Category: Gold News

Gold breaking above 6-year falling resistance

Kimble Charting Solutions, via ZeroHedge/07-27-17

Below looks at the ratio of Gold compared to the US Dollar over the past 20-years. The ratio reflects that some long-term trends have taken place and the ratio is making an attempt to do something it hasn’t been able to accomplish in 6-years.

The ratio broke above 6-year falling channel back in 2001 at (1) and then it proceeded to rally for the next 10-years.

PG View: Follow the link and check out the chart. It’s a good one.

Posted in Gold News, Gold Views |

The Daily Market Report: Gold Turns Mildly Corrective as Dollar Catches a Bid

USAGOLD/Peter Grant/07-27-17

Gold has turned mildly corrective as the dollar staged a bounce from the new 13-mnth low set in earlier trading. While this morning’s better than expected U.S. data may have sparked some short covering in the greenback, the more dovish Fed bias suggests that these gains are corrective as well.

In the wake of this week’s FOMC meeting, Fed funds future now put the probability of a September rate hike at 0%. It would seem that markets need to further unwind previous hawkishness, which should keep the dollar under pressure and gold underpinned.

Tomorrow we’ll get our first look at Q2 GDP. Expectations are running at +2.5%. Following this morning’s much better than expected June durable goods orders, the Atlanta Fed’s GDPNow model is now projecting 2.8%. However, that is still way down from early forecasts that were north of 4%.

An miss on growth — certainly anything sub-2% — would likely take a December rate hike off the table. It would also raise considerable doubts about balance sheet normalization commencing this year. That would send the dollar reeling, pushing gold back above $1300 for the first time since last November.

Such a move could signal an early end to the summer doldrums. The quiet summer months has more often than not proven to be an excellent time to buy gold, ahead of the cyclical pressures that tend to drive the price higher in the fall.

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

Gold hits six-week peak on weak dollar, short-covering

Reuters/Eric Onstad/07-27-17

Gold touched its highest price in six weeks on Thursday, lifted by short-covering and a weak dollar as investors bet that U.S. interest rates could be kept low for longer.

The U.S. Federal Reserve kept interest rates unchanged on Wednesday, but appeared less confident than it had about inflation picking up.

The resulting fall in the greenback is a boon for dollar-denominated gold since it makes the metal less expensive for investors paying in other currencies.

“Gold has been benefiting a lot recently from the weaker U.S. dollar plus some short-covering on the futures market, where you’ve had record short positions,” analyst Carsten Menke at Julius Baer in Zurich said.

“The normalisation of positioning will leave about a 4-5 percent upside from these levels, based on history, which would be towards $1,300.”

Posted in Gold News, Gold Views |

A hidden driver could send gold soaring

CNBC/Rebecca Ungarino/07-27-17

The price of gold could see substantial upside as the U.S. dollar index continues sliding in value, some strategists are forecasting.

The greenback has declined nearly 9 percent against a basket of foreign currencies year to date as the likelihood of parts of President Donald Trump’s economic agenda getting underway has been called into question, and the prospect of further interest rate hikes from the Federal Reserve has pulled back.

The dollar index could certainly drop to the 92 mark (about 1.5 percent below its closing price Wednesday of 93.40), said Phillip Streible, senior market strategist at RJO Futures. And though these levels are important to watch in the dollar, what’s more interesting to him is the impact on gold prices and other commodities.

“We could really see other markets, like gold, push up through that $1,300 level. We could see silver recapture $18. We could see oil prices — they’ve already got some bullish fundamentals buoying them — but with the dollar selling off like this, you are probably going to see that … recapture $50 again,” he said Wednesday on CNBC’s “Trading Nation.”

PG View: There is nothing “hidden” about recent dollar weakness.

