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.
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.
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.
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.
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.
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.
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.
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.
Fed comments just released …..
As expected, the Fed announces no change in interests rates.
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.
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.
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.
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.
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.
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.
The following chart includes the year to date totals for 2017 from the U.S. Mint as of 5pm on June 29nd. Continue reading →
We see the price of gold higher this morning after the Fed Chairwoman’s comments about rich asset valuations and the set back in the President’s health care bill.
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The International Monetary Fund cut its outlook on the future of the U.S. economy for this year and 2018, predicting that the President’s target of 3 percent growth is not realistic.
A lower dollar index and lower Ten year bond yields around the globe should have the price of gold in positive territory this morning. But looking at the screen that’s not the case.
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ADDISON, Texas (June 27, 2017) – Dillon Gage Metals, one of the world’s largest precious metals wholesale firms, has launched IRAConnect.com: a cutting-edge, online trading platform designed to streamline precious metals trading in dealer, bank, and brokerage IRA accounts. Continue reading →
Political uncertainties here in the States and in the UK and a weaker dollar have given the price of gold a boost this morning.
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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 22nd. Continue reading →
A mixed bag of indicators to start the day as we see a slightly weaker dollar and stronger Ten Year Treasury yields. Just a week ago we were seeing Ten Year U S Treasury yields at 2.10 percent, now today showing 2.17 percent this helping to keep a cap on any gold rally.
Last week’s decision by the Fed to raise the benchmark interest rates by 25 basis points was both predictable and expected. Continue reading →
The price of gold trying to recover this morning after taking a hit during the week. Helping to keep the price afloat are a slightly weaker dollar and softer Ten-Year Treasury Yields.
The following chart includes the year to date totals for 2017 from the U.S. Mint as of 5pm on June 15th. Continue reading →
As anticipated, the Fed raised rates today by 25 basis points. There was only one vote to stay put cast by Minneapolis Fed President Neel Kashkari who at the last meeting called for a reduction in the Fed’s balance sheet before the next rate hike.
The price of gold is in recovery mode ahead of the Fed decision today, driven by a weaker dollar and lower bond yields. Ten-year Treasury bonds across the globe are all showing softer yields today.
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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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