Monthly Summary
July 2018

Precious metals continued their decline throughout July with gold reaching its lowest level since January 2017 and silver dipping to its lowest since March 2016. Platinum reached a 10-year low and palladium dropped to its lowest level in over a year.  Gold finished the month down 2.3% and silver performed even worse, down 3.5% in July.  Platinum and palladium finished down 1.1% and 2.0% respectively.

Gold’s decline was influenced greatly by June’s economic data, released in early July.  Employment data showed job creation beat estimates by 18,000. Later, CPI data showed modest inflation for June, falling short of predictions with only a 0.1% rise.  Limited inflation and healthy job creation put a lot of pressure on metals which lasted through the month.

The US dollar finished down 0.6% in July, its first negative month since March.  However, equity markets performed well, with the Dow and S&P 500 rising 4.7% and 3.6% respectively in July—their best month since January.  The dollar wasn’t weak enough for gold to capitalize and the added pressure from surging stocks and positive economic data created a scenario where metals took a back seat to other investments.

Historical Trends & Pricing

Commentaries

August 15, 2018

Gold is down $13.00, trading at $1,180.70, as it continues its decline that started in mid-April.  Silver is down $0.60, or over 4% just today.  The US dollar remains the greatest force driving gold lower as it continues to hold firm, especially against the euro and pound.

August 13, 2018

Gold is down to start the week, dropping below $1,200.00 to its lowest level since December 2016.  The US dollar continues to rise today to 14-month high on a weakened Euro which saw a steep decline after the Turkish lira fell 20% in the past week.  The dollar’s success continues to be the biggest obstacle to metal prices, as it has been for the past several months.

August 10, 2018

Gold trading mostly flat this week settling in a range between $1,217.70- $1,221.00.  Gold received a bit of a boost on “safe haven” purchases fueled by today’s news of additional tariffs assigned to Turkish imports of aluminum and steel.  Although battling to finish the week in positive territory as the $US reached its 13-month high, Friday’s release of increased inflation (CPI) for the month of July gave some additional support.  Gold’s recent low of $1,210.70 reached on July 19th should offer a technical support with $1,204.00 low reached on July 10th, 2017 as the fall back level.

August 06, 2018

Gold slid today to $1,209.00 after gaining momentum Friday due to last week’s mediocre jobs report.  Currently down $5.70, gold is nearing the $1,200 threshold as it’s feeling the pressure of a surging dollar, which reached its highest level in over a year this morning.

August 03, 2018

Gold is up this morning $4.40, currently trading at $1,215.60 after China announced its latest threats against the US to impose tariffs on $60 billion worth of goods early this morning.  Today’s jobs report fell short of analysts’ expectations with the creation of 157,000 jobs in July (vs 193,000 predicted), however, unemployment did fall to the predicted 3.9% level.

August 01, 2018

Gold is down $7.10 this morning, currently trading at $1,217.60—its lowest level in nearly two weeks.  The drop comes as the dollar firmed up ahead of today’s Fed meeting.  Interest rates are expected to remain at their current level, but today’s minutes will likely point to growing confidence in the economy and signal two additional hikes this year. 

July 30, 2018

Gold is trading at $1,223.40, up only $0.10, and seems unable to capitalize on a weakening US dollar this morning.  Stocks are trending down as well, fueled by the tech industry after Facebook suffered a single day loss of about 20% last week and is down about 4% already this morning.

July 27, 2018

Gold remains down in the $1,225.00 range after today’s GDP data showed the US economy grew at a rate of 4.1% in the second quarter, up from 2.2% in Q1.  It’s the highest rate of growth since 2014 and strengthens the Fed’s argument for 2 additional interest rate hikes this year.

July 25, 2018

Gold rebounded this morning and is currently trading at $1,231.00 (+$5.20) thanks to a weaker dollar ahead of today’s US-EU talk.  President Trump and European Commission President Juncker are meeting today to discuss the already tense subject of trade between the EU and US.

July 23, 2018

Gold dipped this morning to the $1,225.00 range after rebounding from its lowest price in a year late last week.  Gold’s still up about 1% from last week’s low as the US dollar pulled back today after President Trump’s comments criticizing the Fed’s hawkish stance on interest rates.

