пятница, 30 июня 2017 г.
Gold prices drift despite weaker dollar
FastMarkets
Precious metals are little changed to firmer this morning, Friday June 30, with platinum prices up 0.2% at $921.20 per oz, gold prices are little changed at $1,246.12 per oz – this comes after a generally weaker day on Thursday when prices closed down an average of 0.4%, led by a 0.9% drop in silver prices.
Base metals on the London Metal Exchange are on divergent paths this morning, with three-month copper and nickel prices firmer by 0.4%, with copper at $5,947 per tonne, aluminium and zinc prices are little changed, while lead and tin are off either side of 0.4%.
Volume has been average at 5,827 lots as of 06:09 BST.
Today’s performance comes after a bullish day on Thursday that saw average gains of 0.8%, led by a 2.7% gain in tin prices, with aluminium and copper prices closing up 0.8%. Good Chinese manufacturing purchasing managers’ index (PMI) data is likely to give sentiment a boost in this already more bullish climate.
The base metals on the Shanghai Futures Exchange (SHFE) are also split this morning, copper prices are up 0.3% at 47,380 yuan per tonne ($7,000 per tonne), nickel and tin prices are up slightly, while aluminium is off 0.7% and zinc and lead prices are off 0.4%. Spot copper prices in Changjiang are off 0.1% at 47,100-47,250 yuan per tonne and the LME/Shanghai copper arb ratio has eased to 7.97, suggesting LME copper prices are relatively stronger than SHFE copper prices.
September iron ore prices on the Dalian Commodity Exchange are consolidating recent gains; prices are off 0.4% at 469 yuan per tonne. On the SHFE, steel rebar prices are up 0.4%, while gold and silver prices are down 0.7%.
In international markets, spot Brent crude oil prices are up 0.8% at $47.86 per barrel and the yield on the US ten-year treasuries has climbed to 2.28%.
Equity markets were under pressure on Thursday as follow-through concerns about possible shifts in European Central Bank (ECB) and UK monetary policies spooked markets. The Euro Stoxx 50 closed down 1.8% and the Dow closed down 0.8%, although it had been down 1.2% at the low of the day. Asia has seen follow-through weakness this morning with the Nikkei off 1.5%, the ASX 200 is off 1.4%, the Hang Seng is off 0.8% and the CSI and Kospi are down 0.3%. Key now will be whether equities have another down day or they compose themselves ahead of the weekend.
The dollar index at 95.55 continues to plunge, while it does, the euro at 1.1437 is surging, sterling is strong at 1.3011, as is the Australian dollar at 0.7693 and the yen is fairly flat at 111.95.
The yuan continues to strengthen, it gapped higher again this morning and was recently quoted at 6.7669. This turn round in the yuan seems to be on the back of the weaker dollar as much as it is being boosted by the vote of confidence it received when the ECB reported it had started to hold yuan-denominated assets in its reserves. Other emerging market currencies we follow are if anything slightly weaker, but generally remain flat.
The economic agenda is very busy today – data out already shows a decline in UK GfK consumer confidence, Japan’s core CPI was mixed, its unemployment rate climbed to 3.1%, from 2.8%, industrial production fell 3.3% and housing starts declined 0.3%. On a brighter note, Chinese manufacturing PMI jumped to 51.7 from 51.2 and non-manufacturing PMI climbed to 54.9 from 54.5. Data out later includes German retail sales and unemployment change, French consumer spending and CPI, there is also CPI out of the EU, UK current account data, gross domestic product (GDP), index of services and revised business investment. US data includes personal income, spending and PCE prices, Chicago PMI and University of Michigan consumer sentiment and inflation expectations – see table below for more details.
We have been expecting base metals prices to work higher and that accelerated on Thursday. Better Chinese PMI data, if supported by better Caixin PMI data on Monday, would help justify the stronger tone. There is some feeling that this may just be end-of-quarter window dressing, but we think there is more to it than that. We have generally been quietly bullish for the metals for the medium and longer terms and in recent weeks may be we have moved into that medium term time frame. We remain mildly bullish, although initially short-covering may add some fuel to rallies. In the short term, if equities and bonds suffer more of a shake-out then that could lead to some risk-off, but it did not seem to get in the metals’ way on Thursday.
General risk-off in equities and bonds could weigh on precious metals prices if investors are looking at ways to raise margin, however, a secondary reaction could be more bullish as investors rotate out of equities and bonds and look for havens. The weaker dollar should also help gold prices. For now, prices are under pressure, we would expect gold prices to be well supported, but the likes of palladium may have further to correct.
Metal Bulletin publishes live futures reports throughout the day, covering major metals exchanges news and prices.
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четверг, 29 июня 2017 г.
Gold prices may struggle on the upside
FastMarkets
Precious metals are up across the board this morning, Thursday June 29, with gains averaging 0.4% with gold prices up 0.1% at $1,251.54 per oz, silver prices are up 0.3% and the PGMs up around 0.6%. Again this follows a generally firmer day on Wednesday when prices closed up an average of 0.2%.
Base metals prices on the London Metal Exchange are up across the board this morning, with gains averaging 0.4%. Copper prices lead the advance with a 0.7% gain to $5,918 per tonne – the highest prices have been since April 5.
Volume has also been high with 9,404 lots traded as of 06:13 BST – firmer prices and a pick-up in volume bode well, especially when the stronger tone has carried on from Wednesday when prices closed up an average of 0.4%.
The base metals on the Shanghai Futures Exchange (SHFE) are also all higher this morning, up by an average of 0.7%. Copper prices lead the way with a 1% gain to 47,300 yuan per tonne ($6,975 per tonne), aluminium prices are up 0.3%, while the rest are up around 0.7%. Spot copper prices in Changjiang are up 1.3% at 47,120-47,320 yuan per tonne and the LME/Shanghai copper arb ratio remains around 7.99.
September iron ore prices on the Dalian Commodity Exchange are up 3.4% at 466 yuan per tonne, this is the third day where prices have gained over 3%. On the SHFE, steel rebar prices are up 0.8%, while gold prices are down 0.2% and silver prices are up 0.2%.
In international markets, spot Brent crude oil prices are up 0.2% at $47.50 per barrel and at 2.22% the yield on the US ten-year treasuries has held on to recent gains.
Equity markets on Wednesday saw the Euro Stoxx 50 close down 0.1%, while the Dow and Nasdaq composite closed up 0.7% and 1.4%, respectively, shaking off Tuesday’s jitters – they were helped by major US banks clearing the Federal Reserve’s stress tests – most with flying colours. Asia has followed the US lead, with the Nikkei and Hang Seng up 0.4%, the Kospi up 0.5%, the Hang Seng is up 0.8% and the ASX 200 is up 0.9%.
The dollar index continued its slump on Wednesday and at 95.91 is weak this morning too, this as the euro (1.1398), sterling (1.2956) and the Australian dollar (0.7652) push higher as the European Central Bank (ECB) and Bank of England turn more hawkish and the Australian dollar benefits from a rebound in commodity prices. The yen, however, is flat 112.21 as its monetary policy is more likely to remain as it is.
The yuan broke its weaker trend on Tuesday, with the currency rising to 6.8095, it gapped higher to 6.8005 on Wednesday morning and has gapped higher again this morning, it was recently quoted at 6.7790. Reports that the ECB has started to hold yuan-denominated assets is being seen as a sign of approval for the yuan to evolve into an international currency. The peso is firmer, while most of the other emerging market currencies we follow are flat.
