Morning Call
Friday, September 8, 2023Good morning. The #preciousmetals are mostly higher in early U.S. trading.
U.S. calendar features Wholesale Sales, Consumer Credit.
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Blog posts of '2023' 'September'
Zaner Daily Precious Metals Commentary
Thursday, September 7, 2023While bearish outside market forces are not presenting significant pressure on gold and silver prices, early on those forces remain and are likely to expand their impact directly ahead.
Unfortunately for the bull camp in gold and silver treasury prices are just above new lows for the move and the dollar index in the early trade matched the multi-month high posted yesterday in the overnight trade.
Internal market forces like demand are mixed with gold and silver ETF holdings falling significantly (especially in silver) and Chinese gold reserves at the end of August increasing from 68.6 million ounces to 69.6 million ounces...[MORE]
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Gold steadies as bond yields tick lower, traders await more US data
Thursday, September 7, 2023Sep 7 (Reuters) -Gold prices inched higher on Thursday, as a slight pullback in Treasury yields offered some respite from a robust dollar, while investors looked forward to more U.S. economic data to gauge the outlook for interest rates.
Spot gold was up 0.1% at $1,918.64 per ounce by 0906 GMT, after hitting a one-week low on Wednesday. U.S. gold futures were little changed at $1,943...[LINK]
Morning Call
Thursday, September 7, 2023Good morning. The precious metals are mostly lower in early U.S. trading.
U.S. calendar features Q2 Productivity Revised, ULC, Initial Jobless Claims, EIA Data.
FedSpeak due from Harker, Goolsbee, Williams, Bostic, Bowman, & Logan.
Zaner Daily Precious Metals Commentary
Wednesday, September 6, 2023While early action today has produced a slight reversal of yesterday's very bearish outside market forces of rising rates and a strengthening dollar, gold and silver are likely to remain under a constant cloud of potential liquidation because of outside market forces.
In fact, despite very strong market expectations of a Fed pause (93% Fed funds watch tool) market rates have continued to rise!
In other words, US treasury implied yields are tracking a different course than expectations for Fed actions, which could be a sign world markets are taking control of US treasuries away from the Fed...[MORE]
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Gold at one-week low as firm dollar, yields dominate mood
Wednesday, September 6, 2023Sep 6 (Reuters) - Gold languished near one-week lows on Wednesday on strength in the dollar and Treasury yields, driven by expectations for U.S. interest rates to stay elevated for longer and worries about China’s economy.
Spot gold was flat at $1,926.30 per ounce by 1209 GMT, after hitting its lowest since Aug. 29 earlier in the session. U.S. gold futures were little changed at $1,952.40...[LINK]
Morning Call
Wednesday, September 6, 2023Good morning. The precious metals are mostly lower in early U.S. trading.
U.S. calendar features Trade: Goods & Services, Services PMI & ISM, IBD/TIPP Economic Optimism Index, Beige Book.
FedSpeak due from Collins and Logan.
Zaner Daily Precious Metals Commentary
Tuesday, September 5, 2023Not surprisingly, the gold and silver markets are under attack early with the dollar breaking out to the upside and extending its sharp recovery from last week.
Adding into the bearish tone is higher US interest rate signals and deflationary services and composite PMI readings overnight from China and the eurozone.
Unfortunately for the bull camp, both gold and silver saw large outflows from ETF holdings on Friday with gold holdings last week declining by 43,390 ounces and silver ETF holdings down by a very significant 7.7 million ounces last week...[MORE]
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Gold hits 1-week low as dollar strengthens after weak China data
Tuesday, September 5, 2023Sept 5 (Reuters) - Gold slipped to a one-week low on Tuesday as investors sought the U.S. dollar after weak data in China, although rising expectations for a pause in interest rate increases by the U.S. Federal Reserve limited losses.
Spot gold declined 0.4% to $1,930.33 per ounce by 1126 GMT, eyeing its biggest daily drop since mid-August. U.S. gold futures fell 0.6% to $1,955.80...[LINK]
Morning Call
Tuesday, September 5, 2023Good morning. The precious metals are lower in early U.S. trading.
U.S. calendar features Factory Orders (-2.7% expected), IBD/TIPP Economic Optimism Index.