Author Archives: Everett Millman

Gold Reclaims $1,300/oz Price Level

December 29th, 2017 by

Spot gold continued its rally on Friday, adding better than $7 per ounce (+0.6%) to trade north of $1,300/oz, the first time the yellow metal has reached this milestone since the middle of October.

Today is not only the last session of the month but also the last trading day of the year. Expect some tax-related selling and volatile year-end action, especially amid light trading volumes with the New Year’s holiday this weekend.

If gold holds at $1,300/oz, it will log a 13% gain for 2017 after advancing about 8% in 2016.

Continue Reading  

Fresh One-Month High for Gold

December 28th, 2017 by

Spot gold hit another new one-month high this morning, trading up $3 to $1,290/oz. This erases all of gold’s losses from late November through December. If Thursday morning’s advance holds, it would be the seventh straight winning session for gold.

Spot silver rose by 5¢ (+0.33%) to $16.72/oz, back near its levels from the end of November. Platinum gained 0.4% to $924/oz and palladium slipped back to $1,050/oz.

Continue Reading  

Gold Price Gains On Positive Momentum

December 27th, 2017 by

The precious metals advanced again on Wednesday morning thanks to a weaker dollar and light trading volume around the markets. Spot gold was up slightly (+0.1%) to $1,284/oz, another new four-week high. Silver prices also traded at their highest in a month, gaining 7¢ (+0.45%) to $16.60/oz. Platinum slipped 0.2% to $920/oz and palladium advanced another 0.5% to just shy of $1,050/oz.

The low trading volumes we can expect to continue between the Christmas and New Year’s holidays is giving technical traders more influence over prices than usual. Gold futuers for February pointed modestly higher to $1,288 per ounce.

Continue Reading  

american gold eagles

Precious Metals Hit 4-Week Highs After Christmas

December 26th, 2017 by

american gold eagles

Traders and investors returned to action on Tuesday as markets in the U.S. reopened after observance of Christmas. Gold and silver futures pointed higher to their best in four weeks.

Spot gold added $6 (+0.45%) to $1,280/oz, putting its year-to-date gains at a robust 13%. This is despite still losing 0.6% over the last month and surely ending the year short of its 2017 highs around $1,350/oz.

Early trading also saw spot silver advance 9¢ (+0.6%) to nearly $16.50/oz. Platinum was flat below $920/oz and palladium rallied 0.9% to almost $1,040/oz. If things hold through the end of the year (Monday is January 1st), platinum will end 2017 virtually flat. By contrast, palladium has easily been the #1 performing commodity futures contract, up an astounding 50% this year.

Continue Reading  

Gold Rises While Bitcoin Plunges

December 22nd, 2017 by

Friday marked the last trading day before markets close for Christmas, so investors can expect low trading volumes in quiet pre-holiday trading. Spot gold edged up about $4 (+0.3%) to $1,270/oz, and gold futures continued to point higher. The silver price added 12¢ (+0.75%) to $16.22/oz. Platinum was also up $4 (+0.44%) to $920/oz. Meanwhile, palladium recovered from earlier losses to trade around unchanged at $1,029/oz.

Continue Reading  

charting gold price

Gold Price Holds Steady On Thursday

December 21st, 2017 by

charting gold price

Thursday morning saw gold prices slip modestly lower to $1,264/oz, still near a two-week high. Spot silver lost 6¢ (-0.4%) to $16.10/oz, platinum was steady around $920/oz, and palladium advanced another 0.6% to $1,025/oz. This is close to the highest palladium has traded all year. The metal is up better than 49% this year, making it the best-performing futures contract in the entire commodities sector by a wide margin in 2017.

Continue Reading  

Spot Gold Hits Two-Week High

December 20th, 2017 by

The precious metals traded higher on Wednesday morning amid an aggressive selloff of U.S. bonds and a brief hiccup in the push for comprehensive tax reform. Spot gold was up modestly to $1,263/oz, essentially where it began the session yesterday morning. Gold traded as high as $1,266 earlier in the morning, its best in two weeks. The yellow metal continues to hold onto year-to-date gains of 11.6%. The silver price added 7¢ (+0.5%) to $16.20/oz.

Continue Reading  

Gold and Silver Prices Flat Before Tax Vote

December 19th, 2017 by

The precious metals were largely unchanged but trending modestly higher when markets opened in New York on Tuesday. Spot gold opened slightly in positive territory, trading at $1,263/oz. Spot silver was also barely above flat at $16.14/oz. Palladium was likewise flat at $1,010/oz. Platinum posted the biggest gains, adding 0.66% to trade as high as $920/oz this morning.

With stocks likely to continue higher through the end of the year, we can expect less volume and activity in the gold market until there is some strong impetus for traders to change their positions in gold before the new year.

Continue Reading  

Precious Metals Move Steadily Higher

December 18th, 2017 by

Global markets were churning higher on Monday morning as the seasonal Santa Claus rally begins to take hold one week before the Christmas holiday. The precious metals advanced as well. Although gold prices are down roughly 3% over the last four weeks, the yellow metal was up 0.3% on Monday to $1,259/oz. Spot silver traded slightly higher to $16.07/oz.

Platinum surged 1.3% (+$12) to move back above $900/oz. Palladium was the only outlier, slipping 0.5% to $1,009/oz.

Continue Reading  

gold christmas tree

Is This The Coolest Christmas Tree Ever?

