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
Sep. 30, 2014, 12:07 PM
- The early decline in WTI crude oil has accelerated sharply over the past few minutes, and it's now off 3.5% to $91.25 per barrel, about inline with the lowest pricing seen this year. USO -2.9%
- Moving alongside is heating oil (UHN -1.1%) and gasoline (UGA -3.1%).
- Broad energy ETFs: DBE, RJN, JJE, ONG, RGRE, UBN
- Checking other commodities: Silver (NYSEARCA:SLV) is down 3.4%, Copper (NYSEARCA:JJC) is lower by 1.3%, and Wheat (NYSEARCA:WEAT) is off 1.8%.
- Broad commodity ETFs: DBC, DJP, GSG, RJI, GCC, USCI, GSC, GSP, RGRC, DJCI, LSC, FTGC, DEE, UCI, DYY, CMD, BCM, DDP, UCD, CMDT, SBV, DPU, CSCB, CSCR
Sep. 19, 2014, 4:19 PM
Sep. 19, 2014, 3:58 PM
- Gold’s downward spiral continues as the yellow metal closed today at an eight-month low and finishing its third weekly loss in a row, pressured by the dollar’s move higher after Wednesday's Fed policy meeting.
- The FOMC meeting "maintains our belief that the process of U.S. monetary tightening continues, and this will encourage further advances in long-term real yields and the U.S. dollar," Deutsche Bank said today in a note.
- Meanwhile, several gold mining stocks have hit new 52-week lows, including Barrick Gold (ABX -2.5%), Yamana Gold (AUY -3.7%), Kinross Gold (KGC -2.7%) and Coeur Mining (CDE -3.6%).
- ETFs: GLD, SLV, GDX, NUGT, AGQ, IAU, DUST, SIL, USLV, SIVR, SGOL, ZSL, UGL, GLDX, DGP, GLL, UGLD, DZZ, DSLV, SLVP, DGL, DBS, DGZ, OUNZ, RING, DGLD, AGOL, GGGG, SGDM, PSAU, USV, UBG, BAR, BARS.
Sep. 18, 2014, 8:39 AM
- The strong dollar - it's at its highest vs. the yen since the financial crisis, and performing well against other major currencies as well - for now works as a good excuse for gold's continuing slide.
- Off 1.4% to $1,218 an ounce in morning trade, the yellow metal is lower by nearly 10% since July 4 and closing in on the YTD low of about $1,200 set on January 1.
- Down 2.1% to $18.35 per ounce, silver is at a new low for the year, and roughly back at levels not seen since 2010.
- GLD -0.35%, SLV -0.9% premarket
- ETFs: GLD, SLV, AGQ, IAU, USLV, SIVR, SGOL, ZSL, UGL, DGP, GLL, UGLD, DZZ, SLVO, GLDI, DSLV, DGL, DBS, DGZ, OUNZ, DGLD, AGOL, TBAR, USV, UBG, GLDE, BAR, GYEN, GEUR, BARS, GGBP
Aug. 15, 2014, 10:33 AM
- Bank of Nova Scotia and HSBC - formerly part of the old telephone-based system - joined today with newcomer Mitsui & Co. Precious Metals for the first-ever electronic fixing of the daily silver benchmark (it occurred at noon London time).
- Previous to today, the silver fix for decades has been set daily on a private conference call. That system has been replaced by the London Silver Price - run by CME Group and Thomson Reuters in partnership with LBMA. More participants are expected to join in coming week, says the LBMA.
- ETFs: SLV, AGQ, USLV, SIVR, ZSL, SLVO, DSLV, DBS, USV
Jul. 14, 2014, 11:29 AM
- Precious metals miners are broadly lower as gold futures head for their biggest daily drop of 2014, plunging $29.30, or 2.2%, to $1,308.10/oz.
- Physical demand has remained short of expectations, Commerzbank's Eugen Weinberg says, and India's decision to maintain a 10% import duty on gold and silver likely will dampen future gold demand expectations from the country.
- Barclays, which expects gold to drop to $1,200/oz. by Q3, also expresses caution, saying recent gains across the metals complex look toppy.
- ABX -1.2%, NEM -1.7%, GG -2.4%, KGC -1.8%, AEM -1.4%, AUY -1.4%, EGO -3%, NGD -2.8%, FNV -2.4%, AGI -2.6%, AU -2.2%, IAG -1.9%, GFI -3.4%, BTG -2.1%, NG -0.7%, SLW -2.1%.