July 20, 2018

Gold finally got some relief today, currently up $5.00 at $1,229.30, after dropping nearly 2% in the past week. The boost comes as the US dollar slipped 0.65% Friday after President Trump accused several nations including China of manipulating their currencies and criticized the Fed’s projected rate hike frequency.

July 18, 2018

Gold and silver continue to plummet with gold reaching its lowest level since February 2017, and silver reaching its lowest since March 2016. Investors seem focused on the dollar’s continued success, which is at a three-week high this morning after Jerome Powell’s testimony yesterday,  signaling two additional interest rate hikes in 2018.

July 16, 2018

Gold is flat this morning at $1,241.00 as investors await the outcome of today’s meeting between Presidents Trump and Putin. Other markets—primarily the US dollar and equities—show little movement as well ahead of today’s meeting.

July 13, 2018

Gold is currently down $5.10 at $1,241.30, its lowest price in over a year, and has fallen nearly 2% since Monday.  Stocks are up today with the Dow topping 25,000 for the first time in weeks. Rising stocks and a lowering gold price suggest investors aren’t too concerned with current US-China trade relations.

July 11, 2018

Gold is down $10.60, currently trading at $1,244.20  as the dollar rebounded to its highest level in over a week.  Investors seem undaunted by economic data that has historically boosted gold’s price such as higher than expected PPI data and rising trade tensions with China this week.

July 09, 2018

Gold rebounded today to its highest level in two weeks– currently trading at $1,264.50 as the US dollar dropped to a three week low.  Trade tensions with China continue to escalate, also boosting precious metals as a safe haven investment

July 06, 2018

Gold rose significantly yesterday after dropping to its lowest level in about a year earlier this week. Currently trading at $1,255.00, gold is up over 1% from its weekly low.  Today’s employment report showed mixed data;  213,000 new jobs were created, surpassing estimates, but unemployment rose to 4%.

July 02, 2018

Gold dropped to its lowest level since July 2017 today and silver dropped to its lowest since December 2017, bottoming out around $1,240.00 and $15.78 respectively.  The drop comes as the dollar firmed up today due to last week’s inflation data,  hinting at more aggressive interest rate hikes later this year.

June 29, 2018

Gold rose slightly today, currently up $3.60 at $1,253.20, after dipping into the $1,240s—its lowest level since early December 2017.  The boost comes as the dollar pulled back this morning after reaching a 12 month high yesterday.  Stocks look poised for a rebound as trade war fears are dissipating with the Dow up over 1%.

June 27, 2018

Gold is down $3.70, currently trading at $1,254.40, as it keeps sliding amid a strengthening US dollar which is up 1.0% this month and 3.3% YTD. Investors aren’t looking to gold as a safe haven against escalating US-China trade tensions as they did earlier this year and rising oil prices this week are having a minimal effect of the price of gold.

June 25, 2018

Gold continued to feel the pressure through midday trading as the global markets still feel the anxiety of a potential trade war across many industries and countries.  Although the US dollar paired some of its gains in recent days, it still seems to be reaping the benefits from safe haven buying.  Recent statements from OPEC regarding oil output reductions have offered some sympathetic buoying for gold.  Also, equity markets are continuing their slide down another 2% on the day.  However, most commodity markets are idling until more information on trade becomes known.  Gold is trading down $2.40 (-.20%) at $1,268.30 and silver is down $0.159 at $16.300 (-.97%).

June 22, 2018

Gold gained a little traction this morning, currently up $1.50 at $1,270.10, after falling over 3% in the last week to its 6-month low.  The rise comes as the dollar retreated a bit after hitting its highest level since July 2017 in yesterday’s session.

June 20, 2018

Gold’s down $2.50, currently trading at $1,272.80, and is unable gain any upward momentum as US-China trade tensions ease for now and equity markets look poised for a positive trading session.  The dollar, which reached its highest level this morning in over a year, continues to preclude any potential gains gold may receive from international political issues. 

