Daily Gold News: Friday, July 30 – Gold Broke Above Consolidation

The gold futures contract gained 2.01% on Thursday, as it broke above its July 15 high of $1,835. Precious metals’ prices have followed weakening U.S. dollar after Wednesday’s FOMC Statement release. This morning gold is retracing some of yesterday’s advance, as we can see on the daily chart (the chart includes today’s intraday data):

Today gold is 0.4% lower, as it’s trading slightly below $1,830 mark. What about the other precious metals? Silver is 0.1% higher, platinum is 1.1% lower and palladium is 0.5% higher. So precious metals’ prices are mixed this morning.

Yesterday’s Advance GDP and the Unemployment Claims releases have been worse than expected. Today we will get Personal Income, Personal Spending and Chicago PMI Releases, among others.

Where would the price of gold go following Wednesday’s FOMC news? We’ve compiled the data since January of 2017, a 53-month-long period of time that contains of thirty six FOMC releases. The following chart shows average gold price path before and after the FOMC releases for the past 36 releases. The market was usually declining ahead of the FOMC day. Then it was going up for a week-long period. We can see that on average, gold price was 0.49% higher 10 days after the FOMC Statement announcement.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for today:

Friday, July 30

  • 4:00 a.m. Eurozone – German Preliminary GDP q/q
  • 8:30 a.m. U.S. – Personal Income m/m, Personal Spending m/m, Core PCE Price Index m/m, Employment Cost Index q/q
  • 8:30 a.m. Canada – GDP m/m, IPPI m/m, RMPI m/m
  • 9:45 a.m. U.S. – Chicago PMI
  • 10:00 a.m. U.S. – Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations
  • 9:00 p.m. China – Manufacturing PMI, Non-Manufacturing PMI

For a look at all of today’s economic events, check out our economic calendar.

Paul Rejczak
Stock Selection Strategist
Sunshine Profits: Analysis. Care. Profits.

* * * * *

Disclaimer

All essays, research and information found above represent analyses and opinions of Paul Rejczak and Sunshine Profits’ associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Paul Rejczak and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Rejczak is not a Registered Securities Advisor. By reading Paul Rejczak’s reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Paul Rejczak, Sunshine Profits’ employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.

 

Will Silver Outperform Gold In Q3 2021?

Sentiment towards the precious metals complex turned bullish after Fed Chair Jerome Powell stated that the rising cases of the Delta variant may weigh on a recovery in the labour market and that the central bank was still “along away” from considering raising interest rates.

The main takeaway from the Federal Reserve’s July policy meeting was that the central bank remains firmly committed to their massive quantitative easing program, while allowing inflation to run hotter than usual, for some time yet.

Currently, Silver prices are trading near $25 an ounce, which presents an incredible opportunity for traders to gain exposure in the metal before it really takes off.

Silver is not only an excellent inflation hedge, but it’s also a key component in everything from electric vehicles, renewable energy to 5G technology. Based on our proprietary research, photovoltaic demand for silver could exceed 3000 tonnes in 2021, while the 5G rollout – which is only just beginning – will be a major driver of demand for years to come.

Goldman Sachs see silver prices rising to $33 an ounce in H2 2021, boosted both investment and industrial demand for the precious metal – and our research suggests similar.

In my opinion, Silver is still definitely the best trade right now and any substantial pullbacks should be viewed as buying opportunities heading into August.

Where are prices heading next? Watch The Commodity Report now, for my latest price forecasts and predictions:

For a look at all of today’s economic events, check out our economic calendar.

Anglo American Pays Out Record $4.1 Billion to Shareholders for First Half

By Clara Denina and Zandi Shabalala

London-listed shares in Anglo, which have surged almost 80% over the last year, were up 5.2% at 1225 GMT, close to 13-year highs hit in May.

Soaring prices for most of Anglo’s products, including copper, iron ore and platinum group metals, helped to boost profits at the miner, which was hardest hit among its peers by COVID-19 lockdowns.

“I still don’t think it’s our finest hour, that is yet to come … From our point of view it’s a good milestone,” Chief Executive Mark Cutifani told reporters.

Surging commodity prices have boosted miners’ earnings and emboldened them to dish out higher shareholder payouts, with Rio Tinto on Wednesday being the first of the global miners to announce record dividends.

“The underlying investment case at Anglo American remains strong, with differentiated high quality growth, better diversification vs. peers and increasing shareholder returns adds to this compelling mix,” RBC Capital analysts said.

Cost increases, which knocked $200 million off underlying earnings before interest, tax, depreciation and amortisation (EBITDA), were likely to weigh on Anglo, but the miner’s shares remained inexpensive, the analysts said.

