Category: Gold Price

If Fed Signals Weak Inflation, Gold Could Move Back Up To $1,300 — TD Securities

KitcoNews/Anna Golubova/12-11/17

After another disappointing trading session, one bank sees gold ending the week on a positive note, with prices possibly moving up to $1,300 an ounce if the Federal Reserve hints at weak inflation on Wednesday.

“Should inflation disappoint or the Fed communicate some caution with regards to the persistence in weak inflation, the yield curve’s flattening could play a big role in sending gold prices back to the $1,260-$1,300/oz range,” said head of commodity strategy at TD Securities Bart Melek in a report published on Monday.

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Posted in Gold News, Gold Price, Gold Views |

Morning Snapshot: Gold Slides to 5-Month Low As FOMC Meets

USAGOLD/Peter Grant/12-12-17

Gold is down slightly in early U.S. trading, having eked out a new 5-month low at 1238.90. Gold continues to be pressured by a stronger dollar as the Fed begins their 2-day FOMC meeting.

A 25 bps rate hike is fully expected when the Fed announces policy tomorrow. Dollar and yield strength seems to reflect growing expectations of more hawkish guidance for 2018.

Headline PPI rose 0.4% in November, pushing the annualized rate to producer inflation to a 6-year high of 3.1%. However, core PPI remained steady at +2.4% y/y, despite a higher than expected m/m rise of +0.3%.

November CPI comes out tomorrow in advance of the Fed’s announcement. Headline CPI is expected to rise to a 2.2% annualized pace, while core CPI is anticipated to hold steady at +1.8%.

Along with the Fed decision tomorrow, we’ll get the central bank’s economic forecasts and Chair Yellen will hold a press conference. We’ll see how optimistic the Fed is about wage and price growth in the year ahead.

Silver remains under pressure as well, also edging to new 5-month lows with the breach of last week’s low at 15.62. Silver is pretty oversold at this point, but $16 must be regained to ease pressure on the downside.

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Posted in Gold News, Gold Price, Gold Views, Snapshot |

GOLDMAN SACHS: Bitcoin hasn’t taken a bite out of demand for gold

BusinessInsider/Will Martin/12-12-17

The surging price of bitcoin has not put investors off buying gold, with “no evidence of a mass exodus” from the safe haven metal despite a drop in prices recently, according to research released by Goldman Sachs this week.

Jeffrey Currie, Goldman’s global head of commodities research, said that the groups of investors looking to invest in the two assets are vastly different, therefore protecting gold demand, he wrote in a note to clients reported by the Financial Times.

…”We believe the composition of demand between bitcoin and gold is the key difference in the recent price action. In our view bitcoin is attracting more speculative inflows relative to gold.”

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Posted in Cryptocurrency, Gold News, Gold Price, Gold Views |

Gold steady at 1242.72 (-0.28). Silver 15.75 (unch). Dollar and euro steady. Stocks called mixed. U.S. 10-year 2.40% (+1 bp).

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Posted in Gold Price, Markets, Silver Price |

Could gold do a bitcoin and hit $10,000 an ounce in 2018?

The National/Peter Cooper/12-10-17

After bitcoin’s spectacular price spike this year, could gold be about to stage a similar grand finale to its bull market that began back in 2000?

Bitcoin also took many years before its final speculative reach-for-the-sky. Indeed, the scramble to buy at the last minute has been reminiscent of gold’s previous price spike back in 1980 after a long run up in prices during the economically unstable 1970s.

There are certainly goldbugs who argue for $10,000 an ounce convincingly. Ex-CIA macroeconomic adviser Jim Rickards’ latest tome, The New Case for Gold explains how gold will again be needed as a linchpin of the global economy.

PG View: That price target seems pretty optimistic, but given the rise in BitCoin this year, why couldn’t a real tangible asset make a similar jump?

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Posted in Cryptocurrency, Gold News, Gold Price, Gold Views |

The Daily Market Report: Gold Remains Defensive Ahead of This Week’s FOMC Meeting


USAGOLD/Peter Grant/12-11-17

Gold is down, pressuring the 4+ month low established last week, as focus shifts to this week’s FOMC meeting. The Fed will announce policy on Wednesday and it is widely expected that they will raise rates by 25 bps, despite still moribund wages and inflation.

