Jul. 7, 2015, 10:29 AM
- Down 1.8% on the session, gold is within a couple of dollars of its lowest price the year as the bulls get no leverage from a teetering Greece and the bursting of China's stock bubble.
- The yellow metal isn't the only commodity getting whacked: Oil has tumbled to $51 per barrel, its lowest price in three months.
- Perhaps the best indicator of trouble in China, copper's descent has quickened over the past couple of sessions and it's hit a 2015-low of $2.41 per pound.
- ETFs: GLD, USO, OIL, IAU, UCO, PHYS, UWTI, SCO, SGOL, BNO, DBO, UGL, DWTI, DGP, GTU, GLL, DTO, UGA, UGLD, DZZ, USL, GLDI, OUNZ, DGL, DNO, DGZ, DGLD, AGOL, DBP, UHN, OLO, SZO, TBAR, GEUR, JJP, UBG, GYEN, TWTI, OLEM, RGRP, BLNG, QGLDX
Mar. 6, 2015, 2:42 PM
- Precious metals miners are bludgeoned as April Comex gold tumbles 2.7% to $1,164.30/oz. for its lowest settlement of the year so far.
- The culprit was the upbeat February jobs report, which sparked fears that the improving economy will prompt the Fed to hike interest rates sooner rather than later.
- ABX -6%, GG -6.6%, NEM -7.9%, AU -6.1%, AUY -6.6%, KGC -7.8%, SLW -3.4%, GOLD -5.4%, EGO -5%, GFI -7.9%, HL -10.4%, RGLD -8.6%, FNV -3.2%, NG -4.3%, SBGL -6.4%, PAAS -4.3%,BTG -6.5%, IAG -6.2%, AUQ -5.6%, AGI -2.8%.
- Precious metals ETFs: GLD, SLV, AGQ, IAU, USLV, SIVR, SGOL, ZSL, UGL, DGP, GLL, UGLD, DZZ, SLVO, GLDI, DSLV, OUNZ, DGL, DBS, GLTR, DGZ, DGLD, AGOL, DBP, WITE, TBAR, USV, UBG, JJP, BAR, GYEN, GEUR, BARS, RGRP, BLNG
- Precious metals mining ETFs: GDX, NUGT, DUST, SIL, GLDX, SLVP, RING, SGDM, PSAU, GDXX
Jan. 29, 2015, 12:41 PM
- Unable to sustain a move over $1,300 per ounce after last week's QE launch by the ECB, gold is selling off hard today, -2.5% to $1,253.
- The longs sound stretched, with State Street's Dave Mazza noting gold ETPs had their best inflows in a year last week, futures volume was 52% higher than the average volume over the previous 100 days, and net-long positions in futures contracts increased 27% over the previous week.
- "Gross longs are now at their highest since November 2012," says Mazza.
- Gold remains higher by just over 4% YTD.
- Silver is down 7% on the session to $16.80, platinum by 3.5% and palladium by 3.2%.
- ETFs: GLD, SLV, AGQ, IAU, USLV, SIVR, PALL, PPLT, SGOL, ZSL, UGL, DGP, GLL, UGLD, DZZ, SLVO, GLDI, DSLV, OUNZ, DGL, DBS, GLTR, PTM, DGZ, DGLD, AGOL, DBP, WITE, PGM, TBAR, USV, UBG, JJP, GLDE, BAR, GYEN, GEUR, BARS, RGRP, GGBP, BLNG
Oct. 30, 2014, 1:43 PM
- One day after the Fed ends QE and focus turns to a rate cut, precious metals are lit up bright red, led by a 4.8% decline in silver (NYSEARCA:SLV) to $16.44 per ounce. Gold (NYSEARCA:GLD) is down 2.15% and back below $1,200 per ounce.
- WTI crude oil (NYSEARCA:USO) is down 1.1% to $81.32 per barrel. Bucking the trend lower is natural gas (NYSEARCA:UNG), up 2.4% to $3.81.
- Bank of America has one of the more hawkish takes on the FOMC statement from yesterday, and continues to believe the Fed will push through its first rate hike in June, though the market has moved to pricing in tightening a few months later.
- ETFs: GLD, SLV, AGQ, IAU, USLV, SIVR, SGOL, ZSL, UGL, DGP, GLL, UGLD, DZZ, SLVO, GLDI, DSLV, OUNZ, DGL, DBS, GLTR, DGZ, DGLD, AGOL, DBP, WITE, TBAR, USV, UBG, JJP, GLDE, BAR, GYEN, GEUR, RGRP, BARS, GGBP, BLNG
Oct. 6, 2014, 2:45 PM
- Gold prices bounce off 15-month lows to reclaim $1,200/oz. as the dollar rally pauses, helping strengthen shares of precious metals miners: AU +4.4%, GFI +3%, IAG +1.9%, BTG +3%, GG +2.2%, NGD +1.5%, KGC +1.6%, AGI +1.6%, RGLD +1%, SLW +2.1%.
