8/15/2014 12:01:31 PM By: Peter LaTona

 

GOLD, SILVER & STOCKS ON A ROLLER COASTER RIDE THIS MORNING

 

Gold began the day well below $1,300 and down almost $20. Silver looked like it might head below $19 and all the while U.S. Stocks were up nicely. Since then, stocks are down triple digits and Gold and Silver rebounded sharply on news coming out of Ukraine that Ukrainian artillery destroyed a significant portion of a 270 truck Russian convoy. This announcement rattled markets and sent European stocks tumbling. " Appropriate actions were undertaken and a part of it no longer exists," military spokesman Andriy Lysenko told journalists. Russia has claimed that these trucks were bringing in humanitarian aid, but Ukraine officials never bought into this explanation. Last night' s attack demonstrated their resolve and only adds more uncertainty to this situation.

Economists have raised their growth targets for the third quarter, but trimmed their estimates for the balance of the year. The overall outlook for job growth and lower employment remains strong. In the Philadelphia Federal Reserve' s quarterly survey of 43 economists, the third quarter forecast went up from 2.9 percent growth to 3 percent growth. The fourth quarter forecast went down from 3.2 percent to 3.1 percent. Overall for 2014, they lowered 2014 overall from 2.4 percent to 2.1 percent. Inflation is expected to remain muted with only slight increases in the forecasts.

At 1:00 p.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,305.00 Down $10.70
• Silver, $19.60 Down $0.34

 

 

August 15, 2014 - 07:49:44 PDT

First Daily Silver Price Set After End Of London Fixing

The first London silver price to replace the 117-year-old fixing ritual conducted by a few traders was set today in an a... Read More

8/15/2014 8:09:03 AM By: Ryan Schwimmer

 

PRICES LOWER ON TENSIONS NEW SILVER FIX CAUSES CONFUSION

The Gold price is lower in early morning trading, though it remained near the key psychological $1,300 per ounce mark. One Precious Metals trader said, " Gold will be well-supported above  $1,300 on underlying geopolitical tensions. Some weak data in the last few days is also helping. But if equity markets take off, prices could dip as there is no other support from physical markets or inflows into exchange-traded funds." Thursday, data showed more people than expected filed new claims for unemployment in the prior week, while tensions in Ukraine and Israel also supported the Gold price.

Though confusion currently surrounds the  new " Silver fix" process  within the industry, it appears the usual outside factors are affecting the Silver price this morning. The lower price is pointing Silver toward its fifth consecutive weekly loss. Sharps Pixley CEO Ross Norman said, " Silver is a $5 trillion market, there are thousands of contracts that underpin this market and they need to reference something during the contracts, if you are a refiner or a jewellery company, you need a benchmark."

At 9 a.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,297.60, Down $18.10.
• Silver, $19.57, Down $0.37.

August 14, 2014 - 16:15:01 PDT

Where I' d Put My Money Now

When supply contracts & demand increases, prices increase. That' s Economics 101. So is it any wonder gold prices are... read more

 

Daily

 

 

Chart Prepared by Jamie Saettele, CMT

-" The decline from the top is impulsive. The implication is for a minor low to form and for gold to trade back into 1315/20 before trading lower again (1270/80 is estimated support)." Gold has traded into resistance (slightly above as of Thursday). If a larger decline is underway, then gold should turn down between now and 1335.

 

-" Weakness has stalled at the 200 DMA (also the 61.8% of the advance from the June low). I&rsquo m looking for a turn higher." Look towards 1366. /

8/14/2014 3:56:10 PM By: Ted Prince

 

GOLD FLAT BUT OUTPERFORMING OTHER MAJOR ASSETS IN 2014

The Gold price remains relatively unchanged today, even as a rise in unemployment claims pared speculation that the Federal Reserve will lift interest rates in the near future.  " Concerns about the labor market are back," Phil Streible, a senior commodity broker at R.J. O' Brien & Associates, said.  " Also, safe-haven bids continue to come in because of the geopolitical developments."   Much of this year' s gains for Gold have come due to the escalation of geopolitical tension in Ukraine and the Middle East. 

Gold is up more than 9 percent year-to-date as the yellow metal looks to rebound following last year' s free fall.  Gold is outperforming U.S. Treasuries and equities and is looking to finish the second half of the year even stronger.  " Gold looks set to head higher," Money Morning Resource Specialist Peter Krauth said last week. " Gold' s 50-day moving average recently pushed above the 200-day moving average, completing what' s known in technical analysis as a bullish golden cross."   With technical indicators, geopolitical turmoil and uncertainty regarding the future of the current stock rally, Gold appears to have a strong potential for bullish movement headed into 2015. 

At 5 p.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,314.50, Up $0.00.
• Silver, $19.92, Up $0.05.

8/14/2014 8:11:13 AM By: Ryan Schwimmer

 

JOBLESS CLAIMS BOOST GOLD

Gold and Silver prices increased slightly after this morning&rsquo s release of the weekly jobless claims report, which showed a higher-than-expected increase to 311,000 (a six-week high) for last week. The Gold price, in the face of many normally-supportive factors, has struggled to break out of a tight range. Societe Generale analyst Robin Bhar explained, " Geopolitics, a weaker dollar and softer economic data are all supportive but prices are not able to break consistently out on the upside, with $1,316-$1,320 [per ounce] proving a very stiff barrier that we have tested a few times in the past month or so."

All three major U.S. stock indexes gave up some gains after the jobless claims report was released, and Michael Sincere of MarketWatch.com pointed out four signs that the bull market is on its last legs. Rallies fizzle quickly, the market breaks key technical levels, major price divergences are indicated, and sentiment reflects complacency. Sincere also states that the market doesn&rsquo t go down in a straight line, so the end of the bull market could extend over weeks or months.

At 9:07 a.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,315.20, Up $0.70.
• Silver, $19.90, Up $0.03.

August 13, 2014 - 07:31:51 PDT

Gold Fear Spike May Be On Its Way

This might actually suggest that when a meaningful correction takes place, Gold could powerfully lead oil as money posit... read more

8/13/2014 3:45:53 PM By: Ted Prince

 

GOLD FUTURES BOUNCE FOLLOWING WEAK RETAIL SALES NUMBERS

Gold futures received a mild boost today following disappointing U.S. retail sales data.  The weaker-than-expected retail figures reinforced the belief that the Federal Reserve will maintain low interest rates for the foreseeable future.  " The Precious Metal has certainly loved the retail sales data and this is moving the traders to make more bullish bets today," Naeem Aslam, chief market analyst at Ava Trade, said.  " It was an appalling number which has missed the forecast by a large number and this has faded the notion of hike in the interest rate by the Fed, at least today."   A low interest rate environment bodes well for Precious Metals, which are also receiving support from ongoing crises in the Middle East and Ukraine. 

U.S. stocks closed higher today for the third session out of the last four. The jump in equities is helping benchmark indexes rebound from losses last week due to escalating conflicts in the Middle East and Ukraine.  " It' s not a market that is being driven by divisive issues," Peter Cardillo, chief market economist at Rockwell Global Capital, said. The broad gains are " a good indicator that geopolitical concerns just maybe might wane for the week."

At 5 p.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,313.00, Up $2.40.
• Silver, $19.84, Down $0.10.