DAILY COMMENTARY
March 22, 2010
Gold and silver both fell sharply this morning on a stronger dollar. While the dollar index is only up 15 basis points at 80.91 it nevertheless was stronger against the euro and that seemed to be the key factor pushing gold lower. Once it broke near term support it fell $13 while silver fell $.38 in early trading. Gold is now trading just slightly below $1,100. Whether it re
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March 19, 2010
The dollar continues to rally, up 37 basis points at 80.60. That put some negative influence on the metals causing gold to trade down $4 and silver down $.05. Considering the strength of the dollar, gold and silver are doing solid work. Oil is down $.19 at $82.01 a barrel, which also probably contributed to some pressure on the gold market. The Dow is up 10 points. The euro
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March 18, 2010
The metals are mixed, with gold up $1.70 and silver down $.02. The platinum group metals also a bit lower. The dollar is up 35 basis points at 79.98, oil is down $.46 at $82.46 a barrel and the Dow is up 23 points at 10,757. The markets are reacting largely to a hiccup in the resolution of the Greek debt crisis. We still don't know how that is truly going to work itsel
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March 17, 2010
Precious metals extended their gains this morning with gold up $3, silver up $.07 and platinum up $9. The U.S. dollar is about unchanged trading down 2 basis points. Oil is up $.86 at $82.56 a barrel and seems to be likely to hold above $80 for the foreseeable future. OPEC partners indicated that they are comfortable with oil in this price range.
Yesterday, the Fed l
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March 16, 2010
The dollar weakened 29 basis points to 79.97 this morning. In reaction, gold jumped $18 and silver jumped $.31. Platinum and palladium are also posting big gains. The Dow Jones Wire Service ran an article entitled "Gold Rises As An Alternative Currency Buy." Investors and central banks are trusting dollars and euros less and less. We are seeing a series of competitive curren
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March 15, 2010
Gold and silver are both higher this morning, with gold trading up $4 near the market open, silver is up $.04 and platinum is up $8. The dollar is up 28 basis points at 80.10, oil is down $.82 and the Dow is down 10 points. Gold and silver are again outperforming other markets and rising in spite of the stronger dollar. That sends a powerful signal that there is excellent de
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March 12, 2010
Gold started the day higher and is now trading at near unchanged levels in the first half-hour of trading. Silver is up $.02 and oil is up $.52. The dollar has turned weak, down 33 basis points and the Dow is down 2 points. The precious metals are now looking constructive and I suspect that they should continue to head higher over the next couple of months as the seasonaliti
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March 11, 2010
Gold fell back again this morning, testing $1,100 and holding. From there it bounced nicely, moving back into positive territory above $1,108 an ounce. Silver also performing quite well, bouncing off support and then moving to a $.12 gain to $17.14 an ounce. The dollar is up 8 basis points at 80.52 and oil is down $.42, while the Dow is down 24 points.
The corr
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March 10, 2010
The metals started higher but gold gave up the gains on some early profit taking and is trading down $3 in the first 30 minutes of trading. The dollar is about unchanged and oil is down $.12. Silver is showing strength, along with platinum and palladium. All three are in positive territory. Analysts say that the markets are awaiting some new catalyst to determine direction o
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March 09, 2010
Gold started the day lower testing $1,108 on the nearby futures contract, in reaction to a 23 point rally in the dollar. However, the metals rebounded on bargain buying with gold rallying back to $1,118 and silver coming back to $17.17 on the nearby contracts. Oil is also down $.62 at $81.23 a barrel. The Dow is up 14 points.
Analysts tell the Dow Jones Wire Service t
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March 08, 2010
Gold started out the day unchanged based on a weak dollar as the euro rebounded overnight. It is widely expected that the situation in Greece will be resolved with some sort of a bailout. As a result, the euro rallied, pushing the dollar down 27 basis points. Gold is trading down $6 in early trading while silver is unchanged.
Overnight, French President Sarkozy said
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March 05, 2010
Gold is finishing out a positive week on a positive tone with a gain of $3.70 in early trading. Silver is doing likewise, up $.17. This is in spite of the fact that the dollar is higher, up 11 basis points. Oil is also up $1.35 a barrel. The Dow likewise moving higher, up 70 points. In fact, all assets on my screen are in positive territory with the exception of platinum, wh
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March 04, 2010
Gold pulled back this morning falling $8, but holding above a key support level at $1,131.50. Silver also pulled back but not nearly as much, only down $.07 at $17.26 on the nearby contract and looking quite good. Gold reacting to a stronger dollar, which is up 22 basis points at 80.20 and oil is also giving back some early profits down $.42 but still holding at $80.44 a bar
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March 03, 2010
Gold and silver continue to extend their gains this morning as gold is up almost $4 and silver is up $.20. They are reacting to a weaker dollar, down 26 basis points at 80.27. Oil is also up, gaining $.50 at $80.18 a barrel. The situation in Europe seems to be improving with the announcement of severe austerity measures from the Greek government. This helped the euro to rebo
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March 02, 2010
Gold is up $10 and silver is up $.30 in early trading. Both are up along with the other metals in spite of the fact that the dollar is slightly stronger, trading at 80.67 on the index. Oil is also bouncing nicely, up $.87 at $79.57 a barrel and the Dow is up 38 points. Gold rose this morning after the euro rose against the dollar and with global equities generally firmer. On
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March 01, 2010
A stronger dollar, up 51 basis points to 80.94 on the index has put some pressure on gold, which is trading down about $4. That is actually a good performance given the strength of the dollar. Silver is unchanged, which is excellent. The equities are higher, with the Dow up 40 points and oil is up $.46 at $80.12 a barrel. With oil at these levels we are nearly certain to see
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February 26, 2010
Gold and oil are both up nicely today, with gold up $2, silver up $.08 and oil is up $.80. Meanwhile, the dollar is down 11 basis points and the Dow Industrials are down 3 points. The GDP report this morning shows the economy is improving. However, volume is light in all of the markets. GDP rose at a 5.9% annual rate, October through December, the fastest since the 3rd quart
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February 25, 2010
Gold traded lower overnight but rebounded and is now up $1 in early trading in New York. Silver is down $.16 but rallying. The dollar is up 26 basis points at 81.12 and oil is down $2.07 a barrel. The stock market is feeling some considerable pressure, with the Dow down 157 points. Gold is again outperforming other markets, particularly the equity market by a considerable ma
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February 24, 2010
Events in Europe are now impacting the markets in the U.S. In Germany, the economy has come to a standstill, which indicates that all of Europe will soon come to a raging halt in terms of economic growth. This will put further pressure on their banks and it will put further pressure on their sovereign debt problems throughout the union. In Greece mass strikes are shutting do
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February 23, 2010
Gold is slightly lower this morning as the dollar gained ground. The dollar index is up 25 basis points, which normally would be good for a significant drop in the gold market. However, gold is only down $2 and holding steady at these levels. Silver on the other hand is down $.20, showing weakness that would be consistent with the move in the dollar. Oil is also reacting to
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