Japan’s retail sales grew 2%, down from 3.2% previously and an expected 2.6%, but the overall trend is positive. Later there is data on German Gfk consumer climate and consumer price index (CPI), there is also Spanish CPI and data on UK lending and M4 money supply. US data includes a final reading on gross domestic product (GDP), it is expected to show 1.2% growth in the first quarter, initial jobless claims, GDP price index and natural gas storage – see table below for more details.
We have been expecting base metals prices to work higher and that has unfolded. On Wednesday, they managed to shake off equity market jitters from Tuesday and with aluminium prices managing to rebound too, the base metals complex is looking more robust. Tighter spreads suggest short-covering while falling stocks and a weaker dollar are supportive too.
Gold prices are edging higher, no doubt buoyed by the weaker dollar, but with equities rebounding from Tuesday’s jitters and with the industrial metals looking firmer again, gold prices may struggle on the upside. That said, the fact that equities and bond markets have been jittery may well encourage some rotation out of elevated markets into safer-havens. Silver prices are following gold’s lead, while the PGMs are subdued, with palladium still looking vulnerable on the downside.
Metal Bulletin publishes live futures reports throughout the day, covering major metals exchanges news and prices.
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среда, 28 июня 2017 г.
Gold prices edge higher, watching weakness in broader markets
FastMarkets
Precious metals are firmer across the board this morning, Wednesday June 28, with gains averaging 0.5% with gold prices up 0.3% at $1,252.14 per oz. This follows a generally stronger day on Tuesday that saw gold, silver and platinum prices close up an average of 0.5%, while palladium prices closed off 1% at $858 per oz.
Base metals are little changed on the London Metal Exchange this morning, with prices split between plus and minus 0.3%. Copper, lead and tin prices are firmer, aluminium and zinc prices are weaker and nickel prices are unchanged.
Three-month copper prices are up 0.2% at $5,856 per tonne – volume is average with 4,952 lots traded, but unusually the volume in nickel, at 1,637 lots as of 06:39 BST, is greater than that of copper that has traded 1,377 lots.
This follows a strong performance on Tuesday when the base metals complex closed up an average of 1.2%, led by a 2.3% rise in nickel prices.
The base metals on the Shanghai Futures Exchange (SHFE) are also up across the board this morning, up by an average of 1.3%. Lead is the outperformer with a 2.9% gain while copper prices are up 0.5% at 46,810 yuan per tonne ($6,882 per tonne). Spot copper prices in Changjiang are up 0.8% at 46,530-46,730 yuan per tonne and the LME/Shanghai copper arb ratio is weaker at 7.99, implying LME copper prices are rising faster than those in China.
Other industrial metals in China are stronger with September iron ore prices on the Dalian Commodity Exchange up 3.2% at 457.50 yuan per tonne, this is the second day where prices have gained over 3%. On the SHFE, steel rebar prices are up 3%, while gold prices are 0.3% firmer and silver prices are up 1.1%.
In international markets, spot Brent crude oil prices are up 0.8% at $46.52 per barrel and the yield on the US ten-year treasuries has jumped to 2.21%, from 2.13% on Tuesday – bond yields are generally firmer following a bullish talk by European Central Bank president Mario Draghi yesterday.
Equity markets on Tuesday were weaker, led by tech weakness with the Nasdaq composite closing down 1.6%, the Dow closed down 0.5% at 21,310.66 and the Euro Stoxx 50 closed off 0.7%. US Federal Reserve chair Janet Yellen speaking about rich asset valuations combined with a setback on US president Donald Trump’s healthcare bill seem to have rattled markets. The weakness has flowed through to most of Asia with the Nikkei, Hang Seng, CSI 300 and Kospi down between 0.3-0.4%, while stronger commodity prices gave the ASX 200 a 0.7% lift. Another ransom cyber-attack may well be worrying markets too.
Draghi’s bullish EU focus lifted the euro that has shot up to 1.1377, conversely the dollar index is down at 96.24 – a fresh low for the year. The yen is weaker at 112.33, while sterling and the Australian dollar are stronger at 1.2816 and 0.7606, respectively.
The yuan broke its weaker trend on Tuesday, with the currency rising to 6.8095 and it has gapped higher to 6.8005 this morning. With the currency majors on the move, the other emerging market currencies we follow are little changed.
Today’s economic agenda has data on German import prices that fell 1%, this was worse than the 0.6% decline expected, while UK nationwide house prices climbed 1.1%. Later there is data on EU money supply and private loans, Italian CPI and US data that includes goods trade balance, wholesale inventories, pending home sales and crude oil inventories. Today also sees another flurry of central bank speakers including Draghi, Bank of England governor Mark Carney and Bank of Japan governor Haruhiko Kuroda – see table below for more details.
The base metals are looking brighter across the board with even aluminium joining in with the gains on Tuesday. This morning markets are little changed so we wait to see if there is follow through buying. In normal circumstances we would expect that, but with equity and bond markets showing weakness, we need to see if there is any general risk-off move. Overall, given the emerging firmer trends, we expect prices to work higher but progress may be choppy.
Gold prices are trying to move higher and weakness in equities, bonds and the dollar may well see gold prices firm up more, especially if the cyber-attack gains momentum. Silver is following gold, platinum and palladium are consolidating and look more vulnerable.
Metal Bulletin publishes live futures reports throughout the day, covering major metals exchanges news and prices.
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вторник, 27 июня 2017 г.
Gold prices stabilise after spike lower on Monday
FastMarkets
Precious metals are for the most part firmer this morning, Tuesday June 27, with gold and silver prices up 0.2% – spot gold was recently at $1,245.57 per oz. This comes after a sudden sell-off yesterday morning on the back of a large sell order that hit the market when liquidity was thin. Gold closed yesterday 1.1% weaker and silver closed down 0.8%. Platinum prices are up 0.6%, having fallen 1.3% yesterday and palladium prices are little changed, having climbed 0.9% on Monday. The dips seem to have attracted dip buying.
Another quiet start to trading on the London Metal Exchange this morning, with base metals prices mixed and little changed. Copper, aluminium, lead and tin prices are down an average of 0.2%, with three-month copper prices at $5,789 per tonne, while nickel and zinc prices are up 0.6% and 0.2%, respectively.
Volume has been light with 4,485 lots traded as of 06:42 BST.
This follows a choppy day of trading on Monday that saw early gains mostly given back, while aluminium prices pushed lower but closed little changed, nickel prices closed off 0.9% and lead prices closed up 0.9%.
In Shanghai this morning, base metals prices on the Shanghai Futures Exchange (SHFE) are mixed; zinc and lead prices are up 0.3% and 0.4%, respectively, copper prices are down 0.1% at 46,500 yuan per tonne ($6,797 per tonne), aluminium prices are down 0.8%, nickel prices are down 0.4% and tin prices are down 1%. Spot copper prices in Changjiang are up 0.1% at 46,230-46,380 yuan per tonne and the LME/Shanghai copper arb ratio is at 8.03.
Other industrial metals in China are stronger with September iron ore prices on the Dalian Commodity Exchange up 3.1% at 444.50 yuan per tonne. On the SHFE, steel rebar prices are up 1.8%, while gold prices are down 0.7% and silver prices are down 0.8%.
