Precious metals are higher across the board to begin the new week. Gold prices are working to push back above $1,280 an ounce, recovering from a suspiciously large sell order in COMEX gold futures that battered the gold spot price $8 lower within a matter of minutes. This pulled gold back from a nearly three-week high.
Gold prices shot above $1,300 an ounce this morning on renewed worries over low inflation. Precious metals across the board were higher, as weak CPI numbers for September pulled the rug from under the dollar. Persistently low inflation has markets worried that the Fed may decide to push back the “slam dunk” interest rate hike scheduled for December.
Precious metals are bracing for a long list of economic data this morning, as gold prices are down slightly from six-week highs. There has been some mild profit taking by traders early today ahead of the full slate of economic reports. Spot gold is down three dollars to $1,266 an ounce, and spot silver has given up 13 cents to start the day’s trading.
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.
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.
Gold 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.
Precious 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.
This 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.
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.
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.
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.
Precious metals are trending higher this morning, with gold prices rallying for the fourth day on a weaker dollar and risk-off sentiment on the global stage.
Soft economic news in the US has the dollar weaker for another day, with some analysts predicting that the greenback’s rally is done for now. A softer dollar boosts the price of gold, oil and other commodities that are priced in dollars.
Precious metals received a boost to start the day today, as weaker than expected retail sales figures and soft consumer price pressures deflated the US dollar. Gold prices jumped above the $1,230 mark on the sudden dollar weakness, adding to yesterday’s gain of six dollars an ounce. Silver prices have also already matched Thursday’s gains.
Gold 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.
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.
The war between the Langbord family, heirs to noted Philadelphia coin dealer Israel Switt, and the United States Government has finally come to an end. Last week, the US Supreme Court declined to hear the Langbords’ appeal of a 2016 lower court ruling that stripped them of ownership of ten 1933 double eagle gold coins.
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.
Sunday’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.