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Gold Mixed; Technical Selling in Futures, Corrective Bounce in Spot Market
Gold futures prices are moderately lower in early U.S. trading Thursday, while the cash, or spot, gold market is seeing a corrective bounce from late selling pressure Wednesday. The New York futures market was closed Wednesday before some additional d…
Read moreThe 6 P.M. Recap With Gary Wagner: You Were Expecting The Earth To Stand Still?
The minutes from the FOMC revealed nothing, changed nothing, except to tell people the economy is getting stronger but not leaving rubber. That’s really no surprise. So hold off on the brass and also – hold off on the mourning shroud. We’re pretty much in the same pattern we’ve been in for a few months.
Gold Ends Weaker on Chart Consolidation, Swiss Poll; FOMC a Non-Event
Gold prices were trading moderately lower Wednesday afternoon, in a volatile trading session. Backing and filling on the charts was featured after recent gains that saw prices hit a three-week high Tuesday. February Comex gold was last down $2.80 at $…
Read moreFOMC Minutes Reveal Some Members Supported Dropping “Considerable Time” In October Statement
(Kitco News) – According the minutes of the October Federal Open Market Committee Meeting some committee members talked about removing the key phrase “considerable time” from the monetary policy statement released after the October meeting.
Read moreUBS: Client Interest In Swiss Gold Initiative Rising
A non-scientific poll conducted Tuesday by UBS of its clients and colleagues shows nearly a third of respondents are “very interested” in an upcoming Swiss gold initiative while 30% are “’somewhat interested,” UBS says. The remaining 39% expressed no interest, which the bank says is likely because the consensus expectation is that the vote will fail. UBS cites the results of an opinion poll Wednesday commissioned by Swiss TV showing the Initiative is unlikely to pass. Support has declined to 38% from 44% on Oct. 24, while opposition has increased to 47% from 36% previously. The remaining 15% are either undecided or did not respond, down from 17% in the previous survey, UBS says. This poll has been highly anticipated as it is the most scientific one available, and UBS says it gives a good indication of voter sentiment in the country. “The decline in support for the initiative therefore does not come as surprise. The results provide the market with reassurance heading into the Nov. 30th vote and diminish gold’s upside risks,” they say.
Gold Erases Solid Losses Seen At Mid-Morning
(Kitco News) – Trading has turned volatile in the gold market Wednesday. Strong selling pressure at mid-morning was met with bargain hunting and short covering from the shorter-term traders to lift gold prices back to near unchanged levels at midday.
Latest Poll Shows Swiss Gold Referendum Doesn’t Have Enough Support To Pass
(Kitco News) – According to the latest poll numbers, Switzerlandâ??s â??Save Our Goldâ? initiative doesnâ??t have enough support to pass on Nov. 30, helping to push gold prices below $1,190 an ounce.
Gold Sells Off as U.S. Dollar Index Firms and Crude Oil Weakens
The gold market continues to be held hostage by the U.S. dollar. The dollar index pushed to its daily, while crude oil futures prices dropped to their daily lows in late-morning dealings Wednesday. This put solid downside price pressure on the gold ma…
Read moreBase Metals With Least Exposure To Chinese Supplies To Do Best In 2015; Aluminum Top Pick – Standard Chartered
Aluminum is Standard Chartered’s top pick for a base metal market in 2015, as it has the least exposure to China’s destocking cycle, the bank said in a research report from late Tuesday.
Standard Chartered Raises 2015 Average Gold Price To $1,245/Oz
(Kitco News) – Standard Chartered raised its forecast for 2015 average gold prices to $1,245 an ounce, up from $1,160, citing a more price-positive outlook for the metal next year.