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10/27/2023 9:30 AM     Current Market Spot Prices:     Gold:  $1,984.26/ozt   Silver:  $22.89/ozt   Platinum:  $926.20/ozt   Palladium:  $1,168.05/ozt  

Thursday, August 28, 2014

Quiet Pre-Holiday Trading
A quiet and subdued day in the precious metals market today, with pre-holiday trading holding gold in a narrow range.

Gold opened at $1284 in the Far East and drifted higher though the European hours, touching the high of $1287.00 on a slight weakening of the U.S. Dollar.  New York opened at $1286 retested the highs but drifted back off on a steady equity opening and general lack of interest.  Falling back to $1283, gold aimlessly traded between $1282 and $1284 for the rest of the session, closing the day $1283.75.

Note: The U.S. Dollar has been making continued new highs for quite a while; some technical analysts are beginning to write that they think it is overbought.  Such a retreat would be positive for gold.

Posted by Michael Gupton at 12:00 AM 0 Comments

Friday, August 15, 2014

It's the middle of August, What's Up...or down with Gold?

 Another back and forth day in the metals market as another piece of temporarily disconcerting economic news rallied the market early but was offset later on in the day by some conciliatory remarks by Vladimir Putin which was interpreted to slightly diffuse the Ukrainian crisis and help to lift the equity markets.

Opening at $1313 in Asia, gold initially moved lower to $1311.50 but recovered nicely through their afternoon and the early European hours to $1316.50.  Poor economic reports out of the Euro Zone (GDP 0.0%) and month on month CPI (-0.7% - year over year 0.4%)) renewed calls for increased stimulus and put pressure on gold later in the session, pushing the metal down to $1309 prior to the New York open.

A higher than expected Jobless Claims number of 311K (cons. 295K) caught the market by surprise given the recent constructive readings of the last few months.  Gold quickly rose to the intra-day high of $1319 as the U.S. Dollar also took a hit on the news.  Retreating back to $1312 on comments by Putin that Russia would defend itself, but should not "fence itself off from the outside world", triggered quick profit taking in a thin summer market.  The metals settled in to an afternoon trading range, covering either side of a $1311.50 - $1314.50 more than once.  Gold finished quietly at $1312.80.

Posted by Michael Gupton at 12:00 AM 0 Comments