Precious Metals

November 19 2012 12:39 PM

The gold price surged higher on Monday amid a sell-off in the U.S. dollar and a broad-based rally on Wall Street. The spot price of gold climbed by as much as $22.98, or 1.3%, to $1,735.48 per ounce in morning trading. In doing so, the gold price returned to positive territory on a monthly basis, by 0.8%, and extended its year-to-date gain to 11.0%. As for the dollar, which last week reached its highest level since early September, this morning it declined by 0.5% against a composite of the world’s most-traded currencies.

November 10 2012 11:33 AM

Precious metals extended Thursday’s gains. The advance came despite a stronger USD index. Gold tapped a pit session high at 1739.40 in morning action and closed at 1731.00 as it pulled-back slightly in the afternoon. The precious Yellow metal gained 3.3% over the week following the re-election of President Obama.

November 06 2012 12:20 PM

The silver market has started out on a positive track, with silver prices seemingly drafting off positive action in gold and US equities. As in gold, silver might be poised to benefit from an end to US election rancor and the accompanying uncertainty with that process. In other words, silver and a host of physical commodity markets might be poised for a "relief" rally once the election anxiety has run its course. Silver might also increase its track with US equities over the coming 24 hours, as election relief might be allowed to control, before the focus of the trade turns back toward the fiscal cliff. Given the sharp washout in silver prices last week, some measure of the gains this morning might be the result of classic technical short covering buying. In the end, silver is likely to trade in sync with US equities and a long list of physical commodity markets. Comex Silver Stocks were 142.166 million ounces down 300,872 ounces. Silver stocks have declined in 11 of the last 20 days.

November 05 2012 9:27 AM

While platinum extended Friday's selloff during overnight trading, January platinum was able to remain above last week's lows for the move. Despite ongoing turmoil in the South African platinum mining sector, some traders feel that the platinum market seems more concerned about the prospect of slumping demand than of any further supply side problems. At their lows this morning, January platinum prices were roughly $190 an ounce below their October highs.

November 01 2012 9:51 AM

At least in the early going today, December silver seems to have outperformed the gold market, as silver prices in the early going have forged a fresh upside breakout on the charts. With the rise this morning December silver prices reached up to the highest level seen since October 19th and perhaps some of the fresh buying was technical stop loss buying. Like gold, silver probably needs to see something positive from a very active US data schedule today, especially in face of early weakness in equities and a rise in the value of the dollar. Favorable data from the US later this morning could begin to countervail talk that the storm is cutting into already anemic US growth and therefore silver and other physical commodity markets probably need assistance from the US numbers this morning to claw out further gains. Comex Silver Stocks were unchanged at 142.362 million ounces.

November 01 2012 9:39 AM

The world's biggest gold producer posted its fourth-straight disappointing quarterly report as it struggled with costs that rise more than gold's price.

October 26 2012 10:21 AM

Platinum prices overnight fell to a fresh new low for the move, and in the process January platinum reached the lowest price level since September 4th. Many traders feel that platinum hasn't been able to find much support from yesterday's news from Anglo American Platinum, who projected declining platinum production and declining capital expenditures that could reduce future output.

October 25 2012 10:41 AM

The platinum market has posted moderate gains during the early Thursday US trading session, but January futures contract has been unable to climb back towards the prior session's high. Some traders feel that platinum may have found support from favorable outside market conditions, as well as from news of reduced production and reduced capital expenditures from platinum mining facilities in South Africa.

October 23 2012 10:24 AM

A large overnight selloff has taken January platinum down to their lowest price levels since September 7th. Some traders feel that fears of global slowing which were generated by negative US corporate earnings and guidance have put pressure on a host of physical commodity markets like platinum. Even though labor tensions have continued in South African gold and platinum mining operations, any threat against supply may have been pushed to a back burner status because of macro economic slowing concerns. With weak global equity markets enhancing fears of slowing, some in the market feel that platinum could be vulnerable to additional pressure until the FOMC statement release on Wednesday.