There is still time for the “leadership” in Washington to put aside the petulance and come to some understanding

There is still time for the “leadership” in Washington to put aside the petulance and come to some understanding that would prevent a government shutdown when the clock strikes midnight tonight. However, market participants are taking the “once bitten twice shy” approach with a case of “sell the rumor buy the news”. The last time investors piled on the “government shutdown” bus the situation was averted. Gold has been pressured lower from last weeks close - most likely from a combination of month end/quarter end activities and the looming fiasco – and now trades nearly 1% lower to stsart the week. AMCU workers, who began striking at Amplats on Friday may or may not continue the work stoppage but platinums rather muted response may lead one to believe that a short term disruption has been priced into the market. Platinum trades ~$6 lower to start the day as market participants look for any signs that the issues at the world’s #1 platinum producer may drag on longer than expected. Have a great day!

The precious complex continues to search for direction but the looming U.S. government shutdown

The precious complex continues to search for direction but the looming U.S. government shutdown and a debt ceiling that is getting a little too close for comfort appear to be cushioning any significant downside for gold at the moment. Platinum remains in a holding pattern just a day ahead of a planned AMCU strike at Amplats tomorrow. Any hint of a long-term supply disruption could push the white metal off the sidelines but for now it’s a wait-and-see atmosphere. On the domestic economic front, it appears the computer glitches surrounding weekly jobless claims have finally been fixed and the numbers are painting a rosy picture. Claims fell by 5,000 last week and now stand at 305,000 according to the Labor Department. U.S. pending home sales fell by 1.6% in August according to a report just released by the National Association of Realtors. The recent rise in long-term interest rates appear to be the culprit. However, pending sales are still up 5.8% from the same time last year. Have a great day!

 

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Gold is failing to find any support from comments made by St. Louis Fed President

Gold is failing to find any support from comments made by St. Louis Fed President, James Bullard’s colleagues that appear to contradict his optimistic tone regarding the health of the U.S. economy and the potential for QE tapering in October. Although the only certainties in life, as the saying goes, are death and taxes, one wouldn’t be venturing too far out on a limb to add in the end of quantitative easing and being that it’s only a matter of time, market participants appear to be leaning towards sooner than later. Also weighing on the yellow metal is the softening demand out of the Far East. Gold is trading more than 1% off to start the day after closing yesterday’s session at $1327. Silver is following the trend and is more than 1.5% off in early trading. Platinum’s reaction to the announced planned strike by the AMCU on Friday appears somewhat muted at the moment. The Association of Mineworkers and Construction Union will  protest Amplats’ plans to cut 3,300 workers, despite this number being much smaller than the 14,000 job cuts that the world’s #1 platinum producer had planned for earlier this year. Platinum is off .25% to $1421.80. IN domestic economic news, S&P Case/Shiller reported single-family home prices were up 12.4% in June compared to the year prior. Have a great day!

Every party has a party pooper

Every party has a party pooper, someone who just sucks all the fun out of the place. In this particular instance, that person was James Bullard, Head of the St. Louis Federal Reserve. After Wednesday’s surprise announcement that the Federal Reserve would not begin QE tapering and the subsequent rally, in both the equities space as well as the precious complex, Mr. Bullard took to the spotlight on Friday and, for lack of a better term, killed the mood. His indications that the recent vote to begin tapering was very close and his statements that the Fed could start the process in October, should economic data improve, had the precious metals giving back much of their gains by market close on Friday. The precious complex remains under pressure to start the day with gold down nearly 1% after closing the previous session at $1332.50. Silver is down nearly 1% as well while platinum trades off roughly $7 and palladium  trades 1.5% lower. In global economic news, HSBC’s “flash” index showed manufacturing activity pushing further into expansion territory. The reading came in at 51.2 after the previous months reading of 51.1. Eurozone PMI, as reported by Markit, also improved and come in at 51.5, up from last month’s 52.1. It should be a rather quiet day as market participants look to position themselves for the upcoming debt ceiling battle in Washington. Have a great day!

The precious complex is coming under a bit of pressure as some profit taking seeps into the market following Wednesday’s rally.

Good Morning,

 

The precious complex is coming under a bit of pressure as some profit taking seeps into the market following Wednesday’s rally. Gold closed the previous session at $1369.30 but now trades more than 1% lower to $1353. Silver, which surged nearly 8% after the Fed announced it would leave QE alone, has given back nearly 3% this morning and trades $22.640 after closing yesterday at $23.292. Platinum and palladium are down roughly 1.75% to start the morning. There isn’t much on tap from an economic data perspective so it’s shaping up to be a rather uneventful day. Some Fed members will be in the spotlight later this afternoon, which always has the potential to add some excitement to the markets. Have a great day!

