June 2017 Summary

Gold prices fell $26.50 in the month of June to close the month at $1,242.50 for a 2.09% loss. Quarter over quarter, prices lost $6.50, or 0.52%. Through 2 quarters in 2017, gold prices are up $90.50, or 7.89%.
Gold prices rallied at the beginning of June. The dollar was weak; US economic data was soft and May Indian imports were higher year-over-year. Terrorists struck in the UK and there was Mid East tension over Qatar. Later in June, UK elections were to come and Comey was to testify. However, the Fed was expected to raise rates mid-month.
Prices traded to the month’s high of $1,295.75 on June 6th and then began a steady decline – by the 13th prices hit $1,267.25. On the 14th, the day the Fed tightened, prices traded as high as $1,282.50, but the downtrend reasserted itself the next day, and by the 21st prices had traded $1,241.25. Geopolitical issues mentioned earlier were not impactful. The dollar had turned up and Fed members made hawkish comments.
On the 26th we learned Chinese imports from Hong Kong were down 40% month-on-month but the top story was a sale of over 18K lots on Comex — the equivalent of 1.8 million oz. – within 1 minute. Market participants speculated it was a “fat finger” error, as trading such massive volumes in a flash did not seem logical. Prices fell over $20.00 intra-day on the 26th, but the low for the month was not seen until the 30th, when prices dipped to $1,236.75. This price slump occurred against a backdrop of a weakening dollar and higher Treasury yields.
In other markets in June, silver and platinum fell 4.02% and 2.54% respectively. Copper and palladium rose 4.49% and 0.26% respectively.

Historical Trends & Pricing

Brochures

Commentaries

July 19, 2017

This morning gold prices are trading $1,240.00, down $2.00 from yesterday.  Prices are up $35.00 from the recent low of $1,205.00 of July 10.  The Bloomberg US Dollar Index has fallen over 3% in the last month and is trading near the lows of last August (when gold was above $1,300.00).  Ten-year Treasury yields (2.275%) have dropped 10 basis points since July 7.

July 17, 2017

Gold prices are trading $1,231.00 this morning, up $2.00.  The Bloomberg US Dollar Index remains weak at 95.16.  For the 5th week running, Managed Money traders reduced their net long Comex gold futures positions in the week ending July 11.  Managed Money can be viewed as a proxy for speculative sentiment.


Gold prices are trading $1,220.00 this morning, up $3.00.  CPI, retail sales, industrial production and University of Michigan consumer sentiment figures, are all released today.  Yesterday, Federal Reserve Chair Janet Yellen said she thinks the recent downturn in inflation won’t last.  In July through the 13th, GLD holdings have dropped 760.7K (2.78%) to 26.6 million oz.

July 12, 2017

After trading as low as $1,205.00 on Monday, gold prices are up for a second day, with prices trading $1,218.00 this morning.  Silver prices are trading $15.84.  The Bloomberg US Dollar Index at 95.74 is as low as it has been since early October.  Fed Chair Yellen appears before Congress today (at 10:00 ET) and tomorrow; prepared remarks will be released at 8:30am ET today. 

July 10, 2017

Gold prices are trading $1,207.00 this morning.  In the week of July 3, the Comex Managed Money net long Comex gold futures position fell by 39K (53.6%) to 33.7K.  It is off 79.7% since June 6 and was last lower February 2, 2016 (29K) when the LBMA PM Gold Price was $1,128.50.  A year ago, on July 5, 2016, it was a record 273K contracts, when the LBMA PM Gold Price was set at $1,350.75.

July 07, 2017

Gold prices are trading $1,222.50, down $3.00 this morning, as traders await US jobs data (expected: nonfarm payrolls +178K; unemployment rate unchanged, 4.3%).  Last night inside 1 minute,  Comex September silver prices fell from $16.02 to $14.34; they snapped back to $15.60 in the next minute and to $15.90 shortly thereafter.  Ten-year Treasuries are yielding 2.38% and German bunds are higher at 0.578%, having doubled since June 26.

