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Gold & metals

 

Closing Gold & Silver Market Report ? 9/10/2013

 

EASING SYRIAN TENSION BOOSTS STOCKS, WEIGHS ON GOLD



The Gold price retreated today as Syrian officials conceded to international pressure to cease production on and release the location of its chemical weapons. With the imminent fear of military conflict diminished, the safe haven appeal of Precious Metals was temporarily quelled.  For now, investors continue to digest U.S. economic data to determine the Federal Reserve?s course of action regarding quantitative easing in next week?s Federal Open Market Committee (FOMC) meeting. Since it appears that stimulus tapering is forthcoming, the main questions analysts are asking concern the timing of the announcement, the scale of reduction and the impact on domestic markets. 

U.S. stocks continued their upward trend today as the S& P 500 extended its winning streak to its longest since July. ?The news from Syria is positive and we had decent economic data out of China,? Gary Flam, a portfolio manager at Bel Air Investment Advisors LLC, said. ?Investors came into September cautiously positioned, but one by one their concerns are being removed or lessened.? Investors and analysts will continue to eye negotiations with Syria and the upcoming FOMC meeting for further indications of market progress.

At 5:39 p.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,365.00, Down $23.70.
• Silver, $23.01, Down $0.73.

 

Morning Gold & Silver Market Report ? 9/10/2013

 

SYRIA CONTINUES AS MAIN DRIVER OF GOLD, STOCK PRICES

The U.S. dollar is trading higher this morning after U.S. Secretary of State John Kerry stated that if Syria gives up its chemical weapons, it could avoid a military strike from the U.S. With tensions temporarily eased, Gold and Silver prices fell as Russia publicly supported the proposal,  which would be a ?breakthrough,?  according to President Barack Obama. However, Obama did not take a military response to Syria?s chemical attacks off the table completely.

Stock futures are higher in morning trading, as Steen Jakobsen of Saxo Bank said, ?The back-down by President Obama has lifted risky assets, as it?s seen to reduce the potential geopolitical risk. This, combined with oversold conditions leading into this week, has created a nice bounce.? Craig Erlam, market analyst for London foreign exchange broker Alpari, wrote, ?The prospect of strikes in Syria, potentially leading to the involvement of other countries in the region, has weighed heavily on risk appetite over the last couple of weeks, with investors pulling money out of stocks and other risky assets in favor of safe havens, including Gold.?

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

• Gold, $1,366.20, Down $22.50.
• Silver, $23.15, Down $0.59.

 

 

 

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

 

METAL PRICES AWAIT FED TAPERING, SYRIAN RESPONSE

Precious Metals remained flat throughout the day as anticipation grows on two major factors: the U.S. Federal Reserve?s fiscal policy and our next move with Syria.  Although last week?s non-farm payroll report was weaker than expected, Commerzbank believes the Fed could still announce a date to taper monetary policy as early as next week.  ?The idea that an exit from ?QE3? might begin next week is by no means off the agenda yet in the eyes of market participants, which is likely to make it difficult for Gold to rise above the $1,400 per troy ounce mark in any lasting fashion over the next few days,? Commerzbank commodity analysts wrote.

President Barack Obama has been attempting to encourage Americans to have confidence in the decision for military action against Syria, and he is expected to address the nation at 9 p.m. Tuesday. Syrian President Bashar al-Assad delivered a direct threat through a CBS interview broadcasted today confirming that consequences from a U.S. strike could provoke terrorist attacks.  ?You should expect everything,? Assad said. ?Not necessarily from the government. The government is not the only player in this region. You have different parties, you have different factions, you have different ideology.?

 

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

• Gold, $1,388.20, Down $0.30.
• Silver, $23.76, Down $0.16.

 

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

 

SYRIA, FESTIVAL SEASON, HEDGE FUNDS COULD ADD TO GOLD?S APPEAL

Precious Metals prices are level in morning trading as  investors fret over the outcome  of next Monday?s much anticipated Federal Open Market Committee (FOMC). Though ongoing concern about conflict in the Middle East and the upcoming festival season in Asia could rally physical Gold demand this week, most analysts and investors continue to ponder the possibility of Fed stimulus tapering as the ultimate driver of metals prices. ?The Federal Reserve meeting remains an event risk for gold, and I think there's growing consensus that tapering is going to come eventually,? Credit Suisse's head of commodities research Tobias Merath said. However, Wall Street appears to be showing signs of renewed interest in Gold as hedge funds increased futures holdings by the largest margin since January.  ?The longer-term focus that Gold is not dead  and there are reasons for owning it is why you?re seeing bullish bets continue to grow in the space,? USAA Precious Metals & Minerals Fund fund manager Dan Denbow said. 

