Author Archives: Everett Millman

employment report

Gold Price Lower On Jobs Report

March 8th, 2017 by

employment report

The precious metals lost ground again on Wednesday morning as the markets salivated at the February ADP payrolls report, which exceeded all expectations. This drove outflows from gold-backed ETFs and has undoubtedly prompted many traders to close their long positions in gold futures. This dragged spot gold down by about 0.6% to just under $1,210/oz. Meanwhile, spot silver sank more than 1% to $17.30/oz, a five-week low.

Continue Reading  

An open-pit mine

Prospects Brighten for Major Gold Miners

March 7th, 2017 by

From the time that gold prices dropped following the U.S. elections to their recent lows under $1,200/oz, gold mining companies saw a promising year end on a sour note in 2016. Many of the industry’s biggest players have staged major turnarounds to start this year, however.

Continue Reading  

©: abluecup / 123RF Stock Photo

Spot Gold Falls Below Support

March 7th, 2017 by

©: abluecup / 123RF Stock Photo

©: abluecup / 123RF Stock Photo

Traders continued to secure profits from the recent rally in precious metals, as they have in other sectors of the financial markets. Spot gold fell through an important support level on Tuesday morning, losing 0.6% to slide below $1,220/oz by 10 am EST. This has actually coincided with a similar sell-off in stocks and bonds for the fourth straight trading session.

While Wall St traded between 0.1% and 0.2% below unchanged, the silver price tumbled 1.5%—shedding over 25¢ per ounce—to about $17.50/oz. Spot platinum similarly fell 1.5% while palladium recovered to unchanged ($770/oz) from about 0.8% lower.

Continue Reading  

Fed Vice-Chair Stanley Fischer (photo: Federal Reserve)

Precious Metals Fall On Hawkish Fed

March 6th, 2017 by

Gold and silver prices started the week lower as the precious metals are charting a churning pattern of mostly sideways action of late. As of 11:00 am EST, spot gold was down 0.45% to just below $1,230/oz in New York while spot silver slid 0.8% to trade right at $17.80/oz.

This gradual consolidation is not entirely surprising given the nearly unanimous notion that the Federal Reserve will imminently be raising interest rates. What is surprising is that the metals have held onto almost all of their early-year gains in the face of a strong U.S. dollar.

Despite being among the global markets’ biggest winners of late, platinum and palladium prices were off about 1.3% and 0.5% today, respectively.

Interestingly, however, gold futures for April delivery were actually up 0.5% on Monday.

Continue Reading  

tax

Battle Over Tax Reform Just Beginning

March 5th, 2017 by

tax

President Donald Trump has promised, both while on the campaign trail and since he’s been in office, to aggressively pursue tax reform. This has been a key GOP priority for decades: the last major tax reform undertaken by Congress came under the Reagan administration in 1986.

However, the squabble over how the tax code ought to be reshaped has thrown a wrench into the process. Now, it increasingly looks like the administration and Congress may not deliver on Trump’s tax promise before the year’s end.

Continue Reading  

Janet Yellen

Gold Slips on Hawkish Fed

March 1st, 2017 by

There was mixed action in the precious metals markets this morning as investors seem to be responding to the positive reviews of President Trump’s first speech before Congress last night. Stocks were higher in the U.S. on Wednesday morning, joining most of the global exchanges abroad. Hawkish rhetoric from the Federal Reserve about its plans for raising interest rates are also being taken seriously, dampening some of the appeal of holding gold.

On Wednesday morning, spot gold was down 0.3% to $1,244 per ounce, still unable to push through resistance at the $1,260/oz level. However, silver prices actually added 0.4% to continue trading near $18.40/oz. Platinum and palladium were likewise mixed.

Continue Reading  

Flickr|Gage Skidmore

Gold Prices Steady Ahead of Trump Speech

February 28th, 2017 by

The precious metals repeated their morning performance from yesterday on Tuesday, steadily recovering from overnight losses to push gold prices right back at $1,257 per ounce. The yellow metal was up more than $4 after giving up the similar gains the previous day at the end of Monday’s session. Spot silver added 16¢ an ounce (+0.9%) to $18.40/oz on the nose. Platinum and palladium were mostly flat.

Continue Reading  

bull-market

Precious Metals Rise, Stocks Dip

February 27th, 2017 by

©: alexis84 / 123RF Stock Photo

©: alexis84 / 123RF Stock Photo

Equities in the U.S. and around global exchanges traded in negative territory on Monday, apparently carrying over the downward bias shown on Friday. The precious metals, meanwhile, were all higher in early trading, led by the Platinum Group Metals.

Spot gold was slightly stronger, poking 0.15% above unchanged to $1,258/oz. Silver prices hit a 4-and-½-month high of nearly $18.40/oz, up 0.25%.

Continue Reading  

public domain: https://commons.wikimedia.org/wiki/File:Leda_mirror_Louvre_Bj2159.jpg

Exonumia That Pops

February 26th, 2017 by

Many people collect gold and silver items that incorporate medallic artwork but are not technically coins. More obscure than numismatics proper, this field of exonumia offers a rich diversity of styles. Exonumic items are often historical in nature, which also ties them closely to coin collecting.

Continue Reading  

gold_bull_up

Gold Price Eases From 14-Week High

February 24th, 2017 by

gold_bull_up

The precious metals looked to end the week on a positive note after continuing to rally the past several trading sessions. Spot gold briefly touched as high as $1,260/oz overnight before moving back to about $1,255/oz due to some profit-taking this morning. The yellow metal is still trading about $5 per ounce higher in New York.

Meanwhile, both Platinum Group Metals added over 1% while spot silver rose 12¢ an ounce to break above $18.25/oz. This represented 14-week highs for both gold and silver.

Continue Reading  

auto sales car discounts

Toyota Puts Brakes On Platinum, Palladium

February 23rd, 2017 by

Platinum and palladium are grouped together with the precious metals, and they certainly enjoy a modest level of demand from investors looking for the diversity of a tangible asset. However, these two commodities are also appropriately classified as industrial metals—the primary industry using them being the manufacture of automobiles.

Continue Reading