Gold Rallies After Correction: Morning Market Update - Gainesville Coins News
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Gold Rallies After Correction: Morning Market Update

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Gold Rallies After Correction: Morning Market Update
gold-rally

A strong rally yesterday in both gold and silver sparked a sudden wave of profit-taking by institutional speculators around 10am New York time, but both metals have rebounded to above yesterday's highs.

Palladium hit a 13-year intraday high of $873 an ounce yesterday before easing only slightly, then came back this morning to smash that by briefly jumping to $879. Platinum is trading back above $1500, drafting behind palladium's rise.

U.S. stocks dropped heavily yesterday, reinforcing the belief of some that the market bubble may have hit its high water mark. This may be contributing to some of the big players moving into precious metals, as well as some safe haven buying resulting from the Israel-Hamas war taking place in the Gaza Strip.

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The SPDR gold ETF saw 2 metric tons of inflows yesterday, putting the total over 800 tonnes and marking a positive inflow for the year. The big gainers in the ETF sector, however, are the platinum and palladium ETFs, which both have seen inflows of over $400 million.

The dollar has stemmed three days of losses to trade near flat, while crude oil prices are down marginally,

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Today's big economic news will be the release of the Federal Reserve Open Market Committee (FOMC) minutes from the June meeting. Analysts will be parsing every word and comparing with previous meeting minutes, in an attempt to guess what the Fed may do in the near future. Some people expect a raise in short-term interest rates next autumn, instead of the spring of 2016. Others believe that the Fed will react too slowly to actual inflation, which will keep real interest rates negative even after a hike.

 

 

by Steven Cochran

Gainesville Coins Portfolio Tracker and Financial News

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