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Gold & metals

 

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

 

SYRIA TENSIONS COULD SPIKE GOLD PRICE

Precious Metals prices are giving up recent gains in morning trading.  The conflict in Syria is still the main focus of investors and analysts, though Precious Metals prices  appear to be the victim of profit-taking.  HSBC analysts wrote yesterday 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.?

U.S. stock futures are flat this morning as  investors await data to be released later this week.  July?s trade report and other data is due today, though analysts believe that Friday?s nonfarm payrolls report is the key release to watch.  Bank of Tokyo-Mitsubishi?s Lee Hardman wrote, ?The non-farm payrolls report for August released on Friday will likely prove far more crucial (than Wednesday's data), given the importance of labor market conditions and as such will likely generate a much greater reaction in financial markets.?

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

• Gold, $1,393.20, Down $20.90.
• Silver, $23.50, Down $0.96.

 

 

Closing Gold & Silver Market Report ? 9/3/2013

 

GOLD RISES WITH SYRIA CONCERNS GLOBAL MANUFACTURING ON POINT



Gold?s safe haven appeal continues to grow as the market reacts to the uncertainty caused by the tensions in Syria. ?The rise in Gold prices is 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 next week on the next necessary military measures for the current situation in Syria.

U.S. manufacturing was better than expected in August as the Institute for Supply Management?s index reported a rise to 55.7, the best since June 2011. ?It's going to be a solid quarter for U.S. manufacturing,? said Brian Jones, a senior economist in New York at Societe Generale, who projected a reading of 55.8. ?Businesses are expanding production not only to meet demand but to also build inventories. Manufacturing worldwide is impressing to the high side.? Worldwide it appears that China, Europe and the U.S. are all heading in the right direction as each region?s economy improves.

 

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

• Gold, $1,414.00, Up $15.90.
• Silver, $24.34, Up $0.81.

 

 

   

 

 

Morning Gold & Silver Market Report ? 9/3/2013

 

SILVER SHINES AHEAD OF ECONOMIC DATA

Gold, Platinum and Palladium prices are flat, and the Silver price is approximately three percent higher in morning trading. Standard Chartered analyst Daniel Smith said, ?It is difficult to predict development in the geopolitical situation [in Syria], but obviously this will be followed by the Gold market and if we have a massive crisis prices will rise on the back of it. Any [economic] data out of the United States this week is going to be pretty critical to the outlook of Gold and we are expecting a strong labor report, which encourages the idea of QE tapering.? The Federal Reserve will have a two-day policy meeting beginning Sept. 17.

U.S. stock futures are pointing higher this morning after President Barack Obama said he would seek Congressional approval before making a decision on the situation in Syria. The Labor Day holiday saw  higher global markets with thin volumes. Naeem Aslam of Ava Trade said, ?There is no doubt that the global markets did enjoy an uptick day yesterday, but the volume was thin in the absence of the biggest economy of the world. [Volatility] will remain elevated given that the economic docket for this week is full of colorful fireworks.?

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

• Gold, $1,400.90, Up $2.80.
• Silver, $24.46, Up $0.93.

 

Has Gold's Upward Move Ended?

Gold has topped at the important resistance of 1420-30 and is now turning lower. Gold broke out and down from its upward-sloping channel from 1270. If you follow our analysis through our cooperation ...

 

 

Weekly Gold & Silver Market Recap ? 8/30/2013

 

GOLD NEAR BULL MARKET

The Gold price started the week flat,  treading water just below the $1,400 per ounce mark. Barratt Bulletin newsletter founder Jonathan Barratt believes that Gold is nearing a bull market again. He said, ?When you look at Gold, it only has to travel back through $1,416 [per ounce] to re-enter the bull market. So we're pretty close to that and it [the gains] has been the result of physical demand, geopolitical issues and also in the U.S. and what's happening with tapering.?  The Silver price has been a standout recently. Atyant Capital Global Opportunities Fund lead portfolio manager Vedant Mimani said, ?Gold investors tend to be more conservative relative to Silver investors  so Gold investors may be taking a wait-and-see approach, while the Silver community is trying to get ahead of the Fed.? However, Morgan Stanley research recently discovered that Silver?s supply and demand fundamentals have been improving lately, also helping the metal see a boost in price.