- ETFs: GLD, SLV, GDX, NUGT, AGQ, IAU, DUST, SIL, USLV, SIVR, SGOL, ZSL, UGL, DGP, GLDX, GLL, UGLD, DZZ, SLVO, GLDI, DSLV, SLVP, DGL, DBS, GLTR, DGZ, RING, AGOL, DGLD, OUNZ, DBP, GGGG, WITE, PSAU, TBAR, USV, UBG, JJP, GLDE, GYEN, GLDL, RGRP, GLDS, GEUR, GGBP, BLNG
Jul. 10, 2014, 7:42 AM
- Portugal's 4% decline today brings its 7-day dive to 11% as the parent of Banco Espirito Santo reportedly is considering bankruptcy protection. Banco Espirito is off 17% today and more than 50% over the last month.
- Spain's IBEX 35 is down 2.4% and Italy's FTSE MIB is lower by 2%.
- Gold is higher by 1.5% to $1,344 per ounce and silver by 2.4% to $21.58.
- In other news, India disappointed gold bulls by leaving in place recent increases in gold import taxes in its just-released annual budget. The previous government over the last two years had boosted the import tax to 10% from 2% and mandated that 20% of imports had to be re-exported.
- GLD +1.1%, SLV +1.9%
- ETFs: GLD, SLV, AGQ, IAU, USLV, SIVR, SGOL, ZSL, UGL, DGP, GLL, UGLD, DZZ, SLVO, GLDI, DSLV, DGL, DBS, DGZ, AGOL, DGLD, OUNZ, TBAR, USV, UBG, GLDE, GYEN, GLDL, GLDS, GEUR, GGBP
Jul. 8, 2014, 1:00 PM
- BlackRock chief investment strategist Russ Koesterich isn't buying the last month's 12% bounce in silver, attributing the move instead to the metal's typical volatility. Further, he says H1's drop in real interest rates - a boost to the metal - is unsustainable as the year goes on. "This suggests a tougher second half for precious metals, particularly for gold, which has historically had the stronger relationship with real rates.”
- He also notes the silver-to-gold price ratio as near the historical average, suggesting silver isn't mis-priced, at least as it relates to gold.
- ETFs: SLV, AGQ, USLV, SIVR, ZSL, SLVO, DSLV, DBS, USV, SIL, SLVP, SILJ
Jun. 20, 2014, 4:15 PM
Jun. 19, 2014, 3:10 PM
- A nice-sized rally has turned into a melt-up for the precious metals and the companies that pull them out of the ground. Gold is up 3.9% to $1,319, its highest level in two months, and silver is ahead 5.7% to $20.90. GLD +3.6%, SLV +5.4%
- The gold miners (GDX +4.7%), and the silver miners (SIL +6.1%).
- A dovish interpretation of the FOMC news from yesterday makes for a nice excuse, as does the President's move to send 300 military advisers to Iraq to try and head off an all-out civil war there.
- Gold and silver ETFs: GLD, SLV, AGQ, IAU, USLV, SIVR, ZSL, SGOL, UGL, DGP, GLL, UGLD, DZZ, SLVO, GLDI, DSLV, DGL, DBS, DGZ, DGLD, AGOL, OUNZ, TBAR, USV, UBG, GYEN, GLDE, GLDS, GLDL, GEUR, GGBP
- Gold and silver miner ETFs: GDX, NUGT, GDXJ, DUST, GLDX, JNUG, JDST, RING, GGGG, PSAU, SIL, SLVP, SILJ
Jun. 19, 2014, 11:05 AM
- Now up about $30 per ounce since the FOMC announcement, updated Fed economic projections, and Yellen press conference yesterday, gold is just cents away from $1,300.
- Peter Boockvar notes the Fed may be ignoring recent warming inflation data (when pressed on the fast numbers, Yellen called them "noisy"), but gold may not be. In any case - with just 3 FOMC meetings to go until QE is over and rate hike discussions start in earnest - markets will have to keep a close watch on inflation figures in addition to labor market indicators.
