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Blog posts of '2023' 'June'

Zaner Daily Precious Metals Commentary
Monday, June 5, 2023
Gold and silver prices followed Friday's breakdown with further notable losses this morning off dollar strength.
 
Therefore, both markets damaged their charts and are likely to set back to consolidation support at recent lows of $1,950 in August gold and at $23.00 in July silver.
 
On the one hand, Chinese trade desks are suggesting buyers there are waiting on the premium and/or flat prices to cheapen before becoming buyers, but that should be offset by a move by the Indian government to reduce the gold import price basis for taxation...[MORE]
 
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Gold slips as firm dollar counters bets for Fed pause
Monday, June 5, 2023

June 5 (Reuters) - Gold slipped on Monday as the dollar firmed after strong U.S. payrolls data last week, offsetting some of the support for zero-yield bullion from bets that the Federal Reserve may pause rate hikes in June.

Spot gold fell 0.4% to $1,939.44 per ounce by 1130 GMT, close to its lowest level since May 30. U.S. gold futures fell 0.7% to $1,956.40 per ounce...[LINK]

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Morning Call
Monday, June 5, 2023

Good morning. The precious metals are mixed in early U.S. trading.

Quote Board

U.S. calendar features Services PMI & ISM,  Factory Orders, FedSpeak from Mester.

 

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Zaner Daily Precious Metals Commentary
Friday, June 2, 2023
With the dollar adding to yesterday's significant decline again this morning there is talk that the currency index has made a major trend reversal and that should be a major bullish force for gold and silver ahead.
 
In addition to gains from strength in the dollar, gold, and silver both appear to be embracing the idea the Ferd will pause in their June 16th FOMC meeting.
 
Therefore, today's monthly jobs data will be a major data point in the Fed's calculus, with stronger-than-expected numbers likely to be negative for precious metals...[MORE]
 
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Gold heads for best week since April on Fed pause bets
Friday, June 2, 2023

June 2 (Reuters) - Gold prices were on track on Friday for their biggest weekly rise since early April, buoyed by hopes the U.S. Federal Reserve would not raise interest rates at its policy meeting this month, which also weighed on the dollar and bond yields.

Spot gold was up 0.1% to $1,980.49 per ounce at 1005 GMT. U.S. gold futures were up 0.1% to $1,997.40...[LINK]

 
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Morning Call
Friday, June 2, 2023

Good morning. The #preciousmetals are mostly higher in early U.S. trading.

Quote Board

U.S. calendar features Nonfarm Payrolls (+193k expected).

 

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Zaner Daily Precious Metals Commentary
Thursday, June 1, 2023
While the dollar action overnight is not patently negative to gold and silver, the charts in the dollar show no signs of vulnerability thereby leaving gold and silver under currency-related pressure.
 
In retrospect, gold and silver have seen some flight to quality liquidation following the quick House passage of its debt ceiling bill and further but even less significant flight to quality liquidation might be seen when the bill passes the Senate.
 
A limiting force for the markets going forward are several Fed comments yesterday favoring a rate hike in the next meeting but there were two Fed members who indicated they could favor a pause to give the Fed additional data before acting...[MORE]
 
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Gold subdued as risk assets gain on U.S. debt bill passage
Thursday, June 1, 2023

June 1 (Reuters) - Gold prices edged lower on Thursday as risky assets got a boost from the passage of a U.S. debt ceiling bill ahead of the Federal Reserve’s key policy setting meeting.

Spot gold slipped 0.11 % to $1,960.09 per ounce by 1014 GMT. It fell 1.4% over the month of May. U.S. gold futures were down 0.2% on the day at $1,977.30...[LINK]

 
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Morning Call
Thursday, June 1, 2023

Good morning. The precious metals are mixed in early U.S. trading.

Quote Board

U.S. calendar features Challenger Layoffs, Initial Jobless Claims, Q1 Productivity & ULC revised, EIA Data, Manufacturing ISM & PMI, Construction Spending, Auto Sales.

FedSpeak due from Harker.

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