July 05, 2017

Gold prices are down $4.00 this morning at $1,219.50. The Fed releases its’ June meeting minutes at 2:00 ET.  Korea test-launched a long range-missile Tuesday. On Monday, gold prices fell $23.00 to $1,219.75 as US equities were strong and 10-year Treasury yields crept up to 2.33%. The Managed Money net long Comex gold futures position dropped for a 3rd week to 72.6K contracts in the week ending June 27.

June 30, 2017

Gold prices are down $2.00 this morning, trading $1,243.00. This is the 4th day that 10-year Treasury yields are higher, having moved from 2.137% on the 26th to 2.26%, a level not seen since May.  UK and German 10-year yields are also firm, with yields not seen since March.  GLD holdings grew 85.6K oz. this week through Thursday.

June 28, 2017

Gold prices are trading $1,253.00 this morning, up $6.00 as the market continues to recover from Monday’s 1.8 million oz. selling in one minute on Comex around 9am London, which some called a trading error. Yesterday there was an 815K of buying over a 5-minute period around the same time. Today the dollar index is weak at 96.15, as the euro is trading at 1 year highs against the dollar.

June 26, 2017

This morning, gold prices are trading $1,243.00, down $1.00.  The Managed Money Comex gold futures net long position fell nearly one-third to 99.4K in the week ending June 20, when prices declined $25.00. This follows an 18.5K decline in the previous week, when prices fell $29.00. Fed Chair Yellen speaks at 1:00ET tomorrow. 2 other Fed members speak earlier in the day.

June 23, 2017

Gold prices are trading $1,257.00 this morning, up $6.00, and poised to move higher for a 3rd day in a row following the recent low of $1,241.00 (June 21). The US Dollar Index is modestly lower at 97.38. Fed Governor Powell speaks this afternoon. Yesterday, a BOJ deputy governor indicated continuing Japan’s easy monetary environment is needed.

June 21, 2017

Gold prices remain at $1,245.00 this morning, unchanged from yesterday, when prices hit a fresh 5-week low of $1,241.25. The US Dollar Index is slightly weaker at 97.60. Yesterday, Boston Fed President Rosengren said “Monetary policy is less capable of offsetting negative shocks when rates are already low.” Fed Governor Jerome Powell testifies tomorrow.

June 19, 2017

Gold prices are trading $1,252.00 this morning, down $1.00. During the week ending Tuesday, June 13, during which gold prices fell $29.00 ahead of the Fed, managed money traders cut their net long Comex gold futures position by 11.17% to 147K contracts. 9-Fed members speak this week, including Vice Chair Fischer tomorrow.  Brexit talks commence today.

June 16, 2017

Gold prices are trading $1,256.00 this morning, up $2.00. Prices are trading as low as they were 3 weeks ago as the US dollar has rebounded to 97.50 and 10-year Treasury yields tick higher to 2.17% following Wednesday’s Fed news. Wednesday GLD holdings fell 390K, and yesterday they dropped 38K more to 27.44K million oz.

June 15, 2017

Gold prices are trading $1,266.00 this morning, down $2.00. Yesterday prices dipped to $1,260.00, $36.00 below the high of $1,296,00 seen just 6 sessions earlier. The market expects a Fed tightening today at 2pm and awaits hints on the pace of future moves at Fed Chair Janet Yellen’s press conference. US equities posted record closes yesterday.

June 12, 2017

Gold prices are trading $1,269.00 this morning, up $3.00. In the week ending June 6, during which prices rallied $31.80, Managed Money traders added 42K to their Comex net long which now stands at 166K. This speculative position is up over 100K since May 16. Gold prices lost $11.00 Friday as the dollar strengthened post the UK election.

June 09, 2017

This morning gold prices are trading $1,274.00, down $6.00, following yesterday’s drop of $14.00 and Wednesday’s $7.00 loss. GLD holdings have risen during this downdraft: on the 7th, investors net bought nearly 314K and on the 8th, nearly 67K.  Ahead lies the June 13-14 Federal Reserve meeting, at which the market expects the Committee to tighten.