June 18, 2018

Gold is slowly gaining back some of its losses after Friday’s sell-off which dropped the price over 2% to its lowest level of the year.  Currently trading at $1,280.30, gold is up $5.00 after the dollar’s sudden surge last week seems to have plateaued, at least for now.

June 15, 2018

Gold is down $22.00, currently trading at $1,282.70—its lowest level since December 2017.  The drop comes as the US Dollar soared to a 7- month high this morning,  after recent positive economic data and Wednesday’s interest rate increase.  Gold may receive some support from recent tariffs the US and China launched against each other in an escalation of already existing trade tensions.

June 13, 2018

Gold remains stable around $1,296.00 this morning,  as traders await the release of today’s FOMC minutes where interest rates are expected to rise amid continuous positive economic data over the past few months.  Silver reached $17.00 this morning for the first time since April, dropping the silver-gold ratio to 2018 low of 76.24.

June 11, 2018

Gold remains virtually unchanged, down $0.10 at $1,298.60, ahead of tonight’s summit between President Trump and Kim Jong-un.  Equity markets also remain stagnant ahead of the historic meeting with major indices showing trivial movement.  This weekend’s G7 Summit had little to no impact on metal prices after President Trump used the platform to take digs at fellow NATO members and declined signing the joint communique.

June 8, 2018

Gold remains unchanged at $1,299 this morning as investors turn their attention to this weekend’s G7 Summit and next week’s meeting between President Trump and Kim Jong-un. Equity markets are trending downward ahead of these events but metals are remaining stable. 

June 06, 2018

Gold remains relatively stagnant in the $1,298.00 range after rebounding from yesterday’s low of around $1,291.00—its lowest level in two weeks.  A slipping US dollar is the main factor helping boost gold but next week’s FOMC meeting and likely interest rate hike,  should keep pressure on the price leading up to next Wednesday. 

May 30, 2018

Gold received a slight boost this morning trading at $1,301.80, up $2.20, after the US dollar declined due to a rebounding Euro that dropped yesterday to its lowest level of 2018,  amid political upheaval in Italy. Revised Q1 GPD data showed economic growth at a rate of 2.2%, down 0.1%. Despite the downward revision, the data had little impact on markets with the dollar remaining virtually unchanged after its release, and equity futures remaining poised for a rebound after yesterday’s slump.

May 29, 2018

Gold dipped below $1,300, currently down $8.00 trading at $1,296.40 as the US dollar rose significantly to its new high of 2018. Oil prices are also falling quickly with Brent crude down approximately 5% since last week at $75.30, further putting pressure on gold with easing inflation scares.

May 25, 2018

Gold is hovering around $1,305.00,  after gaining over 1% yesterday amid dovish Fed minutes released Wednesday and resurfacing political tension between the US and North Korea.  The Fed intends to let inflation rise above its 2% goal temporarily—suggesting less interest rate hikes this year, and President Trump pulled out of the highly anticipated June 12 meeting with North Korea.  Both events caused the dollar to slide yesterday giving gold a boost it hadn’t seen in weeks.

May 23, 2018

Gold is down $3.70 this morning,  trading at $1,289 as the US dollar is up 0.50% to its highest level since mid-November.  Stocks look poised for losses today with futures down across major indices as President Trump stated he’s not pleased with how trade talks are going with China only two days after putting US-China trade relations on hold.

May 21, 2018

Gold is down $6.20, trading at $1,285.80 after President Trump announced that US and China have agreed on temporary terms regarding trade negotiations, essentially putting any fear of a looming trade war on hold.  US stocks welcomed the news with Dow futures up 220 points prior to opening.

May 18, 2018

Gold continues to drop, and is currently down $2.30, trading at $1,287.60 as the US dollar continues to climb.  The dollar is currently up 3.8% over the past month. Gold seems to have stabilized in the $1,285-$1,290 range as price fluctuations have been much less volatile since Tuesday’s sudden decline. 

