The week started with little movement for both precious metals: the price of gold edged down while silver moderately increased. In the forex markets, the leading “risk related currencies” such as the Euro and Aussie dollar depreciated against the USD. In the equities markets the S&P500 index edged up. Will market volatility rise in the coming days? Yesterday, the U.S retail sales report came out and showed a moderate increase…
Major commodities were traded in a mixed trend on the first business day of the week: Brent oil and WTI oil declined on Monday; natural gas Henry Hub future (short term delivery) slightly rose yesterday; silver rose while gold price slipped on Monday; the Euro also declined against the USD on Monday. Further, several currencies such as the Aussie dollar depreciated against the U.S dollar. Here is a summary of…
Retails and foods services sales changed direction and slightly rose for the fifth time in six months; the index edged up during April 2013 by 0.1% compared with March’s sales and also remained above the sales at April 2012. The U.S. Department of Commerce (pdf file) published yesterday its monthly update on the developments in the U.S. retail and food sales for April 2013. This report adjusts for seasonal variances…
Gold and silver changed course and fell during last week. Will gold and silver bounce back this week? As I have pointed out in the latest precious metals weekly outlook, several reports, events and speeches will take place during the upcoming week that may affect bullion prices. These items include: EU GDP, Philly Fed survey, Bernanke’s speech, U.S housing starts, U.S PPI, Canada’s manufacturing sales, U.S and Canada’s CPI, and…
Gold and silver changed direction and fell during last week. Their tumble coincided with the fall of other commodities such as oil, natural gas and leading “risk related currencies” such as Euro and Aussie dollar against the USD. Last week, the Reserve Bank of Australia decided to reduce its cash rate by 0.25pp to 2.75%. This news may have contributed to the fall of the Aussie dollar, which dragged along…
Major commodities including oil, natural gas, gold and silver declined during most of last week. Leading “risk related currencies” such as the Aussie dollar and Euro also fell last week. Will commodities rally this week? In the upcoming week several reports, events and speeches may affect the financial markets. These include: Bernanke’s speech, U.S CPI, Philly fed survey, EU GDP for Q1 2013, U.S housing starts, Canada’s manufacturing sales, Germany’s…
The prices of crude oil (both WTI and Brent) didn’t do much during last week: WTI increased by 0.45%; Brent oil slipped by 0.27%. As a result, the gap between the Brent oil and WTI shrank again; the premium of Brent over WTI ranged between $7 and $8. According to the latest EIA report, oil stockpiles rose by 3.5Mb. Moreover, refinery inputs and production increased while imports fell during last…
The prices of gold and silver continue to seek direction and they moved from gains to losses throughout last week: Despite the unclear trend the sharp fall in bullion prices on Friday led gold and silver to decline by 1.88% and 1.46%, respectively, on a weekly scale. The main event of last week was the Reserve Bank of Australia to cut it cash rate by 0.25pp to 2.75%. This news…
The future price of natural gas (short term delivery) continued to plunge during most of last week mainly at the beginning and the end of the week. By the end of the week the Henry Hub future (short term delivery) fell by 3.24%. According to the latest EIA natural gas storage report, the natural gas storage rose at a faster pace than the average five years did during the same…
Gold and silver prices continued to seek direction as they fell during yesterday. Moreover, leading currencies such as the Euro, Japanese yen and Aussie dollar fell against the USD yesterday. In the U.S, jobless claims slipped by 4k to reach 323k as of May 4th. Will gold and silver continue to trade down? On today’s agenda: Bernanke’s Speech, Reserve Bank of Australia Monetary Policy Statement, G7 Summit, and Canada’s Employment…
Major commodities were traded mostly down on the fourth business day of the week: Brent oil price slightly rose while the price of WTI oil fell on Thursday; natural gas Henry Hub future (short term delivery) remained virtually unchanged yesterday; silver and gold prices fell on Thursday; the Euro also declined against the USD on Thursday. Moreover, several currencies such as the Aussie dollar depreciated against the U.S dollar. Here…
The precious metals market continues to seek direction: yesterday both gold and silver changed course again and this time rallied. In the past several business days precious metals prices moved in an unclear trend even though in the past several weeks both metals slightly recovered from their sharp fall at the first two weeks of April. Will gold and silver changed direction and fall? On today’s agenda: Australia Employment Report,…
