Commentaries

  • For the first time since September 20, 2011 gold futures closed above $1800 per ounce. On Tuesday July 7th, gold for bulls stormed the long standing in almost 10 years closed above that key price level. On Wednesday gold pricing traded to an intraday high of $1829 before settling at $1820. The last two days gold pricing has been under pressure as short-term futures traders’ pulled profits. However even with this pressure as of 3:30 PM EDT the most active August Comex contract is currently fixed

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  • In my last column of H1 2020, I was expecting a Gold Futures Q2 close above $1800. Although just barely, Mr. Market delivered as August Gold closed at $1800.50 on June 30th. In fact, gold saw its highest quarterly basis close in history and best quarterly performance in more than four years. With gold futures closing above $1800 on a quarterly basis, this raises the possibility of an eventual test of its record high set during 2011 at $1923 soon. When a stock or commodity breaks above a long-ter

  • This week Tuesday gold futures traded and closed above $1800 for the first time since 2011. After trading to an intraday high of $1829 yesterday, today’s trading activity can be best characterized as short-term profit taking. This is not unusual for a market that has been gaining value the way that gold has been recently. Gold ascending above $1800 occurred as a series of tops in which prices would form a peak and the form a base at that new higher price level. We have seen this type of orderly

  • For those investors, traders and market participants that actively trade or invest in gold, the last couple of trading days have truly been historic. Yesterday gold futures for the first time since 2011 closed solidly above a key psychological and resistance level which occurs at $1800 per ounce. That was followed today when physical or spot gold prices also traded above $1800 per ounce. Not since the historical run-up to the all-time highs in 2011 have we seen gold pricing trade above $1800. Th

  • Gold surged above $1800 in trading today, closing above that key resistance level. Traders in New York took the price of gold futures to $1808, which is a net gain of just over $14. This is the highest value that gold has obtained since the net result of the financial crisis of 2008 took gold above $1900 in 2011. This is this second attempt to trade and close above $1800 over the last month. That price point has served as a technical resistance level. The first attempt occurred recently, however

  • The entire precious metals complex that trades in the futures markets were higher on the day. The winner today was silver, basis the most active May contract, silver closed at $18.62. Silver was up by 1.68% on the day, which is a total of almost $0.31. Platinum was next in line with the most active October contract closing at $841.70, this after factoring in today’s gain of 1.21% ($9.90). Palladium gained 1.16%, with the most active September contract fixed at $1900.50. Lastly, August gold futur

  • As the Americans and Canadians get ready for a welcomed extended weekend with Canada Day already underway (as of yesterday) and Independence Day on Saturday, market participants and investors continue to show concern in reference to the massive potential economic fallout from the COVID-19 pandemic. A summer of uncertainty The increasing number of new coronavirus victims globally has heightened concerns that the timeline and number of infections has been greatly underestimated. Daily cases in the

  • Last night’s surge in gold pricing took gold future’s August Comex contract to the highest trading level on a weekly chart since September 2011. However, at least on this attempt a close above $1800 was unsustainable as profit takers entered the market taking gold prices dramatically lower by the close of New York. As of 4:36 PM EDT April futures are currently down by $19.70 and fixed at $1780.80. The intraday low was $1767.90, indicating that on technical basis no major chart damage was c

  • Today a joint appearance of America’s most powerful economic policymakers testified before the U.S. House of Representatives House Financial Services Committee to discuss their methodology in aiding those affected by the resurgence of new coronavirus cases. Both economic policymakers offered different pictures of the current state of the U.S. economy. The secretary of the Treasury had a more optimistic forecast saying that he, “expects a rebound in the second half of the year”, while Chairman Po

  • U.S. equities recovered from Friday’s substantial decline. Market participants bid U.S. equities higher on hopes of a quick recovery from the global pandemic which is now in its fourth month. Despite these real concerns of a major uptick in reported cases the Dow Jones Industrial Average gained 580 points in trading today. According to Reuters, “Investors have been weighing better economic data against a new uptick in COVID-19 infections. The global death toll from the virus reached half a milli

  • Our technical studies have indicated that it’s not if but when gold will effectively trade and close above $1800 per ounce. This week gold closed at its highest trading value this year, but more impressively it reached a high not seen for the last 7 ½ years. On Wednesday gold futures, basis the most active August contract traded to $1796.10 and then closed negative on the day. Yesterday gold futures traded lower but closed above a key level of support at $1766. Today we witnessed gold futures ha

  • Our technical studies have indicated that it’s not if but when gold will effectively trade and close above $1800 per ounce. This week gold closed at its highest trading value this year, but more impressively it reached a high not seen for the last 7 ½ years. On Wednesday gold futures, basis the most active August contract traded to $1796.10 and then closed negative on the day. Yesterday gold futures traded lower but closed above a key level of support at $1766. Today we witnessed gold futures ha

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  • After trading sideways since early April, gold appears ready to break out above multi-year resistance at $1800 on a quarterly basis next week. The safe-haven metal closed at an 8-year high on Tuesday and could make a run to test its all-time highs as early as this summer. At the tail-end of the first up-leg of the secular gold bull market that began near $250 an ounce at the turn of the century, bullion ran up to over $1900 and ended its 11-year run with a parabolic spike in August of 2011. Howe

  • Metals remain the most interesting market in the world at this moment. Gold, silver and platinum are all going in different directions. The next few days will go a long way in determining the next big move that we expect to see in all three. Gold continues to be the strongest and appears ready for a major breakout to the upside once again. After consolidating three months, gold has broken out the upside, now targeting $1,800 and more in the August futures. This rally could be powerful enough to

  • The fundamental factors which have taken gold pricing from $1460 in March, to within four dollars of $1800 per ounce this week are still present, and they continue to be highly supportive of gold prices. First and foremost, and at the root of other fundamental issues is the global Covid – 19 pandemic which is now in its fourth month. In that short period of time the total number of reported cases globally has swelled to 9,649,299, resulting in the loss of 487,800 souls. The pandemic resulted in

  • Gold futures traded to a new yearly high in London last night, when for a brief moment the most active August contract reached $1796.10. This is the highest value gold has attained since 2012. But that was to be short-lived. Gold prices began to selloff sharply just prior to the open of New York markets. By the time trading reached New York gold futures had traded off of their highs and opened at $1784.40. Even the opening price of gold today in New York was to be short-lived. As of 4:15 PM EST

  • Gold futures had solid gains today closing above the highest close in 2020. On April 14 of this year gold hit an apex as it reached the highest intraday high for the year when it traded to $1788, and backed off on the close. On that day not only did gold pricing reach the highest intraday price, it also closed at the highest level this year, closing at $1769 per ounce. Today gold closed near its high of $1786.10. As of 4:15 PM EST gold futures basis the most active August contract is trading up

  •   Gold pricing surged to higher ground today, as renewed concerns about a second wave of the pandemic triggers concerns leading to safe haven demand. According to the Associated Press and Time magazine, the World Health Organization (WHO) on Sunday, reported “the largest single-day increase in coronavirus cases by its count, at more than 183,000 new cases in the latest 24 hours.” The WHO reported the largest single-day increase in COVID-19 cases by its count, at more than 183,000 new cases