The 6PM Recap With Gary Wagner: Another Turn
The investing world again today is hanging on what Janet Yellen, Chairwoman of the Fed, says in Congressional hearings, this time in front of a House panel. Is anyone seriously thinking she will change her tune from yesterday? From the FOMC minutes released last week? Or the press statement issued in late January? What’s the issue, boys and girls?
Bounce for Gold on Short Covering, Bargain Hunting and Some Physical Demand
Gold prices ended the U.S. day session modestly higher Wednesday, supported by short covering in the futures market, bargain hunting in the cash market, and on some fresh demand for physical gold coming out of Asia. The weaker U.S. dollar index and fi…
Read moreBBH: Greece Still Has Tall Order To Secure Funding Past April
Although the market has focused on the fact that Greece managed to extend its emergency funding for another four-months, analysts at Brown Brothers Harriman (BBH) say the country still faces some difficult hurdles. They note that the biggest difficulty will come from within Greece itself. “It is in the next two months that the Greek government needs to pass the enabling legislation to enact the reforms. This is indeed a tall order,” they say. “Although nearly all the reports have underscored that Greece’s aid program was given a four-month extension, we think it is more realistic to focus on the end of April review.”
Mining Needs Exploration; No Magical Force Will Bail It Out – Mark Bristow
(Kitco News) – If you’re looking for some magical white knight to appear out of the blue and help out the gold mining sector, you’re going to be waiting a while, according to one mining executive.
Boost In Eurozone Gold Reserves Not A Major Impact For Gold – Market Analysts
Analysts aren’t reading too much into the fact that gold reserves in the eurozone increased in January, according to data released from the International Monetary Fund (IMF).
Gold Up On Short Covering, Bargain Hunting and Better Physical Demand
Gold prices are moderately higher in early U.S. trading Wednesday, boosted by short covering in the futures market, bargain hunting in the cash market, and on some fresh demand for physical gold coming out of Asia.
Read moreYellen Yet Again With Greece Thrown In
Fed Chairwoman Janet Yellen said the central bank would not be raising interest
Read moreDoJ, CFTC Investigating 10 Banks For Manipulating Precious Metals Markets
According an article in the Wall Street Journal, at least 10 major banks are being investigated by the Department of Justice (DoJ) and the Commodity Futures Trading Commission (CFTC) for possibly manipulating the precious metals market.
Read moreOptionsXpress: Fundamentals And Technicals Point To Lower Gold Price
The fundamental and technical picture for gold does not paint a supportive picture for the yellow metal, says Rob Kurzatkowski, senior commodity analyst at OptionsXpress. Looking at the technical picture, he says gold could eventually test support at $1,175 or $1,150 as prices have broken below their major moving averages. “Given the preceding down move in the market over the past month to month and a half, the bias seems to be to the downside out of this consolidation,” he said. The fundamental picture is just a gloomy as the need for safe-haven demand has decreased as Greece managed to negotiate a four-month funding agreement with its creditors. Also add markets ignoring continued conflicts in Ukraine and President Obama’s pledge to increase military action against Islamic State (ISIS) fighters. “Investors have been saturated with news on both fronts, so traders may be a bit indifferent to fresh news, barring a major escalation. In the near-term, gold may be more sensitive to currency fluctuations and interest rate speculation rather than geopolitical events,” he says.
Gold Ends Weaker, Hits 7-Week Low; Yellen Remarks Benign
(Kitco News) – Gold prices ended the U.S. day session slightly lower and right about where the trading day began. Testimony from Fed Chair Janet Yellen in front of the U.S. Senate had no lasting effect on precious metals prices. The stronger U.S. dollar continues to be a bearish underlying factor working against the precious metals bulls. April Comex gold was last down $2.30 at $1,198.50 an ounce. May Comex silver last traded down $0.069 at $16.23 an ounce.