In international markets, spot Brent crude oil prices are little changed at $45.89 per barrel and the yield on the US ten-year treasuries has eased to at 2.13%.
Equity markets on Monday were firmer with the Euro Stoxx 50 closing up 0.5% and the Dow closed up 0.1% at 21,409.55. Asia, however, is mixed this morning with the Nikkei up 0.4%, the Kospi up 0.2%, the Hang Seng down 0.2%, the CSI 300 down 0.3% and the ASX 200 down 0.1%.
The dollar index at 97.34 is consolidating in mid-ground of its possible base formation. The euro is consolidating in high ground at 1.1196, sterling is at 1.2733 and the yen is easing at 111.70, while the Australian dollar is strengthening at 0.7595.
The yuan continues with its weaker trend at 6.8417, giving back more of the gains seen in the second half of May, which came after its credit downgrade. The other emerging market currencies we follow are mixed, but if anything are slightly firmer, which suggests little concern.
Today’s economic agenda is heavy on central bank speakers but light on data with UK CBI realised sales, US house prices, US consumer confidence and Richmond Fed manufacturing. Speakers include European Central Bank president Mario Draghi, Bank of England governor Mark Carney, US Federal Open Market Committee members Patrick Harker and Neel Kashkari and US Federal Reserve chair Janet Yellen – see table below for more details.
The base metals are still split between copper, lead, zinc and nickel prices that have been able to climb of late and look well placed to continue higher, while tin prices have been choppy and are consolidating off the recent lows, but aluminium is under pressure. Light metal prices set a fresh low on Monday at $1,855 per tonne, the lowest since mid-March and the market looks toppy, but dips continue to attract enough dip buying to prevent a sell-off – but not enough to lead to follow through buying. Whether it will go it alone on the downside remains to be seen.
Gold prices are recovering from Monday’s spike lower and at $1,250 per oz prices are generally consolidating and given a fairly quiet geopolitical and US political scene, we do not see too much demand for safe havens, so we expect more of the same. Silver and platinum prices continue to follow gold’s lead, while palladium prices consolidate below recent peaks, with dip buying evident, although overhead supply seems evident too.
Metal Bulletin publishes live futures reports throughout the day, covering major metals exchanges news and prices.
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Liked on YouTube: Gold IRA rules
Gold IRA rules bear in mind that gold will not let you down. It is the safe harbor insurance plan hedge you can always count on when all else stops working. This is the greatest single argument for why you should have gold in times of financial crisis. https://goo.gl/6vVnG5 https://youtu.be/I4Yw_q-hH_8
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суббота, 24 июня 2017 г.
Liked on YouTube: Best gold IRA company
Best gold IRA company When the premiums begin to climb again because of the Fed's unwinding actions, the Fed will essentially be shooting its own federal government in the foot. Is Your Retirement Portfolio Protected by Gold Against The Relaxing of the Fed's Tremendous Balance Sheet? https://goo.gl/Hq7wbM https://youtu.be/ka1nUesX0d8
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Gold Silver IRA Gold is your best anchor in the turbulent monetary markets and economic setbacks that stress the world every less than ten years typically. https://goo.gl/WY75oF https://youtu.be/ZigrsoB3FEk
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Gold IRA Companies Allow me to rub my crystal ball and take a short look into the possible future. ( Please note: I've got no clue if it holds true. I'm just repackaging the facts to tell a different story. This is strictly for entertainment purposes.). Ok boys and girls, the story goes like this:. Entering into 2016, the wheels of the worldwide economy were coming off. The United States of America had just experienced one of the biggest transfers of riches from governmental to private hands in history-- as Quantitative Easing removed dollars from future generations and directed it into the markets. In doing so, it made a massive wall street bubble, as corporations used low-cost debt to procure their own shares, lining bank profits all along the way. Banks more than happy. Consumers, less so. https://goo.gl/evbkmg https://youtu.be/ejCI5SocgLE
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IRA companies Allow me to rub my crystal ball and take a small look into the possible future. ( Please note: I've got no clue if it holds true. I'm just repackaging the facts to tell a different story. This is purely for entertainment purposes.). Ok boys and girls, the story goes like this:. Coming into 2016, the wheels of the international market were coming off. The United States of America had just observed one of the most significant transfers of assets from governmental to private hands in history-- as Quantitative Easing took money from future generations and channeled it into stock markets. In doing so, it generated a huge wall street bubble, as corporations used affordable credit to buy up their own shares, lining bank profits all along the way. Banks were happy. Citizens, less so. https://goo.gl/hpN6Db https://youtu.be/NOf3-OOYhyA
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Liked on YouTube: Gold 401k rollover
Gold 401k rollover Let me rub my crystal ball and take a tiny look into the possible future. ( Please note: I've got no idea if it's true. I'm just repackaging the facts to tell a different tale. This is purely for entertainment purposes.). Ok kids, the story goes like this:. Entering into 2016, the wheels of the worldwide market were falling off. America had just witnessed one of the most significant transfers of money from governmental to private hands in history-- as Quantitative Easing removed dollars from future generations and funnelled it into stock markets. In doing this, it generated a gigantic stock market bubble, as companies used inexpensive credit to buy up their own shares, lining bank profits all along the way. Banks more than happy. Citizens, less so. https://goo.gl/CAS7nU https://youtu.be/dcVUR1g56Y4
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Liked on YouTube: Physical Gold Coins IRA
Physical Gold Coins IRA Permit me to rub my crystal ball and take a small look into the foreseeable future. ( Please note: I've got no clue if it's true. I'm just repackaging the facts to tell a different story. This is purely for entertainment purposes.). Ok boys and girls, the tale goes like this:. Entering into 2016, the wheels of the global economy were falling off. America had just experienced one of the most significant transfers of wealth from public to private hands in history-- as Quantitative Easing took dollars from future generations and directed it into stock markets. In doing so, it established a large wall street bubble, as corporations used low-cost debt to buy up their own shares, lining bank profits all along the way. Banks more than happy. Citizens, less so. https://goo.gl/aE4PrX https://youtu.be/JXPn3kD7f-Y
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Liked on YouTube: Gold IRA Investing
Gold IRA Investing Allow me to rub my crystal ball and take a tiny look into the potential future. ( Please note: I've got no idea if it's true. I'm just repackaging the information to tell a different story. This is just for entertainment purposes.). Ok boys and girls, the tale goes like this:. Entering into 2016, the wheels of the world-wide market were falling off. America had just experienced one of the biggest transfers of riches from governmental to private hands in history-- as Quantitative Easing took money from future generations and funneled it into stock markets. In doing so, it generated a large wall street bubble, as companies used affordable credit to procure their own shares, lining bank profits all along the way. Banks more than happy. Citizens, less so. https://goo.gl/VNwVa1 https://youtu.be/HDtVcd_oUkk
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пятница, 23 июня 2017 г.
