All eyes are locked onto this week’s FOMC meeting, set for Tuesday and Wednesday. The clear consensus appears to be that the Federal Reserve will slightly raise U.S. interest rates. Most traders and investors are also watching to see if the Fed acts to reduce its overblown balance sheet of government securities.
A stronger dollar is seen this morning after the surprise result in the UK election yesterday. As the results were tallied, the Pound Sterling took a dramatic drop in value and even the Euro was under pressure as the currency world turned to the US Dollar for stability. Subsequently, the price of gold continues to lose ground, even though just a few days ago it looked like the $1,300 dollar level was within reach.
The UK election
The following chart includes the year to date totals for 2017 from the U.S. Mint as of 5pm on June 8th. Continue reading →
The price of gold under some pressure this morning as both the dollar and Ten-Year Treasury yields are seen in positive territory. Recent previous declines in both markets have been giving the price of gold a boost, but today’s reversal just seems to be a pause in the action as we expect the decline in the dollar and softer Ten
Year Treasury yields to continue.
Dillon Gage received the S&P Platts Precious Metals Industry Leader Award for 2017.
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A good start to the week as gold reaches a six week high. What makes it more impressive is the fact that the price of gold is higher today even with a stronger dollar and higher treasury yields.
Overnight over 206,000 ounces were added to the Gold ETF helping support additional gains.
We were ending the week with all four metals in negative territory, but as soon as the Non-Farm payroll number was released at 8:30, all four metals had a healthy recovery and traded higher. Non-Farm payroll figures came in at 138,000 after the street expected 185,000. The report shows retail and manufacturing jobs declined, possibly giving the Fed board something to think about before raising rates at the June meeting. In addition to a poor May job report, significant downward revisions to the March and April job reports were also released.
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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 1st. Continue reading →
As the dollar continues to weaken this morning, the price of gold is seen in positive territory, sitting at the higher end of the most recent trading range. Continue reading →
ADDISON, Texas (May 31, 2017) – Dillon Gage Metals, an international precious metals wholesaler, was recently awarded the inaugural 2017 Precious Metals Industry Leadership Award by the Platts Global Metals Awards committee. Continue reading →
First quarter GDP numbers were released this morning at 8:30 EDT as the Commence Department revised their previous number from 0.7 to 1.2 percent. Consumer spending was stronger than initially thought, but later in this report you will see that the spending seems to be up on “borrowed money.” Continue reading →
The following chart includes the year to date totals for 2017 from the U.S. Mint as of 5pm on May 25th. Continue reading →
The Dollar and Ten-Year Treasury Yields are at session lows right after the Fed minutes were released today. Continue reading →
Precious metals prices seem to be consolidating at levels that hold their support levels. Continue reading →
Continued weakness in the dollar index, now trading below the 97 level, is propping up the price of gold this morning. Continue reading →
A mixed bag of indicators to end the week keeping the price of gold virtually unchanged. Continue reading →
The following chart includes the year to date totals for 2017 from the U.S. Mint as of 5pm on May 18th. Continue reading →
It has been a few months since we have seen the dollar index below the 98 level. With the Ten-Year Treasury yields now below 2.3 percent, both markets giving Gold and Silver a boost this morning.
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ADDISON, Texas (May 17, 2017) – Dillon Gage Metals, an international precious metals wholesaler, is set to release an exclusive and original one-ounce silver bullion medallion celebrating the 100th anniversary of Uncle Sam’s famous recruitment poster heralding, “I Want You for U.S. Army.” This iconic image is being portrayed for the first time in .999 fine silver and is being produced in the United States. Shipping of the rounds will be on a first come, first serve basis, expected to begin the week of May 22.
A continued weaker dollar is giving gold a boost this morning. Continue reading →
Can Geopolitical risks accelerate a rally in precious metals? We’ll explore that topic today, but first let’s look at this morning’s market news:
Precious metal prices are in recovery mode after testing and trading thru the 100-day moving average.
Helping the price of gold this morning is a weaker dollar and Ten-Year Treasury yields.
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The following chart includes the year to date totals for 2017 from the U.S. Mint as of 5pm on May 11th. Continue reading →
Gold and Silver CME futures volumes jump over 30 percent in April compared to April 2016, but most see this price action headed in the wrong direction.
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The market finds support after last week’s selloff. Neither Le Pens loss in the French Election nor the stronger dollar and higher Ten Year Treasury yields seem to have had a negative impact in the price of gold this morning. Continue reading →
The price of Gold in recovery mode this morning despite a stronger dollar and higher treasury yields.
Some Wall Street Gold traders on Wednesday put on short positions as the price of gold broke thru the 200 day moving average at $1,250.80. As I indicated in the past, their strategy is to make a profit of fifteen to twenty dollars and get out. And that’s exactly what they did as soon as we broke thru the strong support level of at $1,232.00.
Now onto economic and political headlines from Europe.
The following chart includes the year to date totals for 2017 from the U.S. Mint as of 5pm on May 4th. Continue reading →
No change in Fed policy at today’s May meeting. the FOMC Watch Tool gives a chance of a 25 basis point rate hike at 67.4 percent at the next meeting in June. Continue reading →
The Fed concludes its May meeting today with the Street only looking at a 4.8 percent chance of a rate hike. Continue reading →
Quiet start to the week as we see the dollar in negative territory and Ten-Year treasury yields slightly higher. Continue reading →
The price of Gold shows no reaction to the 1st quarter GDP number released this morning. Real gross domestic product only increased at an annual rate of 0.7 percent, compared to the fourth quarter 2016 which showed an increase of 2.1 percent.
