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Gold & metals

 

Morning Gold & Silver Market Report ? 9/24/2013

 

GOLD LOWER THREE LOOMING ISSUES BIGGER THAN QE

Lingering doubts over the longevity of the U.S. Federal Reserve?s quantitative easing (QE) program are  putting pressure on Gold and Silver prices this morning.  Investors are still pondering comments from St. Louis Fed President James Bullard, who said that QE tapering could happen as soon as next month.  Analysts at Commerzbank believe part of the reason for Gold?s three-day decline is that investors are simply more sensitive than the foreign-exchange and bond markets.  They explained, ?This is evident from the fact that speculative net long positions fell by a further 10,000 contracts in the week before the last Fed meeting and Gold ETFs saw renewed outflows of 2 tons last Friday.?

David Weidner of MarketWatch gave  three looming issues that are bigger than QE tapering for markets.  First is the potential government shutdown and debt-ceiling crisis.  Weidner wrote, ?Of all these, the most important is the debt ceiling. And default isn?t the problem, it?s the more likely scenario of a ratings cut. That would throw global markets into turmoil. Funds required to have a certain amount of top-rated securities may have to dump U.S. debt. Panic could ensue.?  Weidner also listed housing and the fact that companies are still hoarding cash as the other issues facing markets today.

At 9 a.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,309.40, Down $19.60.
• Silver, $21.41, Down $0.48.

 

Closing Gold & Silver Market ? 9/23/2013

 

PRICES FLAT AMONGST MIXED MARKET SIGNALS

Precious Metal prices continued to give up gains from previous sessions through afternoon trading. Speculation on when the Federal Reserve will begin to taper its quantitate easing program have affected recent prices. Robert Pavlik, chief market strategist at Banyan Partners said, ?Tapering might begin as soon as October or they might hold off until a new [Fed] chairman is elected. The comments and the message the Fed sent last week is the economy is still on some soft footing and doesn?t have the strength to begin this process ? that?s not a good message to send.?

The Federal Reserve?s new chairman is continuing to be discussed and debated. Dallas Federal Reserve President Richard Fisher said the process has been ?terribly mishandled? and the selection ?should not be a public debate.? The next chairman?s policies will have an effect on markets depending on how opposed or favorable they are to the Fed?s current monetary easing policies.

At 5:15 p.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,324.30, Down $10.20.
• Silver, $21.66, Down $0.30.

 

 

 

Morning Gold & Silver Market Report ? 9/23/2013

 

FED OFFICIALS TO SPEAK GOLD STILL UNDER PRESSURE

U.S. stock futures are slipping this morning as investors await  speeches from Federal Reserve officials  regarding stimulus tapering. Nine officials are expected to speak this week, and there is prevalent hope that the representatives will offer insight to the Fed?s overall strategy regarding the reduction of quantitative easing (QE). With last week?s unexpected announcement that the Fed will not begin scaling back the level of QE, many analysts and investors are now looking to Washington for a plan for the U.S. debt ceiling. Though the House of Representatives have passed a budget bill designed to keep the government active into December, a potential government shutdown weighs heavily on the confidence of investors.

Uncertainty surrounding  U.S. fiscal policy continues to weigh on Precious Metals  today as Gold continues to fall after a substantial dip on Friday. Though many were surprised that the Fed was going to perpetuate QE uninterrupted, the notion of the inevitability of tapering continues to weigh on Precious Metals markets. All interested parties will be intently focused on this week?s round of speeches to garner a feeling of sentiment among Fed officials surrounding U.S. monetary policy.

At 9:31 a.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,325.10, Down $9.40.
• Silver, $21.78, Down $0.18.

 

Time to buy gold after delay in tapering?

http://mystocksinvesting.com/us-stocks/spdr-gold-gld/delay-qe-tapering-time-to-buy-gold/

 

 

Weekly Gold & Silver Market Recap ? 9/20/2013

 

SUMMERS STEPS DOWN FROM FED CHAIRMAN RACE

The week began with some unexpected news as  Lawrence Summers personally removed his name from contention in the race to replace Federal Reserve Chairman Ben Bernanke. Summers has been vocal about the idea of aggressively reducing the scale of quantitative easing, so his withdrawal left his main competitor, Janet Yellen, as the clear front-runner to assume the office of Fed Chairman. ?Investors are saying that QE may not be as aggressively dialed back under Yellen, who is now the front-runner,? Walter ?Bucky? Hellwig, asset manager at B& T Wealth Management, said. ?QE is still a very important factor in the minds of investors and we can see this in the potential movement of the stock and bond markets.? Precious Metals prices adjusted to the announcement, moving slightly up during morning trading. Most analysts predicted a $10-$15 billion reduction from the current $85 billion in monthly asset purchases, Gold bugs and stock speculators alike patiently waited for the possible impact of a potential tapering announcement.