OIL PRICES RISE AS SYRIA HEADLINES NEWS

Oil initially rose on Wednesday  based on continued unrest in Syria and the Middle East.  UBS Financial Services director of floor operations Art Cashin said, ?The market was somewhat impervious to the geopolitical risk that was out there and now it's come home to roost I think you want to watch both oil and Gold ? The difficulty is that once events begin to take place, they can accelerate and that becomes a problem.?  Bernard Sin, head of currency and metal trading at bullion refiner MKS (Switzerland) SA in Geneva, said, ?We are seeing safe haven buying across the board. Geopolitical uncertainty triggered this buying interest.?    U.S. energy stocks helped boost equities markets  Wednesday as rising oil prices reacted to a potential maneuver against Syria.

GOLD DOWN, STOCKS UP ON VERY LOW VOLUME

The diminished threat of military engagement in Syria combined with a stronger U.S. dollar to push the Gold price down for a second straight session Thursday.  With the Syrian situation on hold,  jobless claims seeing six-year lows and GDP rising to a 2.5 percent annual rate  were the day?s central economic factors weighing on investor sentiment regarding the Federal Reserve?s intentions for the future of quantitative easing. ?It is likely, in our view, that a potential airstrike against Syria would be short-lived, with the Gold market turning its attention back to the [Federal Reserve policy] meeting on Sept. 17-18 ... and the release of the U.S. August nonfarm payrolls report next Friday,? Andrey Kryuchenkov, analyst at VTB Capital, said.  Gold has recently flirted with reentering bullish territory as it breached $1,400 an ounce, up from its late June low of $1,180 per ounce.  The yellow metal?s year-to-date losses have come on the heels of improvement in key sectors of the economy and the anticipation that the Fed would begin scaling back its level of asset purchases.

SYRIA IN HEADLINES KEEP PRESSURE ON METALS

Precious Metals traded lower Friday morning after news that the United Kingdom parliament voted against a strike on Syria.  French President Francois Hollande said a military response to the reported chemical attacks in Syria could come as soon as Wednesday. Hollande said, ?The chemical massacre of Damascus cannot and must not remain unpunished. All options [are available and] France wants firm and proportionate action.? A response would likely focus on Syria?s ability to launch chemical attacks as opposed to a removal of Syrian President Bashar al-Assad from power.  Though Precious Metals were trending lower on Friday as  the speculation of an imminent military attack on Syria is has begun to lose momentum, Gold futures rose nearly 7 percent for the month of August and around 14 percent for the quarter. Mark O?Byrne, executive director at GoldCore in Dublin, said, ?The smart money is in position or positioning itself for the coming rally which should see Gold back above $1,600/oz by year end.?

At 4:57 p.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,397.00, Down $17.90.
• Silver, $23.56, Down $0.61.

 

Mid-Day Gold & Silver Market Report ? 8/30/2013

 

SYRIA IN HEADLINES KEEPS PRESSURE ON METALS

Precious Metals are trending downward through mid-day trading as  the speculation of an imminent military attack on Syria is starting to lose momentum. However, Gold futures rose nearly 7 percent for the month of August and around 14 percent for the quarter. Mark O?Byrne, executive director at GoldCore in Dublin, said, ?The smart money is in position or positioning itself for the coming rally which should see Gold back above $1,600/oz by year end.? 

U.S. stocks declined on the final day  of August trading and are poised to have the worst  monthly decline since May 2012. Most sectors are trading lower, with energy stocks being the exception due to continued speculation of a Syrian air strike and effects it could possibly have on the region.  Historically, Gold and other Precious Metals prices have risen with international conflict as investors turn to the metals to provide stability in their portfolios.

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

• Gold, $1,399.20, Down $15.80.
• Silver, $23.55, Down $0.62.

 

Morning Gold & Silver Market Report ? 8/30/2013

 

U.K. VOTES DOWN SYRIA ATTACK, FRANCE READY TO STRIKE

Precious Metals are trading lower this morning after news that the United Kingdom parliament voted against a strike on Syria. However, French President Francois Hollande said a military response to the reported chemical attacks in Syria could come as soon as Wednesday. Hollande said, ?The chemical massacre of Damascus cannot and must not remain unpunished. All options [are available and] France wants firm and proportionate action.? A response would likely focus on Syria?s ability to launch chemical attacks as opposed to a removal of Syrian President Bashar al-Assad from power.

