Blog posts of '2024' 'March'

Higher all-time highs overnight are clearly justified by ongoing outside market assistance.

In addition to a multiweek low in US treasury yields, the gold and silver bulls were presented with a downside extension in the dollar to the lowest levels since the middle of January!

In retrospect, outside market forces for gold this week became entrenched in favor of the bull camp with a distinct pattern of US slowing evidence, a slightly dovish US Fed takeaway, and increased expectations for a June rate cut from the ECB...[MORE]

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While the views might be misguided and premature, a segment of the market believes interest rate cuts are likely to rekindle inflation which could be the source of the recent buying frenzy in gold, silver, and Bitcoin.

Another bullish catalyst for gold and other physical commodities came from strong Chinese commodity imports which provides hope the Chinese economy is recovering. Keep in mind, the Chinese are the world's largest gold consumers!

However, April gold has continued to surge over the last 48 hours while Bitcoin has seemingly stalled questioning the correlation between the two markets...[MORE]

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

U.S. calendar features Challenger Layoffs, Trade: Goods & Services, Q4 Productivity & ULC Revised, Initial Jobless Claims, Consumer Credit.

ECB steady on rates, reiterates data dependency, cuts growth, and inflation forecasts.

FedSpeak due from Powell & Mester.

Obviously, gold and silver are short-term overbought from a technical perspective and perhaps somewhat overbought from a fundamental perspective.

Nonetheless, with gold and silver prices vaulting higher yesterday and gold prices forging record highs again, the bull camp retains control even without a definitively apparent bullish fundamental theme.

However, gold has forged a five-day low-to-high rally of $123 which suggests the bull camp will need some "help" from the US Federal Reserve Chairman's testimony this morning...[MORE]

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

U.S. calendar features ADP Employment Survey, Wholesale Sales, JOLTS Job Openings, EIA Data, Beige Book.

FedSpeak due from Powell & Daly.

BoC rate announcement. Steady expected.

With both gold and silver posting higher highs overnight it is clear the bullish track from the prior three trading sessions has remained in place.

In fact, given a significant dip in eurozone producer prices of 0.9%, the prospects of an ECB rate cut in June have jumped.

Apparently, the gold and silver trade are not unnerved by the disappointing Chinese Caixin services PMI reading, but that could be the result of anticipation of a Chinese stimulus package announcement...[MORE]

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