Gold rebounds after touching multiweek low early Monday. The lowest level in a month and a half early Monday was hit amid a tug-of-war over the bullishness of an anticipated stimulus package and pressure from the dollar’s strength. Continue reading →
Gold slips this morning on the release of U.S. economic data that illustrate the country’s ongoing fiscal struggle against the pandemic including disappointing retail sales and Producer Price Index (PPI) for December. The yellow metal fell over $10 an ounce on the news, but has regained a little of that ground and is back over $1,840 and ounce. Continue reading →
Gold slipped on Monday, near the six-week trough that was hit earlier in the session, driven by a robust dollar and higher U.S. Treasury yields amid expectations of more fiscal stimulus. Continue reading →
Gold slips 1% on Wednesday, after nearing a two-month high overnight, as investors exercised some profit taking and the dollar stopped its slide. Meanwhile the markets are keeping an eye on the outcome of Georgia’s U.S. Senate run-off and this afternoon’s release of December’s Fed minutes. Continue reading →
Gold jumps over 2% early Monday, to begin the new year with a bang. The yellow metal hit an eight-week high above $1,900 an ounce, its highest point in over eight weeks, as the dollar slid to 2018 lows and prospects of tougher restrictions to combat a new variant of the coronavirus kept safe-haven bullion in demand. Continue reading →
Gold rises on weakened dollar as the currency fell to its lowest level in more than two years against the euro early Wednesday, bolstering the yellow metal as an alternate investment. However, news that Britain approved a COVID-19 vaccine developed by AstraZeneca and Oxford University is keeping gold from soaring. Continue reading →
Gold challenging $1,900 again as investors buy the dip that occurred overnight when the dollar steadied and stock markets rallied. Gold was on track for its highest close in seven weeks, after U.S. President Donald Trump signed a pandemic-relief bill including stimulus and the dollar fell. Continue reading →
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Gold rises as headlines reveal firmer COVID relief news. A meeting between House Speaker Nancy Pelosi, Senate Democratic leader Chuck Schumer, Senate Majority Leader Mitch McConnell and House Republican leader Kevin McCarthy this morning is expected to end with a finalized Covid-19 relief package.
The congressional leaders met several hours Tuesday night when they reportedly made real progress on a relief package worth less than $900 billion that includes direct stimulus payments but leaves out state and local aid, according to a person familiar with negotiations.
Gold rose to the highest level in more than a week early Wednesday as investors awaited the Federal Reserve’s last policy announcement of the year later in the day and anticipated bullish news about stimulus measures. The yellow metal then retreated after the U.S. Commerce Department reported retail sales dropped for a second straight month in November. The 1.1% drop adds to growing signs of a slowdown in the economy’s recovery from the pandemic recession.
The Fed is expected to keep interest rates unchanged near zero but provide signals on where policymakers plan to set rates in the coming year and beyond. Low interest rates have historically been considered bullish for gold.
Front-month gold futures rose 1.3 Tuesday to settle at $1,855.30 an ounce on Comex. The February contract advanced 0.6% in the first two days of the week. Gold is up more than $300 — or 22% — so far this year as investors have flocked to the metal because of uncertainty from the coronavirus pandemic and the economy. The metal fell 5.3% in November. The February contract is currently up $6.40 an ounce to $1,861.70 and the DG spot price is $1,858.40.
Equities in Asia headed for record highs after Senate Majority Leader Mitch McConnell said he will keep lawmakers in Washington until a stimulus deal gets done.
McConnell also split with President Donald Trump on Tuesday by recognizing Joe Biden as president-elect, attempting to quash efforts to further question the results of the presidential election in November.
In other bullish news, a coronavirus vaccine by Moderna is likely to get emergency authorization before the end of the week after data released Tuesday indicated it’s highly protective. The approval, expected Friday, would put a second vaccine in the U.S. market, potentially hastening the end of the pandemic. A Pfizer vaccine was approved last week.
The COVID-19 virus has killed more than 1.63 million people worldwide and sickened more than 73.4 million. About 23% of the cases — and 19% of the deaths — are in the U.S. The country has about 16.7 million cases, more than any other nation.
Front-month silver futures rose 2.5% Tuesday to settle at $24.64 an ounce on Comex, and the March contract advanced 2.3% in the first two days of the week. The March contract is currently up over $0.50 to $25.195 and the DG spot price is $25.05.
Spot palladium gained 0.4% Tuesday to $2,330.50 an ounce and is down 0.2% so far this week. It advanced 8.3% in November. The DG spot price for palladium is currently up to $2,334.50.
