Monthly Summary
November 2018

Precious metals declined during November except for palladium.  Gold and silver ended the month down 1.2% and 4.1% respectively.  Platinum dropped nearly 8% during November and palladium rose 6.4%.  Precious Metal prices began the month strong, continuing their surge which began in October amid plunging stocks and a weakened dollar.  However, the dollar rallied in November, reaching a 16-month high on November 12, 2018.  Gold and silver both fell sharply as a result and spent the remainder of the month playing catch-up.

The mid-term elections had a minimal effect on markets, including precious metals.  The predictable outcome of Republicans maintaining the Senate while losing the House limited volatility associated with many national elections.

Stocks began November,  continuing their downward path which began in October after the Fed raised interest rates and inferred that rates were still far below neutral.  On November 20, 2018, the Dow and S&P 500 plunged, wiping away their gains for 2018.  Stocks continued their volatile see-sawing almost daily until Fed Chair, Jerome Powell, changed his tone, stating that interest rates are just below neutral.  This lead to a major rally across US equities with the Dow and the S&P 500 finishing the month up 1.6% and 1.8% respectively.

Gold also responded positively to Powell’s comments, soaring over 1% the following day to reach its highest level since early November. The dovish tone portrayed by the Fed may carry into December and continue to boost gold.  December’s Fed meeting is an important one.  Interest rates are still expected to rise, but the committee’s minutes will be pivotal in directing gold going into 2019.

Historical Trends & Pricing

Commentaries

December 07, 2018

Gold and silver are both up substantially, trading at $1,245.00 and $14.61 respectively.  Gold reached its highest price since mid-July and silver its highest in over a month.  The rise comes as November’s employment data showed only 155,000 jobs were created last month, falling short of expectations.

December 05, 2018

Gold is down $3.50 this morning, trading at $1,237.70, after peaking yesterday at its highest price since July.  Plunging stocks drove metals prices up amid fears that a positive trade agreement with China may not be possible in the near futures.  U.S. equity markets are closed today to mourn the passing of President George HW Bush. 

December 03, 2018

Gold is currently up $11.70, trading at $1,232.10, which is its highest level in nearly a month.  Silver is up $0.37 at $14.51, its strongest price in nearly two weeks.  The climb comes after the US and China agreed to a truce, easing trade tensions and sending the US dollar lower.  Stocks rallied after the news, with the Dow up over 300 points this morning.

November 30, 2018

Jerome’s Powell’s comments regarding target interest rates earlier this week,  seemed to have a short-term effect on precious metals with prices down across the board.  Gold is currently trading at $1,217.60, down $7.20, and silver is performing worse, down nearly 2% for the day.  Stocks, which rallied after the news, retreated slightly and are trading relatively flat this morning.

November 28, 2018

Gold began the day down but wiped away this week’s losses after Jerome Powell hinted that interest rate hikes will be slowing down in the future. Gold is currently up $10.20, trading at $1,223.40.  Stocks also spiked, with the Dow gaining 400 points today, most of which were after Powell’s dovish toned speech.

November 26, 2018

Gold and silver remain relatively flat, currently down $0.80 and $.04 respectively, as stocks are up across the board.  The rise, however, was not unexpected after stocks had their worst Thanksgiving week in decades.  The US dollar remains unchanged today, further alleviating downward pressure put on gold, even with equities rising.

November 21, 2018

Gold and silver are up $4.80 and $0.18 respectively this morning after stocks plunged yesterday to erase 2018’s gains.  The dollar is down this morning perhaps because this most recent decline in equities may slowdown future rate hikes, which has benefited precious metals so far today. 

 

November 19, 2018

Gold is up $1.30, currently trading at $1,224.00, as the US dollar continues to retreat from its 16-month high reached earlier in November.  US equities begin the shortened trading week down, led primarily by continuing trade tensions between the US and China and disappointing home builder confidence which dipped to a 2-year low.

November 16, 2018

Gold is up $7.20 this morning at $1,221.90, rebounding after dipping below $1,200.00 earlier this week.  The rise comes as the US dollar is down 0.60% this morning after Fed Vice Chairman Clarida struck a more dovish tone regarding the Fed’s benchmark rates than he or other members had in the past.  Palladium reached a new record high today above $1,170.00 as supply concerns caused an influx in trading volume this week.

November 12, 2018

Gold is down 0.35% and silver 0.95% this morning, dipping to their lowest levels in over a month. The drop comes as the US dollar is up 0.50% today, reaching its highest level since July, 2017 amid the likelihood of rising interest rates next month. Stocks are feeling the effects of the burgeoning dollar as well, with the Dow and Nasdaq currently down 1.3% and 2.5% respectively.