However, the last two December rate hikes (2015 and 2016) closely corresponded with significant lows in the price of gold. The market could be setting up for a similar event this time around, but in 2017 gold has been comparatively buoyant ahead of year end.

David Fickling, writing for Bloomberg, notes the distinct seasonal trend that has emerged over the past decade. “Whatever the reason, it’s enough of a consistent pattern these days that it’s starting to become a self-fulfilling prophecy,” says Fickling.

[G]old exhibits a pronounced seasonality. January, February, July and August — the four months this year when the metal has rallied most strongly — had, on average, been the best months to buy gold over the previous 10 years.

In 2016 and 2015, the lows actually occurred in December. “If history is still reliable, January will be a great month to own precious metals,”said John Rubino in a separate note for Sprott Money.

With BitCoin futures now trading on the CBOE, many are arguing that the meteoric rise of the cryptocurrency is stealing gold’s thunder. This is happening at the same time that many are warning BitCoin has become the biggest bubble since the Tulip-Mania of 1636-1637.

Have precious metals suddenly lost their luster – has their 10,000 year history as a store of value suddenly evaporated within the matter of a month? Of course not. This is absurd and ludicrous and sounds like a copy and pasted line from any MSM financial outlet. — Nathan McDonald, Sprott Money News

Certainly BitCoin has been stealing headlines this year, but how long can this last. Clearly longer than many first thought, but with each push to new highs, it arguably becomes increasingly unstable.

That tweet outlines some very serious concerns. One that is not mentioned, is that to this day, nobody even knows who the creator of BitCoin is in reality. Investing — or perhaps more appropriately speculating — in an asset where that critical piece of knowledge is missing seems crazy to many.

Nonetheless, it’s just one of many oddities that have emerged since the financial crisis that seem to have little grounding in economic reality. That of course doesn’t preclude further gains, but like the price, the risks seem astronomic as well.

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Posted in Daily Market Report, Gold News, Gold Price, Gold Views |

Gold’s Time Is Nigh


Bloomberg/David Fickling/12-11-17

Remember gold?

It seems like only six years ago the shiny metal was flavor of the month, hitting a record $1,900 a troy ounce while its backers prophesied the end of the fiat money system.

With bitcoin sucking up all the crazy in financial markets, gold looks to have lost its luster. The CBOE/Comex Gold Volatility Index, a rough proxy for the amount of fun and profit available for precious metal traders, touched a record low of 10.17 last month, from levels north of 37 back in 2011.

That may be overdue a change. Despite suffering its worst week since May last week, the outlook for gold could be stronger now than it has been for several months.

January, February, July and August — the four months this year when the metal has rallied most strongly — had, on average, been the best months to buy gold over the previous 10 years.

PG View: Certainly gold and silver are undervalued relative to other asset classes. Now may a good time to diversify; take a little off the table in stocks for example and buy some real assets.

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Posted in Gold News, Gold Price, Gold Views |

Gold steadies below $1,250/oz ahead of Fed meeting

Reuters/Jan Harvey/12-11-17

Gold steadied below $1,250 an ounce on Monday after its biggest weekly drop in more than six months, with moves muted ahead of an expected interest rate hike from the U.S. Federal Reserve this week.

…The Fed is widely tipped to lift rates at its two-day policy meeting ending Wednesday, but its accompanying statement will be closely watched for any surprises.

The bank is expected to increase rates another two or three times in 2018, but still-sluggish inflation and wage growth has raised question marks over that view.

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Posted in Gold News, Gold Price, Gold Views |

Morning Snapshot: Gold Trading Near Unchanged from Friday’s Close

USAGOLD/Peter Grant/12-11-17

Gold is trading near unchanged in early New York trading after overseas uptick faded. The yellow metal remains defensive near the 4-month plus lows that were set last week as markets await the Fed decision on Wednesday this week, with a softer dollar offering some support.

The Fed is widely expected to hike interest rates by 25 bps, despite persistently soft earnings and inflation. Fed funds futures continue to put the probability of a hike in excess of 90%.

Today’s calendar is light with JOLTS job openings for October and 3- and 10-year auctions. November PPI and CPI come out on Tuesday and Wednesday respectively. Headline numbers are expected to edge higher, while core readings are likely to remain sluggish.

Silver is down modestly and remains on the ropes below $16 after posting a third consecutive weekly decline. With the gold/silver ratio elevated above 79, silver is arguably quite undervalued. A move back above $16 would ease short-term pressure on the downside.

