The US dollar is dictating market gyrations in the precious metals at the moment.

The US dollar is dictating market gyrations in the precious metals at the moment. This morning’s very good GDP (gross domestic product) coming in a 4% has strengthened demand for all US Investments. When the announcement came out the precious metals got whacked and went lower but it was short lived as very few people want to be short gold against the current geopolitical backdrop. Does gold have significant downside?  If there is a peace agreement in the Mideast and a solution to the Russia/Ukraine conflict yes, otherwise we can expect buys on any big dips. However the rest of the group Silver, Platinum and Palladium all benefit in fundamental consumer demand on a positive improving global economy. However Japan reported a weaker GDP and Spain also had a weaker than expected figure, the global economy is not out of the woods quite yet. More importantly though will be this afternoon’s Federal Reserve rate decision and policy statement to be released at 2 pm.  Gold has support at 1287/61, silver 20.25/03, platinum 1472/61 with resistance at 1488/91. Palladium has support 875/71 and resistance at 885/88.

 

Next Big US News Day; Friday- Unemployment rate, Non-Farm Payrolls, ISM Manufacturing

Gold and silver continued to be well supported by the global political tensions.

Gold and silver continued to be well supported by the global political tensions. There is no doubt it will stay this way for the foreseeable future as there are not any solutions for these conflicts at the moment.  The metals may attempt to the upside but traders will be hesitant ahead of the GDP number, Fed Decision tomorrow and Non-Farm payrolls on Friday. The PGMs are suffering from the same lackluster direction and will stay in range for the same reasons. Today’s US Consumer Confidence number came out 90.9 which is strong and should continue to keep the metals subdued.  Gold will find resistance at 1314 and support 1301, silver will continue to find resistance at 20.80 level. Platinum will find resistance at 1492/95 and support is 1472. Palladium has support at 873 and resistance at 889.

The bears ran out of steam on Friday which forced the shorts to cover driving the price of gold higher.

The bears ran out of steam on Friday which forced the shorts to cover driving the price of gold higher. The inability of the shorts to get the yellow metal to break below 1286 had them turning tail. The ability to go above the 1300 number is psychologically bullish but gold will need more fundamental support to keep it above this price. The rest of the precious metals complex of course has benefitted as well. The PGMs may also be benefitting more so on the news of further sanctions out of Europe on Russia which keeps raising concerns of supply risk into the future. The Net Longs on Pt futures are exceptionally high and could tempt profit takers but the continued growth of the Pt ETFs now at 2.878 mm ounces continues to add support. This afternoons release of the FOMC minutes of the last meetings are certain to be an important focus of the markets in general. Gold has resistance at 1309 and support at 1301, silver resistance 20.80, platinum has support 1472 and resistance 1488/92, Pd has resistance at 888/892.

It appears that the precious metals market has put on the brakes to the downside.

It appears that the precious metals market has put on the brakes to the downside. It may be that the New Home Sales numbers in the US were more than lackluster and surprised many yesterday. But this morning’s US Durable Goods Order report was much better than expected at up +.70% boosting confidence in the US economy and keeping a damper on any possible attempt to the upside for the gold market. Silver, platinum and palladium which have greater industrial consumption may have the ability to gain more to the upside on this data. With the global economy moving in a positive direction and the discounting of the geopolitical crisis, we will likely see on this Friday sideways price action for the complex. Gold has support at 1291 and resistance 1301, silver 20.18 support and resistance 21.08. Platinum has support 1463 and resistance 1483. Palladium has support 865 and resistance 882

The precious metals prices are off this morning on the lack of any real complications in trade coming to be from the geopolitical crisis.

The precious metals prices are off this morning on the lack of any real complications in trade coming to be from the geopolitical crisis. With the Ukraine/Gaza issues in the minds of the market off the books, the positive economic news out of China, Europe and the US have added enough pressure on gold to drive it below the 1300. China had a very positive HSBC PMI number of 52 which was higher than expected. European economic data has also been positive data and Spain’s Unemployment number is starting to show signs of improvement a relief for the Eurozone. Finally with steady improvement of the US economy the dollar has seen growing strength which has added more pressure on the precious metals complex. Add to this the fact that demand for gold in China is down 19% YoY. This morning New Home Sales in the US  was released at only 406 mm when expectations were 479mm. Palladium which is holding as expected because of the hedging from industrial consumer which expect continued shortfall of supply and fear problems with supply out of Russia.

2014 Tokelau 1/2 oz. Silver Kakahi Yellowfin Tuna Coin

2014 Tokelau 1/2 oz. Silver Kakahi Yellowfin Tuna Coin

The stunning new Kakahi Yellow Fin Tuna silver bullion coin is the first coin to be released in a new series of silver bullion coins issued by Tokelau to celebrate the rich ocean life of this South Pacific Ocean territory of New Zealand. The coins are legal tender with a face value of NZ$2 and are minted from half an ounce of .999 fine silver. All Tokelau coin designs are sent to the Royal Palace in London for approval of Her Majesty Queen Elizabeth II whose portrait appears on the coins.

Specifications:

Issuing Authority: Tokelau
Authorized Mintage: 250,000
Metal: Silver
Weight: ½  troy oz.
Purity. 999
Face Value: NZ$2