EYES LOCKED ON FOMC OUTCOME TO GAUGE MARKET FUTURE

On Tuesday, the  Gold price dipped for the fifth time in the previous six sessions  as real inflation numbers have continued to be lower than expected. ?With less-than-expected growth in CPI numbers, the appeal of Gold as an inflation hedge is diminished,? Phil Streible, senior commodity broker at R.J. O?Brien & Associates, said. ?Tomorrow?s extent of reduction in the stimulus will be very crucial for Gold prices.? However, following a decline that saw Gold drop 21 percent at its lowest point along with expectations for a subtle pull back in the level of monthly monetary injections by the Fed, the potential downside for Gold is expected to be much more limited than the initial plunge in mid-April of this year.

NATIONAL DEBT LIMIT IN QUESTION

The U.S. is headed toward critical times as the nation is nearing its maximum debt limit, requiring Congress to come to an agreement before the country defaults on its debts. U.S. Treasury Secretary Jack Lew stressed to Congress on Tuesday they should not wait until the absolute last minute to make a decision as it could lead to permanent damage to the economy. ?We cannot afford for Congress to gamble with the full faith and credit of the United States of America,? Lew told the Economic Club of Washington, a business forum.

METALS JUMP ON FED TAPERING DODGE

The Federal Reserve announced Wednesday their decision to not taper its monthly asset-purchasing program. Within minutes of the statement, Precious Metals quickly turned around from their losses with Gold jumping nearly 3 percent. Due to the condition of the U.S. economy, the Fed proclaimed it was not the right time to make any changes to quantitative easing. ?The downside risks to growth have diminished over the past year,? Bernanke said. ?However the tightening of financial conditions in recent months, if sustained, could slow the pace of improvement in the economy and labor market.? The sentiment in the market place is more irritated than anything as it was highly anticipated today would be the day for an announcement on tapering. ?This is incredibly wimpy,? David Kelly, chief global strategist at JPMorgan Funds, said.

GOLD HIGHER FOLLOWING BERNANKE?S STEADFAST COMMITMENT TO QE

Gold climbed Thursday following Federal Reserve Chairman Ben Bernanke?s announcement that the current scale of monetary easing will not be reduced. ?Wow ? just as it seems that the Fed had the markets comfortable with tapering, they pull the rug out from everyone,? Richard Gotterer, managing director and senior financial adviser at Wescott Financial Advisory, said. ?Now the question is will the Fed prepare the markets for tapering come October, December or wait for the new FOMC chair to control the process?? Technical indicators still show Gold under downward pressure, and major Wall Street firms like Goldman Sachs continue to forecast lower long-term prices. However, the Fed?s commitment to aggressive stimulus measures caused enough fear among investors to  drive metals prices up nearly 5 percent  during Wednesday?s session.

METALS SHOW EFFECTS OF PROFIT TAKING

Precious Metals prices took a hit on Friday as investors decided to begin profit taking after metals ran with a two day climb. Gene Arensberg, editor of the Got Gold Report said, ?So what we?re seeing now is digestion of the surprise knee-jerk reaction on Wednesday ? but make no mistake:the game has changed. This is merely a consolidation.?

At 5:15 p.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,327.60, Down $43.70.
• Silver, $21.82, Down $1.50.

 

Mid-Day Gold & Silver Market Report ? 9/20/13

 

METALS SHOW EFFECTS OF PROFIT TAKING

Precious Metals prices are continuing to slowly slide through mid-day trading as this week?s big rally upward begins to slow. With many feeling prices are being affected by profit taking, Gene Arensberg, editor of the Got Gold Report said, ?So what we?re seeing now is digestion of the surprise knee-jerk reaction on Wednesday ? but make no mistake:  the game has changed. This is merely a consolidation.?

While many analysts continue to monitor the constant changing economic environment and new data, a top Wells Fargo strategist has given her thoughts on the future of our financial markets. Gina Adams  doesn?t believe stocks have completely reacted to the rate rally they have seen and thinks the S& P 500 is going to 1,440. She said, ?Stocks tend to follow rates over time. ? Unless bonds can actually rally substantially with the so-called Fed bid, and the Fed is able to manipulate yields significantly lower, the damage has been done, and I think the cat is quite frankly out of the bag.? Historically investors have turned to Gold to provide their portfolios stability due times of economic uncertainty.

