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Banks See Wide Range For Gold In 2015 As Prices Search For A Bottom
Since early November, financial institutions have been busy revising and updating their gold forecasts for 2015.
Read moreUpdated: Goldman Sachs Is Still The Bearish Of Them All
Since early November, financial institutions have been busy revising and updating their gold forecasts for 2015.
Read moreMKS: 39 Tonnes Of Gold Reportedly Bought During Chinese Trading Day
Gold futures are off their highs and relatively unchanged for the day. As of 10:41 a.m EST, Comex February gold was trading at $1,194.2 an ounce, down about 50 cents, on the day. Analysts from MSK (Switzerland) SA, note that gold’s rally started overnight during the Asian trading session as there was strong demand for physical gold seen in China. They add there were reports that 39 tonnes of gold was bought during the session. However, the rally was not sustainable. “As we are accustomed to seeing recently, interest dropped off during the Chinese break before USD $1,200 was breached in the afternoon session,” they say. The analysts add that silver also pushed higher on the back of renewed gold demand from China.
Mining Stocks Will Have A Good Year – Analysts
(Kitco News) – Phrase it however you like, gold and silver mining stocks have had a rough ride during this bear market, leaving many investors scratching their heads with decimated stock picks.
Read morePhiladelphia Fed Manufacturing Index Falls 24.5 To In December
(Kitco News) – The headline index for a survey of manufacturers in the Philadelphia area weakened in December, reversing some of November’s gains, which was a 21-year high, according to a report released Thursday.
U.S. Weekly Jobless Claims Fall To 289K
(Kitco News) – First-time weekly jobless claims in the U.S. fell by 6,000 to a seasonally adjusted 289 during the week to Saturday, the Labor Department said Thursday.
Read moreBarrick Suspends Lumwana As Zambia’s Royalty Hikes Deemed Excessive
Barrick Gold Corp. (NYSE:ABX)(TSX:ABX) will suspend its Lumwana copper mine, located in Zambia, as the government has passed legislation that will see the country’s royalties rise from 6% to 20%.
Gold Firmer on Bullish “Outside Markets,” FOMC Aftermath
Gold prices are moderately higher in early U.S. trading Thursday, on some bargain hunting in the cash market and short covering in the futures. The key “outside markets” are in a somewhat bullish posture for the precious metals so far Thursday, as the U.S. dollar index is slightly lower and crude oil prices are higher. Also, gold has gotten a boost in the aftermath of an FOMC meeting that is being deemed a bit dovish. There is still some safe-haven demand for gold amid this week’s steep slide in the Russian ruble. February Comex gold was last up $6.70 at $1,201.40 an ounce. Spot gold was last up $12.30 at $1,201.75. March Comex silver last traded up $0.052 at $15.985 an ounce.
The 6 PM Recap With Gary Wagner: Mixed Messages
While the Fed left in place its notation that interest rates would remain stable for a “considerable time,” they also boldly underscored progress that was being made. Inflation is nearing the initial target of 2 to 2-1/2% (although plunging oil prices won’t assist in that), and the labor force’s long-standing underutilization is diminishing.
Yellen Sees Rates Staying Near Zero In Early 2015
WASHINGTON (AP) — Federal Reserve Chair Janet Yellen expects the Fed to hold a key interest rate near zero for the next three months — if not longer.