Buffett: Dead Wrong on Gold and Now Cryptocurrencies

Lior Gantz, founder of Wealth Research Group, believes Warren Buffett has left untold profits on the table by not investing in gold and cryptocurrencies.

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Jack Chan Sees Optimistic Signals for Gold and Silver

Technical analyst charts gold and silver and sees buy signals.

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Gold prices underpinned by increased geopolitical tension and weak dollar

FastMarkets

Precious metals are split this morning, Monday July 31, with the PGMs up either side of 0.6%, while gold and silver prices are little changed with gold prices off 0.1% at $1,268.04 per oz. This follows a bullish day on Friday when the complex was fairly closely grouped with prices up an average of 0.8%.

Base metals traded on the London Metal Exchange are looking stronger this morning with gains across the complex. Prices are up by an average of 0.6%; zinc leads the advance with a 1% rally to $2,813 per tonne, tin and copper follow with 0.7% gains, with the latter at $6,388 per tonne, it having once again been up as high as $6,400.

Volume has been strong with 9,296 lots traded as of 07:10 BST. This comes after a weaker performance on Friday when the market saw a mixture of consolidation and profit-taking.

On the Shanghai Futures Exchange (SHFE), most of the base metals are firmer with lead and nickel prices up either side of 1.7%, copper prices are up 08% at 50,420 yuan ($7,500) per tonne, zinc prices are up 0.2% and tin prices are up 0.1%, while aluminium bucks the trend with a 0.5% fall. Spot copper prices in Changjiang are up 0.8% at 50,030-50,350 yuan per tonne and the LME/Shanghai copper arb ratio has weakened to 7.89.

In other metals in China, September iron ore prices on the Dalian Commodity Exchange are up a massive 8% at 570 yuan per tonne on the back of stronger construction data. On the SHFE, steel rebar prices are up 4.6%, while gold and silver prices are up 0.3% and 0.2%, respectively.

In international markets, spot Brent crude oil prices are up 0.3% at $52.39 per barrel and the yield on US ten-year treasuries is weaker at 2.28% and the German ten-year bund yield is at 0.54%.

Equities were broadly weaker on Friday with the Euro Stoxx 50 closing down 0.7% but the Dow closed up 0.2%, although the S&P 500 and Nasdaq composite closed off 0.1%. Asian markets are generally firmer, with the Hang Seng up 1%, the CSI 300 is up 0.4%, the ASX 200 is up 0.3% and the Kospi is up 0.1%, while the Nikkei is off 0.2% weighed down by a firmer yen.

The dollar index is at 93.49, it set a fresh low for the year at 93.15 on July 27. The euro at 1.1726 is consolidating recent gains, as is the Australian dollar at 0.7980, sterling is firm at 1.3115, as is the yen at 110.67. The yuan at 6.7223 is climbing; it is the strongest it has been since October 2016, while most of the other emerging currencies we follow are little changed.

The economic agenda is busy – Chinese data already out showed some weaker data with official manufacturing PMI dropping to 51.4 from 51.7 and non-manufacturing PMI dropped to 54.5 from 54.9. Japan’s industrial production climbed 1.6% and housing starts rose 1.7%, both better than expected, as was the case with Germany’s retail sales that climbed 1.1%. Later there is data on Italian and EU unemployment, UK lending, EU and Italian CPI, Chicago PMI and US pending home sales.

Despite weaker than expected Chinese PMI data, the base metals are performing strongly with prices seeing some follow-through buying after the stronger tone seen last week. With iron ore prices jumping 8% this morning in China, it does look as though commodities are in demand again. Copper, nickel and tin continue to lead the advance, lead and zinc are well placed to break higher, while aluminium’s brakes are still on. We have generally been quietly bullish for the metals – the danger is that prices may run ahead of the fundamentals again but for now there is upward momentum.

Gold prices have done well, especially with strong equity markets but with North Korea rattling the world’s cage, especially the USA’s and with the diplomatic spat between the USA and Russia, combined with the weaker dollar, we are not surprised that gold prices are strengthening and that may continue as it seems to have some momentum. Silver is following gold’s lead, palladium is firmer, while platinum struggling to keep up.

Metal Bulletin publishes live futures reports throughout the day, covering major metals exchanges news and prices.

The post Gold prices underpinned by increased geopolitical tension and weak dollar appeared first on The Bullion Desk.

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Precious Metals Stocks Alert: Powerful Upleg Believed Imminent

Clive Maund analyzes the significant increase in Large Spec positions in gold and silver in the past week, and the gold stocks to gold ratio.

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Gold prices consolidate but continue to hold up well

FastMarkets

Precious metals are split this morning, Friday July 28, with platinum prices up 0.3% at $925.1 per oz, while the rest are weaker with gold prices off 0.1% at $1,257.91 per oz and silver and palladium off 0.3%. On Thursday palladium closed up 1% at $875 per oz, while the other precious metals were weaker with platinum prices off 0.6% and gold and silver prices down 0.2% and 0.3% respectively.

