Gold Still Near 3-Month Highs, Platinum Continues Rally: Morning Market Update July 2 - Gainesville Coins News
No Minimum order! We accept Pay with Credit Card
Call Us: (813) 482-9300 Mon-Fri 9:00AM-6:00PM EST
Login or Register
Log into your account
About Gainesville Coins ®
Billions Of Dollars Bought And Sold A+ BBB Rating 10+ Years No Hidden Fees Or Commissions All Inventory Ships Directly From Our Vault

Gold Still Near 3-Month Highs, Platinum Continues Rally: Morning Market Update July 2

blog | Published On by
Gold Still Near 3-Month Highs, Platinum Continues Rally: Morning Market Update July 2

Gold and silver both closed near flat yesterday, with gold down 80¢ and silver up 2¢. Platinum rallied strongly to break the $1500 mark, gaining $22.00 to close at $1,504. Palladium put in a good show as well, climbing $11.00 to a technically significant $851.

Gold and silver continue to trade in a tight range, with gold holding near three-month highs. Both metals shrugged off a better-than-expected ADP private payrolls report this morning in New York, to trade just above unchanged. Gold is maintaining a level between $1,325 and $1,330, while silver trades to either side of $21.

Platinum eased slightly in Asia before catching a small rally in Europe. Palladium followed suit, and both are trading slightly higher in New York. Platinum is trading near ten-month highs.

employment report

The ADP private sector payroll report for June, which excludes local, state, and federal government jobs, showed an increase of 281,000 people in the workforce. Despite being a very healthy number, both stocks and metals did little more than twitch at the news. The dollar jumped on the numbers, but has still been unable to regain the 80 mark on the DXY dollar index.  Traders are going to be unwilling to expose themselves over the long July 4 weekend, and many Wall St firms will probably be mostly empty by tomorrow afternoon.

Fed Chair Janet Yellen

Fed Chair Janey Yellen will be speaking before the International Monetary Fund at 11am Eastern Time. Markets will be watching to see her reaction to the ADP numbers, though she will likely reserve any judgment until the official Bureau of Labor Statistics non-farm payrolls report is released tomorrow.

Markets will also be keen to see if Yellen dismisses growing assets bubbles and cost-push inflation (especially in food) as "noise" again, that the Fed will ignore. More and more people are concerned that the Fed thinks it can stop inflation with a snap of the fingers once it builds up a head of steam.

In other commodities, crude oil prices have eased marginally, as reports circulate that Libyan rebels are ready to allow exports through the oil terminal ports that they captured. Extremist Sunni rebels in Iraq have yet to disrupt oil exports to a major extent, and Saudi Arabia and Iran stand ready to make up any differences.

by Steven Cochran

Gainesville Coins Portfolio Tracker and Financial News

This site uses cookies for analytics and to deliver personalized content. By continuing to browse our site, you agree that you have read and understand our Privacy Policy.