Precious Metals Commentary, Analysis and Statistics

The following chart includes the year to date totals for 2017 from the U.S. Mint as of 5pm on September 21st. The chart also shows the change in sales from 9/14/2017 which we reported on September 15th.

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Gold dropped to its lowest level in over three weeks after the Fed meeting yesterday.

The Fed put their anticipated policy changes on a bulletin board for all to see and the Bond market overreacted to what the Fed is saying.
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All eyes on the Federal Reserve today ahead of the conclusion of its two day meeting. A decision on interest rates and Balance sheet reduction to be released today at 2 pm eastern time.
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U.S. equity markets following the path of Global markets this morning as the Dow is poised to make another new all-time high.
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Yesterday, North Korea launched its second missile in less than a month and created panic buying in Gold from the Far East. Air raid sirens could be heard all over Japan as a North Korean ballistic missile flew over head and landed in the Pacific ocean.
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The following chart includes the year to date totals for 2017 from the U.S. Mint as of 5pm on September 14th. The chart also shows the change in sales from 9/7/2017 which we reported on September 8th.

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Walter Pehowich will be back with Friday’s commentary, today’s comments come from a senior Dillon Gage Staffer.

After gold reached a one-year high last Friday, profit-taking opportunities have followed, leading the yellow metal into downward technical correction territory late Tuesday. As of this morning, gold prices dropped about $10 more and are hovering at $1,321. Meanwhile, the Dow Jones Industrial Average jumped up over 60 points, leading a rally in the equities market.
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The price of gold taking it on the chin this morning after we see a strong recovery in Treasury Yields and in the Dollar index, after experiencing a multi-year low at 91.01 on Friday.

At the time of this report Equities are up over 100 points attracting money back from safe haven investments last week.
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Gold hits a one-year high after U.S. Ten-year Treasury yields approach the 2 percent level. The dollar also heading in the same direction trading as low as 91.01 overnight.

After hitting these lows, both products have recovered a bit, bringing the price of Gold off the highs of $1,362.40 in the December CME futures contract.
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The following chart includes the year to date totals for 2017 from the U.S. Mint as of 5pm on September 7th. The chart also shows the change in sales from 8/31/2017 which we reported on September 1st.

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The U.S. Dollar at a 32 month low this morning boosting the price of Gold.

Weakening dollar causing the price of Gold to break thru a solid of support at the $ 1348 level in December. The question remains looking at how far the dollar has declined can we get a sustained rally in the price of Gold?
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No surprise that the price of gold is virtually unchanged this morning after seeing the dollar and Treasuries unchanged.

Overnight the Ten Yield Treasury yield got down to 2.054 percent and the price of Gold didn’t budge. Not a good sign for the longs, as at that level the price of gold should be trading much higher according to a prominent Wall Street Gold Trader.

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A less than expected August jobs report released this morning rallied spot gold nine dollars. Revisions to the June and July unemployment numbers (now down 40,000 jobs) also had an effect.

Yesterday, ADP released their Private Sector jobs report for August and the private payrolls increased by 237,000. Good news for the Equity market as they were only expecting an increase of 185,000.
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The following chart includes the year to date totals for 2017 from the U.S. Mint as of 5pm on August 31st. The chart also shows the change in sales from 8/24/2017 which we reported on August 25th.

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One can only imagine how much panic buying in gold came out of the Far East Monday night after North Korea shot a missile over Japan. Even our equity markets sold off into triple digits on the news.
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Strong buying out of the Far East overnight brought the price of Gold to a 9 month high.

Both the dollar and treasury yields heading south in a big way, fueling the price of gold this morning.

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Wholesaler Now Authorized to Distribute Bullion Coins

SINGAPORE, (Aug. 29, 2017) – Dillon Gage Asia, a subsidiary of Dillon Gage Metals, one of the world’s largest precious metals wholesale firms, has entered into an agreement with China Great Wall Coins Investment Ltd. to distribute bullion coins from the official sovereign mint of China. China Great Wall is a subsidiary of the People’s Bank of China, based in Hong Kong.
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The price of gold getting a slight boost this morning from a weaker dollar, but still unable to get over the $1,300 dollar level. Higher equities prices keeping investors interested in that market.
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At the time of this report early Friday morning, the US Dollar and Treasury yields are flat as they can be, subsequently, so is the price of gold. The price of Gold has been standing still of late, building a foundation in the price.
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The following chart includes the year to date totals for 2017 from the U.S. Mint as of 5pm on August 24th. Continue reading →

The price of gold still stuck in the mud looking for some bit of news that can get the wheels spinning again.
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As we start a new week, the price of gold is seen a little firmer due to a slightly weaker dollar and softer treasury yields. Continue reading →

The price of gold picking up steam this morning, approaching the $1,300 dollar level.