Liked on YouTube: Gold in IRA
Gold in IRA Retail assets are just one illustration of bubbles standing by to assail your portfolio. There are also commercial property bubbles, government and corporate bond bubbles, and electronic asset bubbles. Eventually companies have to make profits. Companies and governments have to balance their budgets. Or else your business, sovereign bond, or govt at some point declares bankruptcy. The only concern is will it be sooner or later? No inventive figures or financial fabrication will proceed forever. This is consistently the scenario as history has shown, whether the actors are loss-making firms or sovereign governments bleeding out mountains in dollars. In the coming bursting of various asset bubbles, it will not matter which one blows up violently 1st if you have the best safe haven in the history of the world on your side. Gold will preserve your retirement accounts when all else is defeated https://goo.gl/q9WGwK https://youtu.be/Tl_7gKMoboQ
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Liked on YouTube: Best Gold IRA
Best Gold IRA The day is eventually approaching when the U.S. government will no longer be able to borrow enough funds to pay for its ballooning expenses which every year surpass taxes. Each year, these only get worse as they spend much more than they earning (not even including the climbing interest on the debt). Gold has protected the assets of a great number of people throughout all 5,000 years of recorded human history in times of government fiscal failure. It will certainly safeguard you too. https://youtu.be/Mg1o12Ycwjc https://goo.gl/s8jS4K
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Liked on YouTube: Gold 401k
Gold 401k The Federal government has over $20 trillion in debt at the moment. The only means it has been capable to service this historically unparalleled quantity is via abnormally low lending rates. When the charges begin to go up again due to the Fed's relaxing actions, the Fed will literally be shooting its own federal government in the foot. Is Your Retirement Portfolio Safeguarded by Gold From The Unwinding of the Fed's Huge Balance Sheet? https://goo.gl/zdDbQE https://youtu.be/E-AKZoJb8mQ
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Liked on YouTube: 401k to Gold IRA Rollover
401k to Gold IRA Rollover The U.S. Federal authorities owes the international debt holders and domestic creditors $20 trillion and counting. Defaulting on them would cause the world financial system (which is set up on U.S. Treasury Debt as well as the dollar reserve currency) to totally collapse. You can't picture the financial panic and human suffering this would let loose around the globe.This leaves the U.S. government with the unattractive option of defaulting on its own people via Health insurance and Social Security. The big problem is will they create a gray-haired social revolution when they finally slash the programs that keep many representatives of the greatest retiring generation in human history medically cared for and fed? Is Your Retirement Account Safeguarded by Gold Against The Inevitable Nonpayment of the U.S. Federal Government? https://goo.gl/hpN6Db https://youtu.be/qph4bWbrfLQ
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Liked on YouTube: Physical precious metals IRA
Physical precious metals IRA Should the Chinese and U.S. overall economies constantly slow, commodities will keep selling off. This will likely be the writing on the wall that will negatively infect the other markets. Gold is your surest anchor in the turbulent financial markets and economic setbacks that trouble the world every less than ten years typically. Keep in mind that gold will not let you down. It is the safe haven insurance policy hedge you can always count on when all else fails. This is the best single argument for why you should have gold in times of financial crisis. https://goo.gl/CkSos2 https://youtu.be/QyTVUda1ygA
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Liked on YouTube: Gold Roth IRA
Gold Roth IRA There are warning signals about the condition and probable future of the markets. Stocks have been rising for so long without the U.S. or international financial growth to back up the advances that there is now a total disconnect from reality in the equities markets. This is the personification of what long-time respected Federal Reserve Chairman Alan Greenspan memorably named "irrational exuberance." Gold has safeguarded the investments of numerous people throughout all 5,000 years of recorded human history in times of government economic collapse. It will protect you as well. https://goo.gl/eAm1Qe https://youtu.be/MtmI9a8woYY
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Liked on YouTube: IRA Gold Investment
IRA Gold Investment The day is ultimately coming when the U.S. federal government will no longer have the capacity to borrow enough funds to deal with its ballooning expenses which on a yearly basis outpace taxes. Each year, these only become worse as they shell out much more than they earning (not even including the soaring interest on the unpaid debt). Gold has safeguarded the investments of numerous people throughout all 5,000 years of recorded human history in times of government economic collapse. It will protect you as well. The United States Federal government has more than $20 trillion in debt now. The only way it has been able to service this historically remarkable amount of money is via extraordinarily low rates of interest. When the premiums start to rise again due to the Fed's unwinding actions, the Fed will literally be shooting its own government in the foot. https://youtu.be/TZsVFyvksW8 https://goo.gl/SuJcAx
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Liked on YouTube: Gold and Silver IRA
Gold and Silver IRA The only concern now is when exactly will the govt's own central bank choose to burst its own government's budget and finances? When the government financial resources wear down because of inevitably higher interest rates, it will be gold you can look to as defense for your assets and retirement accounts. The yellow metal possesses an unique 5,000 year long record of carrying people through government declines and failure. https://goo.gl/VVWuzL https://youtu.be/vpj3WNI6aGI
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IRA Gold Is Your Retirement Portfolio Protected by Gold Against The Unwinding of the Fed's Huge Balance Sheet? https://youtu.be/4pyf70gMyXw https://goo.gl/mkf77x
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Liked on YouTube: Home Storage Gold IRA
Home Storage Gold IRA Should the Chinese and U.S. economic conditions continue to lose steam, resources will keep selling off. This will be the writing on the wall that will negatively infect the other markets. Gold is your surest mainstay in the turbulent financial markets and economic setbacks that trouble the world every less than ten years on average. Is Your Retirement Portfolio Protected by Gold From The Imminent Default of the U.S. Federal Government? https://goo.gl/6gjoup https://youtu.be/z3W3Fjl5QVQ
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четверг, 22 июня 2017 г.
Liked on YouTube: Gold IRA Account
Gold IRA Account There are warning signs about the state and likely future of the markets. Stocks have been rising for so long without the U.S. or global economic growth to back up the advances that there is now a total dissconnect from reality in the equities markets. This is the embodiment of what long-time respected Fed Chairman Alan Greenspan memorably named "irrational exuberance." Should the Chinese and U.S. overall economies constantly lose steam, commodities will keep liquidating. This will be the writing on the wall that will detrimentally infect the other markets. Gold is your best anchor in the stormy financial markets and economic obstacles that trouble the world every less than ten years generally.
