Blog posts tagged with 'copper'

Despite favorable internal demand news, the #gold market starts off under pressure from strength in the #dollar and signs of higher global interest rates.

While comments from a Chinese state planner indicating they will push for an expansion of household consumption sounded like the 6th stimulus announcement, that news combined with a slight improvement in Japanese manufacturing PMI readings for July should have been more supportive of gold, #silver, and many physical commodities.

Unfortunately for the bull camp gold ETF holdings last week fell by 329,000 ounces with a decline on Friday of 50,383 ounces putting year-to-date holdings down 2.3%...[MORE]

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With a slight corrective setback in the #dollar, this morning's recovery bounce in gold and silver is not surprising.

We suspect many traders are holding on the sidelines ahead of this afternoon's US Fed decision and statement. With market expectations pegging today's US rate hike as nearly a certainty, the focus of the markets will be on the tone and direction of future policy dialogue in the Fed's statement.

However, investors continued to exit gold ETF holdings with an outflow yesterday of 127,436 ounces while silver ETF holdings advanced minimally by 224,436 ounces, leaving both gold and silver holdings down 2.2% year-to-date...[MORE]

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We think the gold market is lucky to be holding above last week's lows in the early trade today given a fresh higher high in the US dollar and in the face of almost certain rate hikes from the US and Europe later this week.

In retrospect, investors remain cool toward gold and silver, with ETF holdings last week declining by 257,337 ounces in gold and by 6.4 million ounces in silver. Year-to-date both gold and silver ETF holdings are both more than 2% lower!

With the dollar rallying 160 points last week, the Thursday/Friday reversal in August gold of $40 was clearly deserved and likely sets the stage for more declines early this week...[MORE]

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While the dollar neared a downside breakout point overnight of 99.26, without a new low for the move, this morning's early gains in gold and silver could be difficult to extend.

However, gold ETF holdings saw a 2nd straight day of inflows with 49,017 ounces added yesterday. On the other hand, silver ETF holdings saw 2.1 million ounces flow out, bringing this year's net sales to 11.7 million ounces.

Gold and silver are likely undermined by a generally negative ongoing global view toward the Chinese economy with the Chinese government failing to hit the right notes on stimulus applications...[MORE]

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