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Gold Slightly Lower as Yellen Testimony Awaited
Gold prices are slightly lower but treading water in early U.S. dealings Tuesday.
Read moreThe 6PM Recap With Gary Wagner: Slow Gold on Greece and Yellen
Gold is off today modestly entirely on dollar strength, regular trading pushing back on the small battlefield. Investors are awaiting two pieces of news before bigger moves are made, as well as looking at a surprise move out of OPEC.
Read moreCapital Economics: No Guarantee Greek Deal Will Go Through
A funding agreement between Greece and its European creditors is not a done deal, says said Jennifer McKeown, senior European economist at Capital Economics. Greece has already announced that it will delay sending a list of reforms to the Eurogroup until Tuesday as dissention rising within the political party. “It is clear that Greece has made huge concessions, which its Parliament might not endorse. And even if it does, there is still the major hurdle of long-term debt restructuring to overcome in the not too distant future,” she says. “Even assuming that the deal holds, it is unclear how the Government will meet its financial obligations (chiefly to the IMF) between now and the end of April when its next bailout installment might finally be paid.” Capital Economics has been bullish on gold prices as they think the market has significantly underpriced the risk of Greece defaulting on its loans and being forced to exit the euro.
Gold Ends Modestly Weaker, Hits 7-Week Low, Amid Bearish Outside Markets, Greece-EU Deal
(Kitco News) – Gold prices on Monday ended the U.S. day session modestly lower, but well off the daily low, and did hit a seven-week low early on. Some better risk appetite in the market place and bearish outside marketsâ??a stronger U.S. dollar index and lower crude oil pricesâ??helped to pressure gold. April Comex gold was last down $3.90 at $1,201.30 an ounce. May Comex silver last traded up $0.25 at $16.345 an ounce.
Gold, Silver Spec Long Positions Drop For Third Straight Week: CFTC
The latest data from the Commodity Futures Trading Commission (CFTC) show that a lack of safe-haven demand, and growing expectations the Federal Reserve, will raise interest rates in the second half of the year attracting short-sellers to the gold mar…
Read moreMineral Resources Minister Meets With Harmony At Kusasalethu
Following a fire at Harmony Gold Mining Co. Ltd.’s (NYSE:HMY)(JSE:HAR) South African-based Kusasalethu underground mine Sunday, where all 486 miners in the mine were rescued, the country’s Minister of Mineral Resources Ngoako Ramatlhodi paid a visit to the mine.
Gold-Backed ETPs Continue To Attract Long-Term Investors
(Kitco News) – The gold market continues to attract long-term investors as gold-backed exchange-traded products (ETPs) continue to see weekly inflows, despite a drop in future prices.
Read moreU.S. Existing Home Sales Fall 4.9% In January
(Kitco News) – The winter chill appears to be impacting the housing market as fewer U.S. consumers bought homes in January, according to the latest report from the National Association of Realtors (NAR).
Read moreGold Bulls Hooked Ahead Of Yellen Testimony
(Kitco News) – Comex April gold futures are weaker Monday, but off overnight lows. For now, gold bulls are tentatively defending a key technical zone, which including a rising bull trendline and key Fibonacci retracement support zone. Fundamentally, all eyes are on U.S. Federal Reserve chairman Janet Yellen this week as she readies for her semi-annual monetary policy testimony to Congress on Tuesday and Wednesday.
First Majestic Posts 4Q, FY Loss; Impairment Stings Earnings
(Kitco News) – First Majestic Silver Corp. (TSX:FR)(NYSE:AG) reported a net loss after taxes for the fourth quarter totaling $64.6 million, lower than last year’s fourth quarter net loss of $81.2 million, while the company’s full-year loss stood at $61.4 million, higher than 2013’s loss of $38.2 million.