By: Chris Mullen, Gold Seeker Report - 12 January, 2018
Gold gained $11.30 to $1333.10 in London before it pared back to $1324.70 at about 9AM EST, but it then climbed to a new session high of $1339.30 in afternoon New York trade and ended with a gain of 1.23%. Silver rose to as high as $17.283 and ended with a gain of 1.53%. Full Story
Gold bullion set for fifth week of gains as dollar slumps (Reuters.com) Asia Stocks Are Mixed as Euro Gains, Bonds, Gold Bullion Steady (Bloomberg.com) U.S. runs December budget deficit of $23 billion – Treasury (MarketWatch.com) Uproar over crackdown on cryptocurrencies divides South Korea (Reuters.com) Wal-Mart Raises Hourly Wage to $11 in Wake of Tax Overhaul (Bloomberg.com) Bill Gross of Janus: ‘Bonds, like men, are in a bear market’ (Reuters.com) Full Story
Monday US markets are closed. Traders will take positions for Tuesday. The hawkish European central bank meeting also supported gold prices. Next week, the Federal Reserve Beige book and US housing numbers will affect metals as well as currency markets. Traders expect a strong growth view from the Federal Reserve. If consumer price index numbers today also come in on the higher side of the expectation curve, then chances of a March interest rate hike will increase. Full Story
By: Chris Mullen, Gold Seeker Report - 11 January, 2018
Gold edged down to $1315.70 in Asia, but it then chopped up to as high as $1323.90 in New York and ended with a gain of 0.33%. Silver slid down to $16.884 before it jumped back to $17.03, but it then drifted back lower into the close and ended unchanged on the day. Full Story
– Gold prices rise to $1,326/oz on concerns China may slow U.S. Treasury buying – Equities fell sharply on the report as did Treasurys and the U.S. dollar – Chinese officials think U.S. debt is becoming less attractive compared to other assets – Trade tensions could provide a reason to slow down or halt U.S. debt purchases – U.S. dollar vulnerable as China remains biggest buyer of U.S. sovereign debt – Currency wars to return as China rejects U.S. hegemony in Asia Full Story
In my view there is nothing special about China’s intention of reducing US treasury investment. This was bound to happen much earlier. China is “thee” happening place for the global financial service industry. It has opened up its economy for global investors. China is moving towards a service oriented growth from a manufacturing growth. Chinese moves economically or geopolitically is antagonizing USA and its NATO allies. Chinese reduction in US treasuries is just a way to safe guard its investment from the great American bully attitude. Full Story
By: Chris Mullen, Gold Seeker Report - 10 January, 2018
Gold fell $5.50 to $1308.50 in early Asian trade before it jumped up to as high as $1327.10 at about 6AM EST and then drifted back lower in New York, but it still ended with a gain of 0.26%. Silver rose to as high as $17.185 and ended with a loss of 0.12%. Full Story
– Gold at all time in eight major emerging market currencies – A stronger performance than seen when priced in USD, EUR or GBP – As world steps away from US dollar hegemony expect new gold highs in $, € and £ – Gold is a hedge against currency debasement and depreciation of fiat currencies Full Story
By: Chris Mullen, Gold Seeker Report - 9 January, 2018
Gold fell $11 to $1309 in midmorning New York trade before it bounced back higher into the close, but it still ended with a loss of 0.45%. Silver slipped to as low as $16.914 and ended with a loss of 0.70%. Full Story
– Record level global debt level hit $233 trillion in Q3 2017 – World’s per capita debt now more than $30,000 – UK personal debts climbed to the highest level since credit crunch, reaching more than £200bn – US consumer credit highest jump in 2 years by 8.8% in November to $3.83 trillion – BofE warn UK banks could incur £30bn of losses if interest rates and unemployment rise sharply Full Story
Gold and silver will see a sell off if they fail to break key resistances of $1327 and $1740. Copper needs to trade over $318.40 for the rest of the week to prevent a sell off. Crude oil looks headed for $65.00. Crypto currency volatility (I will not call it a sell off) should be positive for bullion. Chinese demand will zoom in bullion before their New Year next month. Full Story
By: Chris Mullen, Gold Seeker Report - 8 January, 2018
Gold fell $5.70 to $1314.80 in Asia before it bounced back to $1321.00 in London and then drifted back lower in morning New York trade, but it then bounced back higher into the close and ended with a loss of just 0.04%. Silver fell to as low as $17.04 and ended with a loss of 0.47%. Full Story
– Gold currently undervalued – Since 2000, the gold price has beaten the SPX 500 Index – A ‘a once-in-a-decade opportunity’ as gold-to-SPX 500 ratio is at its lowest point in 10 years. – Reached ‘peak gold’ as exploration budgets continue to tighten – $80 trillion sits in global equities, a ‘ticking time bomb’ – Gold remains an appealing diversifier in the current environment of high valuations and uncertainties Full Story
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