Gold Slips on Economic Data

Gold Slips on Economic Data

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 Fell Below $1,900

Gold Fell Below $1,900

Gold fell below the key $1,900 threshold on Friday pressured by gains in the dollar and Treasury yields. The yellow metal had little reaction to the bad employment news released this morning. Continue reading →

Gold Slips 1% Wednesday

Gold Slips 1% Wednesday

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%

Gold Jumps Over 2%

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

Gold Rises on Weakened Dollar

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

Gold Challenging $1,900

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 →

Holiday Hours for 2020

The following is the Holiday Schedule for Dillon Gage Trading, Dillon Gage Refinery and FizTrade™:

  • Dec. 24th: Trading, Refinery and FizTrade.com close at 12:45pm Central Time (CT).
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  • Jan 3rd: FizTrade opens at 5pm CT
  • Jan 4th: Normal hours resume for Trading, Refinery and FizTrade

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Have a Happy and Safe Holiday Season!

Gold Rises On Firmer Relief News

Gold Rises On Firmer Relief News

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.

The Future Is Green For Platinum

The Future Is Green For Platinum

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

Gold Makes Modest Gains

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 Rebounds From Dip

Gold Rebounds From Dip

Gold rebounds from early morning dip that was brought on by a stronger dollar and global optimism as Britain prepares to start COVID-19 vaccinations on Tuesday. The yellow metal dropped a touch over $10 an ounce, but sprung back as investors bought the dip. Continue reading →

Gold Fell On Vaccine Optimism

Gold Fell On Vaccine Optimism

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 →

Thanksgiving Holiday Hours

The Dillon Gage family wishes you and yours a very Happy Thanksgiving!

Dillon Gage will have the following reduced hours over the holiday weekend.

FizTrade:

  • Thu. Nov. 26th: Open all day, EXCEPT closed from Noon to 5 pm CST
  • Fri. Nov. 27th: Closes at 12:45 pm CST
  • Sun. Nov. 29th: Opens at 5 pm CST

Trading Room & Refinery:

  • Thu. Nov. 26th: Closed
  • Fri. Nov. 27th: Closed
  • Mon. Nov. 30th: Trading room opens at 7:30 am CST
Gold Reclaiming Some Ground

Gold Reclaiming Some Ground

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 Eased on New Vaccine News

Gold Eased on New Vaccine News

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

Gold Pops On New Stimulus Hopes

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

Gold Climbs Back After Vaccine News Dip

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 Eases on Stronger Dollar

Gold Eases on Stronger Dollar

Gold eases on stronger dollar this morning as optimism over a potential COVID-19 vaccine boosts the market, but the yellow metal is still being supported by the belief that monetary support to resuscitate the economy is still possible. Continue reading →

Gold falls on vaccine news

Gold Falls on Vaccine News

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

Gold Up on Weakened Dollar

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 Back Above $1,900

Gold Back Above $1,900

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 Toward $1,900

Gold Climbing Toward $1,900

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 Steady Above $1,900

Gold Steady Above $1,900

Gold steady above $1,900 Friday morning despite a strong dollar and an ongoing stalemate in U.S. stimulus talks. The yellow metal slipped a touch on this morning’s U.S. Retail sales report for September, and could hit its first weekly decline in three weeks. Continue reading →

Gold Back Over $1,900

Gold Back Over $1,900

Gold back over $1,900 this morning on concerns over the global economy and questions about the U.S. presidential election. Gold showed little reaction to this morning’s Producer Price Index (PPI) numbers. Continue reading →

Gold Retreats - Dollar Rises

Gold Retreats – Dollar Rises

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 Climbs on Soft Dollar

Gold Climbs on Soft Dollar

Gold climbs on soft dollar this morning after slipping overnight as equities gained on the possibility that U.S. President Donald Trump, who was hospitalized Friday for COVID-19, might be released as soon as Monday. Continue reading →

Gold Holds Above $1,900

Gold Holds Above $1,900

Gold holds above $1,900 after this morning’s disappointing payroll numbers, hanging onto the boost it received over night following the news the President Trump tested positive for COVID-19. Gold still looks to mark its best week in nearly two months Continue reading →

Gold Slips as Dollar Rallies

Gold Slips as Dollar Rallies

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 →