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Posted in Gold News, Gold Price, Gold Views, Silver News, Silver Price, Silver Views, Snapshot |

Gold steady at 1249.00 (+0.70). Silver 15.81 (-0.05). Dollar easier. Euro higher. Stocks called mixed. U.S. 10-year 2.36% (-2 bps).

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Posted in Gold Price, Markets, Silver Price |

Morning Snapshot: Gold Up Modestly Post-NFP

USAGOLD/Peter Grant/12-08-17

Gold remains defensive at the low-end of yesterday’s range. The yellow metal continues to be weighed by a firmer dollar and heightened risk appetite.

The greenback has risen more than 1% this week on expectations that the Fed will come off “pause” next week and hike the Fed funds rate by 25 bps. The current ‘risk-on’ environment is keeping focus on stocks and bitcoin.

Today’s better than expected nonfarm payrolls number lends credence to the anticipated rate hike. However, there continues to be reason for concern in the earnings data.

Nonfarm payrolls rose 228k in November, above expectations of +198k, versus a negative revised +244k in October (was +261k). The unemployment rate steady at 4.1%, as expected.

Hourly earnings rose 0.2%, below expectations of +0.3%, versus a negative revised -0.1% (was unch) in October. That does not bode well for an imminent end to this allegedly “transitory” period of low inflation.

Congress passed a stopgap spending measure late yesterday, which will keep the government funded for an additional two-weeks until December 22. A kick of the can, albeit a short one.

Silver remains defensive below $16, but is trading slightly higher this morning. The gold/silver ratio reached a high of 79.53 yesterday, suggesting that silver is very undervalued relative to gold. A rebound above $16 is needed to ease short-term pressure on the downside.

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Posted in Gold News, Gold Price, Gold Views, Silver News, Silver Price, Silver Views, Snapshot |

Gold steady at 1247.05 (-0.30). Silver 15.82 (+0.08). Dollar higher. Euro lower. Stocks called higher. U.S. 10-year 2.38% (+2 bps).

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The Daily Market Report: Gold Falls to 4-Month Lows On Heightened Risk Appetite


USAGOLD/Peter Grant/12-07-17

Gold remains under pressure after dropping through the low end of the range in overseas trading. The yellow metal is being weighed by elevated risk appetite and a firmer dollar.

The market is optimistic that some deal will be struck this week to avert a government shutdown. While House Minority Leader Nancy Pelosi declared that Democrats would not support today’s stopgap spending bill, GOP leaders say they have the votes to kick the can for two more weeks.

If a partial government shutdown is temporarily averted, there will be a full-court press by the GOP to reconcile the House and Senate tax bills and get something to the President’s desk by Christmas. While there is some concern about the increase in deficits surrounding tax reform, the market seems to be focused solely on wider profit margins for corporations.

The market is also expecting a decent NFP print tomorrow (+198k median), which will further reinforce expectations for a 25 bps rate hike next week. While inflation and wage growth continues to disappoint — and these were the primary concerns that prompted the September pause — the Fed may ‘bet on the come’ regarding tax cuts, hoping they provide some level of long-awaited fiscal stimulus.

It is worth remembering that gold has rebounded smartly after the previous two December rate hikes. What’s different this year is that gold has been relatively buoyant ahead of the December policy decision, as compared to previous years.

Weakness in the broader commodities complex, attributed to concern about slowing growth in China, may also be playing a role in the recent pressure on gold. Pretty much every commodity fund/index/ETF has a gold component and when these are sold, gold is sold as well.

However, softer commodities portend broader economic weakness and the likelihood that below target inflation will persist. This could end up warranting more dovish central bank policies that one might associate with weaker currencies and a higher gold price.

Offering an underpinning to the gold market are heightened geopolitical tensions. North Korea has said that war is inevitable. Meanwhile, the Trump administrations decision to move the U.S. embassy to Jerusalem has sparked heightened unrest in the middle east.

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Posted in Daily Market Report, Gold News, Gold Price, Gold Views |

Gold slides to 4-month low as dollar edges up

Reuters/Apeksha Nair/12-07-17

Gold prices dropped to their lowest level in four months on Thursday as the dollar rose underpinned by optimism surrounding tax reform in the United States.

…The dollar on Thursday inched up against its peers, as optimism over U.S. lawmakers making progress on tax legislation continued to grow.