Base metals are consolidating recent gains with prices off by 0.4% on average this morning. Tin leads the decline with a 0.7% price fall to $20,565 per tonne, followed by copper prices that are off 0.6% at $6,284 per tonne and nickel prices that are down 0.5%, while the rest are off around 0.2%.

Volume has been average with 5,984 lots traded as of 06:08 BST. This comes after a mixed performance on Thursday when nickel and tin prices rallied 1.8%, while the rest consolidated – copper prices were up 0.2%, while the others were off between 0.1% and 0.2%.

On the Shanghai Futures Exchange (SHFE), the base metals are split into two camps with copper, zinc and aluminium prices weaker, with September copper off 0.7% at 49,800 yuan ($7,379) per tonne while lead, zinc and nickel prices are all up 0.3%. Spot copper prices in Changjiang are down 0.5% at 49,750-49,950 yuan per tonne and the LME/Shanghai copper arb ratio has weakened to 7.92.

In other metals in China, September iron ore prices on the Dalian Commodity Exchange are up 0.9% at 526.50 yuan per tonne and on the SHFE, steel rebar prices are off 0.3%, but gold and silver prices are up 0.2% and 0.1%, respectively.

In international markets, spot Brent crude oil prices are off 0.5% but prices remain high at $51.36 per barrel supported by falling inventories and talk of some OPEC members limiting exports. The yield on US ten-year treasuries is at 2.30% and the German ten-year bund yield is at 0.52%.

Equities were generally bullish on Thursday with the Euro Stoxx 50 closing up 0.1% and the Dow closed up 0.4% at 21796.55, having set a fresh record earlier in the day, but the S&P 500 and Nasdaq composite closed off 0.1% and 0.6%, respectively. Asian markets are mixed, the Nikkei and Hang Seng are down 0.6%, the ASX 200 is off 1.5% and the Kospi is off 1.6%, while the CSI 300 is up 0.2%. The tech sell-off in the USA seems to be rattling Asian markets this morning.

The dollar index is at 93.80, it set a fresh low for the year at 93.15 on Thursday, before better US data gave it some lift. The euro at 1.1693 is consolidating recent gains, as is the Australian dollar at 0.7971, sterling is firm at 1.3083, as is the yen at 110.97. The yuan at 6.7476 is consolidating recent strength and most of the other emerging currencies we follow are little changed, although the rupee is consolidating after yesterday’s strength.

The economic agenda is busy – a host of Japanese data already out generally looks encouraging, see table below. French GDP came in at 0.5%, later there CPI data out across parts of Europe, plus data on French consumer spending. US data includes advanced GDP, GDP price index, employment cost index and revised University of Michigan consumer sentiment and inflation expectations. In addition, US Federal Open Market Committee member Neel Kashkari is also speaking.

Copper, nickel and tin have led the price advances this week, with the others showing some gains at stages during the week but they have struggled to hold on to these gains. Profit-taking ahead of the weekend seems to be underway this morning as Asian trading rolls into European trading. Overhead tails on aluminium, lead and zinc suggests scale-up selling as prices have got back into high ground, while today’s pullbacks in copper, nickel and tin look more like profit-taking and consolidation. We would now expect volatile trading in those that have outperformed as traders adjust to the higher price levels. We have generally been quietly bullish for the metals – the danger is that prices may have run ahead of the fundamentals again.

Gold prices have done well, especially with equity markets setting fresh highs, but the weaker dollar of late has no doubt helped fuel the rally and it may be that as equities are setting fresh highs, more investors are expecting a correction so may be putting more into havens. Silver has been following gold, platinum prices have struggled to follow gold and palladium is still consolidating after the strong run in May/June. For now we expect the dollar to be the main driver in gold prices.

Metal Bulletin publishes live futures reports throughout the day, covering major metals exchanges news and prices.

The post Gold prices consolidate but continue to hold up well appeared first on The Bullion Desk.

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A Zinc Discovery Plus Two Buy Recommendations Equal a Solid Week for One Miner

With multiple mines at different stages, and results exceeding expectations, this miner is in the sights of analysts.

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Dr. Copper Leads the Metals Charge

Technical analyst Clive Maund charts copper and finds it has broken strongly higher, a move that he says has profound implications for precious and base metals.

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Exploration Expands Gold Resources in the Yukon

A trio of analysts sees exploration upside at this company's fully permitted and shovel-ready project in the Yukon.

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Search for Gold Focused on Wyoming Hills

Aggressive exploration at a gold project in Wyoming has caught the eye of one analyst who recently visited the site.

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Don't Go Swimming with the Sharks

Bob Moriarty, president of 321 Gold, warns investors to never put in market orders when buying or selling junior mining shares.

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Canadian Explorer Advances Two Projects, Including 'Intriguing' Site in Yukon Territory

With the summer exploration season well underway, Thibaut Lepouttre of Caesar's Report takes a look at a Canadian explorer with a full exploration program this summer.

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