“Sell the rumor buy the news”…which is completely backwards from the cliché trading lingo market

“Sell the rumor buy the news”…which is completely backwards from the cliché trading lingo market participants are used to but nonetheless advice that would have treated them well after yesterday’s FOMC meeting. In a shocking twist of rational thinking, the Fed has decided not to taper Quantitative Easing and, instead, stay the course of $85 billion-a-month in asset purchasing. One could guess what happed after the metals complex had been sold-off sharply in the days leading up to the meeting. Gold closed the official session at $1307.60 but quickly spiked after the announcement and now trades more than 4.5% higher. Silver is nearly 8% higher, now trading $23.275 after closing the previous session at $21.564. Platinum trades more than 3% higher this morning, as does palladium, up 3.76% to start the day. Weekly jobless claims rose 15,000 last week but a few states are having trouble processing claims so the reading remains rather useless. Existing homes sales at 10 a.m. ET will round out the day on the economic front while investors continue to ponder the Fed’s decision. Have a great day!

We could be in for a rather uneventful day in the precious metals complex as market participants await the conclusion of the FOMC meeting tomorrow.

We could be in for a rather uneventful day in the precious metals complex as market participants await the conclusion of the FOMC meeting tomorrow. At this point, it seems the consensus isn’t if the Fed will begin tapering the $85 billion-a-month asset purchase program but by how much. A $10 billion reduction in the program may have already been priced into the market so any deviation could make Wednesday afternoon very interesting. Until then it’s a wait and see atmosphere as the metals hover at or slightly below yesterday’s closing levels. Gold closed the previous session at $1317.80 and touched as low as $1307 in overnight trading. The yellow metal now trades $1312.60.  Silver ended Monday’s session at $22.009 and now trades nearly .75% lower at $21.850 after reaching as high as $22.14 overnight. Platinum trades about .5% lower at $1434 while palladium trades relatively flat to yesterday’s close and continues to hold above the $700 mark at $705. In economic news, The Labor Department released its consumer price index which rose .1% last month compared to a .2% increase in July. Have a great day!

While relations between President Obama and Russian President Putin seem worthy of a story on TMZ or E Entertainment Tonight

While relations between President Obama and Russian President Putin seem worthy of a story on TMZ or E Entertainment Tonight, the simmering tensions between the two are taking a relative back seat to news of central bank interest rate moves out of Asia and first time unemployment claims released earlier this morning. Indonesia’s central bank raised its key policy rate .25% and moved a couple more key interest rates higher in what is being labeled a “surprise” move in an attempt to cushion the downward momentum of the counbtry’s currency. Meanwhile the central banks of New Zealand, the Philippines and South Korea indicate  that their respective interest rates will likely hold steady  into at least 2014. We’ll see what happens after the FOMC meeting next week. First time unemployment claims are giving a false sense of an improving labor market. First time claims fell by 31,000 last week according to the Labor Department. However, due to “technical issues” some states were unable to report making this morning’s report rather useless. The precious metals complex is down sharply to start the day. Gold closed the previous session at $1363.80 but now trades nearly 2.5% lower at $1330.50. Silver is off roughly 4% while platinum trades $1447 after having closed Wednesday’s session  at $1473. Palladium continues to be the exception as it has moved little from yesterdays close of $691. Have a great day!

2013 W Gold Buffalo Reverse Proof Chicago ANA Releases NGC MS70

2013 W Gold Buffalo Reverse Proof Chicago ANA Releases NGC MS70

The United States Mint chose one of it’s most beloved designs, the American Buffalo, sculpted by James Earle Fraser, (student of the legendary sculptor Augustus Saint-Gaudens), to celebrate the 100 year milestone of the American Buffalo Design this year by creating the first ever Gold Reverse Proof American Buffalo.

The U.S. Mint made a special pre-release of just 1,000 coins at the  ANA Convention in Chicago August 13-17th. This gives these coins a unique pedigree that sets them apart from other coins. To identify the coins are from this unique pre-release NGC has created special labels designating them as Chicago ANA Releases. The coins we are offering have been certified perfect MS70.

Content: Gold 1.0000 (31.1035 grams)
Diameter: 32.70 mm
Weight:1.001 (31.108 grams)
Thickness: 2.95 mm
Date: 2013
Mint: WestPoint
Condition: NGC MS70
ANA Chicago Releases

While President Obama pleaded his case for a military strike against Syria, when he addressed the nation last night, diplomacy appears to the path of least resistance for the administration as a vote by Congress has been postponed and Secretary of State Kerry will head to Geneva to further the discussion.

