Author Archives: Steven Cochran

charting gold price

Gold Slightly Lower On Labor Data

May 25th, 2017 by

Gold prices are trading slightly under yesterday’s spot close, where the metal gained $7.90 an ounce. Spot silver is unchanged, while platinum and palladium are showing moderate gains.

This morning’s main driver of prices is the ongoing OPEC meeting in Vienna, where member nations and non-member states are hammering out an agreement to extend oil production cuts for nine more months.

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Global Cyberattacks Are Only Beginning

May 19th, 2017 by

The WannaCry ransomware attack from May 12 -16 was largest computer virus attack in history. An estimated 200,000 systems in 150 different nations were infected in less than 48 hours. The resulting damage worldwide from lost data and downtime could be as much as $4 billion.

Cybersecurity experts estimated Tuesday, more than four days after the attacks began, up to 1.3 million computers were still at risk from this computer worm that encrypts important files on a computer, and refuses to restore them unless a ransom is paid. Experts warn that this is just the beginning of the new era of global hacking attacks.

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FBI-Russia

Gold Jumps On Special Counsel News

May 18th, 2017 by

©: abluecup / 123RF Stock Photo

©: abluecup / 123RF Stock Photo

Gold demand exploded Wednesday on news that an independent counsel has been appointed by the Justice Department to oversee the FBI investigation into possible collusion between Donald Trump’s campaign and Russian operatives.  Spot gold closed $24.20 higher Wednesday at $1260.90 an ounce, while the stock market saw its largest one-day losses in 8 months.

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Gold Falls Through Support

May 4th, 2017 by

gold-prices-lower-downGold prices fell through support this morning after first-time jobless claims were reported far under estimates. Spot gold is trading under $1,230 an ounce in New York — $10 lower on the day, and at a six-week low. Spot prices have fallen nearly $30 since Tuesday evening.

European safe haven demand fell sharply overnight, as optimism regarding a victory for centrist candidate Emmanuel Macron in Sunday’s presidential elections in France grew. Macron was widely considered the winner of last night’s televised debate with far-right candidate Marine Le Pen.

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Federal Reserve Open Market Committee (FOMC)

Gold, Dollar Await Tomorrow’s Rate Decision

May 2nd, 2017 by

FOMC conference room (photo: Federal Reserve)

FOMC conference room (photo: Federal Reserve)

Precious metals are quiet this morning, as the Federal Reserve Bank’s Open Market Committee Meeting gets underway. There is little doubt that the Fed will leave the fed funds rate alone, with this morning’s CME FedWatch gauge giving a 95.2% chance of the Fed standing pat tomorrow afternoon. Recent data showing a weakening economy over the first four months of the year has stayed the Fed’s hand, but a turnaround may be in the making.

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gold-rally-market

Gold Price Looking For Traction

April 27th, 2017 by

Precious metals are lower this morning, despite the European Central Bank and the Bank of Japan both keeping interest rates in negative territory, and showing no signs of tapering their stimulus measures. Major bearish factors today are a sudden jump in the dollar, as well as stock markets opening higher after yesterday’s skittishness over reports that Trump will pull the US out of NAFTA.

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french-election

French Election Could Destroy the EU

April 21st, 2017 by

french-electionSunday’s presidential vote in France will be an election for the ages. euroskeptic extremists on the left and the right are both polling surprisingly well, and hope to draw enough voters from a fractured center to put them over the top.

Centrist candidates are putting forth populist or anti-immigrant plans, hoping in turn to woo enough voters away from the far-left or far-right to make the May 3 run-off.

This election has repercussions far beyond the borders of France. The fate of the European Union and the stability of Western Europe hang in the balance.

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The New Yukon Gold Rush

April 20th, 2017 by

© Clearviewstock | Dreamstime.com -

© Clearviewstock | Dreamstime.com –

Things are booming once again in the Yukon.

From 1897-1900, the Yukon Territory was the site of one of the most famous gold rushes in history. One hundred and twenty years later, rich strikes by junior gold mining companies in the Yukon have revealed that some of the largest gold deposits in the world.

This new bonanza has attracted the attention of the world’s largest mining companies and heralds the start of the new Yukon Gold Rush.

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balance of gold and dollar

Gold Settles Back Into Channel

April 20th, 2017 by

balance of gold and dollarGold prices are trending just below unchanged this morning, after dropping $9.40 yesterday to return prices to the $1,279 range. Geopolitical tensions over North Korea and a surprise call for elections in the UK helped gold test the $1,290 mark again earlier this week. Gold bulls were unable to push prices beyond that resistance level, and an easing of safe haven demand let gold fall back into its previous channel of $1,279 – $1,283.

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Gold Settles As Tensions Ease

April 19th, 2017 by

Precious metals are reversing their recent trends this morning, with gold giving back gains notched yesterday, after hitting a 5-1/2 month high. The platinum group metals have finally seen some bargain hunting, as both platinum and palladium are up around a half-percent in early New York trading. Silver is the odd man out this morning, continuing its downtrend.

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citgo-russia

Russia May Seize Citgo’s US Oil Assets

April 17th, 2017 by

citgo-russiaThe woes of Venezuela’s state-owned oil company PdVSA exploded onto the Washington, DC political scene this week, when doubts surfaced that it could meet a $2.2 billion bond payment due on April 12.

Part of that total due last Wednesday included a payment on a $1.5 billion loan from Russian oil giant Rosneft. The Venezuelans put up a 49.9% stake in their US subsidiary Citgo as collateral. Had the Venezuelans not made that payment, the Russian government could have suddenly found itself the proud owner of 4% of America’s oil infrastructure.

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Trump-NK-tweet

Gold Gains on Global Jitters

April 12th, 2017 by

Trump-NK-tweetGold prices are holding on to yesterday’s $20 in gains this morning, as tensions on the Korean peninsula ratchet ever-higher. North Korean dictator Kim Jung Un and US president Donald Trump continue to taunt each other in press releases and on Twitter, as a US Navy carrier battle group heads to the eastern coast of Korea. Gold is now trading at its highest level since before Trump’s victory in last November’s presidential election.

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CSE40-BOX500_2

Will 2017 Be A Semi-Key Date For Silver Eagles?

March 31st, 2017 by

American Silver Eagle sales for the first quarter of 2017 totaled a bit over 7.9 million coins, the slowest start since 2009. Considering that the first quarter is usually the most active time for Silver Eagle sales each year, current demand is pointing toward 2017 being the lowest mintage in at least six years. This poses the question: Will 2017 be a semi-key, or even key date for the American Silver Eagle?

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