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The following chart includes the year to date totals for 2017 from the U.S. Mint as of 5pm on April 27th. Continue reading →
Let’s start with the domestic morning headlines that are impacting precious metals: Continue reading →
Le Pen’s second place finish hurts the price of gold. Continue reading →
If you read our comment on Wednesday, I indicated that we would have to hold the level of support in gold at the $1,278-$1,279 level in the June gold contract otherwise I believed that the anticipated Wall Street Gold traders stop loss levels would be triggered. Continue reading →
The following chart includes the year to date totals for 2017 from the U.S. Mint as of 5pm on April 20th. Continue reading →
A weaker dollar index of late under 100 keeping the price gold a float. Continue reading →
Let’s start this Monday morning with some headlines: Continue reading →
The U.S. just dropped the mother of all bombs on an ISIS tunnel in Afghanistan. This is the largest non-nuclear bomb the U.S. has in its arsenal. Continue reading →
Where do I start? There is so much going on here in the States and around the globe that affects the price of gold in a positive way. Continue reading →
The Gold market is heating up as North Korea has issued a stiff warning to the U.S. Continue reading →
The attack in Syria and the poor jobs report cannot get gold to stay above its 200-day moving average at $ 1256.25 spot – number that all traders see as a level of support that must be maintained for gold to trade higher. Continue reading →
Last night, as soon as the news hit the wires that the United States had dropped tomahawk missiles on Syria, gold rallied $12 dollars. Continue reading →
The following chart includes the year to date totals for 2017 from the U.S. Mint as of 5pm on April 6th. Continue reading →
We have a lot to talk about today, so let’s get started withtoday’s market information. Continue reading →
Fed leak and I’m not surprised… Continue reading →
We start the second quarter of 2017 on a quiet note. Continue reading →
Fed comments continue to suppress the price of gold.
We end the week with dollar index and Ten-Year Treasuries virtually unchanged. Wall Street gold traders continue to be absent from trading as the market seems to have no definitive direction. One gold trader I spoke with this morning said, “For the time being, I’m having better results trading in the oil market.”
Small outflows overnight reported in all four metals in the ETF arena.
Now to the news across the pond.
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The following chart includes the year to date totals for 2017 from the U.S. Mint as of 5pm on March 30th. Continue reading →
ADDISON, Texas (March 30, 2017) – Dillon Gage Metals, an international precious metals wholesaler, has been selected as a finalist by the Platts Global Metals Awards Selection Committee in two categories. Continue reading →
Walter Pehowich is off today. A senior DG Staffer provided today’s commentary.
Wall Street is breathing just a tad easier with the market jumping 151 points on Tuesday, ending nine consecutive days of losses, the worst streak since 2011. It appears investors may have been spooked by the stunning rejection of health care reform last week, with thoughts now turning to President Trump’s tax reform plans. Will this initiative meet the same fate? Only time will tell.
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Wall Street’s frustration with Washington’s gridlock gives gold a boost this morning. Equities to open much lower as retail investors scramble to put their stop loss orders in on the Dow Industrial’s open. Taking some profits off the table could be a wise move right now.
Last night when I was watching the action in the Far East, it was apparent that gold and silver would be opening stronger here in the States. The activity in the dollar was brisk, trading lower versus other world currencies. Currently the dollar index is trading at 98.89, down 88 basis points which helps the rally in gold.
Also giving gold a boost are the World’s Ten-Year Bond yields which are all lower on the day.
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President Trump flexing his muscle and demanding a vote today on his health care bill. We all know the President hates to lose and if he doesn’t get his way he will move on to tax reform. Continue reading →
The following chart includes the year to date totals for 2017 from the U.S. Mint as of 5pm on March 23rd. Continue reading →
Gold yesterday settled close to a 3-week high and was up for the fourth day in a row. Continue reading →
The Dow is down over 180 points at the time of this report this morning after being in positive territory early in the day. Continue reading →
We start the week with gold up just a little, off of a slightly weaker dollar and softer treasury yields. Continue reading →
All eyes on the G20 meeting of the Finance Misters and Central Bank Governors which starts today in Germany. Continue reading →
The following chart includes the year to date totals for 2017 from the U.S. Mint as of 5pm on March 16th. Continue reading →
Yesterday Janet Yellen stopped short of predicting four rate hikes this year, weakening the dollar and treasury yields which in turn gave gold a boost. Continue reading →
A lot of news to share with you this morning.
All eyes on the Fed today with the results on interest rates to be revealed at 2pm ET. The street expecting a .25 basis rate hike. The CME Watch tool has the odds of a rate hike at 90.8 percent this morning. All will be listening to the Chairwoman’s comments at the press conference after the announcement. Her view on the economy and how many more rate hikes she expects this year are on the minds of all traders and investors.
It would be interesting to hear if there were any voting Fed members who wanted to raise rates 50 basis points at this meeting to show the world they are ahead of the curve. Any surprises will have a profound effect on all the global markets.
