Gold is up $8.50 on weak retail sales which dropped .3% in September to snap a six-month winning streak and missed projections by .6%. The data shows the effects the trade war is already having on consumers. After gaining ground on a potential trade deal and strong bank earnings, stocks are flat today as they await more crucial earnings. Doubts are also rising about China’s commitment to purchasing US agricultural goods which was a significant selling point of the current trade negotiations.
Gold and silver are both up modestly to begin the week as investors may have overreacted to Friday’s trade deal progress between the US and China. Both sides remain weary and have stated that a lot still needs to be done to reach a meaningful trade agreement. Stocks begin the week virtually flat after having their best single day in over a month of Friday.
Equities are soaring today on renewed trade hopes as reports indicate a partial deal between the US and China may be finalized shortly. The Dow is currently up 470 points, on track for its best day in a month. Gold is down .80% to its lowest price of the week on the news.
FOMC minutes released today showed the Fed became more worried about the state of the economy, citing an increasing likelihood of a recession and softening labor market as two central concerns. The minutes also showed that Fed officials were not unified in their decision to cut interest rates in September, illustrating the disconnect between market expectations and Fed policy that will likely continue in the absence of clear forward guidance. Gold and silver are holding onto their recent gains, trading at $1,508.00 and $17.77 respectively. Stocks are also up on renewed trade optimism as talks continue in DC.
Markets are relatively quiet to begin the week as investors turn their eyes to DC for the next round of US-China trade talks. The outcome of these negotiations will likely greatly impact markets since $300 billion in China tariffs are set to take effect next Tuesday if a deal isn’t reached. Fed minutes and key inflation data are also due out later in the week. Gold is down slightly ahead of such a busy week, currently trading at $1,499.00 and equities are virtually flat.
Equities got a much-needed boost on today’s job report. September’s jobs growth fell short of expectations, but August and July’s numbers were revised up for a combined 45,000 additional jobs. More importantly, the unemployment rate dropped to 3.5%, a 50-year low. The Dow, S&P 500, and Nasdaq are all up nearly 1%. Gold and silver are still well above their Tuesday lows, and on pace to end the week in the green.
Gold is hovering around $1,500.00, up 2.2% in the past two days, as troublesome economic data continues to pound US equities. Yesterday, the ISM Manufacturing Index dropped to its lowest level in a decade and showed that the manufacturing industry is continuing to decline after August’s data already showed it in contraction. Today, ADP jobs data missed estimates showing private-sector growth continues to slow. Stocks continue their selloff with the Dow, Nasdaq, and S&P 500 all down almost 2% midday.
Gold and silver fell to multi-week lows today as the US dollar continues to climb after reaching its highest level since 2017 as trade tensions between the US and China eased slightly over the weekend. Last week’s report that the White House was considering banning Chinese companies from US exchanges seems to be unsubstantiated and stocks are responding well to the news with the S&P500 and Dow each up about 0.6%.
After a turbulent trading day yesterday during the events that led to Pelosi’s announcement to launch a formal impeachment inquiry against President Trump, stocks have since rebounded with the Dow Jones up 130 points midday. Gold is dropping sharply as equities continue to rise, currently down $30.00, trading at $1502.70. Much of this drop can be attributed to a natural correction, as gold and silver rose sharply over the past two days without many substantiating reasons.
Gold and silver are both up significantly as increasing tension between the US & China and the US & Iran, coupled with weak manufacturing data out of Europe have boosted metals’ safe haven appeal. Gold is currently up over 1% and silver has soared, up nearly 5% today.