- Gold prices jump to their highest level in nearly 10 months, lifted by safe-haven buying as investors monitored continuing trade talks and political uncertainty in Europe.
- April Comex gold +1.4% to $1,340.80/oz., adding more than 4% YTD and on track for its highest close since April a year ago.
- "The uncertainty of the trade talks and fears that the U.S. equity market may be running out of steam is creating capital flows into a more protective allocation," says Peter Hug, global trading director at Kitco Metals, adding that Brexit "has the potential to derail the entire continent."
- "Further weakness in government bond yields could underpin the lower-yielding and non-interest bearing assets such as gold and silver even more profoundly going forward, although equities cannot ignore a deteriorating global economy for too much longer," says Forex.com's Fawad Razaqzada.
- Gold mining names are broadly higher: GOLD +3.9%, NEM +3.6%, GG +3.7%, KGC +6.7%, AUY +4.9%, AEM +2%, IAG +3.6%, SBGL +8.8%.
- Meanwhile, palladium hits a record high to as much as $1,491/oz. due to a prolonged supply deficit.
- "The palladium market is facing a substantially growing physical deficit... driven more from the demand side due to rising automotive demand," says Philip Newman, director at Metals Focus.
- ETFs: GLD, GDX, NUGT, GGN, DUST, IAU, PHYS, PALL, SGOL, GOEX, UGLD, SGDM, UGL, DGP, GLL, ASA, GLDI, OUNZ, RING, DZZ, DGL, DGLD, TGLDX, PTM, DGZ, PSAU, GOAU, GDXX, BAR, GDXS, GLDW
Gold hits 10-month high, palladium pops to new record
Barrick Gold Corporation (GOLD) Stock, NEM Stock, KGC Stock, PAAS Stock, AEM Stock, IAG Stock, GLD, GDX, NUGT, GGN, DUST, IAU, PHYS, PALL, SGOL, GOEX, UGLDF, SGDM, UGL, DGP, GLL, ASA, GLDI, OUNZ, RING, DZZ, DGL, DGLDF, TGLDX, PTM Stock, DGZ, PSAU, GOAU, GDXX, BAR, GDXS, GLDW, ABX:CA Stock, NGT:CA Stock, K:CA Stock, YRI:CA Stock, AEM:CA Stock, IMG:CA Stock, PHYS:CACarl Surran, 75 Comments