Underlying EBITDA rose to $12.1 billion for the six months to June 30, up from $3.4 billion in the same period last year, beating the average forecast of $10.9 billion from 12 analysts compiled by Vuma.

Anglo declared an interim dividend of 1.71 cents per share, up from 0.28 cents last year, totalling $2.1 billion, and a special dividend of 0.8 cents per share, or $1 billion. It also announced a $1 billion share buyback programme.

Net debt fell by 74% to $2 billion in the first half from a year earlier, while unit costs climbed 15%. Costs were still the lowest among its peers, Cutifani said.

“The de-levering process for Anglo is clearly complete, in our view, and sizable capital returns have commenced,” said Jefferies analyst Chris LaFemina, adding Anglo’s shares were poised to outperform between now and the end of the year.

Anglo in June spun off its South African thermal coal business into a new company, Thungela Resources, and agreed to sell its stake in Colombia’s Cerrejon, completing its move away from the most polluting fossil fuel.

Cutifani said discussions over potential increases in taxes and royalties in Peru and Chile, where Anglo has many of its copper operations, were more “sensible” than initial proposals.

The miner is expecting its Peruvian copper project Quellaveco to come on stream in 2022. The project is one of the few sizable ones in the pipeline in an industry hunting for more of the metal as the world moves to a lower carbon economy.

Anglo would focus on investing in its own mines and projects over mergers and acquisitions, Cutifani told a results call.

(Reporting by Clara Denina and Zandi Shabalala Editing by Sonali Paul, Bernadette Baum and Mark Potter)

Daily Gold News: Thursday, July 29 – Gold Price Higher as Dollar Weakens

The market fluctuated following the FOMC Statement release. On July 15, it has reached a local high of $1,835. Since then it has been going sideways. This morning gold is breaking above its over week-long trading range, as we can see on the daily chart (the chart includes today’s intraday data):

Today gold is 0.8% higher, as it’s getting closer to mid-July local highs. What about the other precious metals? Silver is 2.1% higher, platinum is 1.0% higher and palladium is 1.1% higher. So precious metals’ prices are higher this morning.

Yesterday’s FOMC Statement announcement hasn’t been much of a market mover. But today precious metals are advancing led by a weakening U.S. dollar. We will get the Advance GDP release along with the Unemployment Claims at 8:30 a.m.

Where would the price of gold go following Wednesday’s FOMC news? We’ve compiled the data since January of 2017, a 53-month-long period of time that contains of thirty six FOMC releases. The first chart shows price paths 5 days before and 10 days after the FOMC release. The latest FOMC Statement release came out on June 16. Gold price was 4.8% lower 10 days after the release.

The following chart shows average gold price path before and after the FOMC releases for the past 36 releases. The market was usually declining ahead of the FOMC day. Then it was going up for a week-long period. We can see that on average, gold price was 0.49% higher 10 days after the FOMC Statement announcement.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:

Thursday, July 29

  • 8:30 a.m. U.S. – Advance GDP q/q, Advance GDP Price Index q/q, Unemployment Claims
  • 10:00 a.m. U.S. – Pending Home Sales m/m

Friday, July 30

  • 4:00 a.m. Eurozone – German Preliminary GDP q/q
  • 8:30 a.m. U.S. – Personal Income m/m, Personal Spending m/m, Core PCE Price Index m/m, Employment Cost Index q/q
  • 8:30 a.m. Canada – GDP m/m, IPPI m/m, RMPI m/m
  • 9:45 a.m. U.S. – Chicago PMI
  • 10:00 a.m. U.S. – Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations
  • 9:00 p.m. China – Manufacturing PMI, Non-Manufacturing PMI

Paul Rejczak
Stock Selection Strategist
Sunshine Profits: Analysis. Care. Profits.
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Disclaimer

All essays, research and information found above represent analyses and opinions of Paul Rejczak and Sunshine Profits’ associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Paul Rejczak and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Rejczak is not a Registered Securities Advisor. By reading Paul Rejczak’s reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Paul Rejczak, Sunshine Profits’ employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.

 

Daily Gold News: Wednesday, July 28 – Markets Awaiting FOMC Statement Release

The gold futures contract gained 0.03% on Tuesday, as it further extended its consolidation along $1,800 price level. On July 15, the market has reached a local high of $1,835. Since then it has been going sideways. This morning gold is trading along $1,800 again, as we can see on the daily chart (the chart includes today’s intraday data):

Today gold is virtually flat, as it is extending a consolidation. What about the other precious metals? Silver is 0.4% higher, platinum is 0.1% higher and palladium is 0.2% higher. So precious metals’ prices are mixed this morning.