While President Obama pleaded his case for a military strike against Syria, when he addressed the nation last night, diplomacy appears to the path of least resistance for the administration  as a vote by Congress has been postponed and Secretary of State Kerry will head to Geneva to further the discussion. The precious complex remains near yesterday’s closing levels, reached after developments on the Syrian situation. It was reported that the Syrian government had agreed to a proposal by Russia that would place the country’s chemical weapons under the control of the international community. Gold fell more than 1.5% and closed the previous session at $1364. The yellow metal now trades modestly lower at $1362. Silver is slightly higher, now trading $23.12, after closing Tuesday’s session at $$23.016. Platinum is licking its wounds as well after yesterday’s sharp decline. The white metal now trades $1477, slightly higher than yesterday’s close. Palladium remains the exception, having climbed more than 1% to start the day. Palladium now trades just above the $700 mark. Have a great day!

 

The paint, with which the Obama Administration had painted itself into a corner with, appears to be

The paint, with which the Obama Administration had painted itself into a corner with, appears to be drying up and it looks less likely that the U.S. will have to resort to strategic missile strikes against the Assad regime. It’s been reported that the Syrian government has agreed to a deal, proposed by Russia, that would place the country’s chemical weapons stockpile under control of the international community. The details of the arrangement don’t yet exist but that doesn’t seem to be worrying anyone. Chinese data released overnight  is lending its own support to the positive sentiment this morning. The world’s #2 economy had a number of positive economic reports including report on annual industrial output which rose 10.4% last month. The DJIA has moved nearly .5% higher at the open while gold is down more than 1.5% to start the day. The yellow metal now trades $1364 after closing Monday’s session at $1386.70. Silver off roughly 3% from yesterday…now trading $23.00 after closing the previous session at $23.717. Palladium is bucking the precious complex trend, trading nearly 1.5% higher at $693 this morning. With tensions fading in the Syrian situation, investors will look to next week’s FOMC for further direction. Have a great day!

 

Introducing the new Silver Bullion Rounds 1854 Seated Liberty Design With Arrows

Introducing the new Silver Bullion Rounds 1854 Seated Liberty Design With Arrows

So much gold was flooding the market at the height of the California gold rush that silver for the first and only time in history was worth more than gold. It was possible to exchange two hundred silver half dollars not for $100 in gold but for $106.60. The gold could then be exchanged at face value to buy more silver. This market anomaly caused the widespread melting down of silver half dollars almost to the point of removing them from circulation.

To correct this market anomaly, the government decided to reduce the  weight of the original coins by seven percent. To notify the public about the change in weight the U.S. Mint modified the design of the coin. After a flawed trail strike, new coins were issued with two prominent arrows placed at either side of the date.
 

Coins bearing the new arrows design were struck for just two years in 1854 and 1855 at the Philadelphia and the New Orleans Mint. After two years the arrows were removed and the coin returned to the original design but maintained the new lower weight. Seated liberty half dollars were issued from 1839-1891 but only two dates in the series has the arrows design.

1854 Seated Liberty design W/Arrows silver bullion rounds are a great way to buy silver. They are easy to buy, sell, stack store and count. We offer mint fresh beautifully struck, one ounce silver rounds. These lustrous rounds measure 39mm in diameter and contain one ounce of .999 fine silver. They are hallmark stamped with their exact weight and purity. Nationally recognized by all silver bullion and coin dealers, rounds are ideal for first time buyers and seasoned investors alike.

 

Fresh off Friday’s NFP data, and the first full weekend of NFL action, market participants return this morning with a shift in focus.

Fresh off Friday’s NFP data, and the first full weekend of NFL action, market participants return this morning with a shift in focus. While unemployment data last week kept the uncertainty of QE tapering alive, the more pressing matter of Syria takes center stage to start the week. The House and Senate will continue to digest the mounting evidence in the case against the Assad regime with the latter scheduled to vote as early as mid-week on whether to allow a U.S. military strike against Syrian targets.  On top of that, investors will be gearing up for next weeks Fed meeting as the debate on what Friday’s numbers really mean for the future of the Feds current monetary policy. Just 169,000 jobs were added in August with the unemployment rate dropping to 7.3%, albeit from a reduction in the labor force participation rate. Gold is the only one in the metals complex in positive territory to begin the week. The yellow metal is trading just .2% higher after closing last week at $1386.50. Have a great day!