Positive data from Asia has lifted U.S. stock futures  this morning and helped quell some of the anxiety surrounding a potential attack against Syria. Trade data showed an increase in Chinese exports in August and new numbers show that Japan?s economy grew much faster during the second quarter than originally expected. On the domestic front, macroeconomic data has been generally positive in the lead up to next week?s FOMC meeting. ?Recent data have all pointed to further improvement on the labor market, thus suggesting that a September start to tapering is still the most likely outcome. The desire to avoid excessive market volatility is a further argument,? Danske Bank analysts said.

At 9:36 a.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,391.00, Up $2.50.
• Silver, $23.75, Down $0.16.

 

Gold price falls to $1,387 per ounce

 

 

Weekly Gold & Silver Market Recap ? 9/6/2013

 

SILVER SHINES AHEAD OF ECONOMIC DATA

Although the week was short due to the Labor Day holiday, Precious Metals experienced an extraordinary few days with large movements in price as concerns grew regarding geopolitical tension in Syria. On Tuesday, safe haven appeal directed investors to Precious Metals as Silver received a three percent jump during morning trading. ?The rise in Gold prices was mainly due to safe-haven demand  after Israel test-fired rockets in the Mediterranean Sea,? Chintan Karnani, chief analyst at Insignia Consultants in New Delhi, said. Karnani added ?There are concerns that there could be indirect forms of attack on Syria before the U.S. congress [meets] next week.? Congress is expected to vote the week of September 9-13 over the next necessary military measures for the current situation in Syria.

MARKET ANTICIPATES RELEASE OF WEEKLY ECONOMIC DATA

Analysts patiently waited for the week?s economic data to be released  to provide signs of direction for the U.S. economy. Mitsubishi analyst Jonathan Butler said, ?The biggest story is certainly the non-farm payrolls data at the end of the week, where a strong number will certainly weigh on Gold, as this will give more clues about the timing of tapering. We are again seeing some safe-haven buying related to geopolitical concerns after the Israeli missile news but the long-term story is still the macro economic situation and Gold's role as a hedge against that uncertainty.? The market anticipates the upcoming Federal Reserve two-day policy meeting for clues on tapering which begins Sept. 17.

PRECIOUS METALS RECEIVE HEAVY PROFIT TAKING

Wednesday morning, investors began profit taking from Tuesday?s gains causing some movement in price. The conflict in Syria remained to be the focus for investors and analysts, although Precious Metals prices  appeared to be the victim of profit-taking. On Tuesday, HSBC analysts wrote that ?the potential for Mideast tensions to intensify would be bullish for bullion. A key reason for Gold to rally in response to Mideast tensions is the potential for oil-supply disruptions that a U.S. strike or an escalation of the conflict may trigger. In order for Gold to build on recent gains over $1,400/ounce, oil prices also have to remain strong, we believe. A relaxation in oil prices ? for whatever reason ? could also undermine Gold.?

ECONOMIC DATA BOOSTS DOLLAR, WEIGHS ON GOLD

The Gold price fell on Thursday once again as a stronger U.S. dollar weighed heavily on Precious Metals prices following positive economic reports. Though Gold tends to be sought as an asylum for nervous investors in times of turmoil, the Syrian conflict seems to be having less impact on markets than Thursday?s strong employment numbers and concern surrounding Fed stimulus tapering.  As Gold began falling for the fifth session out of the last six, many analysts and investors were anxiously pondering the upcoming September Federal Open Market Committee meeting. As employment numbers continue to improve, many wonder if the strides that the U.S. jobs market has made will be substantial enough for the Fed to begin reducing the current level of monthly asset purchases. It is speculated if the amount of jobs created came in at roughly 100,000 it could ?prompt markets to reduce the probability and the size of a September tapering, which could well send Gold toward $1,488 an ounce,? TD Securities said. ?Conversely, a print above 200,000 would do the opposite, with prices moving toward $1,325 an ounce.?