November 09, 2018

Gold and silver are both down this morning to their lowest levels in over 3 weeks, currently trading at $1,210.40 and $14.17 respectively.  The decline comes as the US dollar gained momentum after the Fed’s announcement to remain aggressive regarding future interest rate hikes.  Stocks are down following the news as well, but the Fed pointed to employment and inflation data as primary arguments for increasing interest rates in the coming months.

November 07, 2018

Gold is up $4.30, currently trading at $1,228.80, as the mid-term elections seemed to have a limited effect on markets since they played out as most had predicted they would.  Democrats gained control of the House while Republicans retained control of the Senate.  Equity futures are responding well to elections, with pre-market futures up across the board.

November 05, 2018

Gold is up $0.60, trading at $1,232.10, as the dollar remains unchanged after dropping last week.  Equity markets are relatively quiet as well, ahead of tomorrow’s mid-terms.  The elections results will likely increase volatility across several major markers, but for now investors remain sidelined. 

November 02, 2018

Gold is down $5.30, but holding steady above the $1,230.00 threshold, as the US dollar continues to cool off after reaching its 16-month high earlier this week.   Jobs data reported this morning shows the US added 250,000 new jobs in October, beating the predicted total of 200,000 jobs quite decisively, and wage growth hit its highest level in nearly a decade.

October 31, 2018

Gold is currently down $10.60, trading at $1,212.90, dipping to its lowest level in nearly 3-weeks as the US dollar bounced to its highest level since June 2017.  Stocks are also rallying today, putting additional pressure on gold, as equity markets look to finish October strong after an otherwise very shaky month.

October 29, 2018

Gold is down slightly this morning, holding steady around $1,230.00, after surging to $1,240.00 late last week , amid a very weak October for stocks. Gold’s decline comes as equity markets rebounded this morning, with the Dow, Nasdaq, and S&P 500 all currently up over one percent.

October 26, 2018

Gold is up $12.00, trading at $1,241.60, as disappointing earnings – particularly in the tech industry—continue to slam equity markets.  Both the Dow and S&P 500 turned negative for the year this week and are poised for their worst October since 2008.  Gold is currently up over 4% over the last two weeks.

October 24, 2018

Gold dropped this morning but remains above $1,230.00 after reaching its highest level since mid-July yesterday, amid declining stocks worldwide. Markets globally, specifically in China and the US, continue to trend downward, adding to gold’s appeal as a safe-haven asset. Stocks are down again this morning as the number of new homes sold in the US for September, dropped to its lowest level in nearly two years.

October 22, 2018

Gold is down $4.20, but is holding steady above the $1,220.00 threshold, giving credence to arguments suggesting that as the new support level.  The drop comes as the US dollar is up .40% today to its highest level since late August after the pound and euro both slipped, as Brexit negotiations between Great Britain and the EU remain unproductive.  Stocks are mixed today, with the Dow down nearly 200 points ahead of a big week for earnings.

 

October 19, 2018

Gold is up $.50, currently trading at $1,227.50, as the US dollar is down 0.30% for the day.  Stocks initially rebounded this morning from yesterday’s sharp sell-off but have since cooled down and show no signs of a meaningful rally.  The declining US dollar and overall performance of equity markets over the past two weeks have helped gold re-emerge as a valuable asset in times of uncertainty.

 

October 17, 2018

Gold is up $0.40 this morning, trading at $1,228.00, and is now up 3.5% since last Wednesday, its best weekly performance since December 2017. Stock futures are down across the board after posting their best-single day performance since March, with the Dow and S&P 500 rising 2.2% each.

October 12, 2018

Gold remains steady at the $1,220.00 range after rising nearly 3% yesterday to close at its highest level since late July.  The Dow and S&P 500 both dropped more than 5% in the past three days giving stocks their worst performance since February.  Gold’s appeal as a safe-haven investment resurfaced during this massive selloff, wiping away weeks of losses in a single day.

October 10, 2018

Gold is up $1.00, currently trading at $1,189.10 after falling stocks helped expunge the metal’s earlier losses today.  Gold slipped this morning, dropping to $1,185 as rising bond yields continue to put pressure on metals. Falling stocks helped boost gold, however, putting its price in the green as the Dow and Nasdaq are down 1.3% and 2.0% respectively—their lowest levels in several months.

October 08, 2018

Gold is down $15.70, currently trading at $1,186.50, slipping to its lowest level in over a week amid a strengthening dollar and rising treasury yields. The US dollar rose today as ongoing issues regarding Italy’s budget deficit disrupted the Euro and Chinese stocks continue to decline.  Treasury yields continue to pressure gold as well, remaining at their highest levels since 2011.