Posted in Gold News, Gold Views, U.S. Dollar |

Morning Snapshot: Gold remains well bid, even with rebound in dollar

USAGOLD/Peter Grant/07-27-17

Gold continues to pressure the upside in the wake of yesterday’s solid gains. The yellow metal has edged to a new 6-week high today, and is maintaining those gains in the wake of the surge in June durable goods orders.

Durable good orders surged 6.5% in June, well above expectations of +2.8%. That was driven by transportation orders, which rose 19%. More specifically, non-defense aircraft and parts orders were up a whopping 131%.

While the headline number looks great, the ex-trans number was a much more modest +0.2%. Nobody thinks that impressive headline print puts a September rate hike back on the table.

Gold is is holding up nicely, even with the rebound in the dollar from new 13-month lows in earlier trading. The dollar index appears destined to challenge the four-plus year low at 91.92, set in May of last year. That weakness should continue to underpin the yellow metal.

Posted in Gold News, Gold Views, Snapshot |

Gold jumps to 6-week top after Fed statement, U.S. dollar drops

Reuters, via NASDAQ/Marcy Nicholson & Maytaal Angel/07-26-17

Gold jumped 1 percent to a six-week high on Wednesday, after the U.S. Federal Reserve said it would start to wind down its massive holdings of bonds “relatively soon,” pushing the dollar lower.

The U.S. central bank kept interest rates unchanged as expected and said it was continuing the slow path of monetary tightening that has lifted rates by a percentage point since 2015, the Fed said in a statement following a two-day meeting.

…”Gold clawed back recent losses and surged to fresh highs of the rally as the Fed confirmed it was on a summer sabbatical with a safe statement that nodded to lower inflation but was offset by a confirmation that balance sheet tapering would occur ‘relatively soon,'” said Tai Wong, director of base and precious metals trading for BMO Capital Markets in New York.

Posted in Gold News, Gold Views |

Gold firmed into — and after — the FOMC statement, to approach 5-week highs at 1258.79/90 once again.

Posted in Gold News |

The Daily Market Report: Gold Setup Feels Similar to Pre-Crisis Days

USAGOLD/Peter Grant/07-26-17

Gold dipped to a new low for the week in overseas trading, but has since rebounded into positive territory as markets await today’s Fed decision. The yellow metal has been consolidating the last two-weeks of gains so far this week.

The Fed is widely expected to hold steady on rates when they announce policy at 2:00ET today. There is some degree of hope that the Fed will take this opportunity to clarify its policy intentions for the remainder of the year, or at least provide some additional information on balance sheet normalization.

However, in light of the weak inflation and growth data, I suspect the Fed will play this one pretty close to the vest. In other words, the statement will look much like — if not exactly like — the June statement.

Meanwhile, Treasury Secretary Mnuchin is urging Congress to raise the debt ceiling before they all depart for the August recess. “As I’ve suggested in the past, based upon our best estimate at the time, we do have funding through September, but I have urged Congress to take this up before they leave for the recess,” Mnuchin said.

Oh, but that’s not the way Congress operates these days. They’ll take their recess, go do their fundraising and take up the debt ceiling when a crisis is imminent. Make no mistake though, the debt ceiling will be raised or suspended. It always is . . .

Frank Holmes of U.S. Global Investors makes the case that global debt is the “mother of all bubbles.” In the past decade since the financial crisis, global debt as risen by an astonishing $120 trillion to $217 trillion! That’s 327% of global GDP!

“Savvy investors and savers might very well see this as a sign to allocate a part of their portfolios in “safe haven” assets that have historically held their value in times of economic contraction.

Gold is one such asset that’s been a good store of value in such times…” — Frank Holmes

Despite the obvious risks, market volatility continues to plumb historic lows:

And that in and of itself is somewhat ominous. When volatility returns — and you can be sure that is will — it may return with a vengeance.