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Liked on YouTube: Gold IRA
Gold IRA The United States left the Korean Peninsula wreckage incomplete when the treaty that suspended the Korean War began in 1953. Now roughly 65 years later, it appears the North Koreans are eager and ready to pursue reunifying the Korean Peninsula under their iron-fisted command. The distinction between then and today is that now they have almost a dozen particularly destructive nuclear weapons ready to deploy. In this particular unstable circumstance in East Asia, gold is your truest and surest protection against a conceivable armed conflict on the Korean Peninsula. Whatever happens to world markets after a dreadful (or even short-lived) conflict there, you can rely on the yellow metal that has safeguarded the assets of men and women around the world for more than 5,000 years in all periods of hardship. https://youtu.be/O4-IAyn0CcM
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Liked on YouTube: Gold IRA Rollover
Gold IRA Rollover This month's main news titles are a latest batch of reminders on why you must buy gold to protect your old age portfolio. When all the economic markets and other investments you may have are lower because of the global geopolitical instability, bear in mind that gold will not let you down. It is the safe haven insurance coverage hedge you can always depend on when all else fails. This is the best single argument for why you should possess gold in times of fiscal crisis. https://youtu.be/QH44xqQxXaU
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Gold backed IRA The U.S. Federal authorities owes the foreign debt holders and domestic lenders $20 trillion and growing. Defaulting on them would cause the global financial system (which is set up on U.S. Treasury Debt and the dollar reserve currency) to completely collapse. You can't picture the economic panic and human woe this would let loose around the planet. Is Your Retirement Portfolio Protected by Gold From The Imminent Default of the U.S. Federal Government? https://youtu.be/mVOtHpgu8_U
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Liked on YouTube: Precious metals IRA rollover
Precious metals IRA rollover The CBO is cautioning you that the clear and present danger is the trend of significantly soaring U.S. government debt. Potentially the worst aspect of the story is that everyone knows the facts, despite the reality that it is not day-to-day front page news as it should be. It is important to them, only immaterial as it is not an issue impacting the reality on the ground right now, tomorrow, or (hopefully not) even in the coming year or 2. Nevertheless whether or not the U.S. federal government and Americans choose to ignore it or not, the debt bomb is going to continually put pressure on the economic markets increasingly more in the coming years before inevitably violently erupting. Gold will be the financial salvation that will carry you into the fiscally uncertain and delicate American future. https://youtu.be/fDipoRob1IM
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Liked on YouTube: Convert IRA to gold
Convert IRA to gold The United States Federal administration owes the offshore debt owners and domestic creditors $20 trillion and counting. Being unable to pay them will bring about the global financial system (which is set up on U.S. Treasury Debt and the dollar reserve currency) to entirely collapse. You can't conceive of the economic panic and human torture this would release across the world. Is Your Retirement Account Secured by Gold Against The Unavoidable Default of the U.S. Federal Government? This gives the U.S. federal government with the unattractive choice of defaulting on its own citizens via Medicare and Social Security. https://goo.gl/xWmJm3 https://youtu.be/oUvHZkDE4F8
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Liked on YouTube: 401k rollover
401k rollover No inventive figures or financial myth will continue for good. This is consistently the scenario as history has demonstrated, no matter if the actors are loss-making firms or sovereign states bleeding out trillions in dollars. In the coming bursting of various asset bubbles, it will not matter which one blows up violently first if you have the greatest safe haven in the history of the world on your side. Gold will sustain your retirement accounts when all else goes wrong https://goo.gl/13NFJY https://youtu.be/s3oBFiJLEbI
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Liked on YouTube: Physical gold IRA
Physical gold IRA The day is at some point coming when the U.S. authorities will no longer have the ability to obtain enough money to pay for its ballooning expenditures which every year exceed revenues. Each year, these only become worse as they spend far more than they get from taxes (not even counting the climbing interest on the debt). Gold has safeguarded the investments of numerous people throughout all 5,000 yrs of recorded human history in times of government economic failure. It will certainly protect you too. https://goo.gl/y2xvoL https://youtu.be/vt7x07vWyrM
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Liked on YouTube: Precious Metals Backed IRA
Precious Metals Backed IRA The Federal Government has over $20 trillion in debt at present. The only method it has managed to service this historically unmatched amount is through extraordinarily low interest rates. When the charges begin to climb again due to the Fed's loosening up actions, the Fed will essentially be shooting its own government in the foot. Is Your Retirement Portfolio Safeguarded by Gold From The Relaxing of the Fed's Enormous Balance Sheet? The only question now is when exactly will the government's own central bank choose to blow up its own government's budget and finances? When the government financial resources deteriorate because of inevitably higher rates of interest, it will be gold you can look to as defense for your investment and retirement accounts. https://goo.gl/yD8DfB https://youtu.be/KUH-1YplEa8
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Liked on YouTube: Convert IRA to gold and silver
Convert IRA to gold and silver The CBO is warning you that the clear and present risk is the pattern of significantly increasing U.S. national debt. Potentially the worst part of the narrative is that everyone knows the facts, despite the truth that it is not day-to-day front page news as it should be. It is important to them, only no big deal as it is not an issue affecting the reality on the ground now, tomorrow, or (hopefully not) even in the coming decade or more. Nevertheless no matter if the U.S. government and Americans prefer to ignore it or not, the debt grenade is going to consistently haunt the financial markets more and more in the coming years before eventually violently blowing up. The trouble is not going to like magic, go away, but only to worsen with time. This is why gold should be your retirement stock portfolio's insurance policy against the economic craziness your own federal government is exercising on a daily, monthly, and yearly basis. Gold will be the financial lifeline that will carry you through the fiscally uncertain and unsound American future. https://goo.gl/xWmJm3
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Liked on YouTube: Precious Metal IRA Accounts
Precious Metal IRA Accounts The Federal government has over $20 trillion in debt now. The only means it has been able to service this historically unprecedented amount of money is with the help of extraordinarily low rates of interest. When the interest rates start to go up again due to the Fed's relaxing activities, the Fed will literally be shooting its own federal government in the foot. Is Your Retirement Portfolio Secured by Gold Against The Relaxing of the Fed's Huge Balance Sheet? https://youtu.be/PxuN8n3henk https://goo.gl/E4ZFCM
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Liked on YouTube: 401k gold
401k gold There are cautioning signs about the state and likely foreseeable future of stock markets. Stocks have been going up for such a long time without the U.S. or global financial improvement to back up the advances that there is now a total detachment from reality in the equities markets. This is the epitome of what long-time revered Federal Reserve Chairman Alan Greenspan memorably named "irrational exuberance." Should the Chinese and U.S. economies continue to lose steam, resources will keep liquidating. This will be the writing on the wall that will negatively infect the other markets. Gold is your best anchor in the turbulent financial markets and economic stumbling blocks that trouble the world every less than ten years on average. https://youtu.be/nL-yHp5wtaA https://goo.gl/PeV2j5
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Liked on YouTube: Precious Metals IRA
Precious Metals IRA Retail stocks are just one illustration of bubbles waiting to ambush your portfolio. There are also commercial property bubbles, sovereign and corporate bond bubbles, and electronic asset bubbles. Ultimately companies have to make profits. Companies and state and federal governments have to balance their finances. Or else your business, sovereign bond, or government sooner or later declares bankruptcy. The only question is will it be sooner or later? No inventive numbers or financial fabrication will proceed forever. This is always the case as history has demonstrated, no matter if the actors are loss-making companies or sovereign states bleeding out trillions in dollars. In the coming bursting of different asset bubbles, it will not matter which one explodes violently 1st if you have the best safe harbor in the history of the world on your side. Gold will sustain your retirement accounts when all else struggles https://youtu.be/klFGM_Ith5o https://goo.gl/zCgs4s
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Liked on YouTube: Convert IRA to precious metals
Convert IRA to precious metals This week's main news head lines are a latest batch of prompts on why you must buy gold to secure your pension portfolio. When all the financial markets and other investments you may have are declining due to the global geopolitical vulnerability, bear in mind that gold will not let you down. It is the safe harbor insurance policy hedge you can always count upon when all else fails. This is the greatest single argument for why you should have gold in times of fiscal crisis. https://youtu.be/VssQGZN6ZNg https://goo.gl/YEXhQP
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Liked on YouTube: Gold Coins IRA
Gold Coins IRA United States Federal administration owes the international debt holders and domestic creditors $20 trillion and counting. Failing to pay them would result in the world financial system (which is based on U.S. Treasury Debt and the dollar reserve currency) to totally collapse. You can't imagine the financial panic and human torture this would release across the world. Is Your Retirement Account Secured by Gold Against The Imminent Default of the U.S. Federal Government? https://goo.gl/MsRX41
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среда, 21 июня 2017 г.