Though the past 24 hours have seen Gold and Silver prices fall,  the metals are still on track for a weekly and monthly gain. VTB Capital analyst Andrey Kryuchenkov explained, ?You have a decrease in the risk premium as it seems that the Syrian action is delayed. Investors are taking profits because nobody wants to be caught short or long ahead of the weekend, when more developments on the geopolitical front are expected.?

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

• Gold, $1,396.30, Down $18.50.
• Silver, $23.71, Down $0.45.

 

Gold Has First Down Day in 6

Daily

Chart  Prepared by Jamie Saettele, CMT 

 

Commodity  Analysis: ?Gold  has broken through the zone of consolidation that took place in mid-June and a confluence of trendlines. Focus now shifts to the June high at 1424.? 1424 has been reached as has channel resistance and gold pulled back after a long wick Thursday. These are signs of a top.

 

Commodity Trading Strategy: At resistance so would be looking for signs of a top up here. Would look for support at recent congestion in the 1370s.

 

LEVELS: 1352 1369 1389 1424 1440 1488

 

Closing Gold & Silver Market Report ? 8/29/2013

GOLD DOWN, STOCKS UP ON VERY LOW VOLUME

The diminished threat of military engagement in Syria combined with a stronger U.S. dollar to push the Gold price down for a second straight session Thursday.  With the Syrian situation on hold, jobless claims seeing six-year lows and GDP rising to a 2.5 percent annual rate were today?s central economic factors weighing on investor sentiment regarding the Federal Reserve?s intentions for the future of quantitative easing. ?It is likely, in our view, that a potential airstrike against Syria would be short-lived, with the Gold market turning its attention back to the [Federal Reserve policy] meeting on Sept. 17-18 ... and the release of the U.S. August nonfarm payrolls report next Friday,? Andrey Kryuchenkov, analyst at VTB Capital, said.  Gold has recently flirted with reentering bullish territory as it breached $1,400 an ounce, up from its late June low of $1,180 per ounce.  The yellow metal?s year-to-date losses have come on the heels of improvement in key sectors of the economy and the anticipation that the Fed would begin scaling back its level of asset purchases. 

U.S. equities benefited moderately from today?s economic reports, sending both the Dow Jones Industrial Average and S& P 500 higher for the second day in a row.  ?That?s just one confirmation that the data is continuing to move in the right direction,? Anastasia Amoroso, global market strategist at J.P. Morgan Funds, said. ?That gives more evidence why the Fed should ultimately taper. But over the last couple of months the markets have been a lot more comfortable with that notion.?  Headed into the holiday weekend, S& P trading volume is down 18 percent from the 30-day average.  August is set to account for the second slowest month of trading in the last five years.  Investors and traders can expect ramped up volume next month as many return from seasonal vacations and individuals speculate about the outcome of the Federal Open Market Committee meeting set for mid-September.

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

• Gold, $1,409.50, Down $11.30.
• Silver, $23.95, Down $0.51. 

 

 

 

Morning Gold & Silver Market Report ? 8/29/2013

 

METALS VOLATILE ON ECONOMIC DATA

Precious Metals prices fell after the release of two bits of economic data this morning, but have since recovered from those losses. The second-quarter U.S. gross domestic product estimate was  revised upward from 1.7 percent to 2.5 percent, while the  weekly jobless claims report dropped by 6,000  from last week. These positive reports are expected to again raise expectations for the U.S. Federal Reserve to taper its quantitative easing program, which has been highly supportive of Precious Metals prices in the past. However, there is also speculation that recent tensions in Syria will keep the Fed from beginning tapering.

Wedding season in India is approaching, though INTL FCStone?s Edward Meir says the Indian rupee?s slide against the U.S. dollar ?will almost certainly raise fresh doubts about Indian Gold demand  going into the wedding season, especially now that the impact of a weaker currency is being magnified by sharply higher Gold prices.? India is the world?s top consumer of Gold.

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

• Gold, $1,413.60, Down $7.20.
• Silver, $24.23, Down $0.23.

 

 

 

 

Gold price resistance at $1440, has uptrend halted?