According to a Bloomberg article today, gold’s 120-day volatility is at levels not seen since 2005. Gold spent much of that year narrowly confined within the $410-$450 range. When it broke out of that range in July of 2005, gold was off to the races, trading as high as $730 in March of 2006. By the fall of 2007 the yellow metal had set new all-time highs above $850 and was on its way to its first foray above $1,000 as the financial crisis truly got underway.

The setup we’re seeing today feels awfully familiar. The calm before the storm is the ideal time to be buying gold, because when the storm is raging, prices and premiums will be a lot higher.

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

The ‘mother of all bubbles’ keeps gold in focus

BusinessInsider/Frank Holmes/07-25-17

Today I want to discuss reports that global debt levels are at all-time highs, and what this means for your investment decisions going forward.

…Gold’s medium- to long-term investment case, I believe, looks even brighter. Many unsettling risks loom on the horizon—not least of which is a record amount of global debt—that could potentially spell trouble for the investor who hasn’t adequately prepared with some allocation in a “safe haven.”

According to the highly-respected Institute of International Finance (IIF), global debt levels reached an astronomical $217 trillion in the first quarter of 2017—that’s 327 percent of world gross domestic product (GDP). Notice that before the financial crisis, global debt was “only” around $150 trillion, meaning we’ve added close to $120 trillion in as little as a decade.

PG View: It’s like the financial crisis taught us nothing at all. There is assuredly a day of reckoning coming . . .

Posted in Gold News, Gold Views |

Morning Snapshot: Gold remains consolidative ahead of Fed decision

USAGOLD/Peter Grant/07-26-17

Gold continues to consolidate as markets await the FOMC’s latest decision on monetary policy. The policy statement comes out at 2:00ET.

It is widely expected that the Fed will hold steady on policy and provide no additional clues about the timing of balance sheet normalization. Prospects for a September rate hike remains a long-shot.

Economic data will be light today with just EIA crude stocks for last week and June new home sales. A rise to a 615k annual pace is anticipated for new home sales.

The dollar’s decline has taken a pause, but the trend remains unquestionably bearish. Should that downtrend resume, it will provide an ongoing tailwind for gold.

Peter Spina of GoldSeek told MarketWatch yesterday that “the dollar has crumbled while the price of gold has begun inching higher toward a price takeoff trigger that should shoot it higher by $200-$300 an ounce over the coming rest of the year.” While Spina doesn’t specify where that trigger is, I think it lies at 1296.06/1300.00.

Posted in Gold News, Gold Views, Snapshot |

Gold suffers a second session of losses as investors await Fed update

MarketWatch/Myra P. Saefong & Rachel Koning Beals

Gold prices ended lower on Tuesday, suffering the first back-to-back decline in about three weeks ahead of a midweek policy update from the Federal Reserve.

…A broad measure of the U.S. currency, the ICE U.S. Dollar Index DXY, +0.06% which compares the buck against a half-dozen other currencies, has fallen 1.7% month to date but traded little changed Tuesday. Gold typically has an inverse relationship with the dollar as moves in the U.S. unit can influence the attractiveness of those commodities to holders of other currencies.

Overall, “the dollar has crumbled while the price of gold has begun inching higher toward a price takeoff trigger that should shoot it higher by $200-$300 an ounce over the coming rest of the year,” Peter Spina, president and chief executive officer of, told MarketWatch.

PG View: Downticks over the past two sessions have been negligible. In fact, the spot market closed ever-so-slightly higher yesterday.

Posted in Gold News, Gold Views |

The Daily Market Report: Gold Consolidates as FOMC Meets

USAGOLD/Peter Grant/07-25-17

Gold is consolidating recent gains as the Fed begins their two-day FOMC meeting. While the Fed is not expected to change policy, there is perhaps some scope for changes to the wording of the statement.

Will they make an effort to get September back on the table with a more hawkish tone? Will they concede September and start trying to build expectations for December? My guess is that there is little to no change in the verbiage from June. We’ll find out tomorrow at 2:00ET.

