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Ukraine’s Oct Gold Sale Likely Intensified Price Drop
Ukraine cut its gold holdings by 14 metric tons in October, according to the International Monetary Fund, MKS (Switzerland) says.
Read moreThe 6 PM Recap With Gary Wagner: Turbo Steroid Moves And Other Factors
Right around noontime in Asia, in the Hong Kong market, everyone breaks for meals practically at the same time. This slows the already meager Asian gold trade stream to a trickle. Someone has gotten hip to this herd activity and begun intensive algori…
Read moreGold Ends Mixed; Bullish Fundamental News Scarce
(Kitco News) – Gold futures prices ended the U.S. day session slightly lower Thursday, while the cash, or spot, gold market saw moderate gains on a corrective bounce from late selling pressure Wednesday.
TDS Looks For Gold/Silver Ratio To First Rise, Then Reverse In 2015
TD Securities looks for gold to hold up better than silver in the early part of 2015 when both metals come under pressure, but then for silver to outperform in the latter part of next year when both bounce again. “The precious metals market is likely to strengthen materially in the latter part of 2015, but there will be considerable weakness into the next quarter or so,” TDS says. “Typically, a weak precious metals market implies silver underperformance due to its significantly higher volatility and its strong links to industrial activity. Conversely, recovering precious metals markets suggest that gold will recover less robustly relative to silver.” For now, expectations for Federal Reserve rate hikes next year are likely to pressure the metals, TDS says. Further, the U.S. dollar may rise further as the European Central Bank undertakes asset purchases. However, TDS doubts the Fed will be “too restrictive,” implying real rates should not increase much. “If inflation moves higher along with a reduction in the U.S. output gap in H1 2015, the cost of carry for gold and silver may not rise as much as many real money traders and specs think,” TDS says. “This should bring investors into gold and silver again, with silver outperforming due to volatility and the expected increase in industrial restocking and demand.” TDS sees gold averaging $1,200 in the first quarter of 2015 but rising to $1,275 in the fourth. Silver is seen averaging $17 in the first quarter but rising to $19.50 in the fourth.
Traders: Gold May Struggle To Top $1,200 Ahead Of Options Expiration
Traders suspect that gold might have a hard time reclaiming $1,200 an ounce ahead of an options expiration Monday, while silver may remain around $16 or slightly below.
Read moreU.S. Existing Home Sales Rise 1.5% In October
(Kitco News) – Existing home sales rose 1.5% in October to a seasonally adjusted and annualized rate of 5.26 million units, compared to September’s upwardly revised annualized rate of 5.18 million homes, the National Association of Realtors said Thursday.
Philadelphia Fed Manufacturing Index Rises To 21-Year High Of 40.8 In November
The headline index for a survey of manufacturers in the Philadelphia area improved significantly in November, according to a report released Thursday.
The index for current general activity in the Philadelphia Fed’s manufacturing business outlook survey jumped to 40.8 from 20.7 in October, the regional bank said. The reading was the highest since December 1993. It has now been positive for nine months in a row.
The consensus expectations compiled by various news organizations were for a November reading of somewhere around 18.0 to 18.5.
U.S. Flash PMI Falls To 54.7 In November
(Kitco News) – The U.S. manufacturing sector continues to lose some momentum in November, according to the latest Purchasing Managers Index data.
U.S. Weekly Jobless Claims Fall By 2,000 To 291,000
First-time weekly jobless claims in the U.S. fell by 2,000 to a seasonally adjusted 291,000 during the week to Saturday, the Labor Department said Thursday.
Read moreU.S. CPI Is Unchanged In October
(Kitco News) – U.S. consumer prices were unchanged in October, following September’s rise in inflation, according to the latest data from the Department of Labor.