June 07, 2017

After rallying to a 7-month high of $1,296.00 yesterday, gold prices this morning are trading $1,290.00, down $3.00 on the day.  The US Dollar Index remains weak at 96.944, a level not seen since October.  Tomorrow former FBI Director Comey testifies publicly, the ECB meets, and the UK holds elections.  There is unease in the Mideast surrounding Qatar.

June 05, 2017

This morning gold prices are trading $1,280.00, up $2.00 following Friday’s $12.00 upswing on weak US employment numbers, including low wage growth. The UK, which has experienced 3 terrorist attacks this year, hold elections Thursday. In the week ending May 30, Managed Money traders increased their net long Comex gold futures position by 13.1K contracts, or 11.78%.

June 02, 2017

Gold prices are trading $1,262.50 this morning, down $2.00. US Mint sales in gold ounces are 185,500 thus far in 2017, down 56%. The 100-day moving average ($1,240.08) appears poised to move above the 200 day ($1,240.42). GLD holdings fell 109K in May. The S&P hit another record yesterday.

May 31, 2017

Gold prices are trading $1,265.00 this morning, up $3.00 on the day. Yesterday, prices traded to a 4-week high of $1,270.00.  Ten-year treasuries are yielding 2.22%, near a 6-week low. The Fed’s Beige Book is released at 2pm today. The US Dollar Index is slightly stronger this morning.

May 26, 2017

Gold prices are up $11.00 this morning at $1,266.00. Although the Fed minutes seemingly point to a rate hike next month, the US Dollar Index has not rallied. Oil prices fell nearly 5% yesterday following the OPEC meeting, from which the market was expecting more cuts than announced, or cuts for longer than 9 months.

May 24, 2017

Gold prices are trading $1,252.00 this morning, up $1.00.  Today at 2:00pm ET, the Fed releases minutes from the last meeting, which will be parsed for indications of what the committee will do in June and beyond. Per the CME FedWatch tool, there is a 78.5% chance of tightening in June. Moody’s cut China’s rating from A1 to Aa3.

May 22, 2017

Gold prices are trading $1,256.00, up $1.00 this morning.  The US Dollar Index has dipped to pre-US election levels. In the week ending Tuesday, May 16, Managed Money traders cut their net long Comex gold futures position by 31.2% to 65.9K contracts. Between April 25 and May 16, this position has dropped 94.5K contracts, or 59%.  OPEC meets Thursday.

May 19, 2017

After trading as high as $1,265.00 yesterday before slumping to below $1,250.00 as the value of the US dollar swung and disarray in Washington continues, gold prices this morning are trading $1,253.00, up $4.00 from yesterday. GLD holdings are down 38K (0.1%) for the week and off 85.4K (0.3%) for the week to 27.35 million oz.

May 17, 2017

With the dollar weaker and 10-year Treasury yields lower against the backdrop of the Comey memo, gold prices are trading $1,246.00, up $3.00. Since the recent low of $1,215.00 on May 9, gold prices are up $31.00, the US Dollar Index is down 1.73% to 97.934 and 10-year Treasury yields have slipped 10 basis points to 2.2976%.

May 15, 2017

Gold prices are trading $1,232.00 this morning, up $4.00 against a backdrop of a weaker dollar and a 3% jump in crude oil prices.  The Managed Money category of traders on Comex gold futures slashed their net long position by one-third to 96K contracts in the week ending May 9.

May 12, 2017

Gold prices are $3.00 higher today, trading $1,228.00 against a backdrop of Washington disarray. Acting FBI Director McCabe said the investigation into possible Trump campaign ties to Russia will move forward despite the president’s firing of Comey. Regional Federal Reserve presidents speak today at 9:00 and 12:30. After trading as low as $16.02 on May 9, silver prices this morning stand at $16.38.

