Author Archives: Steven Cochran

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Gold Jumps On Brexit, Trump Fears

January 17th, 2017 by

Gold is leading the charge in precious metals this morning, as markets react to British Prime Minister Theresa May’s speech laying out plans for a “hard Brexit,” and President-elect Donald Trump smashes the US dollar lower by saying that it is too strong.

Spot gold prices are more than $13 an ounce higher, while spot silver is marching above the $17 mark. The Platinum Group Metals (PGMs) are clawing back recent losses, with platinum prices up modestly while palladium is up by nearly 2%.

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Wall St takes a break

Gold Gains In Light Trading

January 16th, 2017 by

Wall St takes a breakGold prices are modestly higher this morning, after hitting an eight-week high near $1,210 an ounce overnight. Volumes are light today, as US markets are closed for the Martin Luther King Jr. holiday. Both spot gold and February COMEX gold futures are trading $7 an ounce higher in early trading.  All other precious metals are trading flat on the spot market. Silver is around $16.81, platinum is at $981.00, and palladium is trading near $748.00.

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Gold Pulls Back On PPI, Retail Sales

January 13th, 2017 by

Gold prices lost their overnight grip on $1,200 this morning, after wholesale prices and December retail sales lifted expectations for inflation and economic growth in 2017.  Gold prices were trending around the $1,190 mark, which put spot gold more than $5 lower, before recovering to $1,194/oz. February COMEX gold futures were meanwhile down around $9. Both spot and futures prices gained a bit more than $3 an ounce on Thursday.

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Gold Tops $1,200 After Trump Presser

January 12th, 2017 by

The precious metals are showing solid gains across the board this morning as Wall St is experiencing its worst open so far in 2017. Meanwhile, gold prices, which topped out at a seven-week high of $1,199.40 after President-elect Donald Trump’s press conference yesterday, gained that extra step and moved as high as $1,206 an ounce overnight. Spot gold in New York this morning is trading nearly $12 an ounce higher (+1%) to $1,203/oz, while spot silver is up 1.1% to $16.89/oz.

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FOMC conference room (photo: Federal Reserve)

New Faces At Fed Policy Meetings

January 11th, 2017 by

This year, three of the four rotating seats on the Federal Reserve Open Market Committee have been filled by the three newest regional Fed presidents: Robert Kaplan of the Dallas Fed, Patrick Harker of the Philadelphia Fed, and Neel Kashkari of the Minneapolis Fed.  This will be the first time any of the three have wielded a vote in the most powerful monetary committee in the world. More tellingly, none of the three are economists.

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gold mineworker

Back To The Future For Gold Majors

January 10th, 2017 by

gold mineworkerHave sprawling precious metals conglomerates become too unwieldy and inefficient to provide stakeholders with the best value possible?

Former McEwan Mining president Ian Ball thinks so. He advocates a “back to the future” approach to precious metals mining that boils down to a single phrase: “One company, one mine”.

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gold bars

Gold Holds Above $1,180

January 10th, 2017 by

The precious metals are modestly higher to unchanged this morning after yesterday’s healthy gains. Key outside markets this morning include the US dollar, which overcame losses in Europe to regain yesterday’s closing price; and oil futures, which are seeing slight gains after plunging 4% on Monday.

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Trump Can Remake The Fed In His Image

January 4th, 2017 by

One of the many populist stances that Donald Trump took during the election was that the Federal Reserve should at least be audited and held accountable for its actions, and perhaps be abolished by Congress. Trump, who whipped up a frenzy of anti-Fed sentiment on the campaign trail, may feel he now has to follow through on his promises.

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Gold, Oil Up As Dollar Falters

January 4th, 2017 by

The U.S. dollar has given back all of Tuesday’s gains this morning, which is giving a lift to precious metals, oil, and stocks. The DXY dollar index has fallen from its Tuesday close of 103.21, to trade at yesterday’s open of 102.83. Spot gold hit a high of $1,168 per ounce overnight, and is trading around $1,165/oz this morning. Spot silver is seeing minor gains this morning, after closing yesterday up 2.46% to $16.27/oz.

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Gold Reverses Annual Losing Streak

January 2nd, 2017 by

Gold prices ended 2016 on an up note, closing 8% higher for the year. This is the first year since 2012 that gold has posted an annual gain, lending hope that a long-term bottom has been found in the market. Silver also recorded an annual gain, rising 14% for the year. Markets in London and New York are closed for the New Year’s holiday, making for very light economic news.

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charting gold price

Gold Up, Easing From Two-Week High

December 28th, 2016 by

charting gold priceGold prices are just above unchanged this morning after hitting a two-week high overnight. February COMEX gold futures closed $5.10 higher yesterday, and spot gold closed $10.00 higher, in spite of a slightly stronger dollar. The dollar is seeing substantial gains this morning, putting heavy pressure on precious metals.

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Gold Rises From Holiday Lows

December 27th, 2016 by

pile-of-gold-rallyPrecious metals are seeing bids this morning after languishing near 10-month lows over the Christmas holidays. Gold is up more than 1% from Monday’s close as markets open in the US. Silver and palladium are following gold upward, while platinum is slightly lower. The dollar is having next to no effect on commodities this morning, signaling that this morning’s movements are purely market-driven. European demand is muted today, as London bullion markets remain closed for Christmas.

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Paschi Bailout No Cure For Italy’s Banks

December 26th, 2016 by

italy-bank-crisisTrading in Italy’s Monte dei Paschi di Siena bank was halted indefinitely by government regulators late Thursday, after shares fell 7.5%. Markets were reacting to news that the troubled bank’s last-ditch effort to remain solvent had fallen through. The nation’s third-largest bank, the 544 year-old Monte dei Paschi will now be nationalized by the Italian government, in the largest such operation since the 1930s.

Economists across Europe have long feared that the failure of MdP would set off a landslide of Italian bank failures that would in turn plunge the Eurozone into another financial crisis.  €360 billion in bad loans are held by Italian banks, one-third of all bad loans in the European Union.

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Wall St takes a break

Gold, Stock Markets Closed Today

December 26th, 2016 by

sleeping-manMarkets are closed in Europe and the US today, as traders enjoy the last day of the three-day Christmas weekend. Not only are stocks and bonds spending another day at Friday’s closing prices, so are precious metals.

Gold and bonds took advantage of a slightly weaker dollar Friday to book modest gains, as year-end book squaring is drawing energy out of the Trump Rally in the stock market.

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Gold Prices Ease Into Holiday Mode

December 23rd, 2016 by

8610098 - small cute kitten near gift boxesGold prices are up slightly this morning, as markets wind down ahead of the Christmas weekend. Many traders are taking today off, stretching the three-day holiday to four days. Aside from some window dressing by fund managers, activity should remain quiet through New Years.

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Gold, Currencies Fall As Dollar Gains

December 20th, 2016 by

Gold prices, as well as foreign currencies and any commodity priced in dollar terms, are lower as the US dollar hits fresh 14-year highs on Tuesday morning. Gold has been pushed down to new 10-month lows, while silver is recording new 8-month lows.

The pound, euro, and yen are all down versus the dollar, while stocks on Wall St and crude oil prices opened higher.

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Gold Remains Near 10-Month Lows

December 12th, 2016 by

gold-barsGold prices are seeing support from a weaker dollar, as spot prices trend near ten-month lows hit on Friday. Silver prices are seeing modest gains this morning, with prices back above $17 an ounce. The big news this morning is a successful agreement between OPEC and select non-OPEC oil producers to cut production. The resulting boost to oil prices is expected to increase inflation pressures across the globe.

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