Gold Firmer on Bullish “Outside Markets,” FOMC Aftermath
Gold prices are moderately higher in early U.S. trading Thursday, on some bargain hunting in the cash market and short covering in the futures. The key “outside markets” are in a somewhat bullish posture for the precious metals so far Thursday, as the U.S. dollar index is slightly lower and crude oil prices are higher. Also, gold has gotten a boost in the aftermath of an FOMC meeting that is being deemed a bit dovish. There is still some safe-haven demand for gold amid this week’s steep slide in the Russian ruble. February Comex gold was last up $6.70 at $1,201.40 an ounce. Spot gold was last up $12.30 at $1,201.75. March Comex silver last traded up $0.052 at $15.985 an ounce.
The 6 PM Recap With Gary Wagner: Mixed Messages
While the Fed left in place its notation that interest rates would remain stable for a “considerable time,” they also boldly underscored progress that was being made. Inflation is nearing the initial target of 2 to 2-1/2% (although plunging oil prices won’t assist in that), and the labor force’s long-standing underutilization is diminishing.
Yellen Sees Rates Staying Near Zero In Early 2015
WASHINGTON (AP) — Federal Reserve Chair Janet Yellen expects the Fed to hold a key interest rate near zero for the next three months — if not longer.
Gold Posts Modest Gains in Wake of FOMC Statement
(Kitco News) – Gold prices were modestly higher in afternoon U.S. trading Wednesday, following the much-anticipated FOMC statement that was deemed a bit more dovish than expected, but also somewhat confusing. On the day there was also some safe-haven demand for gold amid this week’s steep slide in the Russian ruble. February Comex gold was last up $6.40 at $1,201.00 an ounce. Spot gold was last up $5.50 at $1,201.00. March Comex silver last traded up $0.258 at $16.00 an ounce.
Market Digesting Nuance Of Fed’s Monetary Policy Statement
(Kitco News) – In what seemed like a close call for financial markets, the Federal Open Market Committee decided to leave the key phrase “for a considerable time,” in the monetary policy statement.
Capital Economics: Weaker Oil Prices Should Help Gold And Copper
(Kitco News) – Commodity analysts at Capital Economics are bucking the trend and arguing against conventional wisdom that says lower oil prices are negative for commodities in general.
Read moreAdvice For FOMC: Play The Range – TD Securities
With the FOMC monetary policy statement looming in front of markets, Steve Scacalossi, director, head of sales and global metals at TD Securities, says the best approach for traders appears to be playing the current range in gold and silver. “Look for support at $1180 and resistance at $1230 for gold and $15.20 support and $16.60 resistance in silver,” he says.
Fortuna Silver Confirms San Jose Mine Expansion To 3,000 TPD
Fortuna Silver Mines Inc. (TSX:FVI)(NYSE:FSM) will be expanding its San Jose Mine throughput capacity from 2,000 tons per day to 3,000 tpd in 2015. “With the approval of these two key projects, we are positioning our company to increase annual consoli…
Read moreWyckoff’s Two Key Markets That Will Impact Gold In 2015
(Kitco News) – A discussion on the future direction of gold and silver prices cannot be complete without including analysis of the “outside markets” that so heavily influence the metals markets.
PGMs Seen Gaining Upward Momentum By End Of 2015; More Supply Deficits Expected
Platinum group metals might start slowly but eventually should gain upside momentum in 2015, with most analysts expecting rises for the year.
Read more