- Sterne Agee analysts Michael Dudas and Satyadeep Jain foresee gold and silver prices trending higher, with gold averaging $1,400/oz. in 2015 and $1,450 in 2016 and silver averaging $19 next year and $21 in 2016, as “global demand remains firm, liquidity remains ample and the dollar appears overbought.”
- With investor sentiment still skeptical, Sterne thinks any supportive macro news flow could provide fuel for a rally; the firm rate Newmont Mining (NEM +1.5%), Agnico-Eagle Mines (AEM +2.4%), Coeur Mining (CDE +1.3%) and Gold Resource (GORO +0.2%) as Buys, with Barrick Gold (ABX +0.5%), Hecla Mining (HL +4.3%) and Pan American Silver (PAAS +1.5%) rated Neutral.
- ETFs: GLD, SLV, AGQ, IAU, USLV, SIVR, SGOL, ZSL, UGL, DGP, GLL, UGLD, DZZ, SLVO, GLDI, DSLV, DGL, DBS, DGZ, OUNZ, DGLD, AGOL, DBP, TBAR, USV, UBG, JJP, GLDE, BAR, GYEN, GEUR, RGRP, BARS, GGBP, BLNG
Mar. 20, 2014, 8:00 AM
- Metals continue to lead the way down in commodities following the FOMC results and Yellen press conference. Unless something happens to change the Fed's mind, QE will end this fall and rate hikes are starting about one year from today.
- Gold -1.4% to $1,322 per ounce - as recently as Monday, the metal was challenging $1,400. Silver -2.6% to $20.28. Copper -2.2% to $2.92 per pound. Platinum -1% to $1,437 per ounce. Palladium -2.1% to $752. WTI crude oil slips another 0.4% to $98.76.
- Gold's retreat over the last couple of sessions has wiped out all of March's gain.
- ETFs: GLD, SLV, AGQ, IAU, PHYS, SIVR, USLV, PPLT, PALL, ZSL, SGOL, UGL, DGP, GLL, DZZ, UGLD, DSLV, DGL, DBS, GLDI, GLTR, PTM, DGZ, SLVO, AGOL, DGLD, DBP, WITE, PGM, TBAR, USV, UBG, JJP, GLDE, GYEN, RGRP, GEUR, GGBP, BLNG, JJC, CPER, CUPM
Feb. 3, 2014, 10:26 AM
- Gold is up 1.8% to $1,262 per ounce and silver 1.9% to $19.49 following the big miss in the ISM report as traders contemplate maybe a slowdown in the taper, and some bulls dream about a QE4. Up 1.5% at the moment the Gold Miners ETF is ahead 12.9% YTD.
- The 10-year Treasury yield is off 3 basis points to 2.62% and the December 2016 Eurodollar contract is up 9 basis points to 97.99 - suggesting a slower pace of rate hikes, but still pricing in a Fed Funds rate 175 basis points higher than it is today.
- Gold and sliver-related ETFs: GLD, SLV, GDX, GDXJ, NUGT, IAU, AGQ, PHYS, DUST, SIL, SIVR, USLV, ZSL, SGOL, UGL, DGP, GLL, GLDX, DZZ, UGLD, DGL, DSLV, DBS, SLVP, GLTR, DGZ, AGOL, JNUG, DBP, DGLD, GLDI, RING, GGGG, SLVO, WITE, SILJ, PSAU, JDST, TBAR, USV, UBG, JJP, RGRP, BLNG
Dec. 4, 2013, 12:55 PM
- Threatening to sink below $1,200 ounce after the strong ADP jobs report this morning, gold has staged a big reversal to $1,247. Below $19 earlier, silver has also come along for the ride, now at $19.72.
- GLD +2.1%, SLV +3.4%.
- The taper may be coming, but the SF Fed's John Williams is talking about raising the bar even further before the FOMC would consider hiking rates.
- The gold miners (GDX +3.7%) are the best performing sector in the market today.
- PM ETFs: GLD, SLV, IAU, AGQ, PHYS, SIVR, PPLT, PALL, ZSL, USLV, SGOL, UGL, DGP, GLL, DZZ, UGLD, DBS, DGL, DSLV, GLTR, DGZ, PTM, AGOL, DBP, GLDI, DGLD, WITE, SLVO, PGM, TBAR, USV, JJP, UBG, RGRP, LPLT, BLNG, IPLT
- Miner ETFs: GDX, GDXJ, NUGT, SIL, DUST, GLDX, SLVP, GGGG, RING, SILJ, PSAU, JNUG, JDST
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