June 26, 2019

Gold dropped slightly after Secretary of the Treasury Mnuchin suggested trade relations with China are improving and a deal looks likely in the near future.  Stocks rose modestly on the news with the Dow and Nasdaq gaining 0.35% and 0.70% respectively.  Even with the slight dip, gold is holding steady around $1,414.00, up over 8% in June, and on course for its best monthly performance in three years.

June 24, 2019

Gold is up $21.50 today, currently trading at $1,417.90 as the US dollar continues to fall and is now sitting at a 3 month low.   The likelihood of an interest rate cut continues to increase amid current trade relations with China and now new sanctions aimed at top Iranian officials.  President Trump and President Xi will meet later this week, which should provide some insight into the direction the  U.S. and China relations are heading.

June 21, 2019

Gold breaks $1,400 for first time in nearly six years!  Gold’s August futures price reached $1415.40 in overnight trading for the first time since September 2013 as oil prices surged due to increasing tension between the US and Iran after Iran shot down a US drone in international space.  Gold has retreated slightly but is holding steady in the $1395 range and is still up over 7% in June as investors continue to digest the Fed’s dovish tone and the increasing likelihood of a rate cut in July.

June 19, 2019

Gold is holding steady in the $1,345.00 range,  ahead of today’s decision on interest rates.  The Fed is expected to keep rates unchanged, but Jerome Powell’s press conference should provide insight into their policy moving forward.  Stocks are up slightly ahead of today’s FOMC announcement, with the Dow gaining 50 points midday. 

June 17, 2019

Gold is trading at $1,341.00, its movement has become much less volatile ahead of Wednesday’s FOMC rate decision and Fed Chair Powell’s ensuing press conference that should set the tone for future Fed policy.  U.S. stocks, which have been moving in unison with the price of gold the last few weeks (as both react positively to the likelihood of a rate cut) are up slightly as well, ahead of this week’s meeting.

June 14, 2019

Gold broke $1,350.00 this morning, reaching a 14-month high as weak economic data out of China showed industrial output grew only 5% in May, well below estimates and its lowest level in 17 years.  US retail data released today, showed consumer spending rose in May, and more importantly April’s numbers were adjusted to show much higher spending than originally reported.  While a sign of a healthy economy, stocks are down slightly on the strong retail data since it will most likely be an argument against cutting interest rates in next week’s Fed meeting. 

June 12, 2019

Gold is trading at $1,332.00 after rebounding over $10.00 from yesterday’s low,  brought on by Friday’s trade agreement between the US and Mexico. Tomorrow’s consumer price index should provide a greater sense of current inflation after today’s producer price index suggested it was well contained and could be a factor in determining Fed policy at next week’s meeting. 

June 10, 2019

To begin the week, gold and silver fell as the US and Mexico reached a trade agreement to avoid tariffs.  Stocks are up on the news even though the trade agreement could decrease the likelihood of an interest rate cut,  which was the primary factor driving equities higher  last week. 

June 07, 2019

Gold has settled down around $1,335.00 after posting its best single week performance of the year, rising over 3% since last Thursday.  Friday’s employment data is particularly important amid the Fed’s recent dovish attitude and the increasing likelihood that any negative economic data could influence a rate cut.  

June 05, 2019

Gold is trading at $1,226.00, its highest level since February as comments by Fed Chair Jerome Powell hinted at possible rate cuts this year.  Stocks also rose sharply with the Dow gaining over 500 points Tuesday, its best single day performance since January.