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Blog posts tagged with 'gold'

Zaner Daily Precious Metals Commentary
Thursday, April 18, 2024

Despite a chorus of hawkish (less dovish) global central bank dialogue flowing from the IMF meeting, gold and silver prices are tracking higher perhaps because of slightly supportive outside market action in US treasuries and the dollar.

However, a new concern may be rising in the marketplace as significant declines in Japanese and South Korean currencies were acknowledged by the US Treasury Secretary at the IMF meeting with the US, Japan, and South Korean officials agreeing on the need to monitor and consult with other central banks on the situation.

Not surprisingly, the IMF dialogue has resulted in a downside extension in the US dollar this morning which could be the primary source of the gold and silver rebounds.

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Morning Metals Call
Thursday, April 18, 2024
Good morning. The precious metals are mostly higher in early U.S. trading.
 
Gold Chart
 
U.S. calendar features Philly Fed Index, Initial Jobless Claims, Leading Indicators, Existing Home Sales.
 
FedSpeak due from Bowman, Williams, & Bostic.
Zaner Daily Precious Metals Commentary
Wednesday, April 17, 2024

The bias in gold remains up despite negative divergence with silver prices and news of continued outflows from gold and silver ETF holdings.

However, yesterday gold impressively managed gains despite another significant extension of upside action in the dollar and in the face of another higher high in US treasury yields.

There are some discussions in the marketplace that some form of crisis is ahead because of the unrelenting gold market gains and the only other major market reaction to a looming global flight to quality event is the surging US dollar...[MORE]

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Morning Metals Call
Wednesday, April 17, 2024

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

U.S. calendar features EIA Data, & TIC Data.

FedSpeak due from Mester & Bowman.

Zaner Daily Precious Metals Commentary
Tuesday, April 16, 2024

While the dollar has retrenched from a fresh spike up new high for the move this morning, the bias in the dollar remains up to start today.

However, soft US housing data could provide a brief respite from the strong dollar for gold and silver longs this morning.

Unfortunately for the bull camp gold and silver ETF holdings continue to decline highlighting a lack of small investor interest in one niche of the metal markets.

On the other hand, Citi has doubled down on its bullish gold price forecast projecting gold to reach $3000 in the next 6 to 18 months...[MORE]

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Morning Metals Call
Tuesday, April 16, 2024

Good morning. The precious metals are lower in early U.S. trading. U.S. calendar features Housing Starts, & Industrial Production (+0.5% expected).

Gold Chart

FedSpeak due from Jefferson, Williams, Barkin, & Powell.

Morning Metals Call
Monday, April 15, 2024
Good morning. The precious metals are mixed in early U.S. trading.
 
Gold Chart
 
U.S. calendar features Retail Sales (+0.4% expected), Empire State Index, Business Inventories, NAHB Housing Mkt Index, FedSpeak from Daly.
Zaner Daily Precious Metals Commentary
Friday, April 12, 2024

With gold and silver prices significantly higher overnight in the face of a very significant upward thrust in the US dollar, it is possible the markets are beginning to aggressively embrace flight to quality buying from rising economic concerns toward China.

In fact, overnight Chinese import, and export readings came in significantly below expectations which facilitates more anxiety toward an economy thought to have serious problems.

It is also likely that rising concerns of financial pressures on developing countries are fostering flight to quality buying of gold and silver in anticipation of a financial crisis in the emerging market sector...[MORE]

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Morning Metals Call
Friday, April 12, 2024
Good morning. The precious metals are higher in early U.S. trading. Gold has reached new record highs near $2400.
 
Gold Chart
 
U.S. calendar features Import & Export Price Indexes, Michigan Sentiment Prelim.
 
FedSpeak due from Bostic & Daly.
ROSS NORMAN - Gold locked into a self-fuelling feedback loop ?
Thursday, April 11, 2024

Identifying where the gold buying is coming from is essential as not all buying is equal.  

In strong hands such as central banks with a multi-generational view, the rally is 'high quality' and unlikely to be reversed, but with weak hands such as short term speculators, the opposite may be true. Two opposite outcomes.

And we are pretty confident we know who is behind the move...[LINK]

ZM Comment: The rise in gold, in the face of countervailing fundamentals has been vexing the market for several weeks now. Ross Norman offers an interesting theory on where the buying is coming from.