Gold rangebound near the $1,800 threshold on omnicron fears. The yellow metal returned to the tight range it had traded in before last week’s Federal Reserve announcement, with futures little changed early Wednesday. Continue reading →
The following chart includes the American Eagle YTD sales totals for 2021 Gold and Silver American Eagle from the U.S. Mint as of 5pm on December 16th. This chart includes the changes from the report posted on December 10th. Continue reading →
Gold steady ahead of Fed comments this afternoon on their monetary policy decision. The yellow metal tumbled Tuesday ahead of the announcement, with some market watchers speculating that investors were taking positions ahead of a possible interest rate increase by the Fed, which would be bearish for gold. Continue reading →
Gold stuck in range just below $1,800 an ounce after edging higher early Wednesday as Treasury yields and the dollar eased, making the bullion more attractive to holders of other currencies. Continue reading →
Gold eases this morning as risk aversion lessens and the U.S. dollar boosts. Weak Treasury yields and continued uncertainty about the Omicron variant put a floor under princes, though prospects of a faster-than-previously expected taper of Federal Reserve stimulus measures pressured the yellow metal. Continue reading →
Gold rallied this morning on disappointing jobs data. The yellow metal rose $5+ an ounce to $1,775 when the release of the key U.S. jobs report for November showed just 210,000 jobs created. Gold remained under pressure because of hawkish statements this week by Federal Reserve officials. Continue reading →
Gold rebounds early Wednesday after slipping near a one-month low in the previous session on Fed comments showing a decided hawkish direction. The yellow metal shrugged off this morning’s positive job numbers. Continue reading →
Gold rises modestly early Monday on omicron concerns. News of the new coronavirus variant’s spread affected all markets much more strongly when it broke on Friday, but the headlines continue to unsettle investors, boosting the yellow metal’s appeal as a hedge against uncertainty. Continue reading →
Gold holding steady above $1,780 an ounce after the release of very positive U.S. jobless claims and muted U.S. Q3 GDP growth. The yellow metal had dipped early Wednesday with strength in the dollar kept futures below the $1,800-an-ounce threshold. Continue reading →
Gold drops $10 an ounce on White House announcement that Fed Chair Powell will be renominated to his position. The yellow metal was already under pressure from the stronger dollar and treasurys. Continue reading →
Gold steady early Friday on inflation concerns. The yellow metal is still hanging tough above $1,850 an ounce as the tug-of-war continues between investors concerned about high interest rates, which would be bearish for gold, and those worried about inflation, which would be bullish because the yellow metal is a traditional hedge against inflation. Continue reading →
Gold ticks up on continuing inflation concerns despite stronger dollar. Gold slightly dropped in early morning trading, but was buoyed back up when bulls bought the dip, even though the dollar is hovering near a 16-month high. Continue reading →
Gold pauses its seven-day inflation fueled rally, trading in a narrow range over $1,850 an ounce. The bullion slipped from a five-month high early Monday on profit taking and strength in the dollar. Continue reading →
Gold sticking near five-month high, after taking a short-lived $16 an ounce (.7%) dip earlier Friday on some profit-taking and a rise in U.S. bond yields and a strengthening dollar. The bullion is on track for its second weekly gain as escalating inflation made the precious metal more attractive to investors as a way to protect wealth. Continue reading →
Gold hits two-month high early Monday in anticipation that interest rates will remain low over the short term, making the precious metal more attractive as an alternative investment. Continue reading →
Gold dips then regains ground to $1,800 after U.S. jobs data offers positive surprise. The yellow metal looks set for weekly gain, lifted by indications from central banks that they were in no rush to raise interest rates.Continue reading →
Gold ticks up a bit under $1,800 this morning as the U.S. Dollar slightly weakens then steadies just under Friday’s 2-week high. Signs that inflation is persisting bolstered the yellow metal’s status as a traditional inflationary hedge as all markets keep an eye on this week’s Federal Reserve meeting.Continue reading →
Gold slumps as inflation jumps, giving the U.S. dollar a boost. The yellow metal started the trading day slipping from the $1,800 mark when the dollar started flexing its muscles. However, gold is still striving for a monthly gain, after the U.S. reported tepid economic growth for the third quarter on Thursday. Silver headed for its worst week since mid-September. Continue reading →
Gold hanging tough near $1,800 an ounce even after U.S. Commerce department data shows modest growth in U.S. Manufacturing. The yellow metal made small gains early in the day on an easing dollar and a downtick in U.S. Treasury yields. Continue reading →
Gold back above $1,800, up over $20 an ounce, headed for a second weekly rally at five week high as softness in the dollar made the yellow metal more attractive as an alternate investment. Continue reading →
Gold droops on stronger dollar in Monday morning trading. Also impacting the yellow metal is the rebound in Treasurys. The U.S. benchmark 10-year Treasury yields extended gains as investors ramped up rate hike bets. Continue reading →
Gold slips on positive U.S. Retail Sales figures and rebounding bond yields, but the yellow metal is clinging to a three-week high, clinging to a weekly rally.
Gold dropped 0.8% to $1,780 an ounce when U.S. benchmark 10-year Treasury yields recovered earlier Friday from the more than one-week low hit on Thursday. Meanwhile, consumers surprised the markets, spending at a much faster pace than expected in September, per this morning’s Census Bureau report. Retail sales jumped 0.7%, far better than the Dow Jones forecast of a 0.2% decline. Compared to a year ago, sales were up 13.9%. The yellow metal slipped another $10 an ounce on the report to hover around $1,770.
