August 2017 Monthly Summary

Gold prices in August rallied $52.50 or 4.14% to close the month at $1,322.  The gold price upswing was accompanied by significant rallies in silver, platinum group and base metals prices.  Gold’s rally in August followed July’s $27.00 rally (2.17%).   For the year, gold prices have rallied $170.00 or 14.76%.  August began with prices trading at $1,268.75.  The first week of the month saw gold prices make lower lows as the US Dollar rallied.  The July non-farm payrolls report was surprisingly strong.  Prices bottomed on the 8th against the backdrop of North Korean tensions.  By the 11th prices had traded up to $1,292.  However, by the 15th prices had fallen as low as $1,268.00 as Washington had talked down the North Korea threat, retail sales were strong and the US Dollar was moving up. 

At midmonth equity prices fell as concerns about Washington’s ability to pass tax reform grabbed the headlines.  Gold prices broke up through the $1,300.00 level intraday on the 18th, but took until the 28th to close above this key big figure.  The 28th featured Fed Chair Janet Yellen’s speech at Jackson Hole, perceived as dovish, while the euro moved higher after ECB head Mario Draghi spoke at the same event.

The month’s gold price peak of $1,325, and the high thus far in 2017, occurred on August 29.  Gold prices closed the month trading $1,322.00.  GLD holdings rose nearly 790K (3.10%) in August.  Between August 1st and the 29th, Managed Money traders increased their net long futures positions on Comex 102K contracts (87%) to 221.1K contracts.

In other metals, silver prices added 4.47%, platinum prices rose 6.22% and palladium prices rallied 5.74%.  Copper prices rallied 6.58%.

 

Historical Trends & Pricing

Brochures

Commentaries

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.

August 23, 2017

This morning gold prices are trading $1,287.00/oz., up $2.00.  The US Dollar Index is down slightly at 93.40 and 10 year US Treasuries are yielding 2.21%, 3 basis points higher than the August low hit on Monday.  Fed Chair Janet Yellen and ECB President Mario Draghi both speak at Jackson Hole Friday.

August 21, 2017
Gold prices are trading $1,288.00 this morning, up $3.00. Friday prices traded above $1,300.00. Federal Reserve Chair Janet Yellen speaks Friday morning. Managed Money traders added to their net Comex gold long positions for the 5th week in a row. Most base metals have rallied significantly this month, lead by zinc prices.

August 18, 2017
This morning, gold prices are trading $1,295.00/oz. Prices are moving higher for the third day in a row. Equity prices fell yesterday; perhaps investors are sensing the odds of passing key Trump agenda items. Tax reform and infrastructure spending are declining against a backdrop of disarray in Washington.

August 16, 2017
After declining $18.00 over the last 2 days as the US Dollar Index strengthened, gold prices are down another $1.00 this morning, trading $1,271.00. Retail sales were stronger than expected yesterday. Fed member Dudley thinks a rate rise may be needed before the end of 2017. The minutes from July’s FOMC meeting will be released at 2:00 ET today.

August 14, 2017
Gold prices are ticking $1,281.50/oz. this morning, down $8.00. The message from top senior Washington security officials this weekend: there is no indication war with North Korea will break out. The US Dollar Index is slightly higher and 10-year Treasury yields are up 3 basis points to nearly 2.22%.

August 11, 2017

This morning gold prices are trading $1,287.00/oz., up $1.00 after rallying $27.00 in the last 2 days. North Korea security tensions continue to run high; yesterday, Trump said fire and fury might not be enough. Ten-year US Treasury yields fell 5 basis points yesterday and stand at 2.19%. Through yesterday, GLD holdings are down 160K or 0.63% in August.

August 09, 2017

Gold prices are higher this morning, up $7.00/oz. at $1,268.00.  Yesterday President Trump said North Korea would face “fire and fury like the world has never seen” unless it stopped threatening the US.  In response, North Korea said it was considering a strike on Guam, the US territory in the Pacific. 

August 07, 2017

Gold prices are trading $1,257.00/oz., down another $2.00 this morning following a $10.00/oz. decline Friday, when strong US unemployment data was released, 10-year Treasuries gained 5 basis points and the Bloomberg US Dollar Index rallied 0.76%.  Today Treasuries are unchanged, the dollar is modestly lower and equities are firm. 

August 02, 2017

This morning gold prices are trading $1,267.00/oz., down $2.00. Dollar weakness remains, with the Bloomberg US Dollar Index touching 31-month lows. Palladium is up for an 8th day in a row, trading over $900.00/oz. The Trump administration is opening an inquiry into China’s trade practices. The market awaits Friday’s unemployment report (expected 4.3% rate and 178K non-farm payrolls change).

Sign Up to receive the latest news and research

For Email Marketing you can trust