Yesterday’s CB Consumer Confidence release has been better than expected at 129.1.

The markets will be waiting for today’s FOMC Statement announcement.

Where would the price of gold go following the FOMC news? We’ve compiled the data since January of 2017, a 53-month-long period of time that contains of thirty six FOMC releases. The first chart shows price paths 5 days before and 10 days after the FOMC release. The latest FOMC Statement release came out on June 16. Gold price was 4.8% lower 10 days after the release.

The following chart shows average gold price path before and after the FOMC releases for the past 36 releases. The market was usually declining ahead of the FOMC day. Then it was going up for a week-long period. We can see that on average, gold price was 0.49% higher 10 days after the FOMC Statement announcement.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:

Wednesday, July 28

  • 8:30 a.m. U.S. – Goods Trade Balance, Preliminary Wholesale Inventories m/m
  • 8:30 a.m. Canada – CPI m/m, Core CPI m/m, Common CPI y/y, Median CPI y/y, Trimmed CPI y/y
  • 2:00 p.m. U.S. – FOMC Statement, Federal Funds Rate
  • 2:30 p.m. U.S. – FOMC Press Conference

Thursday, July 29

  • 8:30 a.m. U.S. – Advance GDP q/q, Advance GDP Price Index q/q, Unemployment Claims
  • 10:00 a.m. U.S. – Pending Home Sales m/m

For a look at all of today’s economic events, check out our economic calendar.

Paul Rejczak
Stock Selection Strategist
Sunshine Profits: Analysis. Care. Profits.

* * * * *

Disclaimer

All essays, research and information found above represent analyses and opinions of Paul Rejczak and Sunshine Profits’ associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Paul Rejczak and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Rejczak is not a Registered Securities Advisor. By reading Paul Rejczak’s reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Paul Rejczak, Sunshine Profits’ employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.

 

Daily Gold News: Tuesday, July 27 – Gold Still Going Sideways

The gold futures contract lost 0.14% on Monday, as it continued to trade within a consolidation along $1,800 price level. On July 15, the market has reached a local high of $1,835. Since then it has been going sideways. This morning gold is trading slightly below $1,800, as we can see on the daily chart (the chart includes today’s intraday data):

Today gold is virtually flat, as it is extending a consolidation. What about the other precious metals? Silver is 0.2% lower, platinum is 1.0% lower and palladium is 1.0% lower. So precious metals’ prices are lower this morning.

Yesterday’s New Home Sales release has been worse than expected at 676,000. Today we will get the CB Consumer Confidence and Durable Goods Orders releases.

The markets will be waiting for tomorrow’s FOMC Statement announcement.

Where would the price of gold go following Wednesday’s FOMC news? We’ve compiled the data since January of 2017, a 53-month-long period of time that contains of thirty six FOMC releases. The first chart shows price paths 5 days before and 10 days after the FOMC release. The latest FOMC Statement release came out on June 16. Gold price was 4.8% lower 10 days after the release.

The following chart shows average gold price path before and after the FOMC releases for the past 36 releases. The market was usually declining ahead of the FOMC day. Then it was going up for a week-long period. We can see that on average, gold price was 0.49% higher 10 days after the FOMC Statement announcement.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:

Tuesday, July 27

  • 3:30 a.m. Japan – BOJ Governor Kuroda Speech
  • 8:30 a.m. U.S. – Durable Goods Orders m/m, Core Durable Goods Orders m/m
  • 9:00 a.m. U.S. – HPI m/m, S&P/CS Composite-20 HPI y/y
  • 10:00 a.m. U.S. – CB Consumer Confidence, Richmond Manufacturing Index

Thursday, July 29

  • 8:30 a.m. U.S. – Advance GDP q/q, Advance GDP Price Index q/q, Unemployment Claims
  • 10:00 a.m. U.S. – Pending Home Sales m/m

For a look at all of today’s economic events, check out our economic calendar.

Paul Rejczak
Stock Selection Strategist
Sunshine Profits: Analysis. Care. Profits.

* * * * *

Disclaimer

All essays, research and information found above represent analyses and opinions of Paul Rejczak and Sunshine Profits’ associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Paul Rejczak and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Rejczak is not a Registered Securities Advisor. By reading Paul Rejczak’s reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Paul Rejczak, Sunshine Profits’ employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.

