By: Chris Mullen, Gold Seeker Report - 5 January, 2018
Gold fell $5.70 to $1316.20 in London before it jumped up to $1322.80 after the release of this morning’s jobs data and then fell to a new session low of $1313.80 in the next hour of trade, but it then climbed back towards its earlier high by late morning and ended with a loss of just 0.11%. Silver slipped to as low as $17.101 and ended unchanged on the day. Full Story
– Nearly all computers worldwide, smartphones and other devices – exposed to major security risk – Two separate security flaws identified in devices powered by Intel, ARM and AMD chips – Vulnerability known about for six months by tech insiders – Cyber crime represents the biggest transfer of economic wealth in history – Cyber crime damage costs to hit $6 trillion annually by 2021 Full Story
Gold rose despite some better than expected US December private ADP numbers. The US dollar is still on the weaker side against the euro and sterling. This is the best chance for gold to rise to the $1400-$1430 zone and for silver to test $2000. FOMC minutes preventing a gold price fall is very positive for bullion in the near term. Investors know that the chances of a quicker interest rate hike by the Federal Reserve are high. Still gold rising is a very positive sign. I expect short gold positions to be converted into long positions if it rises today. Full Story
By: Chris Mullen, Gold Seeker Report - 4 January, 2018
Gold fell $9 to $1305.90 in Asia, but it then climbed to as high as $1325.80 in New York and ended with a gain of 0.53%. Silver rose to as high as $17.271 and ended with a gain of 0.35%. Full Story
– Palladium prices surge to new record high over $1,100/oz today – Palladium surges past record nominal price seen in 2001 after 55% surge in 2017 – Best-performing precious metal and commodity of 2017 is palladium – Palladium prices top platinum prices for first time in 16 years – Strong Chinese car demand and switch from diesel to petrol cars sees demand surge – Supply crunch as six year supply deficit and 2017 deficit expected to hit 83,000 ounces – Palladium supply crunch to intensify if world’s leading producer Russia restricts supply and investors diversify into tiny palladium bullion market Full Story
By: Chris Mullen, Gold Seeker Report - 3 January, 2018
Gold dropped $6.40 to $1311.80 in Asia before it rallied to $1317.80 in London and then fell back to a new session low of $1307.50 after the release of fed minutes in New York, but it then jumped back higher in late trade and ended with a loss of just 0.25%. Silver slipped to as low as $17.032 and ended with a loss of 0.17%. Full Story
– Gold posted second straight annual gain in USD in 2017 – Gold in 2017: up 13.6% USD, up 2.7% GBP, down 1.4% EUR – 2017 is gold’s best year since 29.5% gain in 2010 – Strong performance despite rate hikes and stock bubble – India’s gold imports surged 67% in 2017, Turkish, Chinese demand strong – Gold finished 2017 with longest rally since June 2016 – 2018: Currency War and The Year of the Phoenix? Full Story
FOMC minutes and other market moving US economic data releases are there till Friday. US December jobs numbers will positively affect the US dollar only if they indicate an interest rate hike in March. All incoming US economic data releases need to be looked from a March interest rate hike perspective. The US dollar will get another wave knock down if there is any indication of an interest rate hike beyond March. Full Story
By: Chris Mullen, Gold Seeker Report - 2 January, 2018
Gold gained $11.20 to $1314.40 in midmorning New York trade before it pared back heading into midday, but it then rallied to new highs into the close and ended with a gain of 1.15%. Silver rose to as high as $17.195 and ended with a gain of 1.36%. Full Story
Momentum as well as technicals for the US dollar are bearish. Everyone is short the greenback. I will prefer to look for signs of profit taking on short US dollar positions. FOMC minutes on Wednesday, US December private ADP employment numbers on Thursday and US December nonfarm payrolls on Friday will affect the short term trend of the US dollar. Last year the focus of the markets was on interest rate hikes by the Federal Reserve. Full Story
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