Now for the fourth consecutive day gold futures have traded lower, in today’s case moderately lower. As of 4:26 PM EDT, December futures are currently trading at $1494.80, after factoring in the current decline of $16.30. Considering that on September 5 gold had opened up at just over $1560 per ounce, this current decline might be of short duration, but it has taken pricing over $65 lower.
While many analysts including myself expected pause and consolidation beginning a corrective period, my outlook remains extremely bullish long-term. The fact of the matter is that the big boys are buying... Read more
It has been selling that has dominated today’s lower pricing in both gold and silver, with the U.S. dollar actually weakening giving both precious metals a small tailwind. As of 4:34 PM EDT physical gold is currently down $7.60, and fixed at $1498.90. Upon closer inspection of the KGX (Kitco Gold Index) normal trading actually took spot gold prices $9.25 lower today, but once you factor in dollar weakness which adds $1.65, you get the net price decline today of $7.60.
Gold futures are exhibiting the same basic ratio in which December futures are currently down by $8.20 and fixed at $1507.30.... Read more
Chairman Jerome Powell spoke at an event hosted by the Swiss Institute of International studies, in Zürich Switzerland. His outlook for the economy was positive stating that today’s U.S. Labor Department report indicated that the U.S. economy in terms of employment is healthy. He also said that his future outlook is likely to highlight his belief of continued expansion. Most importantly he said that the central bank is “not forecasting or expecting, a recession.” And that “Incoming data for the U.S. suggests that the most likely outlook for the U.S. is still moderate growth, a strong labor market,... Read more
A Call from Vice Premier Liu He to U.S. Trade Representative Robert Lighthizer has set the stage for a resumption of talks. The ADP jobs report for the private sector came in at a robust 195,000 new jobs added in August. The ADP jobs report is giving market participants an indication that tomorrow’s Labor Department nonfarm payroll jobs report will also be a robust number. These events caused U.S. equities to rise dramatically, as gold and silver fell sharply lower.
The net result of this tentative meeting and a solid jobs report by ADP resulted in a gain of 372.68 points in the Dow Jones... Read more