Precious Metals In Review: Week of 2/3/2017
Category: Market Reports
Author Name: Dillon Gage
Posted: 02-07-2017 05:00:00 PM
Author Name: Dillon Gage
Posted: 02-07-2017 05:00:00 PM
Curious what has been happening in the precious metals market? Tune in to MCM's weekly report, direct from experts at Dillon Gage!
SendMonday, 1/30/17: Year of the Rooster Leaves a Quiet Market
Very quiet opening in our markets on Monday due to the Chinese Lunar New Year. Their markets were closed thru Thursday. Gold nonetheless bid up in Europe, as investors there see geopolitical factors that could influence the price of gold going forward. The controversy over the U.S. travel ban imposed on Friday is driving concerns that could lead to greater precious metals interest.
One hundred seventy-eight thousand ounces were put into the Gold ETF on Friday possibly starting to trend higher once again giving the price of gold a boost. Silver also joined the plus ranks adding almost 750,000 oz., which is a very small addition to the ETF funds currently holding 645 million oz.
Tuesday, 1/31/17: Trump Influences Gold Rise
Gold rose over $1,210 on comments from President Trump’s administration on the “grossly undervalued” Euro.
Wednesday, 2/1/17: USD Rises, Gold Drops
Wednesday morning found gold in negative territory as the dollar returned to the plus side along with treasury yields. That afternoon, the Fed left interest rates unchanged, so no impact was felt in precious metals.
Thursday, 2/2/17: 2nd Greek Bailout Generates Spike
Gold rose, especially in Europe, on news that the Greece is back in the headlines again, looking for another bailout.
Friday, 2/3/17: Gold Stays in Trading Range
The morning kicked off a stronger dollar and higher 10-year bond yields that kept the price of gold locked in a trading range. The dollar index back over the 100 level this morning, it's keeping gold from rallying through the two key resistance levels in the February contract that were broken through yesterday at $1,220 and $1,226.
Then a stronger than expected U.S. jobs report failed to impact gold, as it is maintaining its gains from Thursday as of this report.
Meanwhile, inflows in the Gold ETFs last couple of days seem to be fund-related. None of the financial advisors I spoke with this morning indicated that there was any retail interest in investing in ETFs at this time.
© Copyright 2018 ModernCoinMart (MCM). All Rights Reserved. We encourage the sharing and linking of our information but reproduction of our news and articles without express permission is prohibited. Instead of reproducing, please provide the link to the original article or use the share buttons provided.
Related Items
|
|
About The Author
|
Author Name: Dillon Gage This editorial has been prepared by Dillon Gage Metals. This document is for information and thought-provoking purposes only and does not purport to predict or forecast actual results. It is not, and should not be regarded as investment advice or as a recommendation regarding any particular security, commodity or course of action. Opinions expressed herein are current opinions as of the date appearing in this editorial only and are subject to change without notice. Reasonable people may disagree about the opinions expressed herein. In the event any of the assumptions used herein do not prove to be true, results are likely to vary substantially. All investments entail risks. There is no guarantee that investment strategies will achieve the desired results under all market conditions and each investor should evaluate its ability to invest for a long term especially during periods of a market downturn. No part of this editorial may be reproduced in any manner, in whole or in part, without the prior written permission of Dillon Gage Metals. This information is provided with the understanding that with respect to the opinions provided herein, that you will make your own independent decision with respect to any course of action in connection herewith and as to whether such course of action is appropriate or proper based on your own judgment, and that you are capable of understanding and assessing the merits of a course of action. You may not rely on the statements contained herein. Dillon Gage Metals shall not have any liability for any damages of any kind whatsoever relating to this editorial. You should consult your advisors with respect to these areas. By posting this editorial, you acknowledge, understand and accept the foregoing. |
What are your thoughts? Precious Metals In Review: Week of 2/3/2017