With the dollar still under pressure, the path of least resistance in the gold market remains to the upside. The dollar index set yet another 13-month low today, leaving the 2½-year low from May 2016 at 91.92 vulnerable to a challenge. The last time the dollar index was below 92.00, gold was on its way above $1300.

With expectations of stimulus from the fiscal side continuing to wane, the weakness in the dollar over the past five-months — despite rising rates — probably looks pretty appealing to policymakers. I’m not sure they’d be terribly inclined to upset that apple cart at this juncture.

The ones that are probably upset are the Europeans, which saw their currency surge to 2½-year highs, despite no expectations of imminently tighter policy. Apparently Mario Draghi and the ECB simply weren’t dovish enough last week. The euro is up nearly 11% year-to-date, which is certainly not going to help the export driven European economy.

Do we have the makings for a revived currency war? That may be in the near-term offing as well, even as rumblings of trade-wars echo simultaneously.

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

Gold prices inch up; Fed meeting in focus

Reuters/Nithin ThomasPrasad/07-25-17

Gold prices edged higher on Tuesday, after hitting a one-month high in the previous session, buoyed by political uncertainty in the United States, as investors awaited the Federal Reserve meeting for clues on monetary policy.

Investors also braced for possible hints on when the next interest rate hike is coming, ahead of the Fed’s rate-setting two-day committee meet starting on Tuesday.

“While no rate hike is expected, the market is likely to remain subdued leading into the meeting,” analysts at ANZ Research said in a note.

…”We remain cautiously constructive on gold as we see no end to dollar weakness for the moment given the ongoing political dramas in Washington and the approaching deadline to extend the debt ceiling,” said INTL FCStone analyst Edward Meir.

Posted in Gold News, Gold Views |

Morning Snapshot: Gold underpinned by continued dollar weakness

USAGOLD/Peter Grant/07-25-17

Gold has rebounded from modest overseas downticks to trade little-changed on the day, as the dollar continues its slide. The dollar index has fallen to fresh 13-month lows, making the 2½-year low at 91.91 look increasingly attractive.

Last week’s gains in gold returned considerable credence to the uptrend that has emerged so far this year. While there are several additional tiers of resistance above the market, dollar weakness should help keep gold underpinned.

The Fed’s 2-day FOMC meeting begins today and the policy statement will be released tomorrow at 2:00ET. The Fed is widely expected to hold steady on policy. While I think they will keep their cards close to the vest, the market will be looking for clues as to the likelihood of a September rate hike. Fed funds futures put the probability at just 8.2%.

Later this morning we’ll see Case-Shiller and FHFA home prices for May. More gains in both are expected. We’ll also get July consumer confidence and the Richmond Fed index. The former is expected to ease modestly, while the latter is expected to come in steady.

Posted in Gold News, Gold Views, Snapshot |

While the futures market closed lower today, spot gold eked out a 7th consecutive higher close

Posted in Gold News |

The Daily Market Report: Gold Edges Up to Notch 4-Week Highs

USAGOLD/Peter Grant/07-24-17

Gold edged higher to begin the week, establishing a 4-week high at 1258.79. With the dollar still on the defensive near 13-month lows, the yellow metal is likely to remain underpinned.

The greenback is under pressure amid expectations that the Fed is not going to hike rates in September. The market is hoping to glean further evidence of this pause when the Fed announces policy on Wednesday this week.

Political uncertainty is adding additional weight to the dollar. Turnover — and speculation about potential turnover — within the Trump administration and investigations of the President’s inner-circle have dimmed hopes that Mr. Trump’s economic agenda will be advanced anytime soon.

With progress on the fiscal side hamstrung, additional pressure falls on the Fed and monetary policy. At this point, one more rate hike this year (probably in December) remains about a 50/50 proposition. However, if inflation and growth data continue to come in weak, that probability is likely to recede in the weeks and months ahead.