December 17th, 2017 by

Gold and silver are often associated with the festive decorations that accompany the Christmas season. The luster and sparkle of precious metals fit in well amid all of the ornaments, snowfall, colorful lights, and red-and-green stockings that abound this time of year.

However, a uniquely dazzling Christmas tree display made entirely of gold is bringing the holiday cheer to Tokyo in style.

Continue Reading  

pigeons

Pigeons Help Find English Civil War Silver Coins

December 16th, 2017 by

Human beings have long domesticated and interacted with pigeons. They are actually genetically indistinguishable from doves. Although feral pigeons are sometimes dismissed as “rats with wings” by city dwellers, a treasure discovery in England shows that these birds can be both a nuisance and a blessing.

Continue Reading  

Millennial Shoppers Spending More For Holidays

December 15th, 2017 by

As the generation young people known as “Millennials” enter their professions and begin to make up a larger proportion of consumers and investors, marketers the world over have turned their attention to the tastes and habits of this emerging demographic cohort.

In many cases, however, the marketing agencies and financial firms that are trying to appeal to Millennials (generally understood as those between the ages of 18 and 34) have yet to solve this puzzle.

Continue Reading  

gold to silver ratio

Silver and Gold Advance On Friday

December 15th, 2017 by

gold to silver ratio

© Viperagp |Dreamstime.com

Thanks to a disappointing reading of manufacturing on Friday morning, gold prices advanced $6 (+0.5%) to just shy of $1,260/oz. This snaps nearly a week of losses for the yellow metal. Spot silver added 1% (+16¢) to cross back above $16/oz.

Platinum managed to hold steady above $880/oz but has traded below the $900 threshold for the past week. Palladium slipped $5 (-0.5%) this morning but held onto most of yesterday’s gains, trading near $1,020/oz.

Continue Reading  

Gold Price Up Before Fed Announcement

December 13th, 2017 by

The markets were keyed in to the conclusion of the FOMC’s two-day meeting this afternoon. The Fed is expected to raise interest rates today, which would make three consecutive years of a December rate hike. The announcement comes at 2 pm EST and marks Chair Janet Yellen’s last press conference as a member of the Fed Board of Governors. Jerome Powell is set to take over as chair in early February.

Spot gold opened slightly higher at $1,244.50/oz while spot silver was mostly flat at $15.70/oz. Platinum traded a bit lower at $875/oz and palladium was back around $1,000/oz.

Continue Reading  

fed eccles building

Spot Gold Trades Near Five-Month Low

December 12th, 2017 by

Spot gold opened flat on Tuesday morning at $1,240/oz, weighed down by the nearly unanimous expectation that the Federal Reserve will raise rates at the conclusion of tomorrow’s FOMC meeting. The anticipation of higher interest rates knocked gold to nearly a five-month low.

Meanwhile, silver prices moved modestly lower to $15.64/oz. Platinum also slipped 0.9% to $878/oz while palladium was down about $6 per ounce (-0.6%) to $993/oz.

Continue Reading  

gold bars and gold coins

Precious Metals Slip Despite NYC Explosion

December 11th, 2017 by

gold bars and gold coins

Markets awoke to the startling news of an explosion in Manhattan, although the reaction was largely muted. Gold prices opened flat on Monday at $1,248 per ounce, remaining stuck near its lowest in nearly five months. Spot silver lost 7¢ (-0.4%) to fall toward $15.75/oz.

Platinum traded slightly lower to $885/oz, the first time the precious metals has remained below $900/oz for any extended period of time all year. Palladium was also 0.2% lower to $995/oz.

Continue Reading  

bitcoin

Bitcoin Goes Parabolic: Is It Digital Gold?

December 10th, 2017 by

When bitcoin prices gain about 10% on a single trading day, as they did during both Wednesday’s and Thursday’s sessions, the corresponding price increase is now more than $1,000. In one day! (However, prices then fell by more than $2,000 overnight on Friday.) The cryptocurrency sensation has clearly reached a fever pitch.

For those unacquainted, bitcoin is the oldest, most popular, and most trusted among the variety of cryptocurrencies (or altcoins) that now exist. Its dramatic price swings are earning it increasing attention from Wall St, and certainly from speculators.

Bitcoin is often abbreviated BTC, as if it were a security, but it’s not a share of equity or a bond. It lacks some of the fundamental properties of a currency, so it’s not that either. (Anything whose price can change $1,000 in a day doesn’t make for a useful unit of account.) Financial regulators, in fact, have had a hard time classifying it altogether the past few years. It seems strange to label something intangible a commodity, but that’s the categorization that some have been settled on.

The price of bitcoin has nonetheless increased roughly 1,000x—that’s a thousandfold, or more than 100,000%—over the past five years, rising from about $15 to over $15,000 in that span. It began the 2017 calendar year at $1,000; that means it’s up more than 1,000% year-to-date.

But the question so many people still have is, What is it?

Continue Reading  

Spot Gold Steady After NFP

December 8th, 2017 by

A handful of developments on Friday morning helped set markets at ease. Of course, it’s worth pointing out that the gradual slide lower for the precious metals means that there’s very little fear in the markets at the moment, anyway. Spot gold charted a path slightly above unchanged this morning, adding 0.25% to trade right at $1,250/oz. Spot silver rose 10¢ (+0.65%) to $15.80/oz. Platinum was slightly weaker at $890/oz—its lowest all year—while palladium lost 1.2% to tumble below $1,000/oz.

Continue Reading