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Gold $2,415.60 $(0.22) -0.01% Silver $31.53 $0.03 0.1% Platinum $1,088.46 $4.23 0.39% Palladium $1,014.98 $8.15 0.81%
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Blog posts tagged with 'copper'

Zaner Daily Precious Metals Commentary
Monday, July 10, 2023
While overnight outside market action is not definitively bearish for gold and silver, the bear camp has help from a stronger dollar, an uptick in US interest rates, and signs of deflation in China with their CPI declining 0.2%.
 
Given the pulse-up in US interest rate expectations last week and the slide in gold and silver prices, the presence of positive US data and/or a return to risk-on in equities will likely pressure both markets back toward recent consolidation low support levels.
 
However, given the tighter relationship between the dollar and precious metal prices (relative to interest rate influences), the action in the dollar is likely to control over the interest rate influences...[MORE]

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Zaner Daily Precious Metals Commentary
Friday, July 7, 2023
The path of least resistance in gold and silver remains down with the fear of higher interest rates front and center and dominating over the influence of the dollar.
 
Fortunately for the bull camp, the dollar action has been nondescript if not somewhat weaker following yesterday's initial upside breakout, but with major monthly US jobs data directly ahead, the subject of higher US rates sits in the windshield.
 
However, the bull camp might have absorbed some of the increased rate hike prospects following the very strong ADP reading yesterday, and that in turn could set a somewhat higher bar for this morning's official nonfarm report gain...[MORE]
 
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Zaner Daily Precious Metals Commentary
Thursday, July 6, 2023

The path of least resistance is pointing down in gold and silver to start today with the dollar overnight initially posting a 4-day high and potentially poised to receive further lift from today's active US scheduled report slate.

In retrospect, the release of the Fed meeting minutes yesterday afternoon revealed some Fed members were in favor of a 25-basis point rate hike last month despite the Fed's ultimate decision to leave rates unchanged.

Given numerous indications from the Fed, they are data dependent, US jobs-related data over the coming 2 sessions will be quite important and likely to set the trend in gold...[MORE]

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Zaner Daily Precious Metals Commentary
Wednesday, July 5, 2023
A forecast from HSBC suggesting gold will trade in a range bound by $1850 and $1970 for the rest of this year highlights our view that the gold trade currently lacks a definitive trend because of static supply and demand conditions.
 
Therefore, it is not surprising that the action in the US dollar is likely to remain the most dominating influence on gold until there is a discernible shift in the market's landscape.
 
However, at present we think the bear camp has the edge with a pattern of outflows from gold ETF holdings extending to twelve straight days (down 1.4% year-to-date), fears of slowing in the largest gold-consuming nation (China), and the unending overhang of rate hike fears...[MORE]
 
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Zaner Daily Precious Metals Commentary
Monday, July 3, 2023
While global equity markets were higher overnight and produced a measure of risk on sentiment, economic news overnight was generally discouraging with European and factory activity contracting last month while Chinese June PMI readings marginally improved but were heavily offset by a survey predicting "gloom to spread from weak Chinese growth".
 
Fortunately for the bull camp, the dollar is showing only minimal strength as a 10th straight daily outflow from gold ETF holdings highlights a market still out of favor with investors. Gold holdings year-to-date are now down 1.2%!
 
Silver ETF holdings also declined last week by 1.86 million ounces and are fractionally lower year-to-date...[MORE]
 
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Zaner Daily Precious Metals Commentary
Friday, June 30, 2023
While the upside breakout in the dollar this morning is not large in scope, the negative impact on gold and silver prices has been extended into another session.
 
However, we suspect a large portion of yesterday's aggressive washout in gold and silver came from the significant jump in US treasury yields and further gains in US yields are possible today.
 
Not surprisingly, the jump in US rates and strengthening in the dollar was sparked by another round of solid US economic data...[MORE]
 
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Zaner Daily Precious Metals Commentary
Thursday, June 29, 2023
With a 10-day high in the dollar early today and a fresh new low for the move in August gold, the market briefly entered a gap left from early March starting at $1910.50 and ending at $1908.90.
 
Apparently, the gold and silver trade saw the hawkish dialogue from the US Federal Reserve chairman yesterday as more convincing than the hawkish dialogue from other major central bank leaders as money flowed toward the dollar after the conference ended for the day.
 
Nonetheless, the consensus among world central bankers was two or "more" interest rate hikes were likely ahead. With the word "more" included the US Fed President opened the door for something more than 2 minor interest rate hikes this year as previously indicated...[MORE]
 
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Zaner Daily Precious Metals Commentary
Wednesday, June 28, 2023

In addition to a lack of classic bullish fundamental themes, gold, and silver have seen sellers emerge off a rekindling of US rate hike prospects given yesterday's very positive sweep of US scheduled data in the form of durable goods and new-home sales.

Adding to the bearish tilt this morning is a wave of hawkish commentary from a European Central Bank forum in Portugal where a long list of central bank leaders have echoed the need to "fight inflation" with further rate hikes...[MORE]

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Zaner Daily Precious Metals Commentary
Tuesday, June 27, 2023

With promises of Chinese stimulus from the Chinese premier overnight gold and silver prices are showing little in the way of positive action.

While gold, silver, platinum, and palladium appeared to see flight to quality lift yesterday from the uncertainty of the military turmoil in Russia, that potential has dissipated quickly.

Certainly, if the coup attempt had gained traction and not ended so quickly, there might have been destabilization in Russia...[MORE]


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Zaner Daily Precious Metals Commentary
Monday, June 26, 2023

While the gold and silver are trading higher this morning from a weaker dollar, both markets enter this week's trade without an unwavering bullish fundamental force.

However, at the end of last week gold at times showed signs of flight to quality buying interest off increased global economic uncertainty and that could extend into the new trading week.

In fact, global growth was revised downward by two separate entities while a senior Chinese economic official has indicated China must act quickly to support its recovery...[MORE]

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