Gold Miner Seeks Approval to Boost Mill Capacity, 'Pumping Up the Potential'

Canaccord Genuity analyst Eric Zaunscherb discussed this precious metals company's recent request of the government of British Columbia.

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Michael Ballanger: CME 'Fiat Police' Arrive Right on Schedule

Precious metals expert Michael Ballanger offers his take on how cryptocurrencies like Bitcoin can be affected by central banks.

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Mining Project Financing Firm Transacts Royalty Agreement

BMO Capital Markets reported on this company's recent royalty transaction and its upside potential.

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Silver Is a Strong Buy

An analysis of silver charts leads technical analyst Clive Maund to conclude that silver should rise soon.

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Jack Chan's Weekly Precious Metals Market Update

Technical analyst Jack Chan charts the latest movements in the gold and silver markets, noting an upturn in the cycle that might indicate the end of a multimonth correction.

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The Big Picture for Gold Is Bullish

Technical analyst Clive Maund charts gold and finds that although the precious metal is being buffeted by cross currents, the big picture is bullish.

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A Set of Firms, Including Two Prospectors, Reviewed by Asset Manager

A pair of resource companies, along with another couplet of firms, prompted commentary from investment analyst Adrian Day of Adrian Day Asset Management.

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Four Miners Advance Exploration and Development Projects

Adrian Day of Adrian Day Asset Management takes a look at four companies, noting the progress made by three and reflecting on another that is "trying to salvage what it can of its best mine."

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Bitcoin, Blockchain and Gold: A Year of Disruption

While gold is perceived to have lagged in 2017, the metal is actually up about 10% for the year, says Frank Holmes, CEO of U.S. Global Investors. In this interview with The Gold Report, Holmes...

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Precious metals are firmer this morning, with gold, silver platinum and palladium prices up

Precious metals are firmer this morning, with gold prices up by 0.1% at $1,267.77 per oz. Silver, platinum and palladium are up by 0.3%, 0.4% and 0.5% respectively. This follows a mixed performance on Thursday where gold prices were little changed. Silver and platinum prices were down by 0.3% and 0.4%, respectively, and palladium prices were up by 0.9% at $1,036 per oz.

The precious metals’ rebounds are looking robust and with the base metals looking strong too, it looks as though there is across-the-board interest in getting into metals. This despite low geopolitical tensions and rising bond yields, which could be a headwind for gold.

Base metals prices trading on the London Metal Exchange are generally consolidating on the morning of Friday December 22, with tin, copper, aluminium and nickel prices weaker by between 0.1% and 0.6%, three-month copper prices at $7,069 per tonne and lead and zinc prices up 0.2%.

Trading volumes have been high, with 9,225 lots traded as of 07.58 am London time. This comes after a generally strong performance on Thursday that saw average gains of 0.4%. Lead, once again, was  the only metal closing down on the day, dropping 0.8% to $2,504.50 per tonne, while the rest were up an average of 0.6%.

On the Shanghai Futures Exchange today, base metals prices are mixed with aluminium and tin prices off by 0.4%, nickel prices unchanged, while copper and lead prices are up by 0.4%, with copper at 54,500 yuan ($8,287) per tonne and zinc prices are up by 0.2%. Spot copper prices in Changjiang are up by 0.1% at 53,800-54,050 yuan per tonne and the LME/Shanghai copper arb ratio is weaker at 7.71.

In other metals in China, iron ore prices are up by 1.5% at 543 yuan per tonne on the Dalian Commodity Exchange. On the SHFE, steel rebar prices are up by 2.6%, while gold prices are up by 0.12% and silver prices are off by 0.2%.

In international markets, spot Brent crude oil prices are up by 0.18% at $64.74 per barrel, the yield on US 10-year treasuries remains strong at 2.49%, as is the German 10-year bund yield at 0.41%.

Equities in Asia today are mixed, with the CSI 300 down by 0.33%, while the rest are firmer: Hang Seng (0.53%), Kospi (0.44%), Nikkei (0.16%) and ASX 200 (0.15%).

This followed a stronger performance in western markets on Thursday, where in the United States the Dow Jones closed up by 0.23% at 24,782.29 and in Europe the Euro Stoxx 50 closed up by 0.51% at 3,570.78.

