|Day's Range||0.0400 - 0.0400|
Treasury yields have been rising, which have pushed other safe haven assets like gold out of the way, but while the precious metal is down, it certainly isn’t out. “Gold markets have broken down rather significantly during the week, slicing well below the $1,500 level,” wrote Christopher Lewis in FX Empire. Lewis underscores the importance of that $1,450 price level in determining what gold could do in the forthcoming weeks.
Safe haven assets couldn’t hide from losses as a risk-on switch got flipped back on after positive news from a U.S.-China trade deal fueled a hunger for more equities. As such, precious metals like gold and silver touched down to three-month lows. “Safe-haven gold and silver prices are sharply down and have slumped to three-month lows in midday trading Thursday,” wrote Jim Wyckoff of Kitco News.
Per a Kitco News report, “the Institute of Supply Management (ISM) said that its Non-Manufacturing Purchasing Managers Index rose to a reading of 54.7% in October, up from September’s 52.6%. “As soon as you saw those ISM numbers you had to get out of gold,” said Phillip Streible, senior market analyst at RJO Futures told Kitco News. For traders who want double the exposure to gold prices, there’s the ProShares Ultra Gold (UGL) .
From a technical perspective, chartists are still favoring gold despite the celebratory champagne bottles popping in the stock market. “A bullish U.S. stock market that is near record highs is limiting buying interest in the safe-haven metals,” wrote Jim Wyckoff of Kitco News. For traders who want double the exposure to gold prices, there’s the ProShares Ultra Gold (UGL) .
The capital markets are expecting a rate cut with algorithms like the CME FedWatch Tool calculating a 93% chance that the central bank will institute its third straight cut in 2019. How should gold traders ...
Gold was steady as she goes in Thursday’s trading session following the U.S. manufacturing sector’s IHS Markit data saying that its U.S. manufacturing Purchasing Managers Index for October went higher ...
The Organization of Petroleum Exporting Countries (OPEC) and its allied members could implement supply cuts in December, which should give oil traders a holiday season worth celebrating. OPEC will meet ...
As investors were lukewarm on the latest trade news talk, banks were able to prop up the markets on Tuesday with some positive earnings results. While precious metals gained strength on Monday's market session, technical data on Tuesday served as reminder that gold and silver could be in consolidation phase, which could give investors pause when looking into these alternative asset classes. "As gold and silver prepare for their next move, they are in the consolidation phase.
You can almost say that former Overstock CEO Patrick Byrne left his company wearing a golden parachute—literally –as he sold stock of the company he launched in 1999 and loaded up on gold as well as its digital currency equivalent Bitcoin.
China has a voracious appetite for gold and has now reached 100 tons in gold reserves since it started purchasing the precious metal late last year. More importantly, more purchases could come, which could fan the flames for gold-focused exchange-traded funds (ETFs). Per Bloomberg News, the “People’s Bank of China picked up more gold last month, raising holdings to 62.64 million ounces in September from 62.45 million in August, according to data on its website.
Gold hit a two-week high to start this week’s trading session following week economic data stemming from Europe. “The weak German PMI numbers gave a little bit of a shock to the stock market and led investors into safety like gold and silver,” said Phillip Streible, senior commodities strategist at RJO Futures. “In addition to that, there are a lot of investors moving in that market and in such a small, illiquid market, it doesn’t take a lot of investors to drive the price higher.” How High Does Gold Climb?
The space currently holds a market cap of $177 billion, but getting an exchange-traded fund focused squarely on Bitcoin has proven to be an uphill battle to say the least. “If [investors] think there’s the same rigor around that price discovery as there is on the Nasdaq or New York Stock Exchange ... they are sorely mistaken,” said Clayton, the opening speaker at the Delivering Alpha conference. Aside from the Bitcoin discussion, Clayton opined on giving retail investors more access to public markets like the initial public offering (IPO) space.
The Federal Reserve’s interest rate decision will be the prime market mover this week for gold and silver prices as the central bank is favored to cut rates by another 25 basis points. Gold and silver ...
Discover why gold is holding support as the Federal Reserve looks set to keep rates steady. Trade the yellow metal using these three ETFs.
According to the latest edition of Direxion Investments’ The Xchange, it was leveraged Treasury-focused and gold miner exchange-traded funds (ETFs) that were white hot as investors piled into fixed income assets as part of a risk-off move to safe havens. As such, there was a lot of action to be had in leveraged funds like the Direxion Daily 20+ Year Treasury Bull 3X Shares (TMF) and the Direxion Daily 7-10 Year Treasury Bull 3X Shares (TYD) . “This explains the summer’s stampede-like rush to fixed income investments, particularly treasury notes.
As more investors shift to a risk-off mindset and embrace gold, China’s influence is growing on the global market for the precious metal. Acknowledging China’s increasing presence in the world gold market, the CME Group, a leading futures and derivatives exchange, is expanding its market offerings with the launch of two new gold futures products in October.
Zacks Market Edge Highlights: AngloGold, Barrick Gold, Royal Gold, SPDR Gold and Direxion 3x Gold Miners
Gold hit a fresh six-year high on Friday as trade tensions between the US and China escalated. The SPDR Gold Shares ETF (GLD) closed up 2%.