Gold Firm Ahead of Weekend: Morning Market Update May 9 - Gainesville Coins News
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Gold Firm Ahead of Weekend: Morning Market Update May 9

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Gold Firm Ahead of Weekend: Morning Market Update May 9

Gold and silver prices are firm in New York trading, despite a moderately stronger dollar. A bit of safe haven positioning ahead of the weekend may be counter-acting dollar strength. Eastern Ukrainian separatists are holding a referendum to join Russia this weekend, and 20 separatists were killed in a Ukrainian military operation in the port city of Mariupol.

Gold and silver both closed flat yesterday, while platinum gained slightly. Palladium was up $10 at yesterday's close to get back above the $800 mark.

The dollar is up .5% on the DXY index after gaining modestly yesterday, assisted by a euro that has been targeted by the ECB as too strong. The European common currency has eased below the 1.38 mark against the dollar. The dollar is also up against the yen. After foundering below the 80 level on the DXY, some are wondering if the dollar has put in a low. Two days isn't really a trend, so Monday will give more direction on this question.

stock-market-down

Stocks opened lower on Wall St. with the NASDAQ facing a 4th straight day of losses. The market has decided a lot of the profitless but high flying tech stocks are overvalued, and the sector is seeing a correction. A weekly decline today will mark a solid month in the red for the NASDAQ.

European stocks are off six-year (yes, "year") highs on some disappointing earnings results today. Tokyo saw choppy trading today will a small gain, but ended the week in the red.

The Chinese government today reaffirmed its commitment to market reforms, weeding out bloated state-run enterprises, and streamlining laws to encourage foreign investment.

moneyman

The overseas "human investment" by at least five large banks is being investigated by the SEC. Goldman Sachs today announced that it is one of those banks under investigation for using high-paying jobs as bribes. The banks would allegedly hire the relatives of senior foreign officials at large salaries, in exchange for favors.  Goldman is also a defendant in a class-action lawsuit over high-frequency trading practices.

 

 

by Steven Cochran

Gainesville Coins Portfolio Tracker and Financial News

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