Hopes that U.S. tax reforms would boost economic growth have dented demand for safe-haven assets such as gold.

…INTL FCStone analyst Edward Meir said gold could move slightly lower heading into next week’s Federal Reserve meeting as investors would be jittery about the Fed’s policy wording going forward.

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Morning Snapshot: Gold Drops to 4-Month Lows

USAGOLD/Peter Grant/12-07-17

Gold is down in early U.S. trading, having definitively breached the low end of the range at 1260.10 overseas. That puts the yellow metal at a 4-month low amid a firmer dollar and ongoing optimism that a tax bill will get to the President’s desk before year-end.

Tomorrow is the deadline for at least a temporary spending measure to avert a government shut down. Congressional leaders are slated to meet with President Trump at the White House today in a last ditch effort to kick this can once again.

Then the Fed will make their final policy decision of the year next week. There is plenty of evidence to suggest they should remain on pause, but the market remains convinced that a 25 bps rate hike is in the cards.

U.S. initial jobless claims fell 2k to 236k in the week ended 02-Dec, below expectations of 240k. Later this morning we’ll get October Consumer Credit and M2 for last week.

Tomorrow is jobs Friday. Nonfarm payrolls are expected to rise by 198k. The jobless rate is expected to hold steady at 4.1%.

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Posted in Gold News, Gold Price, Gold Views, Snapshot, Today's top gold news and opinion |

Gold lower at 1255.70 (-8.69). Silver 15.85 (-0.15). Dollar higher. Euro lower. Stocks called mixed. U.S. 10-year 2.34% (unch).

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Posted in Gold Price, Markets, Silver Price |

The Daily Market Report: Gold Defensive at Low End of Range


USAGOLD/Peter Grant/12-06-17

Gold is consolidating at the low end of the range. While the yellow metal did set a new 4-month low yesterday, the breach of support was just by a dime.

The market is now awaiting developments on the government funding front, which has reportedly met some opposition from conservative Republicans. In addition, the opposing sides of aisle continue to spar over the inclusion of DACA. Republicans are saying there is no way DACA will be in a funding bill, while Democrats are saying they will not vote for any legislation without it. Tick-tock; the government faces a shutdown on Friday.

One thing is for certain, the debt ceiling is going to have to be raised (or suspended). That is a fact both as a prerequisite to any new funding and to accommodate whatever version of tax reform ultimately gets signed into law.

It is widely conceded that the tax cuts will reduce federal revenue by $1.3 trillion to $2.0 trillion over 10-years. Even when scored dynamically — taking into consideration expectations for higher growth — revenue is expected to fall by $0.5 trillion to $1.7 trillion. That’s going to require more borrowing, resulting in a higher national debt.

There seems to be some skepticism about the magnitude of GDP growth attributable to the tax plan. Ongoing flattening of the yield curve actually portends recession.

That’s likely to be a topic of conversation at the FOMC meeting next week. Additionally, today’s revisions to Q3 productivity are troubling; particularly the negative revision to unit labor costs. Q3 ULCs were revised to -0.2%, from +0.5% previously and -1.2% in Q2 (was 0.3%). Real compensation declined 1.1% y/y, the fourth consecutive quarterly decline.

These data undermine the hopes that compensation was on the rise and would have a positive impact on inflation. This is something else the Fed is going to have to rationalize if they really intend to hike rates next week. It looks like below target inflation is going to remain “transitory” for a while longer.

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Posted in Daily Market Report, Gold News, Gold Price, Gold Views |

Remember What Happens To Gold In December

SeekingAlpha/Andrew McElroy/12-06-17

…Since 2013, every sell-off in December has led to a sizable rally in Q1 of the next year.

In 2015 and 2016 the December low also happened to line up with a Fed rate hike. The extended sell off into the hike combined with overly bearish sentiment led to significant reversals.

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Gold recovers from two-month low as dollar weakens


Reuters/Zandi Shabalala/12-06-17

Gold prices held near a two-month low on Wednesday, ahead of a vote over the U.S. tax reform plan but a potential government shutdown lent support.

…”A shutdown in the government should be positive for gold but that could be temporary because no one really expects the U.S. to default,” said Capital Economics commodities economist, Simona Gambarini.