May 16, 2018

Gold remains flat around $1,290.50 this morning after plummeting nearly 2% yesterday to its lowest level of 2018. The drop is gold’s largest single day drop since December 2016 and comes as the US dollar had its best single day performance in seven weeks and reached its highest point of 2018. Gold’s rapid decline was further accelerated by rising bond yields with 10-year yields reaching their highest level since 2011.

May 14, 2018

Gold is trading at $1,320.40 (unchanged) this morning as oil prices continue to rise even as OPEC says supply is healthy and it could offset any loss caused by increasing sanctions against Iran. Gold has been stuck between rising oil prices and a lessening in inflation worries, leaving it relatively stagnant around the $1,320.00 mark.

May 11, 2018

Gold is currently trading at $1,323.20, up $1.30 as the US dollar dipped today after reaching its highest level of 2018 earlier in the week. Gold is up about 1.0% this week as the dollar seems to have plateaued—at least for now—after having one of its best months in years and Brent crude is up 3.5% this week at $77.50 a barrel.

May 9, 2018

Gold remains relatively flat this morning, trading at $1,314.40, after PPI data helped curve inflation fears with consumer prices rising 2.6% since last April, missing the estimated yearly rise of 2.8%. Oil prices soared to their highest levels since 2014 after Trump announced the US’ departure from the Iran nuclear deal. The rise in oil should keep inflation a top priority to investors and may help boost gold, even amid an underwhelming PPI report.

May 07, 2018

Gold continues to lag, currently down $0.90 at $1,312.90, as last week’s Fed minutes and employment data help continue the dollar’s rally into this week.  The Fed kept open the idea of more aggressive rate hikes and hinted that the economy seems healthy enough to take a more hard-line approach in the coming months.  Employment data reaffirmed their confidence with unemployment falling to an 18 year low in April.

May 04, 2018

Gold is trading at $1,310.00 down $1.80 this morning after April’s jobs report showed mixed results.  Only 164,000 jobs were created, falling short of the forecasted 190,000, and wages rose 0.1%, short of the 0.2% expected. Unemployment however, dropped to 3.9%, exceeding expectations and falling to its lowest level since 2000.  The dollar gained some traction as less-than-expected wage growth helped reduce some concerns about inflation.

May 02, 2018

Gold is up $3.20, trading at $1,309.10 this morning after dropping yesterday to its lowest level of 2018. Gold’s decline comes as the US dollar continues to climb, reaching its highest point in over four months yesterday, and finally posting positive returns for the year.  Stocks are relatively dormant this morning ahead of today’s FOMC minutes where interest rates are poised to remain unchanged but should give deeper insight into the Fed’s stance for the rest of the year.

April 27, 2018

Gold is up $3.70, trading at $1,320.40 this morning, after dropping 1.7% this week to its lowest level in over a month.  The US dollar continues to perform well, reaching its highest level since mid-January this morning.

April 25, 2018

Gold is down $10.80, trading at $1,319.70, as 10-year US treasury yields are maintaining slightly above the 3% mark.  Increasing yields continue to give the US dollar a boost, which is currently at its highest level since January. Stocks are feeling the pressure of rising yields as well, with major equity indices down across the board.

April 23, 2018

Gold is down today $13.70, currently trading at $1,322.10.  The drop comes as the US dollar is up 0.60% to its highest level in over two months, and US bond yields are also up significantly—with 10-year yields edging close to 3%, a level not seen since 2014.  Stocks remain relatively dormant today as most investors are eyeing increasing treasury yields and how they’ll likely influence equities in the coming weeks.

April 18, 2018

Gold and silver are trading at $1,353.20 and $17.14, an increase of 0.5% and 2.0% respectively.  Silver’s sharp jump puts the current silver to gold ratio at 78.95, its lowest level since February. Stock futures are also up this morning as Morgan Stanley becomes the latest financial powerhouse to post record profits thanks, in part, to the Trump administration’s tax cuts.

April 16, 2018

Gold is up $1.60, trading at $1,346.60 this morning, remaining relatively unchanged after the US and its allies launched targeted missile strikes against Syria this weekend. Stock futures are up today as most investors see these strikes against Syria as symbolic and don’t feel they will escalate into a serious confrontation between the US and Russia.

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