Main Street Misses On Gold – Kitco Survey

(Kitco News) – With gold’s massive volatility this week, only a minority of Kitco readers correctly predicted the yellow metal’s price by Friday.

Gold Market To Keep An Eye On Dollar After Strong Jobs Data

The U.S. dollar climbed to its highest level since 2009 after a much higher-than-expected nonfarm payrolls report, and gold-market watchers said how much further the dollar climbs could influence the metal next week.

Gartman: Switzerland’s Central Bank Owns Most Gold Based On Population

Switzerland owns the most official-sector gold of any country relative to its population, points out investor and newsletter writer Dennis Gartman in his daily report. The most frequently cited data in the press is outright tonnage. World Gold Council data show the U.S. is most with 8,133.5 metric tons, followed by Germany, 3,384.2; International Monetary Fund, 2,814; Italy, 2,451.8; France, 2,435.4; Russia, 1,149.8; and China, 1,054.1. However, Gartman points out the picture is different when looking at how much each country holds per million people. Using this metric, Switzerland is on top with nearly 129.9 tons per million people, according to data the WGC provided Kitco News on Friday. Others in the top five include Germany, 41.9; Italy, 41.1; France, 38.3; and the U.S., 25.7. Even with recent purchases, Russia has only 8.1 tons per million people. “As for China, it has only — and we truly mean ‘only’ — 1 ton of gold/million people,” Gartman says. More precisely, the WGC put this at 0.8 ton.

Gold Coins Used To Help Those In Need This Holiday Season

(Kitco News) – The holiday season is now in full swing and for those still thinking about last-minute gifts, gold coins are a good option. Just ask the Salvation Army and other charity organizations.

Split Views On Gold’s Direction Next Week Dominate Survey

(Kitco News) – Participants in the weekly Kitco News Gold Survey are split over their views on where prices should go next week, with only a nominal number of respondents bearish.

Gold On Defensive After Strong Jobs Report But Still Higher For The Week So Far

Gold futures slid Friday as the dollar strengthened in the wake of a much stronger-than-forecast report on U.S. nonfarm payrolls.

Gold Sells Off in Wake of Strong U.S. Jobs Report

A much-better-than-expected U.S. jobs report pushed gold prices solidly lower in early U.S. trading Friday. February Comex gold was last down $17.10 at $1,190.50 an ounce. Spot gold was last down $15.70 at $1,191.40. March Comex silver last traded dow…

U.S. Economy Creates 321K Jobs In November, Almost 100K Above Expectations

(Kitco News) – The labor market lost some momentum last month as the U.S. Labor Department released a slightly weaker-than-expected nonfarm payrolls report for November.

CME Group Raising Margins For Silver, Copper, Platinum, Palladium

CME Group is raising margins for silver, platinum, palladium and copper futures as of the end of business Friday.
The exchange operator announced the hikes late Thursday, along with changes in margins – mostly increases — for a number of other markets, including electricity, foreign exchange, natural gas, refined energy products, coal and ethanol.
CME Group said the changes are part of “the normal review of market volatility to ensure adequate collateral coverage.” Margins act as collateral to back futures trades.

For the main Comex 5,000-ounce silver contract, the “initial” margin for new speculative accounts will rise to $7,150 from $6,050. The “maintenance” margin for existing speculative positions, as well as all hedge positions, increases to $6,500 from $5,500.

For the main Comex copper contract, the initial margin for new spec positions increases to $3,190 from $2,860. The margin for maintenance of spec positions, plus all hedge ones, rises to $2,900 from $2,600.

Meanwhile, for Nymex palladium, speculators’ initial margin rises to $4,400 from $3,575. The maintenance margin, plus all hedge margins, increases to $4,000 from $3,250.

In platinum, the initial spec margin rises to $2,200 from $1,980. For all hedge positions and maintenance of established spec positions, the margin rises to $2,000 from $1,800.

The full CME group notice can be seen at this link.

Waiting For Labor

In spite of an assist from a strong euro/weaker dollar, which would push gold prices higher, the yellow precious metal Is down today in regular trading.