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Gold steady at 1266.26 (-0.04). Silver 16.08 (-0.05). Dollar steady. Euro easier. Stocks called lower. U.S. 10-year 2.32% (-3 bps).

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Posted in Gold Price, Markets, Silver Views |

Gold edging higher in late trading, after slightly exceeding the range low at 1260.10 earlier in the session.

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Posted in Gold News, Gold Price |

The Daily Market Report: Gold Drops to Challenge Low-End of Range


USAGOLD/Peter Grant/12-05-17

Gold is down, challenging the low end of the range that has dominated for the past two-months. The yellow metal is being weighed by persistent optimism that tax reform is going to get passed this year, the impending government shutdown will be averted and the Fed will raise rates next week.

The current continuing resolution to fund the government expires on Friday. It’s a given at this point that a new budget will not be passed, but there is an expectation that another temporary spending measure will be reached in order to prevent a government shutdown. Of course another kick of the can does nothing to resolve the underlying problems, not the least of which is the massive and growing debt burden.

That debt burden is expected to grow significantly if the current version of tax reform is ultimately signed into law. The University of Chicago recently asked a panel of economic experts to react to the following statement:

If the US enacts a tax bill similar to those currently moving through the House and Senate — and assuming no other changes in tax or spending policy — the US debt-to-GDP ratio will be substantially higher a decade from now than under the status quo.

Not a single participant disagreed with that statement. When asked whether “US GDP will be substantially higher a decade from now than under the status quo,” a mere 2% agreed that it would. The rest were either uncertain or disagreed.

The Fed really needs to ask themselves during deliberations next week, how confident they are that tax reform is going to provide a fiscal jolt to the economy; to the point where they can continue removing monetary accommodations. If confidence is low — similar to the UC survey — then staying on hold seems the logical policy decision.

The continued absence of inflation and the flattening of the yield curve seem to be also in favor of leaving the Fed funds rate unchanged. However, with the pre-FOMC FedSpeak blackout underway, at this point it’s too late to try and change the market’s mind.

I also think the central bank is disinclined to surprise the market. If the Fed is worried about any of these factors, they may go ahead and hike rates, but issue a dovish policy statement.

With jobs data out on Friday as well, the next week or so has the potential to be pretty interesting. Gold sold off into year-end in both 2016 and 2017, only to rally back after the December FOMC. What’s different this year is that the year-end action has been more consolidative than an an actual sell-off.

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Posted in Daily Market Report, Gold News, Gold Price, Gold Views |

Gold Looks Like a Bargain Just in Time for Christmas


Forbes/Frank Holmes/12-03-17

…As of my writing this, gold is trading around $1,280, up 11 percent in 2017. That’s off 5 percent from its 52-week high of $1,351 set in September. If it stays at its present level until the end of the year, the metal will end up logging its best year since 2010, when it returned 30 percent.

…Considering it’s faced a number of strong headwinds this year—a phenomenal equities bull run that’s drawn investors’ attention away from “safe haven” assets, lukewarm inflation and anticipation of additional rate hikes, among others—I would describe its performance in 2017 as highly respectable.

…What this means is that, compared to domestic equities, gold is highly undervalued right now. The gold-to-S&P 500 ratio, a time-tested trading indicator, is near 50-year lows. I see this as a strong buy signal, especially now as we await the Federal Reserve’s decision to lift rates this month.

PG View: Two days after this story initially appeared at Forbes, gold is now closer to 1260 than 1280.

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These Factors Helping Gold Hold Up Near Bottom Of Range

USAGOLD/Allen Sykora/12-05-17

Gold prices are near the bottom end of their two-month-old trading range, but analysts say the precious metal does have a number of factors preventing a further breakdown through chart support, at least for now.

This includes uncertainty about how quickly Congress will reconcile differing versions of U.S. tax reform, the impact of this upon the federal deficit, along with ongoing geopolitical and political issues.

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Morning Snapshot: Gold Weaker At The Low End of Range

USAGOLD/Peter Grant/12-05-17

Gold is down within the well defined range, weighed by intraday dollar gains and firm stocks. The low end of the range at 1260.10 is protected by an intervening tier of support at 1263.00.

Risk appetite remains elevated as tax reform makes its way through the process. Additionally, it looks like Congress is going to kick the can yet again on funding for the government and the debt ceiling, averting a partial government shutdown at the end of the week. “There’s not going to be a government shutdown,” said Senate Majority Leader Mitch McConnell.