May 10, 2017

Gold prices are trading $1,224.50 this morning, up $1.50. The US Dollar Index is slightly lower at 99.56 while 10-year Treasuries are yielding 2.37%. Yesterday prices dipped to $1,214.50, a move below the 100-day moving average of $1,224.40. CME’s Fedwatch tool suggests a 90% chance of the Fed tightening in mid-June.

May 08, 2017

After dipping as low as $1,221.00 earlier, gold prices are trading $1,232.00 this morning, up $4.00 on the day. For the week ending May 2, traders in the Managed Money category cut their net long Comex gold futures position by 10.5% to 143.6K contracts. During the same period, GLD holdings fell 218.9K oz.

May 05, 2017

After a two-day sell-off sparked by the Fed statement released Wednesday that it expects to raise rates gradually, gold prices have recovered from yesterday’s low of $1,225.00 and are trading $1,234.00 this morning. Fed Chair Yellen speaks at 1:30ET. Unemployment data is released today, with 190K the expected growth in non-farm payrolls. The 100-day moving average is $1,222.00.

May 03, 2017

Gold prices are trading $1,254.00 this morning, down $3.00 and now standing below the 200-day moving average of $1,255.00.  The market is expecting no movement from the Fed today, but will look for clues about tightening in June.  They announce their decision at 2:00 ET.  Silver prices are trading at three month lows at $16.80.

May 01,2017

Gold prices are trading $1,263.00 this morning, down $5.00.  Washington will not endure a shutdown this spring as politicians have agreed on a spending bill.  For the week ending April 25, the net managed money long  position increased by 9.1K contracts, a jump of 6.05% to 160.4K contracts, the 6th weekly increase in a row.

April 28, 2017

Gold prices are trading $1,267.00 this morning, up $3,00 from yesterday. The is trading relatively quietly in a less than $5.00 range as the trading month comes to a close today. The 200-day moving average now stands at $1,252.00. GLD holdings have fallen 171.3K oz. this week through yesterday.

April 26, 2017

Gold prices are trading $1,264.00 this morning, up $0.50 following yesterday’s drop of $13.00.  Yesterday, “risk off” sentiment pervaded as President Trump’s tax plan buoyed equity prices, as did continued relief about the French elections.  The 200-day moving average, which was broken on the upside earlier this month, stands at $1,256.00 below.

April 21, 2017

Gold prices are trading $1,283.00 this morning, up $2.00.  GLD holdings dropped 209K yesterday after adding 380K on Wednesday.    Silver prices stand at $17.99.  The silver Comex speculative long position stands at a record 98.6K contracts, or nearly 493 million oz.  Oil prices are down 5.35% this week.  The first round of the French election is Sunday.

April 19, 2017

Gold prices are trading $1,283.00 this morning, down $6.00. Monday, gold prices touched $1,295.25, trading above a 5.5 year downward trend-line from the all-time high of $1,922.00. 10-year Treasuries are yielding 2.20%. Geopolitical tensions remain. Base metals fell sharply yesterday, led by lead and nickel. Copper is down 10% from its mid-February high.

April 17, 2017

Good morning. Gold prices are trading $1,289.00, up $2.00. The CFTC Commitment of Traders report for the week ending April 11 showed the Managed Money net long Comex gold futures position rising for a 4th straight week to 133K contracts, nearly tripling in a month. Speculators represent 29% of open interest, a level not seen since November 8.

April 17, 2017

Gold prices are trading $1,249.00 this morning, down $4.00. Friday, prices tested $1,271.00 following weak unemployment data but retraced as the US Dollar Index and 10-year Treasury yields moved higher. Managed Money increased their net Comex gold futures longs by 20% to 109.1K contracts in the week ending April 4. The 200-day moving average is $1,257.00. Fed Chair Yellen speaks at 4:00pm ET.

April 10, 2017

Gold prices are trading $1,249.00 this morning, down $4.00. Friday, prices tested $1,271.00 following weak unemployment data but retraced as the US Dollar Index and 10-year Treasury yields moved higher. Managed Money increased their net Comex gold futures longs by 20% to 109.1K contracts in the week ending April 4. The 200-day moving average is $1,257.00. Fed Chair Yellen speaks at 4:00pm ET.