WEAK JOBS REPORT BOOSTS METAL PRICES 

Precious Metals prices peaked sharply on Friday after a weaker than expected government jobs report came out. Gold finished the week lower after  a combination of Fed tapering fears and stalled momentum regarding the Syrian conflict continued to be the prime motivators of price action. ?At the moment it is Syria versus quantitative-easing tapering and this is what is driving the market,? David Govett, head of Precious Metals at Marex Spectron Group in London, said.

 

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

• Gold, $1,390.50, Up $15.50.
• Silver, $23.88, Up $0.61.

 

Mid-Day Gold & Silver Market Report ? 9/6/2013

 

POOR EMPLOYMENT DATA KEEPS FED TAPERING IN QUESTION

A disappointing U.S. jobs report has helped push back the expectations of imminent stimulus tapering and boosted Precious Metals prices today. The Commerce Department stated that169,000 new jobs were added during the month of August which fell below analyst?s forecasts. The news resulted in a moderate spike in both equities and Precious Metals as the belief that the disappointing figures will force the Federal Reserve to perpetuate its current level quantitative easing (QE). Friday?s jobs report ?has some observers thinking twice about whether the Fed will taper at the FOMC meeting later this month,? currency analysts at Brown Brothers Harriman, wrote. Many economists have predicted an announcement that the Fed will begin tapering its current level of monetary stimulus at the next Federal Open Market Committee (FOMC) meeting scheduled for September 17-18. With U.S. employment being the central focus of QE, poor jobs numbers could postpone stimulus reduction and further boost Gold and equities markets alike.

The  sluggish employment report continues to keep Fed monetary policy in the forefront  of investor focus, overshadowing the ongoing tension between Russian-backed Syria and Western nations. Along with Gold and Silver, U.S. stocks have experienced moderate gains following the release of August?s jobs data. ?It?s a very skittish stock market,? John Augustine, chief market strategist at Fifth Third Bancorp, said. ?We?re in a period where markets will react quickly to external news from a variety of sources, whether it?s the bond market, the Middle East, or one single economic report.? With this month?s FOMC looming, weak jobs data could cause Fed officials to lightly decrease the level of tapering they had planned or forego immediate reduction plans altogether.

At 1:08 p.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,390.40, Up $15.40.
• Silver, $23.89, Up $0.61.

 

   

 

Morning Gold & Silver Market Report ? 9/6/2013

 

MARKETS JUMP ON WEAK JOBS REPORT

Stock futures are trading higher this morning in spite of a weak government jobs report. Analysts and investors had eagerly awaited the data as this viewing this month?s report as a key indicator of whether or not the Federal Reserve will begin to slow the current pace of monthly asset purchases.  Economists? predictions the payroll numbers from August to uphold the three-month average  fell short, and it is unclear if the numbers will provide further incentive for Fed policymakers to begin narrowing the scale of monetary easing. Bank of America Merrill Lynch said on Friday that a good showing in the jobs figures would prompt the Federal Open Market Committee ?to reduce the pace of monthly purchases to $70 billion from the current $85 billion rate, with $35 billion per month in purchases of Treasuries and $35 billion per month in agency mortgage-backed securities.?

Precious Metals prices are sharply higher this morning as Gold bounced from a two-week low. The yellow metal is set to finish the week lower after  a combination of Fed tapering fears and stalled momentum regarding the Syrian conflict continue to be the prime motivators of price action. ?At the moment it is Syria versus quantitative-easing tapering and this is what is driving the market,? David Govett, head of Precious Metals at Marex Spectron Group in London, said. ?This afternoon sees the release of non-farm payrolls in the U.S. and everything really hinges on this.?

At 9:40 a.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,385.70, Up $10.70.
• Silver, $23.86, Up $0.59.