There still some political wrangling to be done, both on the funding measure and on the tax bill, and there’s not a heck of a lot of time. However, markets seem optimistic that both are going to get done.

The U.S. trade deficit widened to -$48.7 bln in October, outside expectations of -$46.6 bln. What’s interesting is that the deficit is nearly as wide as it’s been in 5-years, despite the fact that the dollar has been under pressure for most of the year.

While the greenback was on the rise from September through early-November, at the end of October the dollar index was down 7.3% YTD. If President Trump really wants to improve the trade balance, it seems a much weaker dollar is going to be needed.

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Gold lower at 1272.77 (-3.93). Silver 16.24 (-0.11). Dollar higher. Euro lower. Stocks called higher. U.S. 10-year 2.39% (+2 bps).

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Economist Jim Rickards on gold versus bitcoin — intrinsic value is meaningless for both but the bitcoin prices aren’t real

BusinessInsider/Jacqui Frank & Kara Chin/12-03-17

Jim Rickards is the editor of Strategic Intelligence and the author of Currency Wars: The Making of the Next Global Crisis. He believes gold can go to $10,000 an ounce but he is much more skeptical about bitcoin. Rickards doesn’t trust the bitcoin price action and doesn’t believe the cryptocurrency will fare well in a financial crisis.

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Posted in Cryptocurrency, Gold News, Gold Price, Gold Views |

Dovish Fed Prompts Hedge Funds To Buy Gold – Analysts

KitcoNews/Neils Christensen/12-04-17

…“The return of a low inflation narrative, as the minutes revealed many policymakers are concerned that inflation may remain weak for longer than expected, prompted dollar weakness and a flattening of the yield curve,” said Melek. “This saw the opportunity and carry costs of holding the zero-yielding assets reduced, leading to increased interest in the yellow metal.”

Looking ahead, Melek added that he expects to see gold well supported in the near term as hedge funds look for safe-haven investments to protect against escalating geopolitical risks and ongoing drama in Washington D.C

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The Daily Market Report: Gold Consolidates Within Range


USAGOLD/Peter Grant/12-04-17

Gold is maintaining a consolidative tone in the lower half of the well defined range. Heightened risk appetite is limiting the upside for gold, as optimism over the tax overhaul boosts stocks.

The question now becomes, how quickly can Congress reconcile the House and Senate versions of the legislation? And what will that final version look like?

With the Christmas recess just a couple weeks away, the window did get something to the President’s desk before year-end is pretty small. Further complicating matters is the need to get at least a temporary spending measure in place before December 8.

Democrat leaders have reportedly agreed to a White House meeting on December 7, which again doesn’t give them much time to reach an arrangement. A similar meeting was scrubbed last week after President Trump chided Chuck Schumer and Nancy Pelosi via Twitter for some of their alleged demands and then said he didn’t “see a deal.”

The market is already looking ahead to Friday’s release of November jobs data and next week’s FOMC meeting. Median expectations for nonfarm payrolls is +198k, with the unemployment rate holding steady at 4.1%. Expectations for a rate hike continue to hover around 90% probability.

St. Louis Fed President James Bullard said last week that “there is a material risk of yield curve inversion over the forecast horizon if the FOMC continues on its present course of increases in the policy rate.” An inverted yield curve is a reliable indication of an impending recession so the implication here is that the Fed might want to stay on pause to prevent that from happening.

The market doesn’t seem to care; perhaps because Bullard is not a voter this year. However, there are other doves on the committee that do get a vote.

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Posted in Daily Market Report, Gold News, Gold Price, Gold Views |

Gold Heads for Month Low as U.S. Senate Passes Trump’s Tax Cuts


Bloomberg/Eddie Van Der Walt & Ranjeetha Pakiam/12-04-17

Gold headed for the lowest close in a month as the dollar climbed after Senate Republicans on Saturday approved a rewrite of the U.S. tax code, stoking optimism over President Donald Trump’s stimulus plans.

…“In the early hours of Saturday morning, the U.S. Senate then passed a tax reform bill that envisages extensive tax cuts,” analysts at Commerzbank AG including Eugen Weinberg said in an emailed note. “Market participants regained their risk appetite as a result, so the gold price fell accordingly.”

PG View: Gold has actually been extremely resilient relative to the gains achieved in stocks.

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