April 07, 2017

After trading to nearly $1,270.00 this morning following the US missile attack on a Syrian air base, gold prices are currently trading $1,264.0 and are above the 200-day moving average of $1,258.00. NYMEX crude is up $0.50 after being up $1.00 earlier in the session. At 8:30am ET, March unemployment data will be released; non-farm payroll growth is expected to be 180K.

April 05, 2017

After trading as high as $1,261.00 yesterday and settling at $1,255.50, gold prices are off $2.00 at $1,253.50 this morning. Yesterday marked the 3rd time price action breached the 200-day moving average in 2017, but prices failed to remain above the technical indicator. Today the Federal Reserve releases the minutes of its March meeting.

March 31, 2017

Following yesterday’s $12.00 decline, this morning gold prices are down an additional $2.00, trading $1,242.00.  Positive economic data and Fed officials’ comments about expected inflation and rate hikes have prompted a US Dollar Index rally. South Africa, the world’s 5th largest gold producer, has seen its currency fall 8% in just over a week amidst political turmoil.

March 29, 2017

Gold prices are trading $1,253.00, up $3.00 this morning as the UK formally notified the EU that Brexit talks are to begin. Ten year Treasuries are yielding just below 2.40% despite yesterday’s US consumer confidence data; the figure stands at a 16-year high. The dollar is rallying off of 4-month lows for a second day.

March 27, 2017
Gold prices are nearly $16.00 higher today, trading $1,258.00 and approaching the 200-day moving average ($1,259.25). There is disarray in Washington, continued US dollar weakness and Treasury yields are ticking lower. CFTC Commitment of traders show Managed Money traders increased their net long 9.8K contracts to 56.2K contracts during the week ending March 21, 2017.

March 24, 2017
Gold prices are trading $1,246.00 this morning, essentially unchanged from yesterday. Technical analysts are discussing the 200-day moving average ($1,259.60) which the market failed to penetrate at the end of February. This week through yesterday,  GLD holdings are up modestly (9.5K oz.); for the month, they are down 217K oz. and stand at 26.83 million oz.

March 22, 2017
This morning gold price are trading $1,245.00, down $1.00.  Since the 14th, the day before the rate hike and less hawkish Fed guidance, gold prices have rallied $46.00 or 3.83%, while the US Dollar Index has fallen 1.84% to 99.831 and 10-year Treasury yields are nearly 20 basis points lower at 2.41%.

March 20, 2017
Gold prices are trading $1,232.00 this morning, up $4.00. FBI Director Comey testifies at 10:00am ET today. In the week ending March 14, the Comex Managed Money net long gold futures position nearly halved to 46.4K contracts as speculators reduced their position ahead of the 15th, which was decision day for the Fed.

March 17, 2017
Following Wednesday’s post-Fed $17.00 rally and yesterday’s $6.00 upswing, gold prices are higher by $2.00 this morning at $1,229.00. GLD holdings rose 142K oz. on Wednesday but fell 76.1K oz. yesterday. The Bloomberg US Dollar Index is trading 100.40, up slightly this morning. It has declined 1.3% from Tuesday’s close.

March 15, 2017
Gold prices are trading $1,202.00 this morning, up $2.00.  At 2PM ET today the Fed announces whether it will raise rates as expected. Guidance on the number of expected hikes for 2017 is key. The Fed also releases its summary of economic projections. Today’s Netherlands elections should provide a barometer of European populism.

March 13, 2017
This morning gold prices have rebounded to $1,209.00, up $4.00. Dutch elections are Wednesday, as is the conclusion of the Fed meeting. During the week ending March 7, Managed Money traders’ net Comex gold futures long position fell 21%, or nearly 24K contracts, to 90.2K contracts. GLD holdings in March-through the 10th-fell 1.9%, or nearly 513K oz., to 26.5 million oz.

