Market Close Thursday, Gold Up, Dow at 9065
July 23, 2009 by Trace
Filed under Trading in the Market
Gold closed at 955.00 up 3 dollars. Silver finished the day at 13.80 up 10 cents. Platinum closed at 1,180 up 5 dollars. Crude is now trading at 67.05 up 2.12 and the Dow is now at 9065 up 160 points. The Euro is trading at 142.30.
Gold futures on Thursday reversed course on early losses to head to fresh six-week highs amid talk of investors rotating out of equities and back into precious metals, while keeping careful watch on the movements of the dollar.
We have a tug of war here between those who dare to buy at these levels and people who got in at previous levels. If it breaches $960 it might make a quick run to $975. If either Treasury auctions or GDP [gross domestic product] data coming next week prove dollar supportive, it could bring gold down to the $930s.
Tomorrow’s report will be the University of Michigan Consumer Sentiment. Sentiment readings are a reflection of a variety of events rather than an accurate tool for forecasting consumer spending. Gas prices and political events can have an over-sized impact on sentiment. In general, these data points are of very little economic value.
Monday Market Wrapup
July 20, 2009 by Trace
Filed under Trading in the Market
Metals ended the day higher but off the highs. Silver wound up with a gain of 25 cents at $13.65. Gold finished with a $10.00 rise at $948.00. Palladium closed at $255.00 up $5.00. Platinum ended at $1182.00 up $9.00.
The Euro kept its head of steam against the Dollar despite a better than expected U.S Leading Economic Indicator report. Future growth came in with a jump of .7%; better than the expectation of up .5%.
Crude Oil came off it’s early morning surge but remains higher at $63.82 up 27 cents on the day. Over in the stock market the Dow remains higher after the LEI report and more mixed corporate earnings. Last on the Dow 8792 up 48 points.
As for tomorrow; Fed Chairman Bernanke takes the hot seat on Capitol Hill to talk about our current economic condition. Traders are hoping to hear about details of the Fed’s bail out extraction plans. Tomorrow’s economic calendar will be idle.
Monday Morning Market Update
July 20, 2009 by Trace
Filed under Trading in the Market
As the new trading week gets underway we find the metals trading higher in response to further advances in both Oil and the Euro. The Dow gained 597 points for the whole of last week and looks about 58 points higher at this morning’s open. Crude Oil jumped $1.20 in response. Last trade $64.76.
Meanwhile the Dollar continues to lose ground on inflationary concerns. Last on the Euro $1.4221 up another 90/100ths of U.S cent.
As for the metals:
Silver is 20 cents higher at $13.60
Gold is $11.00 higher at $949.00
Palladium is $254.00 up $4.00
Platinum is at $1183.00 up $10.00 per ounce
In matters of importance floundering CIT Group has avoided bankruptcy with a last minute $3 billion rescue plan from its existing bond holders. This is putting the positive feel to stocks this morning. Furthermore; demand for Fed lending is abating in the latest sign that credit markets are on the mend.
As for our economic calendar we have only one report. Leading Economic Indicators for June is expected to show a tepid rise of .5%. This is a significant slow down for the May reading of up 1.2%. The market impact of this report will depend on today’s ongoing flow of corporate earnings results.