At 1:28 p.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,335.20, Down $36.00.
• Silver, $21.96, Down $1.36

 

Morning Gold & Silver Market Report ? 9/20/13

 

METALS ON TRACK FOR BEST WEEK SINCE MID-AUGUST

Precious Metals prices are giving up some of the gains posted after the U.S. Federal Reserve did not announce a plan to taper its quantitative easing (QE) program Wednesday. It appears as though profit-taking is occurring, though Gold is still on course to its best week since mid-August. In India, the world?s largest consumer of Gold, new import rules are causing confusion yet again. VTB Capital?s note read: ?Jewellers are still looking into new import regulations [linking refined metals imports to end product exports], and also digesting three import duty hikes this year. It remains to be seen how Indian demand will fare in the next few weeks, as buyers return for seasonal restocking.?

U.S. stock futures are flat in pre-market trading after comments from St. Louis Federal Reserve President James Bullard said that QE tapering is possible next month. Some analysts are expecting a correction in stocks after a recent high. Naeem Aslam of AvaTrade said, ?Traders are anxious every time they hear the news that a new record high is recorded, and this is certainly an opportunity to put a lid on profits. Historically speaking, when we had a high in May, this was followed by an 8 percent selloff in the Dow [Jones Industrial Average]. Similarly, after recording another record high in July, we had a selloff of nearly 5 percent in the Dow.?

At 9:24 a.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,355.40, Down $15.90.
• Silver, $22.70, Down $0.62.

 

Gold prices moved dramatically on 18 September in response to the Fed's unexpected announcement of no QE tapering. Gold recorded its largest one-day price rise since June 2012. The Fed announcement surprised many and forced a short-covering rally. Previously the technical picture looked bearish for gold, but this strong bounce is challenging that view. Key resistance levels are around US$1,400/oz and then US$1,433/oz. A break above the latter would be a key signal to suggest the trend is turning higher. StanChart believe that the physical market will be supportive heading into year-end. Indian imports tumbled below 5 tonnes in Aug, but should strengthen in the weeks ahead owing to key festivals and the wedding season. House look for gold prices to trend higher from here.

 

all over again, but even worse" read more

 

September 19, 2013 - 14:31:42 PDT

Gold Market Update - Clive Maund

The Fed?s maintenance of its current course will result in the dollar continuing to bleed and this will feed through int... read more

 

 

Closing Gold & Silver Market Report ? 9/19/2013

Gold prices continued to climb through afternoon trading. Yesterday?s announcement that the Federal Reserve will not begin to taper its quantitative easing program has caused Precious Metals prices to surge upward. Richard Gotterer, managing director and senior financial advisor at Wescott Financial Advisory Group, said, ?Wow ? just as it seems that the Fed had the markets comfortable with tapering, they pull the rug out from everyone. Now the question is will the Fed prepare the markets for tapering come October, December or wait for the new FOMC chair to control the process??

The national budget has taken center stage again with the nation quickly approaching the debt limit. Thursday, Republicans in the House of Representatives moved ahead on a spending bill that will take funding from President Barack Obama?s healthcare law while temporarily funding other programs. In response, the White House released a statement warning the bill would be vetoed. This battle in Washington could have a huge effect on the economy with the threat of a government shutdown looming on Oct. 1.

At 5:15 p.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,366.90, Up $57.30.
• Silver, $23.12, Up $1.54.

 

 

Morning Gold & Silver Market Report ? 9/19/2013

 

NON-MOVE BY FED A ?GAME-CHANGER? JOBLESS CLAIMS RISE

Precious Metals prices continue to benefit from the U.S. Federal Reserve?s announcement yesterday that quantitative easing will not be tapered at this time.  Standard Chartered analyst Dan Smith said, ?If people have a view that  this is a game changer for the Fed, then that may change their perception of what's good value for Gold.  (We) are seeing that the Fed will only start tapering in March 2014 because of the change in emphasis from the labor market to inflation.?

Weekly jobless claims numbers jumped as expected after more data was made available from two states who  continue to work through a backlog of claims.  Even with the jump, the current level of claims is the lowest in nearly six years.  U.S. stock futures held onto gains after the report.  Stocks have benefitted from the Fed?s announcement yesterday as well, and Garry Evans of HSBC explained, ?[If the] Fed tightens because growth is accelerating,  that is a positive environment for equities but if growth slows, the Fed will remain accommodative, which is positive for equities.?