Many issues in the marketplace are supporting the price at these levels. One major factor that can affect the value of the equity markets and in turn the price of gold is whether President Trump’s aide Gary Cohn stays on. The market views Mr. Cohn as the key person who could help the President push thru his tax reform plan. In the event he resigns, many believe that tax reform will be dead and a selloff in equities will occur.
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The following chart includes the year to date totals for 2017 from the U.S. Mint as of 5pm on August 17th. The chart also shows the change in sales from 8/10/2017 which we reported on August 11th.

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News that is impacting the markets….

A story worth mentioning, is the status of the White Houses’ top economic advisor and former chief operating officer of Goldman Sachs, Gary Cohn. News reports coming out that Mr. Cohn is extremely upset with the President’s comments regarding Charlottesville. Some news agencies are reporting he is considering stepping down.

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Despite a stronger dollar and higher US Treasury Yields the price of gold marches forward. Continue reading →

Most Fed members in July voted to moving closer to unwinding the Fed’s $ 4.5 trillion dollar balance sheet.

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A stronger dollar and higher treasury yields are keeping a cap on the price of gold this morning.

It seems to be intermission time in the war of words between President Trump and Kim Jung Un, so many of the Wall Street Traders are on the sidelines waiting the next shoe to drop.
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North Korea’s leader backs off from previous threats to attack Guam, in turn, gold sells off.
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The combination of a stronger dollar, higher treasury yields and a triple digit opening for the Dow has put pressure on the price of gold this morning.

Also Japan’s second quarter Gross Domestic Product grew at an annualized rate of 4 percent in the latest numbers released this morning. This report has also helps stocks here and abroad.
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Gold overnight knocking on the door at the address $1300.00.

With the price of Gold in rally mode, because of the tensions with North Korea, some of the dealers are starting to rearrange their inventory holdings to put themselves in position to meet the demand for product in the event the market really starts to heat up.

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The following chart includes the year to date totals for 2017 from the U.S. Mint as of 5pm on August 10th. The chart also shows the change in sales from 8/3/2017 which we reported on August 4th.

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Even with a stronger U.S. Dollar, geopolitical risks have taken over and given the price of Gold a boost. Speculation in the Gold and Silver futures markets, as reflected in the CME open interest figures, are up as some investors start to rotate their investments out of equities and into metals.

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Labor Market Holds, Dollar Makes a Comeback and Somebody’s “Un” Trouble Overseas…

Are the rallies in the gold and silver market starting to lose enthusiasm? Many leading analysts are saying that on the heels of a better than expected July jobs report, the U.S. dollar is starting to strengthen, which is set to temper market interest.

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Champagne on Wall Street and Jobs, Jobs, Jobs…

The Dow hit 22,000 this week, achieving a new record high, however precious metals have been holding their own despite the big party on Wall Street. Those loud popping noises you’ve been hearing are all the champagne bottle corks flying in every direction.

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The following chart includes the year to date totals for 2017 from the U.S. Mint as of 5pm on August 3rd. The chart also shows the change in sales from 7/27/2017 which we reported on July 28th.
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For the price of Gold to trade higher, many of the Wall Street Gold traders were calling for a settlement in the Dollar index below the 93.50 area. And that’s exactly what they got and the price of Gold didn’t move. Matter of fact, the Dollar Index traded below the 93.00 level and still no movement in the price. It wasn’t until we had seen the U.S. 10-year Treasury Yield drop from 2.32 percent to 2.27 percent that Gold rallied 5 dollars.

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Quite a few of the companies reporting earnings this week will keep the retail investor focused on equities. So far this quarter, 73 percent of companies that have reported earnings have beat the street estimates, giving investors the confidence that the equity market rally has more room to the upside even if Washington is not capable of getting anything done.