Our first look at Q2 GDP comes this Friday. Median expectations are +2.5%, but we’ve seen projections erode steadily throughout the quarter. A miss on Friday would pretty much erase any lingering doubts about a September pause and raise considerable doubts about December.

Such a miss would apply additional pressure on the dollar, which would in turn buoy gold and likely push it through the next tiers of resistance. Those levels are 1260.96 (retracement), 1267.67 (trendline), 1278.63 (retracement).

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

Gold steady as U.S. political woes keep dollar in check

Reuters/Nithin ThomasPrasad & Arpan Varghese/07-24-17

Gold prices were steady after hitting a four-week high on Monday, supported by political uncertainty in the United States and as the dollar remained near its lowest in 13 months.

Doubts over the passage of U.S. President Donald Trump’s stimulus and tax reform agendas continued to weigh on the dollar, although it rose a touch on Monday.

…”I think people are getting more nervous and careful about what is going to happen (in terms of the controversies surrounding the administration of U.S. President Donald Trump),” said Yuichi Ikemizu, Tokyo branch manager at ICBC Standard Bank.

“The market is expected to be quiet heading into the summer holidays in Asia, but if it moves at all, it’ll move to the upside rather than the downside.”

Posted in Gold News, Gold Views |

Gold tries to run up streak of gains to 7 sessions

MarketWatch/Rachel Koning Beals/07-24-17

Gold tried for a seventh-straight advance with Monday’s narrow gain, drawing technical support near the closely watched $1,250 line even as the U.S. dollar stabilized from last week’s sharp loss.

Gold prices logged their highest settlement in a month on Friday, tacking on more than 2% for the week, as turmoil in the White House spurred haven demand for the precious metal and a wavering dollar improved the appeal of gold to investors using other currencies to buy precious metals.

…“Gold continues to attract buyers on the back of a weaker dollar and the increasing pessimism that the tax reform and infrastructure spending plans of the Trump administration are in doubt,” said Peter Hug, global trading director with Kitco Metals.“

Posted in Gold News, Gold Views |

Morning Snapshot: Gold continues to track higher

USAGOLD/Peter Grant/07-24-17

Gold begins the week much as it ended last week, pressuring the upside. The 5-week high at 1258.90 is under pressure this morning as the dollar continues to plumb new 13-month lows.

The yellow metal took out several important technical levels last week, which has returned considerable credence to the underlying uptrend. The next tiers of resistance we’re watching are 1260.96 and 1267.79.

June existing home sales and Markit PMI are out later this morning. Focus however this week is on the two-day FOMC meeting that begins tomorrow.

While the Fed is not expected to do anything at this meeting, the market will be hoping for some indication of their intentions for September. At this point, the market is pretty convinced that that the Fed is on pause through September.

At the end of this week, we’ll get the advance report on Q2 GDP. Expectations are running at +2.5%.

Posted in Gold News, Gold Views, Snapshot |

Gold’s Seasonality: Time to Get Positioned Ahead of Strongest Months

Daily Reckoning/07-21-17

Despite the recent weakness, the price of gold is still up 9% year to date and may be poised for a strong second half of 2017. This is not unusual: the yellow metal also had a strong start in 2016, only to give back some gains but ended the year in an uptrend, setting up a rally as the calendar moved to 2017.

…The months of June and July tend to be a quieter period as investors shift their focus prior to strong later summer and fall months.

September has been the best month for gold over the past 41 years. Coincidentally (or not), September is also the worst month for the S&P 500.

As the chart shows, three-quarters of gold’s top-performing months are in the latter half of the year—a good reason to consider buying in June or July if you want to add physical precious metals to your portfolio.

…Based on gold’s seasonal patterns, adding bullion to your portfolio sometime in the next month or two could prove a very smart move.

Posted in Gold News, Gold Views |

Secular Disinflationary Trend Hits New Highs: Deflation on Deck? What’s That Mean for Gold?