The dollar index at 93.39 this morning is little changed with prices consolidating in mid-ground. We wait to see how the market interprets the US tax bill, which is potentially a negative for the dollar as it initially increases the budget deficit before the benefits are felt. But countering that, the US may be seen a stronger place politically now president Donald Trump has won his first major policy victory. The euro at 1.1852 is also consolidating but on a front-footing, the Australian dollar is stronger at 0.7714, while the yen at 113.39 is weaker and sterling at 1.3364 is consolidating.

The yuan at 6.5715 is consolidating recent strength, having reached 6.5536 yesterday. In the other emerging currencies we follow the rand is consolidating recent gains and the peso is weaker, the latter probably as Trump’s policy success on the Tax bill may energize him to pursue other ‘promised’ policies.

Economic data already out shows a slight pick-up in German GfK consumer climate to 10.8, from 10.7 previously, German import prices climb by 0.8% from 0.6%, while French consumer spending climbed by 2.2% after a 2.1% decline previously. Data out from the UK includes: the current account, GDP, index of services, revised business investment, with US data including: durable goods orders, PCE prices, personal income and spending, new home sales and revised University of Michigan consumer sentiment and inflation expectations.

The rallies in the base metals prices continue with underlying tails on candlesticks suggesting dip buying interest. Lead prices have been the ones struggling the most, but some buying seems to be emerging now. It looks as though the rallies are being driven by fresh buying, which suggests that the underlying bullish fundamentals are re-exerting themselves.

We remain quietly bullish and continue to expect range-trading in high ground; it looks as though the base metals could put in a strong finish to 2017 .

The post Precious metals are firmer this morning, with gold, silver platinum and palladium prices up appeared first on The Bullion Desk.

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Gold price drops in quiet trading

The spot gold price marched lower during Asian morning trading hours on Friday December 22 in thin trading ahead of the Christmas holiday.

The spot gold price was quoted at $1,265.75-1,266.1 per oz as of 11.42 Shanghai time, down $1 on yesterday’s close. Trade has ranged from $1,266.15 to $1,268.4 so far.

• Before its retreat this morning, the gold price had maintained a slow but steady ascent, climbing to as high as 1269.25 overnight, due to an exhausted buying appetite on equity markets.
• “[The gold price was] stronger … after stronger equity markets driven by the passage of the US tax cut plan sapped investor appetite,” ANZ Research said.
• But the yellow metal lost strength this morning due to muted trading ahead of the Christmas holiday.
• “As we head into the holiday season, we would expect trading to be muted,” analyst from OANDA said.
• Meanwhile, a slight pick-up in the US dollar also added to the pressure to the yellow metal price.
• After dipping to 93.22 early this morning, the US dollar index managed to move up to as high as 93.55 at 8.15am Shanghai time.

Silver up, PGMs mixed

• In the other precious metals, the spot silver price rose $0.01 to $16.135/16.155 per oz. Platinum lost $1 to $909/914 per oz and palladium was up $3 at $1,036/1,041 per oz.
• On the Shanghai Futures Exchange, gold for June delivery was recently at 274.75 yuan ($41.76) per gram, and the June silver was at 3,794 yuan per kilogram.

Currency moves and data releases

• The dollar index was up by 0.01% at 93.39 as of 11.42am Shanghai time.
• In other commodities, the Brent crude oil spot price rose 0.11% to $64.69 per barrel while the Texas light sweet crude oil spot price inched down 0.05% to $58.13 per barrel.
• In equities, the Shanghai Composite was up 0.09% to 3,302.88.
• In US data out on Thursday, final third-quarter GDP came in at 3.2%, while unemployment claims stood at 245,000. The Philly Fed manufacturing index was above estimates at 26.2. Lastly, the House Price Index (HPI) October number exceeded expectations with a 0.5% reading.
• In EU data, the December consumer confidence flash number came in line with forecasts at 0.5.
• The economic data calendar is still busy for the last working day prior to Christmas, with US personal income and spending, new home sales, durable goods orders, the Personal Consumption Expenditures (PCE) price index, as well as UK GDP growth numbers all due out later today.

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Gold Miner Heading into the New Year with Results Above Expectations

With multiple gold exploration results coming in from its 100%-owned asset, this company is optimistic about its in-progress PEA on its Nevada property.

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