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Gold $2,618.57 $2.44 0.09% Silver $29.64 $0.04 0.14% Platinum $955.10 $13.9 1.48% Palladium $965.35 $24.5 2.6%
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Blog posts tagged with 'gold'

Morning Metals Call
Friday, May 3, 2024
Good morning. The precious metals are mostly lower in early U.S. trading.
 
Gold Chart
 
U.S. calendar features Nonfarm Payrolls (+250k expected), Services PMI & ISM.
Zaner Daily Precious Metals Commentary
Thursday, May 2, 2024

With the gold and silver markets spiking higher following the Fed policy decision and press conference, the bulls showed some control as the trade was able to discount disappointment over another delay in cutting rates and instead embraced relief that the Fed was not in a mode to consider rate hikes!

However, given a significant jump in ISM Manufacturing prices-paid earlier this week that should be seen as a sign that inflation lives on in various sectors of the economy.

Unfortunately for the bull camp, we think that "dovish spin" will have a short shelf life, especially if today's US unit labor costs report matches expectations of a gain of 3.2% compared to last month's gain of 0.4%...[MORE]

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Morning Metals Call
Thursday, May 2, 2024
Good morning. The precious metals are lower in early U.S. trading.
 
Gold Chart
 
U.S. calendar features Challenger Layoffs, Q1 Productivity & ULC, Trade: Goods & Services, Initial Jobless Claims, Factory Orders.
Zaner Daily Precious Metals Commentary
Wednesday, May 1, 2024

The deck is stacked against the bull camps in gold and silver today, with an upside breakout in the dollar, signs of higher treasury yields, fear of a hawkish Federal Reserve statement, and a lack of support from Chinese and European buyers overnight due to the May Day holiday.

However, the gold market should derive some underpin from World Gold Council projections of continued brisk global central bank purchases, and signs of positive gold demand from India and China.

It should also be noted that Indian gold demand increased by 8% during the January through March timeframe with gold jewelry demand in India increasing by 4% and amounting to a significant percentage of total world gold demand...[MORE]

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Morning Metals Call
Wednesday, May 1, 2024
The precious metals are mostly higher in early U.S. trading.
 
Gold Chart
 
U.S. calendar features ADP Employment Survey, Manufacturing PMI & ISM, Construction Spending, JOLTS Job Openings, EIA Data, Auto Sales.
 
FOMC policy statement. Steady expected.
Zaner Daily Precious Metals Commentary
Tuesday, April 30, 2024
While oil prices are not signaling an imminent cease-fire deal (given initial gains), sharp declines in gold and silver without correlation to outside market influences, suggest the precious metal trade is anticipating a pause in hostilities.
 
However, the bull camp is buoyed by the potential for a third straight monthly gain in gold prices and by talk of strong global gold demand.
 
According to the World Gold Council's first-quarter Gold Demands Trends report, total global demand increased by 3% versus 2023 and posted the strongest first quarter since 2016...[MORE]
 
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Zaner Daily Precious Metals Commentary
Monday, April 29, 2024

While the net spec and fund long in gold (adjusted for the $30 rally into Friday's high) suggest the market is heavily overbought, we suspect technical signals will take a backseat to classic flight to quality headline news flow.

However, with the post-COT report rally, the net spec and fund long in gold is likely the longest in two years, and therefore any sign of a cease-fire between Israel and Hamas could result in a massive correction.

Gold positioning in the Commitments of Traders for the week ending April 23rd showed Managed Money traders net bought 3,296 contracts and are now net long 176,157 contracts...[MORE]

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Zaner Daily Precious Metals Commentary
Friday, April 26, 2024

Once again noted strength in gold and silver prices appears to be taking place in a vacuum, with little change in US interest rates, the dollar, and energy prices overnight.

However, the bull camp is likely benefiting from a surprise jump in Chinese first-quarter gold consumption which increased by 5.9% from year-ago levels.

Apparently, mainland China's March gold imports through Hong Kong increased by 40% from February giving credence to news earlier this month that Chinese investors were seeking to hold gold to avoid weakness in the domestic currency...[MORE]

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Morning Metals Call
Friday, April 26, 2024
Good morning. The precious metals are mostly higher in early U.S. trading.
 
Gold Chart
 
U.S. calendar features Personal Income, PCE, Michigan Sentiment Final.
Zaner Daily Precious Metals Commentary
Thursday, April 25, 2024

With the gold market over the last 72 hours settling within a range bound by $2350 and $2300, it is possible that some form of value has been found ahead of what is likely to be a key fork in the road for prices.

Fortunately for the bull camp, the dollar is showing signs of tracking lower this morning as the aggressive liquidation this week has clearly rocked the bull camp back on its heels.

While the February to April rallies in gold and silver were not fueled by definitive inflows to ETF holdings, both gold and silver holdings continue to decline in a sign that small investors have not been enticed by the second half of April setback...[MORE]

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