In addition to Treasurys, U.S. currency came under pressure Wednesday and Thursday after the latest inflation and jobs reports and the release of the minutes of the last Federal Reserve policy meeting increased investors certainty that the central bank would act to taper pandemic stimulus measures at policymakers’ next meeting in early November.
December gold futures rose 0.2% Thursday to settle at $1,797.90 an ounce on Comex, the highest closing price in a month. The front-month contract gained 2.3% in the first four days of the week. Gold retreated 3.4% in September after gaining just 90 cents in August. It dropped $14.60 in the third quarter. The yellow metal is down 5.1% so far in 2021. Currently, the December contract is down $30.40 (-1.69%) an ounce to $1,767.50 and the DG spot price is $1,769.30.
In physical news, Barrick Gold Corp. reported third-quarter gold production rose almost 5% from the second quarter as output increased at its Veladero mine in Argentina.
In economic news, the key September inflation report released Wednesday showed that U.S. consumer prices rose more than expected as last month as energy costs increased. the U.S. consumer price index grew by 0.4%, above the 0.3% forecast by economists surveyed by Dow Jones.
Meanwhile, the minutes of the September Fed meeting showed members felt the central bank was close to reaching its economic goals and could begin reducing the help it’s been providing the economy beginning in mid-November. That timetable is more aggressive than many investors had anticipated. Many economists have urged the Fed to act sooner rather than later to rein in inflation that’s at the highest level in three decades.
In other positive news for the economy Thursday, the U.S. initial jobless claims report showed that new applications for new unemployment benefits fell below 300,000 last week for the first time since the pandemic began.
December silver futures increased 1.3% Thursday to settle at $23.48 an ounce on Comex. The front-month contract gained 3.4% in the first four days of the week. Silver retreated 8.2% in September, its fourth consecutive monthly decline, and plummeted 16% in the third quarter. The metal is down 11% so far this year. Silver prices are tied to industrial demand. The December contract is down $0.222 (-0.95%) an ounce to $23.255 and the DG spot price is $23.40.
Spot platinum rose 2.8% Thursday to $1,061.00 an ounce and is up 2.9% so far this week. The metal lost 5.3% last month and 10% last quarter. It’s down 1.2% so far this year. Currently, the DG spot price is up $5.00 an ounce to $1,063.30.
Spot palladium added 0.8% Thursday to $2,158.50 an ounce and is up 3% so far this week. It lost 23% in September, 31% in the third quarter and is down 12% so far in 2021. The DG spot price is currently down $30.40 an ounce to $2,142.50.
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 riding a rollercoaster in Wednesday morning trading to regain a position well over $1,770. The yellow metal hit $1,778 an ounce earlier in the day on a weaker dollar, but CPI inflation data briefly dropped the bullion over $20 an ounce. Gold started the trading day steady, hovering around $1,760 an ounce, as investors awaited that key CPI inflation data for September for insight on the Federal Reserve’s stimulus tapering timetable. Continue reading →
Gold climbs on disappointingly down jobs report. The yellow metal had already been hanging to the positive side of a narrow range ahead of the release of the key U.S. monthly jobs report for September. Continue reading →
Gold eases a tad ahead of jobs reports, but is sticking above $1,750 an ounce, as investors awaited the release of key jobs data for September for further direction. The yellow metal briefly hit a one-week high of $1,765 in early Monday trading, getting support from inflation fears. Continue reading →
Gold up this morning following the release of flat PCE inflation data. The yellow metal solidifying above $1,750, overcoming pressure from the U.S. dollar that traded at its highest level for 2021. Continue reading →
Gold slips on surging U.S. Home Sales reported this morning dropping over $10 an ounce. The yellow metal hadregained some turf into positive territory earlier in the trading day on short covering as it hovered near a seven-week low. Gold was under pressure as the dollar and Treasury yields strengthened on anticipation that central banks would increase interest rates sooner than previously anticipated. Continue reading →
Smart investors are well-versed in diversifying their portfolios with gold, silver, and platinum. So, it makes sense that these popular metals have made the headlines in recent years. But in the background, an inconspicuous industrial metal has been on a stealthy bull run: Palladium. Continue reading →
Gold slips this morning as the U.S. dollar mildly rebounds and investors continue to worry about the uncertainty over China’s Evergrande debt woes, which have roiled global markets. Platinum headed for its biggest weekly rally in six weeks. Continue reading →
Gold dips this morning ahead of Fed decision. Investors await the results of this week’s meeting of Federal Reserve policymakers for guidance on when the central bank will begin tapering its bond-buying program. Continue reading →
Gold slips over $10 an ounce relinquishing the ground it had regained early Friday, as next week’s Fed meeting loom. The yellow metal had dropped to the lowest level in more than a month in the previous session amid strength in the dollar. Continue reading →
Gold was little changed near $1,800 an ounce early Wednesday after U.S. data revealed that inflation grew at a slower pace than economists had expected in August, putting the pace of Federal Reserve actions to taper stimulus into question. Continue reading →
Gold holding just below $1,800, but looks headed for its first weekly drop in five weeks. Its position near the psychological threshold is supported by a slightly weakened dollar and the uncertainty over the worsening pandemic. Continue reading →
Gold was steady near the $1,800 an ounce threshold early Wednesday amid strength in the dollar and as investors awaited signals from central bankers about stimulus tapering measures. Continue reading →
Gold up on big jobs miss this morning. Gold rose as much as 1% on Friday when the surprise slowdown in U.S. jobs growth in August was announced, raising the possibility that the Federal Reserve will go slow on its tapering plans. The metal was slightly higher throughout early morning trading, supported by declines in the dollar. Continue reading →