TD Securities: Be Careful Of Gold New Year Euphoria
Steve Scacalossi, director, head of sales, global metals at TD Securities, warns investors to not jump to quickly into the gold market based on its recent performance. “Having been out the past few days, the one thing that gets me nervous is everyone seems to have the same view – sell euro, sell equities, buy gold. So often the first move of the New Year is the wrong move,” he says. He adds that he expects prices trade within a range between $1,180 and $1,230 an ounce and that investors should wait to determine gold true direction.
CME Jumps Into Asian Market With 1-Kilo Physical Future Contract
(Kitco News) – Asia continues to show its growing dominance in the global gold marketplace as the CME Group launches a one-kilogram gold physical delivery futures contract for Hong Kong.
Read moreISM Non-Manufacturing Index Falls To 56.2 In December
(Kitco News) – The U.S. service sector lost some momentum in December, the Institute for Supply Management said Tuesday.
Read moreHSBC: Gold Benefitting From Weaker Equity Markets
Gold’s ability to shake off a weaker euro and oil prices could trigger more momentum-based buying says analysts from HSBC.
Read moreGold Up, Hits 3-Week High, Amid Safe-Haven Demand
Gold prices are higher and scored a three-week high in early U.S. trading Tuesday.
Read moreBlame and Thanks
Many financial pundits are saying that the nearly catastrophic decline in crude prices is at the heart of today’s steep drop in stocks. That steep drop is, in turn, responsible for a movement into gold, so goes the argument.
Barclays: Gold To Come ‘Under Significant Pressure’ In 2015
(Kitco News) – Despite continued physical demand in Asia, gold prices are expected to drop in 2015, according to an analyst from Barclays.
Read moreGold Up on Short Covering, Bargain Hunting and Safe-Haven Buying
Gold prices ended the U.S. day session with solid gains Monday, boosted by short covering in the futures market and bargain hunting in the cash market—following a drop to a four-week low last Friday. Some safe-haven for demand for gold also surfaced Monday as U.S. and European stock markets sold off. February Comex gold was last up $15.90 at $1,202.10 an ounce. Spot gold was last up $12.70 at $1,203.00. March Comex silver last traded up $0.442 at $16.21 an ounce.
Silver Wheaton Amends Pascua-Lama Agreement, Cancels Campo Morado Stream
Silver Wheaton Corp. (TSX:SLW)(NYSE:SLW) kicked off the year by amending its Pascua-Lama streaming agreement with Barrick Gold Corp. (TSX:ABX)NYSE:ABX), extending its streams of Barrick’s Lagunas Norte, Pierina and Veladero mines (Other Mines) from the end of 2016 to March 31, 2018.
BNP Paribas: Expect More Weakness In EUR/USD
BNP Paribas: Expect More Weakness In EUR/USD
The seven-year low in the euro against the U.S. dollar is just the beginning for the single currency, says currency analysts at BNP Paribas. In a research note published Monday, BNP note that they have been bearish on EUR/USD since Oct. 31, when the pair was trading at $1.2520. They add that they expect the euro to hit 1.18 as inflation data is expected to fall into negative territory. “Concern over the upcoming Greek election on January 25 is a contributing factor but the real driver is falling inflation and hints from ECB members that direct policy action – namely sovereign QE – is imminent,” they say.