8/26/2014 4:11:04 PM By: Ted Prince

 

GOLD GETS BUMP ON SHORT-COVERING

Following several sessions of lower prices, Gold has rebounded slightly today due to a round of short-covering.  There is currently a lack of motivating factors on the horizon for Precious Metals during this last week of August.  Many analysts expect the remainder of the week to be fairly uneventful even as a stronger U.S. dollar battles safe-haven demand. At last week' s annual Federal Reserve summit at Jackson Hole, WY, European Central Bank chairman Mario Draghi indicated a need to proliferate monetary easing measures in an effort to curb deflationary concerns in the eurozone. Gold bugs will continue monitoring developments in Europe along with geopolitical tension and domestic economic reports to gain a perspective on potential future price movement for the yellow metal.     

U.S. stocks rallied again today as an increase in consumer confidence and a rise in durable goods orders forced the S& P 500 to close slightly above 2,000.  " There' s not a lot of direction in the market so far," Richard Sichel, chief investment officer at Philadelphia Trust Co., said. " The 2,000 number got a lot of attention, but let' s get back to basics and see how the economy is doing."   U.S. equities are now looking to close higher for the fourth straight week as investors anticipate a low interest rate environment for the foreseeable future. 

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

• Gold, $1,282.40 Up $2.50
• Silver, $19.39 Down $0.04

8/26/2014 8:20:45 AM By: Paul Stevens

 

METALS RISING AHEAD OF DATA

Precious Metal prices are opening the day higher,  gaining back yesterday' s losses on chart-based buying.  Although recent geopolitical tensions in the Middle East and Ukraine have dominated recent headlines, some feel they are failing to stir investor demand. Tokyo' s Standard Bank branch manager Yuichi Ikemizu said of Gold, " We are seeing some physical demand but it' s not enough to make the market higher. I think the U.S. dollar is a bit too strong. $1,240 to $1,250 [per ounce] should be very good support levels."

U.S. stock futures are rising ahead of the release of economic reports highlighting July' s durable goods orders along with housing data from June.  While some feel the closely watched reports will give direction, some analysts feel unrest around the world could be a bigger factor. Valutrades analyst Joao Monteiro said in a note, " It is going to be any change in the geopolitical landscape that has the potential to cause the most volatility."

At 9:20 a.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,290.10, Up $10.20.
• Silver, $19.59, Up $0.20.

8/25/2014 3:52:39 PM By: Ted Prince

 

PRECIOUS METALS FLAT WITH GOLD BUGS SIDELINED

Precious Metals prices remain relatively unchanged Monday as strength in the U.S. dollar and interest rate speculation keep investors sidelined.  Gold, in particular, continues to hover near a two-month low as analysts await renewed interest in the yellow metal.  Though Gold has been largely range bound for the last several months, it is still trading six percent higher year-to-date.  As markets prepare to exit the summer doldrums, investors and analysts remain focused on the Federal Reserve' s interest rate policy and geopolitical tensions to spur the future trajectory of Gold and Silver prices. 

U.S. stocks continue their upward surge as the S& P 500 breached 2,000 for the first time today.  " This number, 2,000, is a pretty significant number from psychological and financial points," Joe Bell, senior equity analyst at Schaeffer' s Investment Research Inc., said. " Perhaps we might reach a little bit overbought status, and it looks like the index is going to take a breather there."   If a &lsquo breather' should segue into a significant pullback, Gold could benefit due to its inverse relationship with equities. 

At 4:51 p.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,278.50 Down $2.70
• Silver, $19.37 Down $0.06

 

8/25/2014 8:11:23 AM By: Ryan Schwimmer

 

GOLD STEADY AMID RISING DOLLAR, STOCKS

The Gold price held steady near a two-month low  in the face of a stronger U.S. dollar  in early-morning trading. Saxo Bank senior manager Ole Hansen said, " Gold is holding well above support at $1,271 [per ounce] considering the perfect storm of negative gold news last week when we had rising stocks, rising bond yields, strong economic data from the U.S. and a firmer dollar. Even though the Fed interest rates tightening is receiving most of the attention, there is a lack of commitment because of poor liquidity at the moment."

U.S. stock futures are higher in pre-market trade, taking a cue from Europe. Stocks there increased after  extremely supportive comments  from the European Central Bank&rsquo s president Mario Draghi. Peter Cardillo, chief market economist at Rockwell Global Capital, said, " [Draghi] was dovish and, to a certain degree, while Yellen and the rest of the Fed members are preparing for a rate hike next year, the tone is still that easy money and so if you have a flow of easy money coming out of Europe, that is going to help equity markets here in the States as well."