- GLD +1.8%, SLV +2.3%
- ETFs: GLD, SLV, AGQ, IAU, USLV, SIVR, ZSL, SGOL, UGL, DGP, GLL, UGLD, DZZ, SLVO, GLDI, DSLV, DGL, DBS, DGZ, DGLD, AGOL, OUNZ, TBAR, USV, UBG, GYEN, GLDE, GLDS, GLDL, GEUR, GGBP
- Earlier coverage of FOMC/Yellen
Jun. 5, 2014, 3:08 PM
- The two - one a pioneer in ETFs, the other a commodities information provider - join the London Metal Exchange and CME Group in vying to provide a replacement for the silver benchmarking process.
- The ETF Securities proposal is based on the company's London-traded silver fund that's physically settled by the LBMA - the group looking for a replacement for the fix. "It's open, it's transparent, every bid and offer that goes into the auction can be audited and supervised," says ETF Chairman Graham Tuckwell.
- ETFs: SLV, AGQ, USLV, SIVR, ZSL, SLVO, DSLV, DBS, USV
- Previously: CME and LME vie for sliver "fix"
May 27, 2014, 3:33 PM
- June gold fell to its lowest level in 15 weeks, settling 2% lower $1,265.50/oz., as "everywhere the investor looks, he sees nothing but a negative for gold today." Silver slipped 1.8% to end at $19.07/oz.
- Gold's drop despite increased violence in eastern Ukraine "is a telling sign that more weakness may be on the horizon," says Forex.com's Matt Weller; a shift in tone by Russia, which indicated its willingness to work with the new Ukrainian government and made strides toward a natural gas deal between the two countries, removed another support from the gold market.
- Also a factor is a round of stronger U.S. economic data showing a surprise increase in durable goods orders, improved housing data and rising consumer confidence, which is providing a lift to stocks; the expiration of June gold options also is adding to market volatility.
- Precious metals miners are among the day's weakest stock performers: ABX -3.4%, GG -3.8%, NEM -3.1%, SLW -3.4%, KGC -3.8%, AUY -4.1%, AU -6.5%.
- ETFs: GLD, SLV, AGQ, IAU, USLV, SIVR, ZSL, SGOL, UGL, DGP, GLL, UGLD, DZZ, SLVO, GLDI, DSLV, DGL, DBS, DGZ, DGLD, AGOL, OUNZ, TBAR, USV, UBG, GLDE, GYEN, GEUR, GLDS, GLDL, GGBP
May 7, 2014, 3:11 PM
- Generally upbeat economic comments from Janet Yellen make for a convenient excuse for sizable declines in precious metals today, but then how do we explain lower yields at both ends of the interest rate curve? At 2.62% before Yellen sat down in front of Congress, the 10-year Treasury yield is now down to 2.59%, and the December 2015 Eurodollar contract - as good a proxy for worry over rate hikes as exists - has gained five basis points (higher price means lower chance of hike).
- Maybe more at work could be chatter about a de-escalation of tensions over Ukraine.
- In other news, the China Gold Association reports the country's total Q1 gold consumption at 322.99 metric tons, up 0.8% from a year ago. Consumption of gold bars, however, fell about 44% to 67.954 tons.
- GLD -1.4%, SLV -1.3%
- ETFs: GLD, SLV, AGQ, IAU, PHYS, USLV, SIVR, ZSL, SGOL, UGL, DGP, GLL, DZZ, UGLD, GLDI, SLVO, DSLV, DGL, DBS, DGZ, DGLD, AGOL, TBAR, USV, UBG, GYEN, GLDE, GEUR, GLDS, GLDL, GGBP
Apr. 28, 2014, 1:00 PM
- "Silver has the worst story of all the metals," says Archer Financial's Adam Klopfenstein, noting plentiful supplies and its tendency to move alongside gold.
- HSBC expects a 3.4% increase in supply to 1.09B ounces this year alongside flat demand at 938M ounces. Partly fueling the supply growth are prices remaining above the all-in cost of production of $15-$17 per ounce, says the bank's Howard Wn.
- TD's Mike Dragosits, says silver ends its six-year slump in 2014, thanks to a recovering U.S. economy boosting industrial demand for the metal. A Fed being slower than expected on tightening monetary policy should also provide a boost. he says.
- ETFs: SLV, AGQ, USLV, SIVR, ZSL, DSLV, SLVO, DBS, USV, SIL, SLVP, SILJ
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