Gold off in overnight trading

Gold is trading down about $7.50 in the overnight markets as this is posted. Silver is down 7¢.  It looks like Irma’s reduced category ranking to a 2 and quiet on the Korean peninsula let a little air out of the gold and silver rallies – at least for now. Too, it could be no more complicated than a continuation of Friday’s sideways to lower trading.

In Japan, stocks are up a little over 1%. Despite that strength, the yen is taking another beating in the FOREX markets.

As pointed out here a few days ago, the weak yen has been a consistent contributor to higher gold prices in overnight Tokyo trading. That post includes a worthwhile chart, if you haven’t seen it. It will be interesting to see if yen weakness wins out as the evening progresses.

Nothing much going on elsewhere at this writing.  Will report back if anything develops. . . . . .

Interesting quote from Goldman Sachs chief commodity analyst, Jeff Currie –

“If buying gold, don’t buy futures or ETFs.  Buy the real thing. . .The lesson learned was that if gold liquidity dries up along with the broader market, so does your hedge, unless it’s physical gold in a vault, the true hedge of last resort.”

This entry was posted in Today's top gold news and opinion. Bookmark the permalink.

Comments are closed.