Spot platinum advanced 2.5% Tuesday to $1,040.10 an ounce and is up 1.9% this week. It rose 14% in November. The DG spot price for platinum is currently up to $1.042.80.
Disclaimer: This editorial has been prepared by Dillon Gage Metals for information and thought-provoking purposes only and does not purport to predict or forecast actual results. This editorial opinion is not to be construed as investment advice or as a recommendation regarding any particular security, commodity or course of action. Opinions expressed herein cannot be attributable to Dillon Gage. Reasonable people may disagree about the events discussed or opinions expressed herein. In the event any of the assumptions used herein do not come to fruition, results are likely to vary substantially. It is not a solicitation or advice to make any exchange in commodities, securities or other financial instruments. No part of this editorial may be reproduced in any manner, in whole or in part, without the prior written permission of Dillon Gage Metals. Dillon Gage Metals shall not have any liability for any damages of any kind whatsoever relating to this editorial. You should consult your advisers with respect to these areas. By posting this editorial, you acknowledge, understand and accept this disclaimer.
When we last checked in on platinum in June, the Covid-19 pandemic had just caught the world by surprise. The global economy was in the grips of a rapid slowdown which hurt some of Platinum’s biggest demand drivers, especially in the automotive sector. A series of automotive plant shutdowns around the world, in particular, plunged platinum prices in March to its lowest levels since 2002. Continue reading →
Gold makes modest gains as this morning’s PPI numbers show inflation remaining benign. Gold had edged higher earlier Friday as the dollar traded near its lowest level in two and a half years, coronavirus cases surged and a weak U.S. jobs report made it less likely that the economy would quickly recover from the pandemic. Continue reading →
Gold fell early Monday on vaccine optimism which propelled investors into equities at the expense of gold. The yellow metal’s price fell despite the dollar hitting its lowest level in two and a half years. The Dow fell 250 after this morning’s opening bell, but is still set for its best month since 1987. Continue reading →
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Gold reclaiming some ground on weaker U.S. dollar this morning. Meanwhile, European stocks and U.S. equity futures have applied the brakes following yesterday’s record setting session on the Dow driven by vaccine hopes and relief over progress being made in the transition to a Biden administration. Continue reading →
Gold prices eased Monday when AstraZeneca offered new vaccine news in the fight against COVID-19, overshadowing an earlier boost from a weaker dollar. U.S. gold futures slipped 0.6% lower to $1,861.40 on the announcement. AstraZenaca reports its vaccine could be around 90% effective. Continue reading →
Gold pops on new stimulus hopes this morning as Secretary Mnuchin announces new meetings in coming weeks. The yellow metal had been holding steady fighting pressure following yesterday’s announcement by Mnuchin that key lending programs at the Federal Reserve would expire on Dec. 31, putting the future of fiscal support in doubt. Continue reading →
Gold climbs back after vaccine news once again raises hopes. Drugmaker Moderna announced positive news on the effective rate of its COVID-19 vaccine, raising hopes for the economic recovery. The headlines took a bit of shine off gold’s safe haven status, but investors quickly stepped in to buy the dip. Continue reading →
Gold falls on vaccine news this morning. Pfizer and Germany’s BioNTech revealed trial data this morning that indicates a 90% effective rate for their Covid-19 vaccine. Gold dropped below $1,900 on the news, while U.S. Stock Futures surged, with the Dow set to rise a record 5% at the opening bell. Continue reading →
Gold up on weakened dollar as the yellow metal appears headed to its best week since July and the dollar looks at its worst week since March. Uncertainty about the U.S. election which would likely impact continued pandemic stimulus and monetary policy are supporting gold’s attraction. Continue reading →
Gold is back above $1,900 after sliding over 1% on Wednesday on presidential election doubts. The yellow metal’s rise in the last few hours this morning is attributed to the dollar steadying and rising hopes that Democrat Joe Biden could still win the White House, which raises hopes for a larger U.S. stimulus. Continue reading →
Gold climbing back toward $1,900 this morning following two straight sessions of declines. The yellow metal is riding the wave of investors seeking refuge on the news of rising COVID-19 cases and worries over the upcoming U.S. elections which have taken down the dollar’s recent rally. Meanwhile, the Dow is headed for its worst week since March. Continue reading →
Gold retreats early Monday, coming off a three-week high, as the dollar rises and the White House and House Democrats remain far apart over terms of a multitrillion-dollar stimulus bill to provide relief to segments of the economy hard hit by the coronavirus and associated lockdowns. Continue reading →
Gold slips this morning as dollar rallies, but the yellow metal is still on track for its eighth straight quarterly gain. The dollar rose following the first presidential debate between Donald Trump and Joe Biden. Continue reading →