Tuesday, March 2, 2021
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Gold Prices Dip Friday but Log Weekly Gains, Silver Falls for Both

Fine Gold BarsGold prices edged lower Friday, snapping a two-day winning streak. Still, the yellow metal registered a modest weekly gain of $8.90, or 0.5 percent, while other precious metals retreated.

In closing the week, gold prices declined $9.00, or 0.5 percent, to $1,756.10 an ounce in the December futures contract on the Comex in New York. The yellow metal ranged from an intraday low of $1,749.80 to a high of $1,766.50 [...]

In The Lead – Ridi, Pagliaccio!

Precious Metals CommentaryThe countdown to the end of a tumultuous market week (haven't they all been that lately?) commenced with this morning's opening in New York. Precious metals headed lower (all but platinum) as the US dollar picked up a tad of energy and the euro ran into a wall of overhead resistance amid the still (!) on-going crisis.

Market participants have plenty to keep an eye on today but are exhibiting fatigue syndrome from what has been a roller-coaster of a string of trading sessions. Spot gold opened $10.20 lower at $1,754 per ounce and albeit it has not pierced the $1,750 support level it has also not managed to vault above the $1,775 mark yet [...]

Gold Hits 6-Week High, Silver Prices Rise 1.6%

Fine Gold BarsGold futures advanced for a second straight day and to a six-week high Thursday as its appeal intensified following an unexpected interest rate cut by the European Central Bank which reignited inflation chatter.

"Gold has started to revert back into its role as a safe-haven play and this (rate cut) is not changing that," Reuters quoted Ole Hansen, senior manager at Saxo Bank. "Also it's indicating that we're going to see lower rates for longer in the future and that is obviously the main supporting factor for gold."

Gold prices jumped $35.50, or 2.1 percent, to $1,765.10 an ounce in the December futures contract on the Comex in New York. The close was gold's best since [...]

Gold Closes Near $1,730; Silver Advances 3.7%

Fine Gold BarsGold futures rose toward $1,730 an ounce Wednesday, advancing for the first time in four days as a weaker U.S. dollar, safe-haven buying and bargain-hunting led investors' buying motivations.

"A weak dollar is supporting commodities and risk assets ahead of the FOMC. Any surprise comments will likely be on the side of liquidity and easing, which certainly will be beneficial to gold." Reuters quoted David Meger, director of metals trading at futures broker Vision Financial Markets.

The FOMC, in fact, ended its two-day policy meeting mid-afternoon Wednesday. The committee offered a lightly improved outlook for the U.S. economy but also cut its forecasts on growth [...]

In The Lead – Old-Hat Headlines From The Old World

Precious Metals CommentarySpot gold dealings started off with a gain of $12.00 at $1,732.00 the ounce. Gold coin sales by the US Mint fell to almost half of the levels that were seen in September as well as compared to those reported in October of last year.

Despite incessant reports in various forums that US retail investors are "cleaning out" their local coin shops, only 50,000 coins were moved by the Mint into the marketplace. Silver coin sales were down by 1.4 million units in the month of October versus September but were nearly on par with 2010's October sales levels [...]

Gold Dips 0.8%, Silver Tumbles 4.7%

Fine Gold BarsGold futures fell for a third straight day Tuesday as strength in the U.S. dollar curbed the appeal of precious metals.

"Gold is behaving erratically with some strong currents pushing it in two directions at once," said Ross Norman, chief executive at London-based bullion broker Sharps Pixley, in emailed comments cited on MarketWatch. "Primarily, it is selling on the strong dollar pushing gold lower, and strong physical and [exchange-traded fund] buying from some investors on the other side pushing gold higher."

Gold prices closed down $13.40, or 0.8 percent, to $1,711.80 an ounce [...]

In The Lead – Hollow Win

Precious Metals CommentarySpot New York dealings opened solidly in the red for all the precious metals. Gold fell to lows near $1,680 after it easily pierced that pivotal $1,700 mark that appeared fairly solid just yesterday. Targets being mentioned among polled traders are focusing on the $1,675 and $1,650 areas below while the new "major" support has been quietly "pushed back" to the $1,600 mark now (at least in some of the perennially starry-eyed newsletters).

There are also those among the professionals who see a swift recapture of the $1,700 level as a possibility, given the nebulosity out there. Hopefully, not too many or sizeable margin call liquidations will develop in the wake of the rout in the Dow and hopefully MF Global is not sitting on bullion contracts that might need to be unwound [...]

Gold Pares October Gain to 6.3%, Silver Prices Surge 14.2%

Fine Gold BarsGold stumbled $22 Monday, paring its monthly gain in October to $102.90, or 6.3 percent. Silver prices dived by nearly $1 on the day, but still finished up $4.27, or 14.2 percent for the month. A stronger U.S. dollar was blamed for the yellow metal's daily loss, which silver tracked.

The monthly increases for the two major metals come on the heels of respective gold and silver losses in September of 11.4 percent and 28.0 percent.

On Monday, gold prices declined 1.3 percent to settle at $1,725.20 an ounce in the December futures contract [...]

In The Lead – I Have A Yen [Or A Few Trillion] For You…

Precious Metals CommentaryThe second central bank currency market intervention in as many months sent the US dollar soaring and gold reeling overnight as market players rushed for various entry and exit doors to take advantage of the overt move. The selling of yen by the BoJ represented the third such event this year and it follows a fresh postwar high (at 75.35 vs. the USD) that the Japanese currency had reached just last week. The August intervention involved the selling of 4.5 trillion yen and it was the largest in seven years.

Last night's maneuver resulted in the greenback reaching a three-month high against the yen. The massive unilateral (as opposed to what the SNB and other central banks did in early September) pressured the yen some 4% lower during the wee hours and saw gold [...]

Gold Jumps 6.8% in Weekly Gain, Silver Prices Soar 13.1%

Fine Gold BarsGold futures edged lower Friday, snapping a five-day winning streak, but still registering an explosive weekly gain of $111.10, or 6.8 percent.

Gold prices dipped 50 cents to close Friday at $1,747.20 an ounce in the December futures contract on the Comex in New York. The yellow metal ranged between an intraday low of $1,733.00 and a high at $1,754.00.

"We had a really heavy week on the news front with the euro zone and U.S. GDP... the market's trying to work out where gold should be, wondering if this euro zone package has solved the problem," Reuters quoted Mitsubishi analyst Matthew Turner.

Last week gold prices swung through a range difference of $92.10. This week's range spread was [...]

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