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Blog posts tagged with 'precious metals'

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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Morning Call
Friday, July 7, 2023
Good morning. The precious metals are mixed in early U.S. trading.
 
Quote Board
 
U.S. calendar features Nonfarm Payrolls (+225k exp).
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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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Morning Metals Call
Monday, July 3, 2023

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

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U.S. calendar features Manufacturing PMI & ISM, Construction Spending.

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Gold extends slide as U.S. dollar, yields gain upper hand
Tuesday, May 23, 2023

(Reuters) - Gold prices extended losses on Tuesday, pressured as the U.S. dollar and Treasury yields strengthened on rising bets for higher interest rates, while markets awaited to see if lawmakers could avoid a debt ceiling default.

Spot gold fell 0.5% to $1,958.96 per ounce by 1123 GMT while U.S. gold futures were down 0.9% to $1,959.60...[LINK]

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Morning Call
Monday, May 22, 2023

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

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U.S. calendar features FedSpeak from Bullard, Daly, & Bostic.

Canadian markets closed in observance of Victoria Day.

 

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Morning Call
Friday, May 19, 2023

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

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U.S. calendar features FedSpeak from Williams, Bowman, Powell, & former chair Bernanke.

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Zaner Daily Precious Metals Commentary
Thursday, May 18, 2023

With a minimal higher high for the move in the dollar overnight, combined with residual hope of ongoing US debt ceiling negotiations, the bear camp in gold has the initial edge.

Apparently, the gold trade sees an ultimate solution to the US debt ceiling battle with the odds favoring an increase in the debt ceiling and little if any work on the deficit.

Furthermore, gold ETF holdings yesterday declined again this time by 68,837 ounces leaving the year-to-date gain at only 0.2%...[MORE]

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Gold drops on hopes for US debt-limit deal, chances of early rate cuts recede
Thursday, May 18, 2023

May 18 (Reuters) - The price of gold slipped on Thursday as signs that a deal to raise the U.S. debt ceiling could be reached in Washington reduced its safe haven appeal. Fading expectations for early U.S. rate cuts also took the shine off non-yielding bullion.

Spot gold fell 0.3% to $1,976.09 per ounce by 1106 GMT, earlier going as low as $1,971.99, its lowest since April 21...[LINK]

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