Author Archives: Steven Cochran

Gold Rebounds After Business Optimism Report

February 13th, 2018 by

Precious metals gave back modest overnight gains early this morning, in the wake of a report that small business optimism in the US rose to an all-time high in January.  Markets reversed later with spot gold and spot silver rebounding to near daily highs.

The dollar is trending softer, falling back below 90 in the DXY dollar index. This is helping the euro in its quest to regain recent highs against the greenback.

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Gold Gains On Yellen Speech

July 12th, 2017 by

Fed Chair Janet Yellen testifying before Congress (photo: Federal Reserve)

Fed Chair Janet Yellen testifying before Congress (photo: Federal Reserve)

Gold prices saw an immediate, moderate jump in early trading this morning, as the prepared remarks of Federal Reserve head Janet Yellen were released to the press. Her statements that the Fed would stop raising rates before they reached pre-crisis levels was taken as an unexpectedly dovish stance by traders.

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treasure chest of gold coins

Fenn Treasure Hunt In Jeopardy

June 28th, 2017 by

treasure chest of gold coins


The seven-year hunt for the Forrest Fenn Treasure may be coming to an end, but not how many people, including Fenn himself, expected.

Paris Wallace recently became the second person to die while searching for the fabled treasure. New Mexico authorities are now calling for an end to the contest.

The mystery of the bronze chest filled with over $1 million in gold and gems has brought many thousands of people to Santa Fe, confident that they’ve solved the mysterious clues in Fenn’s autobiography.

It has also brought “city slickers” that end up wandering lost in the mountains north of Santa Fe, requiring rescue, and now two known deaths. The question some are asking is whether the publicity and tourist dollars have come at too high a price.

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Gold Prices Subdued As Market Drifts

June 20th, 2017 by

world-gold-257x300Gold prices are near unchanged from yesterday’s spot close, as markets seek direction from the Federal Reserve and further losses in crude oil offset a rebound in tech stocks. Precious metals in general are quiet, except for palladium, which is seeing modest gains.

Both the dollar and bond yields are treading water this morning as well, with the dollar gaining support from a weaker British pound.

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Gold Lower Despite Global Tensions

June 19th, 2017 by

gold-prices-lower-downPrecious metals are down across the board this morning, as markets continue to react to the unexpectedly bullish tone of the Federal Reserve regarding weakening inflation. What some are calling an overly optimistic outlook has been the main driver of gold prices the last few days. Silver prices are also weaker this morning, after finishing last week in the red.

The US shooting down a Syrian Air Force SU-22 fighter jet in a direct escalation of the war in Syria, and another terror attack in London over the weekend were not enough to support gold this morning.

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Qatar Isolation Exposes Gulf Rift

June 8th, 2017 by

Qatar-embargoThis week’s sudden breaking of diplomatic and trade relations with Qatar by influential Persian Gulf oil monarchies took the world by surprise. The foundation for this move, however, has been growing for years. Since 1995, Qatar’s rulers have striven to move out from under the shadow of the Saudis and become more influential in the Middle East.

This isn’t the first time that members of the Gulf Cooperation Council have acted against the small, disruptive kingdom, and the stated reasons are still the same — Qatari aid and comfort of terrorist organizations.

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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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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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