Gold COT Report - Futures Large SpeculatorsCommercialTotal LongShortSpreadingLongShortLongShort 274,63370,31056,655141,993365,848473,281492,813 Change from Prior Reporting Period 24,5194,434-3,1804,27426,10225,61327,356 Traders 20669685559290170 Small Speculators LongShortOpen Interest 52,35532,823525,636 3,3601,61728,973 non reportable positionsCha...Read More
- Richard (Rick) MillsThe US Federal Reserve, the country's central bank, did what many expected on Wednesday, and held interest rates steady, while signaling that a rate cut is on its way. Despite pressure from President Trump to lower interest rates, the Federal Open Market Committee (FOMC) concluded after a two-day meeting that it will stay pat for now, meaning no change to the 2.25% to 2....Read More
Gold finally surged to new bull-market highs this week! Several years after its last bull high, gold punched through vexing resistance after the Fed continued capitulating on ever normalizing. This huge milestone changes everything for gold and its miners' stocks, unleashing new-high psychology fueling self-feeding buying. With speculators not yet all-in and investors wildly underdeploye...Read More
Summary: Gold closed at $1348 today according to Stockcharts but is now much higher at $1365 as I write this update. My two longer-term weekly charts on GLD show the potential for a massive upside breakout where price could really run hard & fast. My first chart is a 6 Year weekly showing a massive inverse Head & shoulders pattern that is ready to bust out to the upside of the inverse neckl...Read More
By: Ira EpsteinDrone Thursday - 100% July Cut in Rates Priced in - Gold Market is responding to falling dollar, rates, FOMC, drones, safe haven buying roaring into the market.Gold roars higher:Read More
- Jordan Roy-Byrne CMT, MFTAGold has finally broken out to the upside.In Asia trading on Thursday, Gold exploded through the $1360 to $1370 resistance zone and was able to hold the gains throughout the day, closing above $1395/oz. As we pen this article, Gold has to chance to break $1400/oz by the weekend. The close of the month (and quarter) next week will provide an additional clue as to th...Read More
Bullion's powerful rally this week has kicked this popular mining-stock vehicle into high gear. I haven't tracked it in quite a while but aim to do so now, provided it remains feisty and interesting. In that regard, GDX looks like it's about to ratchet up the interest-level, although not in a way we might have preferred. Notice that Thursday's energetic short-squeeze brought the ETF within inche...Read More
Apart from the technical, Iranian issue is also contributing to gold's rise. Momentum is bullish for gold and crude oil. Silver has a lot of potential to rise IF it tries to play catch up with gold. China is trying to mediate for a denuclearization of the Korean peninsula. Developments in Korea will not have any effect on gold or currency markets. One should look for signs of profit taking bef...Read More
Adam HamiltonArchivesJun 21, 2019 Gold finally surged to new bull-market highs this week! Several years after its last bull high, gold punched through vexing resistance after the Fed continued capitulating on ever normalizing. This huge milestone changes everything for gold and its miners' stocks, unleashing new-high psychology fueling self-feeding buying. With speculators not yet all-in and inves...Read More
The light iron market has dropped ?5 ($6.35) per tonne in the UK over the past week, on slower domestic demand and a fall in European export prices, sources told Fastmarkets on Friday June 21.Fastmarkets' weekly price assessment for UK grade-5C ferrous scrap on an inter-merchant basis was ?80-100 ($102-127) per tonne on June 21, compared with ?85-105 per tonne previously. The move follows a ste...Read More
Fastmarkets has standardized the names of our metals and minerals prices across our product suite for ease of use and greater transparency.The aim of this exercise is to make it as easy as possible for our licensed users to identify and use our pricing data. As of two weeks from the date of this notice, all Fastmarkets price names will follow this structure, where possible: commodity + product/gra...Read More
The price of shredded ferrous scrap imported into India went down for the fourth consecutive week amid poor trading conditions, sources told Fastmarkets on Friday June 21.Fastmarkets' weekly index for containerized imports of shredded scrap into India fell to $312.87 per tonne cfr Nhava Sheva on Friday, down from $318.38 per tonne cfr Nhava Sheva on Friday June 14.This is the lowest price to date...Read More
Iran's shooting down of a US drone has raised tensions in the Middle East, with gold and oil prices extending gains, while equities in Asia have weakened.Spot gold price reaches high of $1,411.90 per ozUS President Donald Trump reportedly ordered an attack on Iran, which was later aborted Asian equities weaker across the board Base metals Three-month base metals on the London Metal Exchange were f...Read More
* GRAPHIC-2019 asset returns: (Updates with closing prices)By Eric OnstadLONDON, June 21 (Reuters) - Zinc hit its lowest since earlyJanuary and other industrial metals also fell on Friday asinvestors assessed risks ahead of next week's G20 meeting andrising U.S.-Iran tensions.Base metals had rallied the previous session after the U.S.central bank signalled rate cuts, while U.S. President DonaldTru...Read More
The Shanghai Gold Exchange (SGE) will grant CME Group a license to use, create and list futures contracts based on the exchange's Shanghai gold benchmark PM price, CME Group said on Thursday June 20.Pending regulatory reviews, CME Group will launch two financially-settled gold futures contracts denominated in US dollars and Chinese yuan in the fourth quarter of this year, it said.The...Read More
TORONTO - Today, Greg Rickford, Minister of Energy, Northern Development and Mines issued the following statement regarding the passage of Bill C-69 by the Senate:"The Ontario Government is profoundly disappointed that Bill C-69 has been passed by the Senate. We remain firm in our position that Bill C-69 is misguided legislation that will negatively impact resource development and the energy secto...Read More
(Kitco News) - With rising uncertainty in the world surrounding bubbling stock markets, trade wars, and geopolitical tensions, it makes sense for many investors to be rushing to gold, said best-selling author Robert Kiyosaki. Kiyosaki told Kitco News that he prefers to store his gold outside banks. "I don't store [gold and silver] in the banks. I'm completely outside the banking system, except I...Read More
China's domestic lithium hydroxide market weakened slightly this week while downstream buyers slowed their purchasing ahead of July, when spot consumption typically decreases in China and the prices in the rest of the world traded sideways. Battery-grade lithium hydroxide prices move down slightly on slow buyingLithium carbonate prices in China flat week on week.Rest of the world prices trade side...Read More
Oil prices dashed higher yesterday following reports of a U.S. spy drone shot down by Iran.President Trump responded to the strike in a tweet with a single sentence, saying, "Iran made a very big mistake!" Later reports said President Trump approved a military response but then abruptly called it off for reasons that are still unknown.WTI crude for August delivery was last seen trading at $57.60 p...Read More
The Friday Market Minute Global stocks edge lower, while bond yields continue to rally, as investors hedge the recent equity market rally amid concerns over rising military tensions in the Gulf region.The New York Times reports President Trump ordered, and then stood down, a U.S. strike on military installations in Iran following yesterday's downing of drone patrolling the Strait of Hormuz.Europ...Read More