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Rising USDX US Treasury yields put price pressure on gold silver

March J, 2023

Rising USDX, U.S. Treasury yields put price pressure on gold, silver Gold and silver prices are weaker in early U.S. trading Thursday, as rising U.S. Treasury yields and an appreciating U.S. dollar on the foreign exchange market are bearish outside market forces working against the metals market bulls on this day. April gold was last down $7.50 at $1,837.40 and May silver was down $0.20 at $20.895. Global stock markets were mixed overnight. U.S. stock indexes are pointed toward mixed…

Gold and silver are tactical plays ahead of data storm Powell’s Senate testimony – Pepperstone

March J, 2023

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Gold and silver are tactical plays ahead of data storm, Powell's Senate testimony – Pepperstone Precious metals could be a tactical play ahead of a data storm in the next two weeks, including Federal Reserve Chair Jerome Powell's testimony before the U.S. Senate, said Pepperstone's head of research Chris Weston. It is getting harder to shock markets with higher-than-expected inflation numbers, and that reaction function is important for the gold market. "The failure of the EUR … to be overly…

Gold trades higher for a second consecutive day overcoming dollar strength

March J, 2023

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Gold trades higher for a second consecutive day overcoming dollar strength After four consecutive days in gold traded to a lower high, a lower low, and a lower close than the previous day, traders have witnessed a pivot that began yesterday. Gold futures traded to the lowest value today hitting an intraday low of $1810.80. This follows yesterday’s prior lowest low of $1812. However, both yesterday and today gold closed higher when compared to the previous day and higher when…

Gold trades lower until you factor in dollar weakness

February J, 2023

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Gold trades lower until you factor in dollar weakness Gold would have traded lower today if it was not for the dollar's weakness. The dollar is currently down 0.543 points or 0.52% with the dollar index fixed at 104.615. Concurrently, gold futures basis most active April contract is trading up $7.00 or 0.40% and fixed at $1824.10. This means that dollar weakness accounts for over 100% of today’s gains in gold. The resulting net change of gold is based on…

Gold at risk of a major drop as prices at ‘pivotal point’ – analysts

February J, 2023

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Gold at risk of a major drop as prices at 'pivotal point' – analysts With the latest inflation numbers stressing out markets across the board, gold is at a "pivotal point," according to analysts who are not ruling out a deeper selloff if gold drops below $1,800 an ounce. This week's big surprise was the hawkish Federal Reserve meeting minutes, which revealed that "a few" FOMC members were leaning towards a 50-basis-point hike instead of the more dovish 25-bps increase…

War-time economy and gold’s 2k target

February J, 2023

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War-time economy and gold's $2k target Gold is at a pivotal point as prices approach $1,800 an ounce. Analysts say that gold is at risk of a much deeper selloff if that support level is lost. Here's a look at Kitco's top three stories of the week: 3. The hawkish Federal Reserve minutes from February. 2. Gold's ticket to $2,000 is U.S. recession, and that is looking more likely, says Bloomberg Intelligence 1. Rising geopolitical uncertainty could create a war-time…

PCE inflation index jumps to 5382 YOY or 06 in January

February J, 2023

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PCE inflation index jumps to 5.382% YOY or 0.6% in January The preferred inflation index used by the Federal Reserve; the core Personal Consumption Expenditures (PCE) index jumped to its highest value since last summer. The core PCE increased by 0.6% in January when compared to the prior month, taking the year-over-year PCE to 5.382%. Today's PCE report was the result of surging consumer spending after a dramatic decline at the end of last year. According to the BEA, "Personal…

The Seven stages of overcoming the new hawkish Federal Reserve’s policy and forward guidance

February J, 2023

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The Seven stages of overcoming the new hawkish Federal Reserve's policy and forward guidance Although the Federal Reserve implemented its first interest rate hike approximately one year ago, market participants went through various stages of accepting the new Federal Reserve’s narrative as fact. Oddly there are similarities to the way market participants went through a process of steps before they were able to accept and incorporate the forward guidance of the Federal Reserve. There are similarities between the steps needed…

Federal Reserve minutes were released today But Wait There’s More

February J, 2023

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Federal Reserve minutes were released today, "But Wait There's More" I know it is a little cliché to use a phrase most recognized from late-night ads hawking everything from pots to knives, to discuss the FOMC minutes released today, but the minutes continue to send the same message to the American public. The Federal Reserve will continue and implement "more" rate hikes until "inflation is clearly on a path towards 2%." The Fed's hawkish monetary policy seeks to raise its…

Changing expectations of the Fed’s forward guidance pressure gold lower

February J, 2023

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Changing expectations of the Fed's forward guidance pressure gold lower The Federal Reserve first spoke about its forward guidance at last year’s Jackson Hole Economic Symposium. Specifically, it was Chairman Powell’s keynote speech that delivered the blow to the American public about its intent to raise rates and keep those elevated rates in place until the Fed hits its 2% inflation target. After the December FOMC meeting the Federal Reserve released its economic projections for 2023 – 2025 including the…