Peyton Manning’s completion percentage in last night NFL season opener was 1.1% better than the percentage of Americans participating in the work force

Peyton Manning’s completion percentage in last night NFL season opener was 1.1% better than the percentage of Americans participating in the work force and about the only people happy about that fact are those who played Manning on their fantasy football team last night. Ok, so I’m running out of clever analogies to illustrate the disappointment brought about in recent month pertaining to the health of U.S. employment. In case you haven’t had your coffee yet, I’ll break down the stats for you. Only 63.2% of eligible Americans feel the need to participate in the labor force. That’s the lowest participation rate since 1978! Just 169,000 jobs were added in the month of August, beating July’s dismal numbers by a measly 65,000 Jobs but missing estimates. Unemployment, is now down to just 7.3% but for all the wrong reasons. All of this adds up to a reversal of this week’s trends in the precious complex. After a few days of sharp corrections to the downside, the metals are back on the move north, led by gold, as a September QE tapering announcement by the Fed seems rather unlikely, despite a number of positive economic reports over the last few weeks. Palladium continues to be the exception and simply chooses to sit near yesterday’s closing level of $685.80. Have a great weekend!

 

After yesterday’s blood-letting in the precious complex, it’s looking like a quiet Thursday ahead of tomorrow’s highly anticipated U.S. government jobs data.

After yesterday’s blood-letting in the precious complex, it’s looking like a quiet Thursday ahead of tomorrow’s highly anticipated U.S. government jobs data. ADP private sector jobs numbers, released earlier this morning, showed 176,000 added to private payrolls and weekly jobless claims numbers fell by 9,000 last week. However, there was little reaction to the data and the metals continue to hover near yesterday’s closing levels with a little pressure building to the downside. That is, except for and palladium which continue to get no love from positive U.S. auto sales figures released throughout Wednesday’s session. Palladium has fallen another 1.5% to $687.90 after closing yesterday at $698.25. Gold is a bit lower from Wednesdays close with prospects of a full blown war in the middle east dissipating as the Obama administration continues to emphasize the limited nature of any strike against Syrian targets. The yellow metal closed the previous session at $1390 and now trades roughly $10 lower to start the day. Platinum failed to hold the $1500 level yesterday but the potential for a spill-over of labor tensions in the South African gold sector, into the platinum sector, should cushion the white metals retreat. Have a great day!

The precious complex is under pressure amid continued uncertainty

The precious complex is under pressure amid continued uncertainty surrounding a U.S. military action in Syria and  strike action in the South African gold sector by the National Union of Mineworkers. As the Obama administration continues to gain support for a strike against the al-Assad regime, particularly from key figures on the right side of the isle, it’s becoming more a question of when the strikes will occur and what the ramifications will be after. Gold closed Tuesday’s session at $1412 but has failed to maintain support from current events and now trades more than 1.5% lower at $1388. Silver is the biggest loser thus far, down more than 3.5% on the day, despite positive manufacturing data out of China earlier this week and the U.S. yesterday (August ISM PMI up to 55.7 from 55.4 in July). Silver now trades $23.48 after closing Tuesday at $24.382. Platinum and palladium are down 2.7% and 3% respectively  as U.S. auto sales figures for August trickle in throughout the day. Toyota U.S. sales were up 22.8% beating estimates of 15.6% while GM reported sales were up 14.7% last month.  The Fed’s beige Book will be released at 2:00 PM ET today giving market participants a little appetizer before the non-farm payroll numbers are reported on Friday. Have a great Day!

A number of headlines are greeting U.S. market participants as they return from the extended Labor Day weekend.

A number of headlines are greeting U.S. market participants as they return from the extended Labor Day weekend. On Monday, global markets got a boost  from economic reports out of Asia and Europe as China’s official purchasing managers index pushed further into expansion territory and Eurozone GDP showed the region growing for the first time in almost two years. The manufacturing sector of the world’s #2 economy nudged up from 50.3 in July to a reading of 51 in August while Eurozone GDP grew .3% in 2Q 2013 led by Germany (up .7%) and France (up .5%). On the domestic front, there has yet to be any U.S. military action in Syria as the Obama Administration looks to congress for approval. Gold was losing support from the potential of imminent conflict in the middle east and reached as low as $1373.6 before reports of Israeli missile tests spooked the gold bugs and pushed the yellow metal back toward $1400. Gold now trades $1399. Tension in South Africa is coming to a head as wage negotiation, between the National Union of Mineworkers and gold mining companies, don’t seem to be getting anywhere. A strike by NUM members in the gold sector is set to begin today. U.S. ISM manufacturing PMI will be released at 10:00 am. Have a great day!