Precious Metals are quiet while the Volitility in the Equity Markets continues!
Park Avenue Numismatics, Miami Beach, FL – October 15, 2014 – Precious metals had a rather quiet Monday and Tuesday as the tug of war continues between U.S. equity weakness, lower bond yields, very weak German economic data, a strong USD and the collapse of energy prices led by the fall in crude oil. Gold’s sensitivity to a move in the USD was front and center overnight as all four precious metals moved sharply lower during Asian trading hours as the USD was probing higher, gold and silver traded down to $1,222.00 and $17.02.
In early U.S. trading, gold and silver have recovered and reversed as they are now positive on the day while platinum and palladium are still down on the day, but well off the Asian lows. Shockingly weak economic date from Germany, weak economic data here in the U.S., another huge sell-off in U.S equities, an enormous rally in bonds which sees the 10-year yield below 2.00 percent, another big sell-off in crude oil and another confirmed Ebola case in the U.S. are all making this a very volatile day. Perhaps this is the day where gold and silver find concerned investors in other markets looking for insurance and we finally see a big rally in our market.
Stocks slide and Gold is up on the safe-haven trade
Park Avenue Numismatics, Miami Beach, FL – September 23, 2014 – U.S. stock investors remained skittish on Tuesday, sending the main benchmarks lower as investors sought safe havens such as gold and Treasuries. Perhaps the biggest drag on the market mood was weak European data, which overshadowed better-than-expected Chinese manufacturing numbers. U.S. airstrikes in Syria on Monday evening against extremist fighters, known as the Islamic State, reminded traders of heightened geopolitical risks. Gold is currently up $6.60 to $1,222.40 an ounce and silver $0.4 to $17.87 an ounce.
Gold Prices ended higher on Monday ahead of Fed’s Policy Meeting
Park Avenue Numismatics, Miami Beach, FL – September 16, 2014 – Gold prices ended higher on Monday in front of the Fed’s policy meeting later in the week. The U.S. equity markets continued it downward trend with losses led by technology stocks. Many analyst believe that the fundamentals of the economy does not the support the markets recent record highs. Geo-political concerns continue to mount all around the world and this is also causing fear in the markets worldwide. If the market continues to weaken, Gold will then again become a safe-haven trade and has the potential to move much higher after going down over the past few weeks. Gold last traded up .60 at $1,234.30 an ounce.
Gold prices slightly higher in early session trading
Park Avenue Numismatics, Miami Beach, FL – September 3, 2014 – Gold prices are up slightly from Tuesday’s 11-week low, shaking off concerns of a strengthening dollar and an improving U.S. economy to show signs of life. Gold prices have been lower on a stronger U.S. dollar and lower oil prices. U.S. stocks ended lower on Tuesday despite data showing U.S. manufacturing expanded at the fastest pace in three years. In early session trading, Gold is $1,267 and ounce and Silver is $19.25 and ounce.
Gold prices are higher due to safe-haven buying
Park Avenue Numismatics, Miami Beach, FL – August 28, 2014 – Gold prices are higher on Thursday, due to safe-haven buying, short covering and perceived bargain hunting. Geopolitics is top-of-mind with investors as a three-day U.S. holiday weekend approaches. There are reports out of Europe that the Ukrainian president said the Russian military has invaded his country and is occupying eastern Ukraine towns and villages. There is reportedly ongoing fighting between the Russian and Ukraine armies. A Russian official denied that Russian troops are in eastern Ukraine. Gold, U.S. Treasuries and the U.S. dollar index were all supported on safe-haven demand amid this news. Meantime, world stock markets saw some selling pressure from the keener risk aversion in the market place Thursday. Some better U.S. economic data did push gold prices down from the daily highs. Gold was last up $7.10 at $1,290.80 an ounce. Silver last traded up $0.12 at $19.66 an ounce.
Gold prices are calm on Wednesday
Park Avenue Numismatics, Miami Beach, FL – August 27, 2014 – Gold prices are calm on Wednesday as investors main focus remains is on equities in the wake of the S&P 500’s first-ever close above 2,000. Yesterday, the stock market continued its melt up, but it didn’t stop gold from gaining ground, even after a stronger dollar brought prices down near two-month lows. The latest batch of upbeat economic data showed better-than-expected consumer confidence, although the report on durable-goods orders was more mixed. With all the strong data being released, it will be a very positive sign for Gold if the precious metal can hold at these levels.
Gold prices finished higher Tuesday
Park Avenue Numismatics, Miami Beach, FL – August 26, 2014 – Gold prices finished higher Tuesday. Gold held on to gains after data showed U.S. orders for durable goods jumped more than 22% in July, driven by big orders for Boeing aircraft. Excluding the transportation sector, sales were down 0.8% amid widespread weakness. Investors will also get the Conference Board’s consumer confidence index and the Richmond Fed survey of manufacturing activity. Due to geopolitical concerns around the world such as ISIS fighters in Iraq, Russia/Ukraine tensions and the fighting in the Gaza strip, many investors believe that gold is getting ready to make a move back over $1,300.00 an ounce. Gold settled up $6.30 at $1,285.20 an ounce. Silver settled up nearly 3 cents to $19.39 an ounce.
Gold extended a modest bounce base on U.S. jobs data
Park Avenue Numismatics, Miami Beach, FL – August 1, 2014 – Gold extended a modest bounce off a six-week low, rebounding as the U.S. dollar lost ground after data showed the U.S. economy added fewer jobs than expected in July. The U.S. economy added 209,000 jobs in July, marking the sixth straight month of 200,000-plus gains for the first time since 1997, but coming in below the consensus forecast for again of 235,000. The unemployment rate edged up to 6.2% from 6.1%. The dollar weakened versus major rivals in the wake of the data. Commodities priced in dollars are sensitive to movements in the currency. A stronger dollar can weigh on gold by making it more expensive to users of other currencies, while a weaker dollar can help lift gold. The dollar was on a tear in July, rising strongly versus major rivals as data showed the U.S. economy gaining strength and U.S. Treasury yields rose. The slightly weaker-than-expected jobs data may temper expectations the Federal Reserve will move sooner than had been anticipated to begin hiking interest rates. During the trading day, Gold got as high as $1,296.50 an ounce.
Geopolitical risks in Europe and the Middle East are bullish for Gold
Park Avenue Numismatics, Miami Beach, FL – July 21, 2014 – In the last week, there has been much more geopolitical risks in Europe and the Middle East and the these situations have injected some volatility into the equity markets. Additionally Gold drew more attention on Monday and saw prices move higher as the safe haven trade was back on. Gold rose $4.50, to settle at $1,313.90 an ounce. Silver added on 12 cents, to end at $21.01 an ounce. The renewed political tension may introduce the next upward momentum for the precious metal.
Gold moves higher due to Russia-Ukraine tensions
Park Avenue Numismatics, Miami Beach, FL – July 17, 2014 – Gold moved higher again in early session trading on Thursday, as fresh Russia-Ukraine tensions provided some haven demand.
Traders also took in a weaker-than-expected report on U.S. housing starts, although that was offset by a stronger-than-anticipated figure for weekly jobless claims.
At last check, gold was as high as $1,308.50 an ounce. Silver got up to $20.99 an ounce.