Wage and CPI inflation, even core inflation, has surprised to the downside four consecutive months. If a recession hits, and that is just a matter of time, outright price deflation is likely.

…Gold tends to do well in deflation, stagflation, and times of credit stress. More importantly, gold does well when confidence in central banks is on the wane.

…The price of gold closely follows faith in central banks. If you think faith in central banks will again come into widespread question, then add to your gold stash.

Is deflation on deck? Yes, asset deflation, a very destructive kind of deflation.

Posted in Deflation, Gold News, Gold Views |

The Daily Market Report: Gold Extends Once Again to 3-Week Highs

USAGOLD/Peter Grant/07-21-17

Gold extended to the upside again on Friday, posting a fresh 3-week high of 1255.00, as the dollar continued its recent slide. With important resistance around the 1250.00 level negated, confidence in this year’s dominant uptrend has been reinvigorated.

The dollar index fell to a 13-month low of 93.86 today. Meanwhile, the euro moved closer to the 1.1712 peak against the dollar from the summer of 2015. If this level is ultimately negated, that would put the EUR-USD rate at levels last seen in December of 2014!

Like I said this morning, that’s probably not exactly what the ECB was expecting when they chose to maintain their über-accommodative policy stance yesterday. “Our policies have been unquestionably successful” was Mario Draghi’s self-assessment.

We’ll see how he feels when the stronger euro starts to really adversely impact the European export market. Efforts to unwind their massive €4 trillion (and still growing) balance sheet may cause Draghi to rethink that assessment as well.

Silver is up more than 10% from the flash-crash low of two-weeks ago. If you consider the post flash-crash low of 15.50 as being more realistic, silver is still up $1 (6.5%).

According to Alasdair Macleod, the paper market remains ridiculously short, setting up a classic bear squeeze.

According to Maclead, “the conditions exist for a good rally in the price for the following reasons.”

• The speculators are at their most bearish, ever.
• The bullion banks have, in aggregate, level books.
• The genuine commercials are uncertain, and have increased their hedges, both ways.
• Long-term investors are resolute.

“These conditions generally apply to gold as well, though the situation is not so striking,” says Maclead. This, along with generally bullish technicals and fundamentals, bodes well for additional near-term gains in the precious metals. Maclead believes the unwinding of this situation is “likely to dominate markets for the rest of this year.”

If that is true, and upward price pressures put the squeeze on shorts sooner rather than later, the summer doldrums in the metals market could end early this year . . . and with a bang! You’ll want to establish your position in the physical metals before that happens. And if there is another flash-crash in the paper market, view that as an opportunity to average lower.

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

Gold aims for a second-straight weekly gain and highest finish in a month

MarketWatch/Myra P. Saefong & Rachel Koning Beals/07-21-17

Gold prices climbed Friday, ready to tally a second-straight weekly gain, as well as their highest settlement in a month, as the dollar remained under pressure against the euro, boosting investment demand for the metal, which is pegged to greenback.

…“I think inflation expectations — stoked by FedSpeak and the Trump fiscal agenda — was an important driving force behind gold’s rally in the first half of the year,” said Peter Grant, chief market analyst with gold broker USAGOLD.

He believes investors “are giving up on that trade, which pressured gold.” Gold prices fell for five weeks in a row before posting a weekly rise in the week ended July 14.

“Amid rising evidence of price and growth risks, [those investors] are now being replaced by safe-haven buyers,” Grant said.

Posted in Gold News, Gold Views |

Gold At 3-Week High Amid Assault On Greenback

Kitco News/Jim Wyckoff/07-21-17

Gold prices are moderately up and scored a three-week high in early U.S. trading Friday. The precious metals continue to catch a bid from a bleeding U.S. dollar index, which fell to a 13-month low overnight. Gold bulls have technical momentum to suggest prices will continue to trend sideways to higher in the near term. August Comex gold was last up $3.40 an ounce at $1,248.90. September Comex silver was last up $0.105 at $16.45 an ounce.