All quiet in bullion, gold prices little changed
FastMarkets
Precious metals are little changed this morning, Wednesday June 21, gold, silver and palladium are up slightly, with gold at $1,246.10 per oz, while platinum prices are off 0.1%. This comes after a generally quiet day on Tuesday which saw gold, silver and platinum prices close 0.1% higher, while palladium prices closed up 1.2% at $870 per oz.
It has been a quiet start on the London Metal Exchange this morning, as base metals prices remain little changed with price movements ranged between down 0.3% for tin and up 0.2% for zinc – copper prices are down 0.2% at $5,657 per tonne. Volume has been light with 4,009 lots traded as of 06:22 BST.
This follows a general down day on Tuesday when prices closed off an average of 0.4%, with tin the only base metal to close in positive territory with gains of 0.4%, while the rest were down an average of 0.6%.
In Shanghai this morning, base metals prices on the Shanghai Futures Exchange (SHFE) are split with nickel, copper and tin prices down, 1.7%, 0.8% and 0.4%, respectively, with copper prices at 45,540 yuan per tonne ($6,668 per tonne) while aluminium, lead and zinc are up an average of 0.2%. Spot copper prices in Changjiang are down 0.7% at 45,350-45,470 yuan per tonne and the LME/Shanghai copper arb ratio is at 8.05.
Other industrial metals in China are weaker with September iron ore prices on the Dalian Commodity Exchange down 1.5% at 425.5 yuan per tonne. On the SHFE, steel rebar prices are off 2.2%, while gold and silver prices are little changed.
In international markets, spot Brent crude oil prices are weak at $45.89 per barrel and the yield on the US ten-year treasuries has fallen to 2.16%.
Equities ended Tuesday on a weaker note, dragged down by weaker oil prices, with the Euro Stoxx 50 closing down 0.5% and the Dow down 0.3% at 21,467.14. In Asia this morning, markets are mixed but generally weaker; the ASX 200 is off 1.5%, the Kospi is down 0.5%, the Hang Seng is off 0.4%, Nikkei is down 0.3%, while the CSI 300 bucks the trend with a 0.2% gain.
The dollar index pushed up through recent highs of 97.78 to reach 97.87 on Tuesday, thereby suggesting a break higher. It was recently quoted at 97.75 and is looking firmer, which is likely to prove a headwind for commodity prices in general, especially gold prices. Conversely, the euro is weaker at 1.1129 as are sterling at 1.2629 and the Australian dollar at 0.7558, while the yen at 111.26 is consolidating recent weakness.
The yuan continues with its weaker trend at 6.8317, giving back some of the gains seen in the second half of May, which came after its credit downgrade. The other emerging market currencies we follow are all weaker too, no doubt reflecting a firmer dollar, which suggests a possible change in trend may now be underway.
The economic agenda is light today; data out of Japan showed all industries activity rising 2.1%, better than the 1.7% expected, while later there is data on UK public sector borrowing requirement, with US data including existing home sales and crude oil inventories. With oil prices on a back footing, the inventory data could prompt some increased volatility in oil. In addition, UK Monetary Policy Committee member Andrew Haldane is speaking – see table below for more details.
The recent firmer tone in the base metals appears to have once again run out of steam suggesting a generally lacklustre market with dips being supported, while any price strength attracts selling. We expect more of the same while the market waits for more directional news flow.
Gold, silver and platinum prices are retreating but doing so in an orderly manner, while palladium prices appear to have found some support. If the dollar does push through with its firmer tone then that may well apply downward pressure on the precious metals prices, at least while there is an absence of any pick-up in geopolitical, or political tensions.
The post All quiet in bullion, gold prices little changed appeared first on The Bullion Desk.
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вторник, 20 июня 2017 г.
понедельник, 19 июня 2017 г.
Gold prices drift as safe haven demand wanes
FastMarkets
Base metals on the London Metal Exchange are up across the board this morning, Monday June 19, as they have been for the past two business days, with lead, zinc and nickel managing to see follow through buying, while the others look less positive.
Prices are up by an average of 0.5%, with three-month copper prices up 0.3% at $5,688 per tonne and lead prices up 1% at $2,136 per tonne. Volume has been above average with 7,628 lots traded as of 07:10 BST.
This morning’s gains come after a generally stronger day on Friday when prices closed up an average of 0.4%, led by a 1.3% gain in tin prices, lead, zinc and nickel closed up an average of 0.4%, while copper and aluminium were little changed.
Gold prices are off 0.2% this morning at $1,251.59 per oz as the market consolidates, it closed Friday off 0.1% at $1,253.70 per oz. Silver prices are edging lower, while the other precious metals are generally consolidating.
In Shanghai this morning, tin prices are off 0.6% on the Shanghai Futures Exchange (SHFE), the others are up between 0.4% for nickel and 1.7% for aluminium, with copper prices up 0.4% at 45,740 yuan per tonne ($6,713 per tonne). Spot copper prices in Changjiang are down 0.1% at 45,340-45,590 yuan per tonne and the LME/Shanghai copper arb ratio is at 8.04.
In other metals in China, September iron ore prices on the Dalian Commodity Exchange are up 1.7% at 437 yuan per tonne, while on the SHFE, steel rebar prices continue to rebound, they are up 2% while gold and silver prices are little changed.
In international markets, spot Brent crude oil prices are down 0.1% at $47.22 per barrel and the yield on the US ten-year treasuries has edged lower to 2.15%.
Equities ended Friday slightly higher with the Euro Stoxx 50 closing up 0.1% and the Dow closed up 0.5%. In Asia this morning, markets are firmer; the Nikkei is up 0.6%, the Hang Seng is up 1.3%, the ASX200 is 0.5% higher, the CSI 300 is up 0.8% and the Kospi is up 0.4%.
The dollar index at 97.15 is consolidating its recent rebound, so all eyes on whether the dollar has now put in a base. The euro is at 1.1204 is consolidating, sterling is edging higher, while the yen is weaker and the Australian dollar is firm at 0.7609.
The yuan at 6.8130 is looking weaker, most of the other emerging market currencies we follow are flat, although the Mexican peso is firm at 17.9110.
The economic agenda is light today, data out already shows UK house prices dipping 0.4%, the first decline in six months and Japan’s trade balance showed strong export growth of 14.9% in May and stronger than expected imports – both a sign of a healthy global market. Later today US Federal Open Market Committee (FOMC) member William Dudley and German Bundesbank president Jens Weidmann are speaking.
The slide in aluminium prices appears to have halted this morning with prices rebounding off a support line that was breached on Friday and copper prices are consolidating too. The other metals look firmer with rebounds underway in lead, zinc and nickel, while tin’s strong rebound, which continued in early trading with a 1.2% gain at this morning’s high, is now consolidating. With aluminium prices possibly turning the corner and rebounding, it may be that some general strength appears in the base metals, but we wait to see how much follow through buying interest there is. For now we expect sideways trading as the markets look well supplied.
Precious metals prices are, for the most part, retreating as markets consolidate as the need for haven assets has eased. Until geopolitical, or political tensions rise again, gold prices may remain on a back footing.
Metal Bulletin publishes live futures reports throughout the day, covering major metals exchanges news and prices.
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воскресенье, 18 июня 2017 г.
суббота, 17 июня 2017 г.
пятница, 16 июня 2017 г.