October 05, 2018

Gold is up $4.30 this morning, currently trading at $1,202.10, as today’s jobs report showed mixed data and had little effect on precious metals.  Only 134,000 jobs were created versus an expected 185,000, however, unemployment dropped to 3.7%, the lowest level in nearly 50 years. Overall, gold is holding up nicely to low unemployment and rising bond yields, which are at an eight-year high.

October 03, 2018

Gold remains flat around $1,203.00 this morning after gaining about 1.3% yesterday—one of its best single day performances in recent months.  Gold, the dollar, and US stocks all rose yesterday as Italy’s debt crisis took center-stage causing a dip in the Euro.  Today’s US jobs report also put downward pressure on gold as 230,000 jobs were created in September versus 185,000 expected. 

October 1, 2018

Gold is down today, currently trading at $1,188.60, as the dollar continues to climb—now hitting its highest level in three weeks. The Mexican peso and Canadian dollar also rose today amid a new NAFTA deal that includes Canada, helping to alleviate trade tensions in the region.  The new deal was received well on Wall Street, with major stock indices up across the board.

September 26, 2018

Gold is trading at $1,195.00 this morning, down $5.80, as the US dollar erased yesterday’s losses and is currently up .25% ahead of today’s Fed release.  Interest rates are overwhelmingly expected to rise today which has traditionally boosted the US dollar’s attractiveness to investors. Gold’s correlation to rising rates has been erratic, with some hikes helping and others hurting its price in recent years. 

September 24, 2018

Gold is currently at $1,203.50, up $6.50, as trade tensions hit a new high with China.  President Trump announced a 10% tariff on $200 billion in Chinese imports and China responded by imposing new tariffs against the US and declining an invitation to discuss a potential resolution.  The current tension caused the dollar to slip today as investors worry a trade war with China could hurt its value soon—even with interest rates likely to rise later this week.

September 21, 2018

Gold slipped today, currently down $9.20 trading at $1,197.50, as the US dollar rebounded after yesterday’s plunge to its lowest level since early July. Equity markets are also up with several major indices reaching record highs this week. Gold has gotten a boost from trade tensions with China this week, but record stocks and a climbing dollar continue to put downward pressure on metals.

September 19, 2018

Gold reached its highest level of the week today, currently up $5.70 trading at $1,204.00 as trade war fears loom and the US dollar dipped today.  US-China relations caused a slowdown in demand for the dollar as investors turned to metals amid the uncertainty of future trade between the two countries. Palladium and Platinum both hit their highest levels in over a month as well.

September 19, 2018

Gold reached its highest level of the week today.  It’s currently up $5.70 trading at $1204, as trade war fears loom and the US dollar dipped. US-China relations caused a slowdown in demand for the dollar as investors turned to metals amid the uncertainty of future tariffs between the two countries.  Palladium and Platinum both hit their highest levels in over a month as well.

September 17, 2018

Gold is up this morning currently trading at $1,202.50 as metals continue their boost from yesterday amid trade war fears with China.  President Trump announced new tariffs on $200 billion in Chinese imports which led to China threatening the US with tariffs.  After brushing off the back and forth banter between the US and China for months, many analysts believe this newest round of threats could be that last straw, and that a trade war is becoming more and more likely.

September 14, 2018

Gold fell today, currently down $7.10 trading at $1,196.00, after getting a boost yesterday on weak inflation data and a dropping dollar.  CPI data showed prices didn’t increase to expected levels, helping gold by potentially curbing future interest rate hikes.  The dollar recovered today, however, putting pressure back of metals.

September 12, 2018

Gold is currently up $5.80, trading at $1,202.90, after breaking the $1,200 barrier midday when the dollar slipped 0.25% as investors await the outcome of potential trade talks with China and tomorrow’s CPI report. Gold reached its highest level in nearly a week while the dollar backed down to its lowest level in about two weeks.

September 10, 2018

Gold remains relatively flat today, currently up $1.00 at $1,196.00. The US dollar declined 0.25% as fears of new China tariffs continue to rise—which helped boost gold slightly. However, Friday’s positive employment data continues to put downward pressure on metals, leaving prices static. 

September 7, 2018

Gold was trading up this morning, but dipped below the $1,200 threshold after strong employment data was released. 201,000 jobs were created in August (vs 190,000 expected) and wages increased 2.9% since August 2017, bolstering the best year-over-year pay increase since 2009. This data caused the dollar to climb and metals to fall, while having a minimal effect on equites.

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