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

• Gold, $1,279.60, Down $1.60.
• Silver, $19.41, Down $0.02.

 

 

 

8/22/2014 12:01:00 PM By: Peter LaTona

 

RUSSIA BUYS $400 MILLION IN GOLD TO BOOST RESERVES

Russia has just added 9.4 tons of Gold valued at $400 million  to its Gold reserves. This is the fourth consecutive month that Russia has expanded their Gold holdings. Russia now holds 1,104 tons which is the fifth largest moving ahead of China. (China has not reported their Gold holdings since 2009, but Russia has moved past what was last reported). " Russia has been the largest official buyer for years," Eugen Weinberg, the head of commodities research at Commerzbank in Frankfurt, said yesterday. " It' s a part of its long-term strategy of amassing gold reserves and diversifying its foreign exchange reserves." According to the World Gold Council, Central Banks have continued to be purchasers of Gold and have been net purchasers since third quarter 2009. Central Banks purchased 409 tons of Gold in 2013 and they are expected to add as much as 500 tons in 2014.

Gold and Silver prices are up this morning largely on the news coming out of the Ukraine.  NATO Secretary General Anders Fogh Rasmussen said Friday " [the alliance has observed an  alarming buildup  of  Russian  ground and air forces in the vicinity of  Ukraine.] We have also seen transfers of large quantities of advanced weapons, including tanks, armored personnel carriers and artillery to separatist groups in eastern Ukraine." He also condemned Russia' s move sending " so-called humanitarian convoy" without acknowledgment from Ukraine or supervision of the International Red Cross.

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

• Gold, $1,280.80 Up $4.40
• Silver, $19.44 Down $0.02

8/22/2014 8:09:36 AM By: Ryan Schwimmer

 

GOLD RECOVERS AFTER FIVE DAYS OF LOSSES

Precious Metals are recovering in early-morning trading  after five days of losses. This week, Gold is still on track for its biggest weekly loss in five after strong U.S. economic data and speculation over Federal Reserve interest rates. Fed Chairwoman Janet Yellen is due to give a speech at Jackson Hole, Wyo. today, and Macquarie analyst Matt Turner believes it will be a big story. He said, " Yellen' s Jackson Hole (speech) is going to be a dominating story as it comes at a sensitive time for Fed communication, given that the minutes released this week had a slightly more hawkish tinge."

U.S. stock futures are pointing towards a  lower open for Wall Street  in pre-market trade ahead of Yellen&rsquo s speech. Richard Perry, market analyst at Hantec Markets, said, " It would be surprising if she did anything other than hold a steady ship and that the Fed will maintain an accommodative monetary policy for a considerable period of time." Leaders of the European Central Bank and the Bank of Japan are also slated to speak.

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

• Gold, $1,281.00, Up $4.60.
• Silver, $19.49, Up $0.04.

8/21/2014 3:59:18 PM By: Ted Prince

 

GOLD LOWER AS FED INTEREST RATE POLICY EXPECTED TO STRENGTHEN DOLLAR

The anticipation of higher U.S. interest rates helped elevate the dollar versus competing world currencies today.  The stronger dollar forced Gold down nearly $20 an ounce at one point to its lowest level in two months.  " Any hint that there' ll be more definitive action coming from the Fed is not going to be bullish for gold," Tom Kendall, an analyst at Credit Suisse Group AG, said. " The market is still highly sensitive to expectations of what the Fed will do and when."   Also notable among Precious Metals is the slump Platinum has entered.  With today' s drop, Platinum is nearing its longest stretch of losses in almost thirty years. 

The S& P 500 is set to realize another record close today.  Strong economic reports and expectations of a benign message from Federal Reserve Chair Janet Yellen regarding unemployment in the U.S. temporarily eased the anxiety of equities investors.  " In the end, Janet Yellen is the chair, and from the way she' s voted in the past, and from the message that she' s articulated, she wants broad-based strength in labor markets before moving to a higher-rate environment. We don' t see the debate (within the FOMC) as changing the likely outcome," Rhoda at Wells Fargo Private Bank said.

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

• Gold, $1,278.50 Down $17.70
• 
  
  Silver, $19.46 Down $0.08