Gold prices weaker, safe-haven demand wanes
FastMarkets
Gold, silver and platinum prices are little changed this morning, Friday June 16, with spot gold prices off 0.1% at $1,252.98 per oz. Palladium prices are up 0.4%, suggesting their recent price correction has started to run into some dip-buying. This comes after a down day for gold, silver and platinum on Thursday, where prices closed down an average of 1.2%, while palladium prices rebounded 0.9%.
Base metals on the London Metal Exchange are up across the board this morning, as they were yesterday morning. Prices are up by an average of 0.3%, with zinc leading the rebound with a 0.8% gain to $2,534 per tonne, nickel prices are up 0.5% and tin prices are up 0.4%, while the rest are up around 0.1% with copper at $5,681 per tonne. Volume has been average with 6,196 lots traded as of 06:34 BST.
This morning’s gains come after a generally stronger day on Thursday when prices closed up an average of 0.6%, but gains were concentrated in zinc, lead and tin prices, which closed with average gains of 1.3%, while copper and nickel prices closed up 0.1% and aluminium prices closed down 0.2%. Aluminium prices appear to have taken over from lead as the metal struggling the most to come out of its drift lower.
In Shanghai this morning, copper prices are off 0.1% on the Shanghai Futures Exchange (SHFE) at 45,620 yuan per tonne ($6,694 per tonne), but the rest are firmer by an average of 0.7%, led by a 1.5% increase in lead prices. Spot copper prices in Changjiang are up 0.1% at 45,550-45,650 yuan per tonne and the LME/Shanghai copper arb ratio has firmed to 8.04.
In other metals in China, September iron ore prices on the Dalian Commodity Exchange are up 0.7% at 426 yuan per tonne, while on the SHFE, steel rebar prices continue to rebound, they are up 1% while gold and silver prices are down either side of 1.4%.
In international markets, spot Brent crude oil prices are up 0.4% at $46.95 per barrel and the yield on the US ten-year treasuries has edged higher to 2.17%.
Equities ended Thursday lower with the Euro Stoxx 50 closing down 0.6%, while the Dow closed off marginally at 21,359.80. In Asia this morning, markets are generally firmer; the Nikkei is up 0.6%, the Hang Seng is up 0.3%, the ASX200 is 0.1% higher while the CSI 300 is down 0.2% and the Kospi is off 0.1%.
The dollar index at 97.54 is working higher suggesting the markets are starting to side with the US Federal Reserve’s stance rather than be overly influenced by the recent weak consumer price index out of the USA. As the dollar turns higher, the euro is retreating at 1.1142, as is the yen at 111.16, while sterling is edging higher at 1.2769 and the Australian dollar is firm at 0.7590.
The yuan at 6.8144 is weakening again and the other emerging market currencies we follow are for the most part weaker too, suggesting a general reaction to the firmer dollar and the Fed’s stance.
The economic agenda is busy today. Japan kept its monetary policy and interest rate unchanged, at minus 0.1%, while the Bank of Japan’s press conference is still to come. EU passenger car registrations climbed 7.6% in May, reversing April’s 6.6% fall – in the first five months registrations are up a healthy 5.3%. Later there is data on Italy’s trade balance, EU CPI, the Bank of England’s quarterly bulletin, with US data including building permits, housing starts, preliminary University of Michigan consumer sentiment and inflationary expectations and labour market conditions. In addition, US Federal Open Market Committee member Robert Kaplan is speaking – see table below for more details.
Within quiet trading conditions, base metals prices are for the most part edging higher, the exceptions are aluminium that is lingering around recent lows and copper that is struggling to get any follow through buying after Thursday’s attempted rebound. We have noted of late that bouts of buying tend not to attract much follow through buying so we wait to see if today is any different, although with the dollar firmer that may be expecting too much. Conversely, we wait to see if aluminium can hold up above nearby support levels. In the absence of more bullish news flow, this current sideways to lower direction in metals prices may continue. Based on fundamental outlook we remain mildly bullish for the medium to longer term, i.e. we are not bearish per se, but are having to wait longer than expected for an upturn.
Precious metals prices are, for the most part, retreating as markets consolidate as the need for safe-havens has eased. Palladium is in a different boat; in recent days prices have corrected after the runaway rally, but the recent dip in prices does seem to be attracting some dip-buying. Until geopolitical, or political tensions rise again, gold prices may remain on a back footing.
Metal Bulletin publishes live futures reports throughout the day, covering major metals exchanges news and prices.
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четверг, 15 июня 2017 г.
Palladium price correction underway
FastMarkets
Precious metals are little changed to firmer this morning, Thursday June 15, palladium leads the gains with a 0.6% rally to $863.30 per oz, silver prices are up 0.3% while gold and platinum are little changed at $1,263 per oz and $863 per oz, respectively. This comes after a mixed performance on Wednesday that saw palladium prices fall 2.8%, while platinum prices rallied 1.1%, gold prices fell 0.3% and silver prices closed up 0.7% higher.
Base metals on the London Metal Exchange are up across the board this morning, with prices up by an average of 0.6%. The move has happened at a higher than average volume of 8,685 lots as of 07:03 BST.
Zinc prices lead the gains with a 1.3% rally in three-month prices to $2,516 per tonne, tin is the laggard with a 0.1% gain, while copper prices are up 0.6% at $5,704 per tonne. On Wednesday, prices were split with copper, aluminium and tin closing down an average of 0.9%, while nickel, lead and zinc prices were up 0.7%.
In Shanghai this morning, the metals on the Shanghai Futures Exchange (SHFE) are split; aluminium prices lead on the downside with prices off 1.2%, with tin prices off 0.2% and copper prices off 0.3% at 45,650 yuan ($6,717) per tonne, while lead leads on the upside with a 1.5% gain, nickel prices are up 1.1% and zinc prices are up 0.9%. Spot copper prices in Changjiang are down 0.1% at 45,400-45,600 yuan per tonne and the LME/Shanghai copper arb ratio has firmed to 8.01.
In other metals in China, September iron ore prices on the Dalian Commodity Exchange are up 1.5% at 427 yuan per tonne, while on the SHFE, steel rebar prices are up 3% while gold prices are down 0.3% and silver prices are up 0.7%.
In international markets, spot Brent crude oil prices are up 0.3% at $47.04 per barrel and the yield on the US ten-year treasuries has fallen to 2.14%, suggesting the markets are following US consumer price index (CPI) data, which came out weaker on Wednesday, rather than the US Federal Reserve’s guidance. Yesterday, the US Federal Open Market Committee (FOMC) raised rates by 25 basis points to 1.25% and suggested they expect another 25 basis point rise later in the year and were looking to start reducing their balance sheet later in the year.
Equities ended Wednesday mixed with the Euro Stoxx 50 closing down 0.3%, while the Dow closed up 0.2% at 21,374.56. In Asia this morning markets are weaker, the Nikkei is down 0.3%, the Hang Seng is off 0.9%, the CSI 300 is off 0.2%, the ASX200 is off 1.2% and the Kospi is down 0.5%. As such, it looks as though the broader markets see the combination of the lower US CPI and higher interest rates as a headwind.
The dollar index spiked lower to 96.32 after the CPI data on Wednesday, but rebounded after the FOMC decision and statement – it was recently quoted at 96.92, but continues to look heavy. The euro is consolidating at 1.1218, as is sterling at 1.2749, the yen is trending lower at 109.65, while the Australian dollar is strong at 0.7610.