 

September 05, 2013 - 18:05:13 PDT

Nixon's Impact On Gold And Inflation

" Something's Different This Time..." read more

 

 

Closing Gold & Silver Market Report ? 9/5/2013

 

ECONOMIC DATA BOOSTS DOLLAR, WEIGHS ON GOLD

The Gold price has fallen once again Thursday as a strong U.S. dollar weighed heavily on Precious Metals prices following positive economic reports. Though Gold tends to be sought as an asylum for nervous investors in times of turmoil, the Syrian conflict seems to be having less impact on markets than today?s strong employment numbers and concern surrounding Fed stimulus tapering. With Gold falling for the fifth session out of the last six, many analysts and investors are anxiously pondering the upcoming Federal Open Market Committee meeting in less than two weeks. With employment numbers continuing to improve, many wonder if the strides that the U.S. jobs market has made will be substantial enough for the Fed to begin reducing the current level of monthly asset purchases. Friday?s monthly jobs report will be highly anticipated. If jobs creation comes in at roughly 100,000 it could, ?prompt markets to reduce the probability and the size of a September tapering, which could well send Gold toward $1,488 an ounce,? TD Securities said. ?Conversely, a print above 200,000 would do the opposite, with prices moving toward $1,325 an ounce.?

U.S. stock indexes are experiencing their longest win streak since July as employment data boosted investor confidence ahead of tomorrow?s monthly jobs report. ?Most people are looking at Friday?s jobs number as the determining factor whether or not the Fed will start tapering in September,? Steven Bulko, chief investment officer of Lombard Odier?s $1.2 billion long/short 1798 Fundamental Strategies Fund, said. Following the month of August that saw equities pull back from record highs, another upbeat showing in jobs numbers could give an upward bump to U.S. stocks.

At 5:03 p.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,369.00, Down $23.00.
• Silver, $23.21, Down $0.23.

 

Morning Gold & Silver Market Report ? 9/5/2013

 

METALS GIVE UP GAINS AFTER ECONOMIC DATA

Precious Metals prices started the morning slightly higher, and U.S. stock futures were slightly lower. That changed, however, with a slew of economic data releases. Though the  ADP jobs report showed a less-than-expected gain  of 176,000 jobs, U.S. second-quarter productivity  was revised sharply upwards to 2.3 percent from 0.9 percent, and  weekly jobless claims fell by 9,000  instead of the expected 2,000. The combination of reports caused a reversal in pricing, with Precious Metals giving up gains and stock futures erasing losses.

News of a potential military response in Syria seems to be heavily affecting the Gold price. When expectations are high that a U.S. response will happen, the Gold price reacts positively. At the moment, however, it seems that expectations have waned for a military response, so the Gold price doesn?t have that area of support. Many investors may be waiting on the sidelines in anticipation of the Federal Reserve meeting later this month. Saxo Bank?s Ole Hansen said, ?The fact we are now less than two weeks away from the very eagerly awaited Fed meeting(means) some longs have been reduced, putting the metals on the back foot. I'm looking for a $1,379 to $1,397 range today. A break below Monday's low will obviously test the resolve in the market, but I think support will be found ahead of key support towards $1,350, leaving Gold rangebound in the near term.?

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

• Gold, $1,391.00, Down $1.00.
• Silver, $23.41, Down $0.02.

 

 

Closing Gold & Silver Market Report ? 9/4/2013

 

MARKET PREPARES FOR FRIDAY?S NON-FARM PAYROLL SILVER DEMAND ON THE RISE

Today, the market began preparing for Friday?s U.S. non-farm payroll report as it?s been speculated the data will provide clues for the Federal Reserve?s next move on tapering monetary easing. Gold dropped nearly two percent as investors began profit taking on the metal?s recent gains ahead of the upcoming Federal Reserve meeting Sept. 17-18 and due to geopolitical tensions in Syria. ?A U.S. attack on Syria is not a done deal and after the latest announcements investors are just taking profits in Gold as well as in oil,? VTB Capital analyst Andrey Kryuchenkov said.

The demand for American Silver Eagle coins has increased this year as YTD sales from the U.S. Mint have already exceeded 2012 records. The U.S. Mint reported they have currently sold 33.75 million ounces of Silver coins in 2013 compared to 33.74 million in 2012. Investors have turned to Silver as an alternative asset as it has turned back into a bullish market with a gain of 29 percent in just two months? time. ?Demand continues to remain very strong,? Paul Zimnisky, chief executive officer of Pure Funds, said. ?The lure of it being an industrial metal is also giving it a boost as expectations of demand in China are improving.?

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

• Gold, $1,393.30, Down $20.70.
• Silver, $23.50, Down $0.95.