According to the Associated Press, on Saturday the Iranian-backed Houthi rebels launched a drone attack against the world’s largest oil processing facility and a major oilfield in Saudi Arabia.
“The attacks were the latest of many drone assaults on the kingdom’s oil infrastructure assaults in recent weeks, but easily the most damaging. They raise concerns about the global oil supply and likely will further increase tensions across the Persian Gulf amid an escalating crisis between the U.S. and Iran over its unraveling nuclear deal with world power.”
According to MarketWatch, “The event... Read more
Risk-On Market Sentiment Pressures Gold and Silver
While it is not only bullish sentiment for the risk-on asset class that has pressured gold and silver pricing today, it was one of the forces which resulted in lower precious metals pricing. Rising bond yields, a strong consumer sentiment index which went from 89.8 to 92 in September, and lessening geopolitical risks all contributed to today’s weakness in both gold and silver pricing.
As reported by MarketWatch, “China made further concessions to the U.S. on international trade on Friday, adding agricultural products... Read more
As of 4:11 PM EDT gold futures have maintained a price above $1500 per ounce, with the December Comex contract currently at $1506, a net gain of $2.80 on the day. However, it is not today’s net gain that got the attention of market participants, but rather the wild price swings that developed as fundamental events unfolded.
According to Reuters, the ECB released a statement following their meeting in Frankfurt today, It announced the following changes;
“1. The interest rate on the deposit facility will be decreased by 10 basis points to -0.50%.
2. Net purchases will be... Read more
Editor’s Note; today’s video report is a special edition of the Gold Forecast, Part 2 (part one was yesterday) in which we will look at current pricing through the eyes of an Elliott wave model. The video will explain the current wave count that has completed, as well as forecast where this impulse cycle for could take pricing to, as the final bullish impulse wave, "wave five" concludes. It is a "Must watch show".
Even amongst technical market analysts that use mathematics... Read more