GC=F - Gold Aug 19
| Pre. Settlement | N/A |
| Settlement date | 2019-08-28 |
| Open | 1,364.50 |
| Bid | 1,383.80 |
| Last price | 1,348.80 |
| Day's range | 1,361.30 - 1,397.70 |
| Volume | 217,795 |
| Ask | 1,383.90 |
- Bloomberg•3 hours ago
Can This Gold Rally Continue?
(Bloomberg Opinion) -- For the past six years, there’s been no number more filled with dread for gold bulls than $1,350 an ounce. Barring a few brief spikes, the metal has struggled to break through that level ever since it came off its run-up to $1,900 between 2011 and 2013. This matters, because an asset that has few fundamental factors drivingits performance (short of its negative correlation to the greenback) is unusually susceptible to the psychological hocus pocus that can sometimes make technical analysis work.Thousands of investors believe that $1,350 an ounce is a “resistance level” that gold will struggle to break above. As a result, they’re likely to sell hard as the price approaches that point, and change their view of things if it confounds them by decisively moving higher.It looks like we’re in that territory now. After a momentary incursion above $1,350 on Tuesday, spot gold decisively broke through on Wednesday afternoon and climbed as high as $1,394 early in the Asian day Thursday. That’s its most elevated level since September 2013.The question is whether this is just another temporary spike.There’s some reason to think the best is already behind us. Investors tend to flock to the yellow metal when expectations of economic growth suffer a sharp setback. If you consider flight-to-safety sovereign bond rallies(2) over the past decade, the median peak gain for gold has been 7.2%. This time around, we’re already sitting on an 8% rise. At the same time, there are signs of a more dramatic re-evaluation of economic prospects than we saw in gold’s previous pips above $1,350 in July 2016 and March 2014.Federal Reserve Chairman Jerome Powell opened the door to interest rate cuts as early as next month in a media briefing after the central bank’s policy meeting Wednesday – almost certainly the main reason that gold has been looking so peppy. If the Fed cuts in July, it’s more likely to be by half a percentage point than a quarter-point, Robert Mead, co-head of Asia-Pacific portfolio management at Pimco, told the Bloomberg Buy-Side Forum in Sydney on Thursday.Should the Fed ease significantly – providing a “Powell put” to bail out an economy struggling under the weight of trade tariffs – you can expect to see a marked weakening of the dollar. That, in turn, ought to be good for gold.The deteriorating economic picture in Europe should also provide support. Gold doesn’t produce a return, but that’s not the disadvantage it once was in a world where sovereign debt in Germany, Sweden, the Netherlands, Switzerland, Denmark, Austria and Japan – and, perhaps soon, France – provides negative yields. Funds so far seem unconvinced. Money managers, a group that’s been relentlessly bullish on the prospects for gold futures and options over most of the past decade, have been net-short for 24 weeks out of the past year and were still expecting price falls just last month. While that spiked up to a net-long position of 156,718 contracts in the most recent week, such data is subject to sharp reversals whenever movements in the underlying asset give investors a chance to take profits.Still, in a world where uncertainty seems to spike every time the U.S. president opens his Twitter app, it’s hardly surprising a metal that thrives on chaos is finally getting its moment in the sun. The $1,350 level has been a price ceiling for gold for nearly six years. It could just as easilyturn into a floor in the future.(1) We're defining this as episodes when the yield on benchmark 10-year U.S. Treasuries fell by 40 basis points or more from a month earlier.To contact the author of this story: David Fickling at dfickling@bloomberg.netTo contact the editor responsible for this story: Rachel Rosenthal at rrosenthal21@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.David Fickling is a Bloomberg Opinion columnist covering commodities, as well as industrial and consumer companies. He has been a reporter for Bloomberg News, Dow Jones, the Wall Street Journal, the Financial Times and the Guardian.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
- Investing.com•9 hours ago
Gold Jumps as Fed Keeps Door Open for Rate Cut
Investing.com - Gold prices jumped on Thursday in Asia after the U.S. Federal Reserve kept the door open for an interest rate cut later this year.
- Bloomberg•12 hours ago
Gold Hits Two-Year High as Fed Seen Moving Closer to Rate Cut
(Bloomberg) -- Spot gold climbed to close at the highest in more than two years after the Federal Reserve signaled a readiness to cut U.S. interest rates, citing increased economic uncertainties.While policy makers left their key rate unchanged on Wednesday, they dropped a reference in their statement to being “patient” on borrowing costs and forecast a larger miss of their 2% inflation target this year.Gold has posted four straight weekly gains, partly on bets that the Fed will lower interest rates amid signs that escalating trade disputes are affecting the U.S. economy. Low rates are a boon to precious metals, which don’t offer yields.“Even though the Fed didn’t cut rates, the market expectation for a dovish environment and a likely rate cut in July are positive for gold,” Maxwell Gold, the New York-based director of investment strategy at Aberdeen Standard Investments, said by email. “As concerns around slowing global growth and trade put further pressure on monetary policy globally, gold may see further support.”The Fed still expects a strong labor market and inflation to be near its goal but “uncertainties about this outlook have increased,’’ the Federal Open Market Committee said in the statement following a two-day meeting in Washington.Bullion for immediate delivery rose 1% to settle at $1,360.38 an ounce, the highest closing price since August 2016.To contact the reporters on this story: Joe Richter in New York at jrichter1@bloomberg.net;Marvin G. Perez in New York at mperez71@bloomberg.netTo contact the editors responsible for this story: Luzi Ann Javier at ljavier@bloomberg.net, Joe Richter, Steven FrankFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
- Investing.com•19 hours ago
Gold up in Post-Settlement Trade as Fed Leaves Rate Cut Hopes Alive
Investing.com - Gold rallied in Wednesday’s post-settlement trading after the Federal Reserve kept the door open for an interest-rate cut further down the road.