At 9 a.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,369.30, Up $59.70.
• Silver, $23.30, Up $1.72.

 

Closing Gold & Silver Market Report ? 9/18/2013

 

METALS JUMP ON FED TAPERING DODGE NATIONAL DEBT LIMIT IN QUESTION

The Federal Reserve announced today there decision to not taper its monthly asset-purchasing program. Within minutes of the statement, Precious Metals quickly turned around from their losses with Gold jumping nearly 3 percent. Due to the condition of the U.S. economy, the Fed proclaimed it was not the right time to make any changes to quantitative easing. ?The downside risks to growth have diminished over the past year,? Bernanke said. ?However the tightening of financial conditions in recent months, if sustained, could slow the pace of improvement in the economy and labor market.? The sentiment in the market place is more irritated than anything as it was highly anticipated today would be the day for an announcement on tapering. ?This is incredibly wimpy,? David Kelly, chief global strategist at JPMorgan Funds, said.

The U.S. is headed towards critical times as the nation is nearing its maximum debt limit, requiring Congress to come to an agreement before the country defaults on its debts. U.S. Treasury Secretary Jack Lew stressed to Congress on Tuesday they should not wait until the absolute last minute to make a decision as it could lead to permanent damage to the economy. ?We cannot afford for Congress to gamble with the full faith and credit of the United States of America,? Lew told the Economic Club of Washington, a business forum.

 

At 5:15 p.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,367.00, Up $55.60.
• Silver, $22.97, Up $1.17.

 

Morning Gold & Silver Market Report ? 9/18/2013

 

GOLD WILL BENEFIT FROM ANY TAPERING DECISION: SCHIFF

Gold and Silver prices are slightly lower, and U.S. stock futures are slightly higher  ahead of the U.S. Federal Reserve?s monetary policy decision due at 2 p.m.  (ET) today.  Most economists are expecting an announcement from the Fed that tapering of the quantitative easing (QE) program will begin soon.  Joshua Mahony of Alpari U.K. believes that any announcement of tapering less than $10 billion to $15 billion per month could lead to a rally in stocks.  Mahony said that ?the occurrence of tapering is certainly no given since much of the reduction in the headline unemployment rate on its way to the current 7.3 percent is driven by a continued fall in the participation rate.?

Peter Schiff, CEO of Euro Pacific Capital, believes that the  Gold price will benefit from any decision made by the Fed today.  He gave scenarios of no tapering at all, a small taper, or a large taper.  Schiff said, ?If it?s no taper at all, I think Gold will rally. ? If the Fed does taper, I think they're going to do the absolutely minimum amount that they feel they can realistically get away with.  [After all,] Gold's already discounting not only tapering, but also the end of the QE program, which isn't going to happen.?  And if it?s a large taper, Schiff believes the Fed will end up shortly reversing course and going back to $85 billion per month of asset purchases, where it started.

At 9 a.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,302.90, Down $8.50.
• Silver, $21.53, Down $0.28.

 

 

Closing Gold & Silver Market Report ? 9/17/2013

 

EYES LOCKED ON FOMC OUTCOME TO GAUGE MARKET FUTURE



The Gold price has dipped for the fifth time in the last six sessions as real inflation numbers continue to be lower than expected. ?With less-than-expected growth in CPI numbers, the appeal of Gold as an inflation hedge is diminished,? Phil Streible, senior commodity broker at R.J. O?Brien & Associates, said. ?Tomorrow?s extent of reduction in the stimulus will be very crucial for Gold prices.? However, following a decline that saw Gold drop 21 percent at its lowest point along with expectations for a subtle pull back in the level of monthly monetary injections by the Fed, the potential downside for Gold appears to be much more limited than the initial plunge in mid-April of this year. Investors will wait to see the reaction Precious Metals prices will have to less accommodative fiscal policy.

U.S. stocks are up today with the S& P 500 resting above 1,700 for the first time since early August. Last month, higher costs of medical care and housing were countered by lower gasoline prices to keep inflationary indicators low. With consumer prices rising lower than expected for the month of August, more pressure to begin tapering the Federal Reserve?s monetary easing program will be placed on officials currently meeting at the Federal Open Market Committee (FOMC) meeting. The FOMC will conclude tomorrow with investors, analysts and economists ready to digest the outcome and its potential impact on metals and equities markets.

At 5 p.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,312.50, Down $7.30.
• Silver, $21.78, Down $0.25.