September 20, 2017

Following President Trump’s UN speech offering annihilation of North Korea yesterday and ahead of the Fed monetary policy statement at 2:00pm ET today, gold prices are trading $1,315.00, up $4.00.  The market awaits guidance from the Fed related to the reduction of its balance sheet and interest rate movements for the rest of 2017 and into 2018.

September 18, 2017

This morning gold prices are trading $1,315.00, down $5.00.  The S&P 500 is over 2500.  The 2-day Federal Reserve meeting begins tomorrow.  The Committee is expected to keep rates unchanged and address balance sheet reduction.  President Trump speaks at the UN tomorrow.  The Comex gold futures Managed Money net long position is 253.5K contracts, within approx. 20K of its all-time high.

September 14, 2017

This morning gold prices are trading $1,333.00, up $1.00. Yesterday prices dipped as low as $1,322.00 as the S&P500 and global equities touched new highs. President Trump said UN sanctions against North Korea were nothing compared what needs to happen. GLD holdings have risen nearly 714K oz. (2.7%) in September to 26.96 million oz.

September 13, 2017

This morning gold prices are trading $1,333, up $1.00.  Yesterday prices dipped as low as $1,322 as the S&P500 and global equities  touched new highs.  President Trump said UN sanctions against North Korea were nothing compared what needs to happen.  GLD holdings have risen nearly 714K oz. (2.7%) in September to 26.96 million oz.

September 11, 2017

After trading up to $1,357 on Friday, this morning gold prices are trading $1,335, down $13.00 on the day.  The dollar is rallying while 10-year US Treasury yields are 6 bp higher at 2.11%.  Commentators observed that Hurricane Irma’s damage was not as bad as it could have been and North Korea was quiet this weekend. 

September 8, 2017

After approaching $1,360 earlier, gold prices are trading $1,353, up $4.00 on the day following yesterday’s $15 rally.  Dollar weakness continues—the euro is above $1.20 on expected strong European growth and talk of European Central Bank tapering.  10-year US Treasury yields continue to decline (currently 2.03%).  North Korean tensions, massive hurricanes and now an earthquake in Mexico are in our headlines today.

September 6, 2017

Gold prices are trading $1,338/oz., one-year highs, after testing $1,345.00 yesterday, when 10-year US Treasury yields dropped 10 basis-points.  The US Dollar Index is weak at January 2015 levels, as Washington is tasked with passing funding for hurricane relief and extending the debt ceiling.  Silver prices are trading near $18/oz., a level not seen since April.

August 30, 2017

After trading as high as $1,325.00/oz. yesterday, following the North Korean missile launch and the euro trading at a 2-year high against the dollar, this morning gold prices are trading $1,311.00, up $2.00. GLD holdings have risen nearly 790K, or 3.10%, thus far in August. Copper prices at 3-year highs are firm again today. Hurricane Harvey has closed 20% of US oil refinery capacity.

August 28, 2017

Gold prices are trading $1,298.00 this morning, up $7.00 following a volatile Friday. About 20 minutes before Fed Chair Yellen spoke on Friday, over 20K Comex Gold futures contracts were sold in a minute. Prices traded as low as $1,276.50 on Friday but recovered after her speech, which many perceived as dovish. After ECB head Draghi’s speech, the euro moved higher.

August 25, 2017

Gold prices are unchanged this morning at $1,287.00.  Markets will listen for forward guidance on interest rates when Federal Reserve Chair Janet Yellen speaks at 10 a.m. ET and ECB head Mario Draghi speaks at 3 p.m. ET today.  The US Dollar Index is down slightly at 93.17, 10 year Treasuries and German Bunds are yielding 2.19% and 0.40% respectively.