March 10, 2017
Gold prices continue to slump this morning, trading $1,197.00. Against the backdrop of higher treasury yields and a stronger dollar, prices are down 5.2% from the February 27 high of $1,263.50. Market participants, anticipating a Fed rate hike next week, await today’s non-farm payrolls (expected +200K) at 8:30am ET. On March 16, the debt ceiling will be reinstated.

March 08, 2017
Gold prices are trading $1,214.00 this morning, down $2.00 and down $34.00 (2.7%) for the month. Silver prices have lost $0.90 (4.9%) in March and stand at $17.41. As Fed members are in a quiet period, confirmation of or inferences on the size of the anticipated March rate hike will need to be drawn from unemployment data published Friday.

March 06, 2017
This morning gold prices are trading $1,231.00. Following Fed Chair Yellen’s comments Friday, the market is assuming a mid-March hike. The net long Managed Money Comex gold futures position, has increased in 7 of the last 8 weeks. For the week ending February 28, it jumped 36.2K contracts (46.4%) to 114.2K contracts

March 03, 2017
Following yesterday’s $15.00 downdraft in gold prices, this morning they are down an additional $8.00 at $1,228.00. Today, speeches by Fed Chair Janet Yellen (at 1:00 ET) and Vice Chair Stanley Fischer (at 12:30 ET) will be carefully parsed by market participants to confirm market sentiment that the US central bank will tighten at its’ mid-March meeting.

February 27, 2017
After trading $1,260.00 yesterday to test the 200-day moving average ($1,261.10), this morning gold prices are trading $1,255.00, down $1.00. Uncertainty over Trump’s growth plans, and concern over European elections and Brexit continue to headline. In the week ending February 21, Managed Money traders increased their net Comex gold futures longs 23% to 78K. Trump addresses Congress tomorrow.

February 24, 2017
In continuing yesterday’s $17.00 up move, gold prices this morning are trading at a 3-month high of $1,259.00, up $10.00 on the day and touching against the 200-day moving average of $1,261.00. Fed minutes (released Wednesday) were perhaps a bit more dovish than expected. The dollar and Treasury yields are slipping for the 3rd day in a row.

February 22, 2017
Gold prices are trading $1,238.00 this morning, up $3.00. Since February 16, the US Dollar Index has rallied 1% while gold prices are roughly unchanged. Fed minutes from the last meeting will be released at 2:00 ET. Yesterday Philadelphia Fed President Harker said he would “not take March off the table” for a rate hike.

February 20, 2017
Following a modest $4.00 rally during last week’s $27,00 range, this morning, gold prices are trading $1,236.00.  Today,  Cleveland Fed Governor Mester said she is comfortable raising rates if the economy continues its current performance, echoing Fed Chair Yellen’s testimony last week. Wednesday, Fed Governor Powell speaks and minutes of the last Fed policy meeting are released.

February 17, 2017
Gold prices are trading at $1,243 this morning, up $5.00. This week through yesterday, GLD holdings are up 219K. Silver prices are trading over $18.00 and have moved above their 200-day moving average of $17.93. (Gold’s 200 day is $1,261.80). Blackrock manager Koestrerich thinks markets are underpricing global political risks (European elections, Trump, Brexit, the Greek debt crisis).

February 15, 2017
This morning gold prices are $2.00 lower at $1,226. Tuesday Janet Yellen made hawkish comments and the S&P posted another record. The US Dollar Index has rallied 2% in February. Hedge fund investor John Paulson cut his holdings of GLD in the 4th quarter by 9.1% to 4.36 million oz.

February 10, 2017
Gold prices are trading $1,226.00 this morning, down $1.00. After attempting to break $1,245.00 on the upside yesterday morning, gold prices slumped first in reaction to positive economic data and later to an announcement that a US tax plan is in the works, making a low of $1,225.00. Equities rose to record highs.

February 08, 2017
Despite a stronger dollar, this morning gold prices are up $6.00 at $1,238.00, a level not seen since November 10. Concern over the Trump travel ban, Greek debt, and a strike at the world’s largest copper mine are headlines today. Gold prices are well above the 100-day moving average of $1,220.00. The 200-day is $1,263.00.

