The 6PM Recap With Gary Wagner: Ball of Confusion Intensified by the American Political Process is helping Firm the Price of Gold
Oil prices today sank again on inventory and overproduction, dragging equities with them. The Dow, S&P and NASDAQ are all down about 2.00%. NASDAQ is the weakest as Alphabet – Google – lost half of its gains from today’s highs on profit taking.
GLD Holdings Uptrend Mirrors Gold Price Rise of 6%
Gold prices have risen amid volatile markets, as have holdings in the world’s largest gold-backed exchange-traded fund. In fact, holdings in SPDR Gold Shares (AMEX: GLD) have risen by nearly 40 tonnes so far in 2016, almost at the same pace as early last year.
Precious Metals Recap: Gold & Silver To Shine – Capital Economics
Despite oil’s downward pressure on commodity prices since the start of the year, with Bloomberg’s Commodity index falling to levels last seen in 1991, analysts from one U.K.-based research firm note that gold has managed to shine; and, say precious metals should continue to benefit from market uncertainty.
Gold Weaker On Profit Taking in Choppy, Two-Sided Session
Gold prices were ending the U.S. day session weaker Tuesday, on some profit taking and technical chart consolidation after posting modest gains and hitting a three-month high earlier in the day. A sell-off in the U.S. stock market did limit the downs…
Read moreGold Could Do Well in Deflationary, Currency Debasement Environment – BMO Capital Markets
While traditional wisdom concludes that gold is historically a hedge against inflation, one Canadian bank also sees potential for the yellow metal in a deflationary environment — a scenario that seems more likely.
Read moreLBMA 2016 Forecasters Upbeat On Precious Metals; Gold Seen Up 1.1% From Early January
Forecasters in the London Bullion Market Association’s annual survey are upbeat on all of the precious metals in 2016, looking for palladium to post the biggest gains.
Gold Pushes Above Unchanged, at 3-Mo. High, On Fresh Safe-Haven Buying As U.S. Stock Market Sells Off
Gold prices have moved to slightly higher levels and are at a three-month high in late-morning dealings Tuesday, after seeing some mild profit-taking pressure overnight.
Read moreCiti: Gold’s Safe-Haven Status Back In Vogue, But For How Long?
Citi Research says gold has been one of the best-performing assets so far in 2016 but questions how long this will last. The bank had called for gold to average $1,080 an ounce in the first half. “The upside risk to this view is one dominated by China and the associated global equities rout, which could see prices breach $1,150/oz,” Citi says. “Downside price risks to our gold view could be a rebound in risk appetite from investors, particularly in U.S. equities. For now, we believe safe-haven attributes remain supportive for gold in the short term; however, we are not fully convinced that these themes will prevail into the remainder of the year. Despite outperforming the rest of the base and precious metals YTD (year to date), it is hard to see gold breaching the key level of $1,200/oz in 1Q16.”
McEwen Mining Regains Compliance With NYSE Listing Standards
McEwen Mining Inc.(NYSE, TSX: MUX) has received notification from the New York Stock Exchange that the company has regained compliance with the NYSE’s continued listing standards for the minimum price of its common stock.
Mild Profit Taking in Gold After Prices Hit 3-Mo. High Overnight
Gold prices are slightly lower in early U.S. trading Tuesday, on some mild profit taking and technical chart consolidation after hitting a three-month high overnight.
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