Commentaries

  • Muted trading is the overall characteristic of gold today, it traded within an extremely narrow range of just under $10. Gold futures traded to a high today of $1559.80, and a low of $1550. As of 4:30 PM EST is up $0.60 and is fixed at $1558.50. Although we have seen gold trade under pressure before moving sideways the precious yellow metal has been extremely resilient in the light of U.S. equities which have been moving to new highs over the first three weeks of this year. After hitting a new a

  • When we look at trading activity over the last couple of weeks through the eyes of a weekly candlestick chart it is clear that while gold has had erratic and exaggerated price swings, it is in essence forming a base right around last year’s highest price. The last leg of this rally concluded during the first week of 2020 when the potential for a protracted conflict with Iran resulted in the highest value for gold seen over the last seven years as it touched $1613 before trading lower. Within day

  • After last week’s historic rise to a seven-year record high for, this week when compared to last week the range is extremely contracted. While traders were relieved to see that the daily range in gold was much more manageable, rightfully so many were disappointed in the small price moves. Gold futures did close very near the opening price on Monday, near the high of the week. However, the price difference between the high and low this week was roughly $18, a mere blip when compared to last week’

  • Over the last six trading days gold has traded in the narrow and compressed range of $25. This range compression and sideways trading began immediately following last Wednesday’s spike to this year’s high ($1613), and close at $1559. Although the daily range has compressed there seems to be a reluctance for gold to trade and close below $1550 per ounce, which is now become short-term support. The last six trading days there was only one occurrence in which pricing opened and closed below that su

  • The “phase one” trade agreement between the United States and China was officially signed today helping to move U.S. equities all fractionally higher. But it was the precious metals that shined today with gold being the laggard. Currently as of 3:30 EST February futures are up 8/10 of a percent at $1557 after a respectable gain of over $12. One bright start today was platinum gaining $36.50 bringing it back above $1000 for the first time in nearly 12 months, this after today’s 4% gain. Silver al

  • Copper prices just hit eight-month highs. Given the many headwinds for the global economy, my immediate reaction was cautious. The headlines about the cooling Chinese economy have been particularly strong arguments for caution. Copper and Chinese GDP growth have had a very strong correlation for decades. That’s why I tweeted that I want to see the Chinese and global economies heating up again before I get too excited about copper. But then I remembered writing about copper decoupling from oil a

  • The imminent signing of the phase-one component of a comprehensive trade deal tomorrow between the United States and China continue to weigh heavily on both gold and silver pricing. Both precious metals continue to trade lower today with silver exhibiting the largest percentage drawdown of the entire precious metals complex. As of 4 PM EST silver futures basis the most active March contract is currently down just over a full percentage point. After factoring in today’s decline of $0.18 is fixed

  • This was a volatile week for gold. On Wednesday gold traded to its highest level in seven years. After breaking above $1600 trading for a brief moment up to an intraday high of $1613, before breaking and closing below $1600 per ounce. The last time gold was trading at or above $1600 per ounce was March 2013. In 2013 when gold was trading at $1600, it was cascading lower, falling from approximately $1800 in August 2012. Yesterday gold traded to its lowest price point this week when on an intraday

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  • This was a volatile week for gold. On Wednesday gold traded to its highest level in seven years. After breaking above $1600 trading for a brief moment up to an intraday high of $1613, before breaking and closing below $1600 per ounce. The last time gold was trading at or above $1600 per ounce was March 2013. In 2013 when gold was trading at $1600, it was cascading lower, falling from approximately $1800 in August 2012. Yesterday gold traded to its lowest price point this week when on an intraday

  • With gold off a little over $60 from the highs achieved yesterday, the question many gold investors and traders are asking is, where to from here? My sense is that the undertones of gold pricing remains extremely bullish. The most recent rise in gold pricing which began on Friday following the U.S. drone strike in Iraq which killed Iran’s Major General Soleimani quickly eroded as cooler heads prevailed, and the potential for a major conflict diminished. Once it was clear that there was a path be

  • The Dow has 29,000 in its sights this fine Thursday. Gold has slumped all the way from $1,610 two days ago to $1,550 as I type. Gold and silver stocks are down sharply and some precious metals investors are wringing their hands as Mr. Market seems to be ignoring fiscal, economic, and geopolitical reality—again. My thought: “Are you Kidding?” In the first place, gold and silver stock speculators don’t need Wall Street to tank in order to profit. Indeed, the same easy money trend is driving both h

  • After 10 consecutive trading days which resulted in daily gains and a higher closing price when compared to the open that streak was broken today when gold futures settled sharply lower on today. The price difference between Tuesday evening’s high and today’s low was just about $60. Gold futures settled in New York yesterday at approximately $1571. Tuesday evening prices spiked to $1631 when Iran launched a surface to surface missile attack into two airbases in Iraq which housed U.S. troops. Ira

  • Gold futures traded sharply higher overseas yesterday as recently increased tensions in the Middle East took the precious metal to $1590.90 before giving up much of those gains as trading moved into New York this morning. As of 4 PM EST the most active February gold contract is trading up $16.30, and fixed at $1568.60. Current pricing is only six dollars above yesterday’s open, however yesterday’s open gapped above Friday’s close of $1555 per ounce resulting in today’s $16.30 gain. Over the last