November 13, 2017

Gold prices are trading $1,279.00 this morning, up $3.50. On Friday, in a burst of volume equivalent to 4 million oz., gold prices traded down in an over $10 range in approximately 10 minutes during the half-hour starting at 11am ET. Prices recovered modestly to close the week at $1,275.50, for a weekly gain of just over $7.00.

November 10, 2017

Gold prices are trading $1,285.00/oz. this morning, unchanged on the day. Prices are up $17.00 from last Friday’s close. Some analysts see progress on US tax reform as more uncertain. The dollar is lower today and 10-year Treasury yields are up 2 basis points. Oil prices look to be heading for another weekly rally, the 5th in a row.

November 08, 2017

Gold prices are trading $1,281.00/oz. this morning, up $6.00 despite recent strength in the US dollar. China’s gold reserves were unchanged in October. The largest gold producer as well as the largest consumer, China’s gold production fell nearly 10% in the first half of 2017 according to the GFMS World Gold Survey.

November 06, 2017

This morning, gold prices are trading $1,272.00/oz., up $2.00. Over the last 3 weeks, gold prices have fallen nearly $36.00, or 2.7%, while the Bloomberg US Dollar Index has rallied 1.99%. The 100-day moving average is approx. $1,276.20 and the 200-day $1,261.90. The US unemployment rate in October, released Friday, was 4.1% for a 17-year low.

November 03, 2017

Gold prices are trading $1,275.50/oz. this morning, down $0.50. Yesterday, Powell was picked to be the new Fed chief. Yesterday, Gold prices traded as high as $1,284.00 in a day when GLD holdings fell 114K. Non-farm payrolls (8:30am ET) are expected to jump by 313K following the hurricane; the rate itself is expected unchanged at 4.2%.

November 1, 2017

Gold prices are trading $1,279.00/oz. this morning, up $8.00 and above the 100-day moving average (approx. $1,275.70). The Fed is not expected to move today, but the market will parse the 2:00pm ET statement for indications of a hike in December. China’s gold consumption is up 15.49% in Q1-Q3. Nickel prices rallied over 5% yesterday.

October 30, 2017

This morning gold prices are trading $1,272.50, down $1.00 on the day but $9.00 above Friday’s low. Catalonia declared independence from Spain Friday. The Fed meets Wednesday while Japan’s central bank starts a 2-day meeting tomorrow. Unemployment comes out Friday. Managed Money traders cut their net gold futures long for a 6th week, but by less than 1%.

October 27, 2017

Gold prices are trading $1,265.00 this morning, down $1.00 and a 3-week low. The dollar is trading at a 3-month high against the euro. Today the ECB indicated it will continue its bond buying program but at a reduced pace, in contrast to the Fed, who the market believes will tighten this year.

October 25, 2017

Gold prices are trading $1,273.50/oz., down $3.00 against the backdrop of a strong dollar, a record close in the Dow and higher US 10-Year Treasuries, which are yielding over 2.40% for the first time since May. President Trump is considering whether to replace Fed Chair Janet Yellen with someone more hawkish; he should announce his decision by early November.

October 23, 2017

Gold prices are trading $1,276.00/oz. this morning, off $4.00 from Friday and following a decline of $24.00 last week. Prices are very close to the 100-day moving average (approx. $1,275.80). The US dollar is firm against the Yen following elections in Japan. The Managed Money net long Comex gold futures position has fallen 33.1% in the 5 weeks ending October 17.