The yuan at 6.7938 remains firm but flat and most of the other emerging market currencies we follow are for the most part flat with a slight firmer bias, suggesting they have taken the latest rate rise in their stride and perhaps the weak CPI data has given them confidence that the Fed may turn more dovish.
The economic agenda is busy with French CPI, UK retail sales, the EU trade balance, an update on UK monetary policy as well as a host of US data including initial jobless claims, Empire State and Philly Fed manufacturing indices, import prices, industrial production, capacity utilisation, NAHB house marketing index, natural gas storage and TIC long term purchases. In addition Bank of England governor Mark Carney is speaking this evening – see table below for more details.
The base metals prices continue to test lower and are generally lingering around in low ground and therefore remain vulnerable. Bouts of buying tend not to attract much follow through buying but at least there are bouts of buying around, as seen in zinc, lead and nickel. With data mixed-to-weak with better than expected data infrequent, it does look as though consumers are content to live hand-to-mouth and feel in no need to restock. So until the news flow brightens up, this sideways to lower direction in metals prices may continue. Based on fundamental outlook we remain mildly bullish for the medium to longer term, i.e. we are not bearish per se, but are having to wait longer than expected for an upturn.
Palladium prices are under pressure as they correct their recent run away rally. We would let this pullback run its course but expect dips will be supported closer to $800 per oz. Gold, silver and platinum prices are also consolidating recent gains and we would expect good underlying support. Yesterday’s US CPI data gave prices a boost, but the market has failed to hold on to the gains, suggesting the buying interest is thin.
Metal Bulletin publishes live futures reports throughout the day, covering major metals exchanges news and prices.
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среда, 14 июня 2017 г.
Gold prices are holding up well, palladium’s rally consolidates
FastMarkets
This morning, the precious metals are also firmer, up an average of 0.4% led by a 0.7% gain in spot platinum prices, silver prices are up 0.5%, gold prices are up 0.2% at $1,269.06 per oz and palladium prices are unchanged. This comes after a generally weaker day when the white precious metals closed down an average of 1.3%, while the spot gold price closed up 0.1% at $1,265.30 per oz.
Base metals prices on the London Metal Exchange are for the most part firmer this morning, Wednesday June 14, the exceptions are aluminium that is off 0.3% and copper that is slightly weaker, while the rest are up an average of 0.5%. Volume has been above average with 7,188 lots traded as of 07:24 BST.
In Shanghai this morning, copper prices are off 0.2% at 45,970 yuan per tonne ($6,764 per tonne) on the Shanghai Futures Exchange (SHFE), while the rest are up an average of 0.5%. Spot copper prices in Changjiang are down 0.7% at 45,540-45,660 yuan per tonne and the LME/Shanghai copper arb ratio has firmed to 8.02.
In other metals in China, September iron ore prices on the Dalian Commodity Exchange are weaker again, off 0.5% at 425 yuan per tonne, while on the SHFE, steel rebar prices are up 1% while gold and silver prices are up 0.4% and 0.2%, respectively.
In international markets, spot Brent crude oil prices are up 0.2% at $48.31 per barrel and the yield on the US ten-year treasuries is 2.2%, this ahead of this evening’s US Federal Open Market Committee (FOMC) rate decision which is expected to see the Fed raise interest rates by 25 basis points to 1.25%.
Equities ended Tuesday firmer with the Euro Stoxx 50 and Dow closing up 0.4%. In Asia this morning, the Nikkei, Kospi and Hang Seng are off 0.1%, the CSI 300 is off 1.2%, the ASX200 is up 1.1%.
The dollar remains in its downward trend with the dollar index at 96.90, after its latest rebound ran out of steam at 97.50. The euro is edging higher at 1.1220, sterling is strengthening at 1.2781, the yen is flat at 110.10 and the Australian dollar is climbing at 0.7557.
The yuan at 6.7970 remains firm but flat, the rand and peso are strengthening again, while the real is weaker and the other emerging market currencies we follow are for the most part flat.
The economic agenda is busy, data out already shows Chinese industrial production was unchanged at 6.5%, fixed asset investment, year-to date, dipped to 8.6% from 8.9%, retail sales were unchanged at 8.7%, Japan’s revised industrial production was unchanged at 4% and Germany’s final CPI was unchanged at -0.2%. Later there is data on UK employment, earnings and leading indicators, EU employment change and industrial production, with US data including CPI, retail sales, business inventories, crude oil inventories and the FOMC decision, statement and economic projections – see table below for more details.
The base metals remain in a ‘glass-half-empty’ mood; copper prices seem to be the ones trying to shake off their gloom while the others continue to drift with any effort to look brighter being short-lived. Tin may have turned a corner, but we wait to see how far this current rebound travels. With data mixed-to-weak with better than expected data infrequent, it does look as though consumers are content to live hand-to-mouth and feel in no need to restock. So until the news flow brightens up, this sideways to lower direction in metals prices may continue. Based on fundamental outlook we remain mildly bullish for the medium to longer term, i.e. we are not bearish per se, but are having to wait longer than expected for an upturn.
Gold prices are holding up well as they consolidate, silver and platinum prices are giving back some of their recent gains as they consolidate, while palladium priced are pausing after their steep rise. We wait to see if the rally has further to go, or whether it will stall. We do expect gold, silver and platinum prices to be well supported into dips.
Metal Bulletin publishes live futures reports throughout the day, covering major metals exchanges news and prices.
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вторник, 13 июня 2017 г.
понедельник, 12 июня 2017 г.
PLATINUM TODAY: Prices consolidate, fund interest improves
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Analysis
- Platinum prices have rebounded strongly after the April weakness broke support at $932 per oz. Prices fell to a low of $894, holding just $5 above the December 2016 low at $889.
- Platinum prices are now holding onto gains better even if they have pulled back slightly from the recent high ground.
- The stochastics are bearish and prices are back below the 20 DMA so for now the market is consolidating,
- The monthly chart (inset) shows the downward trend since February dominates but a series of higher highs remains in place going back to early 2016. On balance, it looks as though platinum is content to oscillate sideways in an $890-1,050 range, which suggests a sufficiently supplied market.
Macro drivers
Platinum is seen to be the weaker of the PGMs, with Johnson Matthey forecasting a supply surplus for the first time in six years this year, while palladium’s supply deficit is expected to climb to 792,000 oz. This helps to explain why palladium prices are so bullish while platinum prices have struggled.
ETF investors have been building their exposure. Holdings of 2.49 million oz are now at the highest they have been all year, up from 2.386 million oz on May 4. This suggests bargain hunting is building. With palladium soaring, there may be some buying in platinum by those expecting the gap between the two metals to widen again.
Funds trading on Nymex turned net buyers in the week to May 16. Last week the net fund long position (NLFP) climbed 2,637 contracts to 19,683 contracts. The move was driven by 1,180 contracts of fresh buying and 1,457 contracts of short-covering, which is doubly bullish.
The NFLP has now climbed for four weeks but this is due to a fairly high gross short position at 25,134 contracts; the average since start of the year has been 15,833 contracts. So there may well be more short-covering to be done but we wait to see if the longs get more bullish.
Conclusion
Platinum prices have been weak but, in recent weeks, some bullishness has started to emerge. We wait to see if bargain hunting emerges. At some stage, we expect platinum’s discount to gold to shrink but there is little sign of that happening yet.
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