Weaker U.S. stock indexes in pre-U.S. day-session action are also a mildly supportive daily element for the safe-haven gold market.

It appears the “take away” from this week’s news events and markets’ price action is growing notions the major central banks of the world are not in a big hurry at all to tighten their monetary policies, with a major reason being very tame price inflation expectations. European Central Bank President Mario Draghi on Thursday sounded a surprisingly dovish tone on ECB money policy. The Bank of Japan on Thursday lowered its inflation expectations. And the week before, Fed Chair Janet Yellen spoke before the U.S. Congress and suggested the Fed will only very gradually raise U.S. interest rates.

Posted in all posts, Gold News, Gold Views |

Gold moves convincingly through the 1248.08/1250.13 resistance zone, up more than $8 on the day.

Posted in Gold News, Gold Views |

Dollar slide puts gold on track for biggest weekly rise in two months

Reuters/Peter Hobson/07-21-17

Gold was set for its biggest weekly gain in two months on Friday as a surging euro pushed the dollar to its weakest since June 2016, making bullion cheaper for holders of other currencies.

Bond yields also fell after Mario Draghi said on Thursday the European Central Bank was in no rush to scale back its asset purchase programme.

…Gold was hitting resistance at its technically important 100- and 50-day moving averages, both around $1,250.

“We look to a break through the 100- and 50-day moving averages as a pivot point for further gains,” MKS PAMP trader Sam Laughlin said in a note.

Posted in Gold News, Gold Views |

Morning Snapshot: Gold pressures important resistance as dollar tumbles to 13-month lows

USAGOLD/Peter Grant/07-21-17

Gold has extended to the upside, slightly exceeding the important 1248.08/1250.13 resistance zone as the dollar continues to slide. A more definitive breach of this resistance area would return considerable credence to the underlying uptrend.

The dollar index has fallen to 13-month lows amid a growing certainty that a September rate hike is off the table, and rising doubts about December. The EUR-USD jumped to a 23-month high. That’s probably not what the ECB was expecting when they maintained their über-accommodative policy stance yesterday. Apparently they weren’t dovish enough . . .

As there is no U.S. data out today, I’ll take a moment to report Canadian CPI, which fell 0.1% in June. The annualized pace of consumer inflation slowed to 1.0%, versus 1.3% y/y in May. It seems our friends to the north are dealing with similar issues: a central bank that is raising interest rates into price weakness.

Posted in Gold News, Gold Views, Snapshot |

Week in Review (Video) July 20, 2017

Posted in Central Banks, Gold News, Gold Views, inflation, Monetary Policy, QE, U.S. Dollar, USAGOLD TV |

Gold marks longest win streak in 2 months as U.S. dollar sinks

MarketWatch/Myra P. Saefong & Rachel Koning Beals/07-20-17

Gold prices ended higher Thursday, marking their longest streak of session gains in two months as the euro jumped in the wake of a European Central Bank meeting, putting pressure on the U.S. dollar.

The ECB, as expected, left interest-rate policy and other stimulative measures untouched. But the euro jumped as investors looked beyond seemingly dovish remarks by ECB President Mario Draghi to continued expectations the institution will move in the fall to begin tapering its program of bond purchases.

…Gold “has been under pressure in recent days, as the stock markets have been stealing its thunder,” said Nico Pantelis, head of research at Secular Investor. “But we are starting to notice rally fatigue with stocks. So gold prices should be picking up, if stocks retreat.”

Posted in Gold News, Gold Views |

Russia Continues Gold Buying Spree in June

Smaulgld/Louis Cammarosano/07-20-17

Central Bank of Russia added 300,000 Ounces (9.33 tonnes) of Gold To Reserves in June.

Since June 2015, the Central Bank of Russia has added over 435 tons of gold to reserves.

Posted in Gold News, Gold Views |