February 06, 2017
After rallying 5 of the last 6 trading days, gold prices this morning are trading $1,227.00, up $8.00. For the week ending January 31, Managed Money net long positions in Comex gold increased 17% to nearly 70K, the highest level since December 6. The debate over Trump’s 7-country immigration ban may wind up in front of the Supreme Court.

February 03, 2017
This morning gold prices are trading $1,213.50, down $1.00. Yesterday prices traded up to $1,225.00 (an 11-week high) in the aftermath of the Fed’s inaction and lack of forward clarity, as well as President Trump generated political uncertainty. GLD holdings are up 390K since January 25. Unemployment will be released at 8:30 ET; non-farm payrolls are forecast at 175K.

January 29, 2017
This morning gold prices are trading $1,184, down $4.00 and continuing their decline against a backdrop of an elevated equity market and strong dollar, weak physical demand and the start of Chinese traders’ New Year vacation. At 8:30 ET GDP is released with the market expecting 2016 growth of 2.2%

January 25, 2017
Gold prices are trading $1,205 this morning, down $4.00 as domestic and global equities prices are firm while Treasury yields are modestly higher.  The US Dollar Index is trading 100.02, down slightly, as it continues its broad retracement started in late December when it peaked at 103.30.  The World Bank expects gold prices to fall 8% in 2017 to $1,150.

January 23, 2017
This morning gold prices are trading $1,213.50, up $3.00 but off the day’s high of $1,219.  The dollar and Treasury yields are lower.  President Trump delivered a protectionist-laden inaugural speech on Friday.  Gold prices have risen 11 out of the 14 trading sessions of 2017.  GLD holdings rose 38.1K last week.

January 20, 2017
Good morning.  Today is the inauguration and gold prices are trading $1,201.50, down $1.50.  Fed Chair Yellen has set the course for gradually raising rates, although many analysts don’t think the Fed will act at the January 31 meeting.  Despite a rally of over 4% this year, investors have liquidated 456.9K (1.73%) oz. in GLD.

January 13, 2017
Gold prices are trading $1,198 this morning, up $1.00, although lower than yesterday’s 7-week high of $1,207.  Yesterday, equity prices and the US Dollar fell.  Fed Chair Janet Yellen spoke to educators yesterday.  She said inflation is “pretty close” to the target 2% level and that there are no short-term obstacles to the economy.

January 11, 2017
Gold prices are trading $1,188 this morning, up $2.00.  Russia has denied it has compromising information on Trump; the inauguration is on the 20th.  GLD assets have declined 2.1% thus far in 2017.  China’s PPI was 5.5% in December, stronger than the forecast 4.6% and up from November’s 3.3%.  Fed Chair Janet Yellen speaks at an educational event tomorrow evening.

January 9, 2017
Gold prices are trading $1,180. this morning, up $7.00 from yesterday despite firmness in the US Dollar Index and US equities.  (The S&P 500 hit a record Friday).  For the week ending January 3, CFTC data shows Managed Money reduced their net long for the 8th week running.  2 regional Fed presidents speak today.

January 6, 2017
Gold prices are trading $1,177 this morning, down $4.00, as the market awaits the release of unemployment data at 8:30am ET.  The non-farm payrolls estimate is 175K.  The US Dollar Index is modestly higher at 101.68.  The greenback’s index had lost 1.6% over the first 3 trading days of the year (helping gold prices trade up to $1,185 yesterday).

January 4, 2017
Following a year-opening $7.00 rally yesterday, gold prices are up $8.00 this morning and stand at $1,165.00 today. Silver, platinum, and palladium prices also rallied yesterday and are higher today. later today, the Federal Reserve publishes the minutes of its December 13-14 meeting, providing insight as to members’ thoughts for 2017. Bitcoin has nearly doubled from its August lows.

Sign Up to receive the latest news and research

For Email Marketing you can trust