether they would raise interest rates again, this year.

Regarding the balance sheet, almost every Fed participant said it would be desirable to announce sooner rather than later a plan to stop reducing the Federal Reserve’s asset holdings before the end of the year. Continue reading →

The U.S. Dollar is virtually unchanged this morning awaiting the release of the Federal Reserve’s January meeting minutes at 2 pm Eastern, which could bring more clarity to the future of rate hikes. Continue reading →

As key emblems of our nation’s coinage, the honorees of President’s Day hold a special place in our hearts. It’s also a bit quieter place as U.S. financial markets are on holiday. Continue reading →

Good news is often found on a Friday and this week is no different, as we see gold reaching a weekly high, despite the factor of a stronger U.S. dollar in the mix. The yellow metal is shining today, with spot prices up over $7 an ounce at $1,321.40. Continue reading →