- Coindesk•19 hours ago
Block.one Paid $30 Million for a Domain
Blockchain solution provider Block.One paid $30 million for Voice.com.
- Zacks•20 hours ago
Near-Term Outlook for Silver Mining Industry Looks Grim
Near-Term Outlook for Silver Mining Industry Looks Grim
- Investing.com•22 hours ago
Oil Prices Turn Higher After Bullish U.S. Inventory Data
Investing.com - Official government data released Wednesday showed a larger-than-expected fall in U.S. crude inventories, sparking a turnaround in oil prices.
- Investing.com•yesterday
Gold Prices Unchanged Ahead of Fed Meeting; Sino-U.S. Trade Development in Focus
Investing.com - Gold prices were unchanged on Wednesday in Asia as traders await the conclusion of the Federal Reserve’s two-day meeting.
- Investing.com•yesterday
Oil Prices Inch Up as OPEC Edges Closer to Agreeing on Meeting Date
Investing.com - Oil prices edged up on Wednesday in Asia following reports that OPEC and its allies are close to agreeing on a date for their next meeting.
- Market Realist•2 days ago
Why Jeffrey Gundlach Likes Gold
During DoubleLine's investor webcast on June 13, Jeffrey Gundlach said, “I am certainly long gold.” His call on gold is based on his expectation that the US dollar (UUP) will finish lower this year.
- Coindesk•2 days ago
New Research Targets a Big Worry for Some Blockchains: Double-Spent Transactions
A recent research paper outlines a possible way to detect and punish double-spending on a blockchain network.
- Investing.com•2 days ago
Gold’s $1,400 Dream Rests on Fed as Trump Resumes Trade Talks
By Barani Krishnan
- The Telegraph•2 days ago
Bulgari celebrates ancient coins as old as 337AD with its new Octo Romana Monete watch
Exploring ways to bring material interest to a watch dial is as old as timekeeping itself. And one of the most interesting ways to add face value has been using coins - either as a dial or as the entire case. Rare versions of pocket and wristwatches from Patek Philippe, Vacheron Constantin and Audemars Piguet featuring currencies from the US, Switzerland, France and Mexico have all raised their heads at auction.
- Investing.com•2 days ago
Oil Prices Pressured by Global Growth Concerns
Investing.com - Oil prices were lower for a second day on Tuesday, weighed down by worries that global economic growth is being hit by the U.S.-China trade war, although losses were limited by tensions in the Middle East after last week's tanker attacks.
- Zacks•3 days ago
The Zacks Analyst Blog Highlights: PDC Energy, Exxon Mobil, AngloGold Ashanti, NovaGold Resources and VanEck Vectors Oil Refiners
The Zacks Analyst Blog Highlights: PDC Energy, Exxon Mobil, AngloGold Ashanti, NovaGold Resources and VanEck Vectors Oil Refiners
- Coindesk•3 days ago
Russia’s Central Bank Is Considering Launching a Digital Currency
The head of Russia's central bank has said the institution is investigating the possible future launch of a digital currency.
- Investing.com•3 days ago
Gold Prices Flat, Reflecting Caution Ahead of Fed Meeting
Investing.com - Gold prices were little changed on Monday, losing steam after five consecutive sessions of gains as investors turned cautious despite expectations for hints at looser policy from the Federal Reserve on Wednesday.
- Simply Wall St.•3 days ago
Highland Gold Mining (LON:HGM) Shareholders Have Enjoyed An Impressive 154% Share Price Gain
The worst result, after buying shares in a company (assuming no leverage), would be if you lose all the money you put...
- FX Empire•3 days ago
Fed Messaging the Key Focus for Week Ahead
All eyes will be on the Federal Reserve’s policy announcement on Wednesday, where any hint of waning patience from policymakers could undermine the Greenback’s recent gains.
- FX Empire•3 days ago
E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Weekly Chart Strengthens Over 7551.00, Weakens Under 7439.75
Based on last week’s price action and the close at 7504.75, the direction of the September E-mini NASDAQ-100 Index this week is likely to be determined by trader reaction to the Fibonacci level at 7551.00.
- FX Empire•3 days ago
E-mini S&P 500 Index (ES) Futures Technical Analysis – Weekly Chart Strengthens Over 2877.75, Weakens Under 2850.00
Based on last week’s price action and the close at 2894.75, the direction of the September E-mini S&P 500 Index this week is likely to be determined by trader reaction to the Fibonacci level at 2877.75.
- FX Empire•4 days ago
Crude Oil Going Nowhere Despite the Rising Tensions and Supply Cuts?
Crude oil bulls proved weaker and the strength they attempted to project yesterday, evaporated to a considerable degree. Neither today, they appear any stronger.
- FX Empire•4 days ago
Will the US Economy Fall into Recession? Or Will It Accelerate? Lessons from the 1990s Expansion for the Economy and the Gold Market
The current economic expansion has just equaled with the longest boom in US history. Is that not suspicious? We invite you to read today’s article, which provides you with the valuable lessons from the 1990s expansion for the gold market and find out whether the US economy will die of old age.
