Gold Backs Down as U.S. Equities Stabilize, Focus Turns to FOMC
Comex gold futures prices have turned moderately lower, while the cash gold market is trading just above unchanged in late-morning dealings Tuesday.
Prices have dropped back below the key $1,200.00 level as the near-term technical posture for gold has…
U.S. Flash PMI Falls To 53.7 In December
(Kitco News) – The U.S. manufacturing sector continues to lose steam in December, adding to weakness reported in November, according to the latest Purchasing Managers Index data.
Read moreThe 6 P.M. Recap With Gary Wagner: Hold On, I’m Coming
Gold fell down and broke its crown today, but oil is plummeting toward a rendezvous with destiny. The equities markets can’t decide what to do, having been up in the morning but now definitively down in mid-afternoon.
Free Train Ride Ends Up Being Costly For Ex-Blackrock Manager
(Kitco News) – Apparently Jonathan Paul Burrows, a former managing director for Blackrock, the world’s largest asset management firm, didn’t think hitching a free ride would be so expensive, costing him his career in the financial sector.
Gold Ends Lower on Bearish “Outside Market” Forces
Gold prices ended the U.S. day session solidly lower Monday, pressured by lower crude oil prices and a higher U.S. dollar index on this day. Gold and silver bulls had gained some upside technical momentum last week, but they are now fading again and n…
Read moreSpeculators Help Push Gold Net Long Position To August High
Net-long positions in gold futures hit their highest level since August due to a mix of renewed investor interest and short-covering, according to data from the Commodity Futures Trading Commission.
Read moreBarclays: Silver Could See Renewed Pressure As ETPs Are Cash Negative
Although gold prices appear to have found a floor in the market, silver has not been as lucky, analysts at Barclays say. “Silver prices have bounced back above $17/oz, but in our view, despite short-term sentiment improving, prices are yet to find a solid floor,” they say. The analysts explained that looking at Exchange-Traded Products, investment demand for silver has held up better than gold in 2014, but it could only be a matter of time before investors sell their unprofitable silver investments. From a price perspective, Barclays says that they don’t expect to see more redemptions of gold ETPs unless the price breaches $1,000 an ounce. “In contrast, the bulk of silver ETPs are currently cash negative, with the most of the metal held in trust accumulated above $20/oz representing the late money investment,” the analysts say. “ETP holdings have been much more robust even as prices have fallen. In our view, this continues to make silver vulnerable to further downside, particularly as there have been a limited number of production cutbacks in light of lower prices.”
Silver Seen Starting Slow, Then Gaining Speed Toward End Of 2015
(Kitco News) – Silver could struggle in the early part of 2015 as markets continue to factor in expectations for Federal Reserve tightening and as growth in industrial demand remains constrained by soft economies in other parts of the world.
Technical Trading: It’s Fed Week, Here’s What You Need To Know About Gold
The U.S. Federal Reserve is set to meet this week, with a statement and press conference on Wednesday afternoon. There are many questions swirling around the markets including: Will the Fed remove the “considerable time” language in reference to the t…
Read moreEmpire State Manufacturing Index Drops To Negative 3.6 In December, First Time In Two Years
(Kitco News) – The manufacturing sector in the New York region remains volatile as the Empire State manufacturing survey showed that business conditions are deteriorating in December, completely reversing some of November’s gains.