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CNBC is reporting that North Korea fired a missile that may have landed in Japan’s exclusive economic zone, per Japanese Prime Minister Shinzo Abe.

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Our morning market news finds the price of Gold receiving a boost today at 8:30 Eastern Time, when the GDP report was released. A second quarter result of 2.6 percent and a lower revision on the first quarter number rallied the price of Gold five dollars, just falling short of the next level of resistance in the December Gold futures contract at $1,274.

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The following chart includes the year to date totals for 2017 from the U.S. Mint as of 5pm on July 27th. The chart also shows the change in sales from 7/20/2017 which we reported on July 21st.
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If you remember in Monday’s commentary in The Market Gage, Wall Street Gold Traders were calling for the dollar index to test the 93.50 area sometime this week. Well, they were right, but I don’t think they really knew what the catalyst would be.

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Fed comments just released …..

As expected, the Fed announces no change in interests rates.

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First, a look at our market this morning. A Wall Street Gold trader I spoke with said, “I can’t get too excited with Gold at these levels so I guess I’ll just stick with trading currencies for the time being.”
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The rally in the price of Gold continues this morning as the sell-off in the Dollar Index continues. Overnight the Dollar Index had a very tight trading range, showing a high of 94.08 and a low of 93.82. Which, by the way, is a 13-month low reached this past Friday.

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Good news for the Wall Street Gold traders this morning as the price of Gold reached their levels and now they can get down to the Wall Street heliport early and take a 35 minute ride to their homes in the Hamptons.
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The following chart includes the year to date totals for 2017 from the U.S. Mint as of 5pm on July 20th. The chart also shows the change in sales from 7/13/2017 which we reported on July 14th.

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Quiet overnight trading abroad is keeping the price of Gold virtually
unchanged. Some Wall Street gold traders long from the $1,232 area
are hoping for this rally to continue and would be satisfied heading
for the exits around the $1,248- $1,252 area. In the event the price of Gold
sells off, they will be watching the $1,232 level on the downside. The reason I mention these fellows is that the amount of volume they transmit into the market can influence the price.

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The Dollar hit a ten-month low after the news that the Healthcare Bill in the Senate was declared dead.

Ten-year yield bonds around the globe are all in negative territory, giving Gold a boost this morning.
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Lower Ten-year Bond yields across the globe are giving the price of gold a boost this morning as gold is knocking on the door of the next resistance level at $1,232 in the August contract. This was the level that the Wall Street traders were looking for as they claim we need to settle above this level for the rally to continue.
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The price of gold and silver in rally mode this morning after disappointing economic data was released. The Consumer Price Index was unchanged in June, putting a damper on the FED’s ability to raise rates any time soon. Retail Sales Report was down 0.2 percent when the street was expecting a positive number.
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The following chart includes the year to date totals for 2017 from the U.S. Mint as of 5pm on July 13th. The chart also shows the change in sales from 7/6/2017 which we reported on July 7th.

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All eyes on Fed Chair Janet Yellen’s testimony today as she reports to congress. However, her prepared statement was just released, so gold is already reacting.
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Far East selling overnight brings the price of gold to a four month low. In the past two weeks, higher global bond yields have put a lot of pressure on the price of gold. Continue reading →

“Un” Garde! North Korea Situation Demands Attention…while Jobs Report Could Demand Rate Increase?
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The following chart includes the year to date totals for 2017 from the U.S. Mint as of 5pm on July 6th. The chart also shows the change in sales from 6/29/2017 which we reported on June 30th.

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Hope everyone had a safe and fun 4th of July…now, down to business.

We spoke a little about global geopolitical strife late last week and guess what? It’s returned with a vengeance. Continue reading →

Walter Pehowich is on vacation through July 10th. Today’s comments are from a Dillon Gage senior staffer.

There’s good news, there’s in-between news and then there’s not-so-good news. As the week draws to a close, precious metals have seen key market indicators fluctuate wildly as market interest remains relatively flat. This is why prognosticators get paid the big bucks. Gold is currently pricing slightly down at $1,243 and silver has tipped up in the last hour at $16.67.

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The following chart includes the year to date totals for 2017 from the U.S. Mint as of 5pm on June 29nd. Continue reading →