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Gold $2,624.43 $1.65 0.06% Silver $29.55 $0.04 0.14% Platinum $933.89 $7.29 0.79% Palladium $937.13 $21.14 2.31%
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Blog posts tagged with 'copper'

Zaner Daily Precious Metals Commentary
Tuesday, July 25, 2023
Fortunately for the bull camp in gold, the dollar index was unable to forge a higher high overnight and in turn simply matched the Monday peak in prices.
 
We suspect gold and silver are benefiting from further assurances from the Chinese Politburo overnight indicating they would provide more support for commodities, the property sector, and local government debt relief.
 
However, August gold did damage its charts with a lower low this morning perhaps following news that Chinese net gold imports through Hong Kong declined 29% in June compared to May...[MORE]
 
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Zaner Daily Precious Metals Commentary
Monday, July 24, 2023

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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Zaner Daily Precious Metals Commentary
Wednesday, July 19, 2023
At least initially it does not appear that softer price measures from the UK and Europe have had an impact on gold and silver prices.
 
Seeing softer inflation on the other side of the Atlantic helps tamp down the threat of higher rates abroad. In fact, overnight an ECB council member known as a hawk indicated monetary tightening beyond its next meeting is anything but a guarantee!
 
However, the gold market certainly got a significant lift from a 2nd straight day of disappointing US scheduled data yesterday which in turn apparently reduced expectations for US rate hikes beyond next week...[MORE]
 
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Zaner Daily Precious Metals Commentary
Tuesday, July 18, 2023

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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Zaner Daily Precious Metals Commentary
Monday, July 17, 2023
While the initial trade is not definitive, we give the edge to the bear camp as dollar declines are insignificant, treasury prices are up minimally, and many commodities are tracking higher.
 
Fortunately for the bull camp last Friday gold ETF holdings increased by 11,620 ounces breaking a 19-day pattern of outflows. Nonetheless, gold ETF holdings last week still fell by 131,350 ounces and silver ETF holdings declined by 5.4 million ounces.
 
While the Chinese data on its face was not particularly discouraging, the growth rate in China was significantly softer than in the prior quarter with Chinese retail sales posted a gain of 3.1% versus the 12.7% gain in May...[MORE]
 
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Zaner Daily Precious Metals Commentary
Wednesday, July 12, 2023
With a gap lower range down trade in the dollar the bias in gold and silver is up in today's early action.
 
Not surprisingly, gold has forged a higher high trade with the highest price since June 23rd in a sign that dollar action is once again the primary focus of the gold trade.
 
However, gold and silver are likely benefiting to a lesser degree from firmer treasury prices (lower yields) and from ideas that the Russians will continue to boost gold reserves through repatriation of foreign holdings or simple internal buying by their central bank.
 
In a very bullish longer-term development, the World Gold Council overnight suggested the Indian government expand its Gold Monetization Scheme by stepping up efforts to buy local retail coin and bar deposits and by offering further bank programs like gold bonds for the country to reduce its gold imports and help its current account balance...[MORE]
 
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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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