 

Daily Gold News: Monday, July 26 – Wednesday’s FOMC in Focus

The gold futures contract lost 0.20% on Friday, as it extended its consolidation along $1,800 price level. On July 15, the market has reached a local high of $1,835. Since then it has been going sideways. This morning gold is trading slightly higher, as we can see on the daily chart (the chart includes today’s intraday data):

Today gold is 0.3% higher, as it remains above $1,800. What about the other precious metals? Silver is 0.7% higher, platinum is 0.7% higher and palladium is 0.7% higher. So precious metals’ prices are higher this morning.

Friday’s U.S. Flash Manufacturing PMI, Flash Services PMI releases have been mixed. Today we will get the New Home Sales release at 10:00 a.m. But the markets will be waiting for tomorrow’s CB Consumer Confidence and Wednesday’s FOMC Statement releases

Where would the price of gold go following Wednesday’s FOMC news? We’ve compiled the data since January of 2017, a 53-month-long period of time that contains of thirty six FOMC releases. The first chart shows price paths 5 days before and 10 days after the FOMC release. The latest FOMC Statement release came out on June 16. Gold price was 4.8% lower 10 days after the release.

The following chart shows average gold price path before and after the FOMC releases for the past 36 releases. The market was usually declining ahead of the FOMC day. Then it was going up for a week-long period. We can see that on average, gold price was 0.49% higher 10 days after the FOMC Statement announcement.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:

Monday, July 26

  • 4:00 a.m. Eurozone – German ifo Business Climate
  • 10:00 a.m. U.S. – New Home Sales

Tuesday, July 27

  • 3:30 a.m. Japan – BOJ Governor Kuroda Speech
  • 8:30 a.m. U.S. – Durable Goods Orders m/m, Core Durable Goods Orders m/m
  • 9:00 a.m. U.S. – HPI m/m, S&P/CS Composite-20 HPI y/y
  • 10:00 a.m. U.S. – CB Consumer Confidence, Richmond Manufacturing Index

For a look at all of today’s economic events, check out our economic calendar.

Paul Rejczak
Stock Selection Strategist
Sunshine Profits: Analysis. Care. Profits.

* * * * *

Disclaimer

All essays, research and information found above represent analyses and opinions of Paul Rejczak and Sunshine Profits’ associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Paul Rejczak and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Rejczak is not a Registered Securities Advisor. By reading Paul Rejczak’s reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Paul Rejczak, Sunshine Profits’ employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.

 

Daily Gold News: Friday, July 23 – Gold Still at $1,800

The gold futures contract gained 0.11% on Thursday, as it continued to fluctuate along $1,800 price level after retracing some of the recent rally. Last week on Thursday, the market has reached a local high of $1,835. Since then it has been consolidating along the price level of $1,800. This morning gold is trading at that level again, as we can see on the daily chart (the chart includes today’s intraday data):

Today gold is 0.5% lower, as it continues to trade along this week’s local lows. What about the other precious metals? Silver is 1.0% lower, platinum is 1.6% lower and palladium is 0.4% lower. So precious metals’ prices are lower this morning. They are following strengthening U.S. dollar, as the EURUSD currency pair remains below 1.18 mark.

Yesterday’s Unemployment Claims release has been worse than expected at 419,000 and the Existing Home Sales release has been as expected at 5.86 million. Today we will get the U.S. Flash Manufacturing PMI, Flash Services PMI numbers at 9:45 a.m.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for today:

Friday, July 23

  • 3:30 a.m. Eurozone – German Flash Manufacturing PMI, German Flash Services PMI
  • 9:45 a.m. U.S. – Flash Manufacturing PMI, Flash Services PMI

For a look at all of today’s economic events, check out our economic calendar.

Paul Rejczak
Stock Selection Strategist
Sunshine Profits: Analysis. Care. Profits.

* * * * *

Disclaimer

All essays, research and information found above represent analyses and opinions of Paul Rejczak and Sunshine Profits’ associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Paul Rejczak and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Rejczak is not a Registered Securities Advisor. By reading Paul Rejczak’s reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Paul Rejczak, Sunshine Profits’ employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.

 

Keep An Eye On The Big Picture For Silver Prices

However, if you look at the bigger picture, fundamentally, nothing has changed. Central banks around the world remain firmly committed to their massive quantitative easing programs, while allowing inflation to run hotter than usual, for some time yet.

And let’s not forget the whole ‘Infrastructure spending boom and Green Energy Revolution’, which is currently taking shape across the global economy.

That in itself presents an incredible opportunity for traders to increase their exposure in Silver at huge discount before it really takes off.

Silver is not only an excellent inflation hedge, but it’s also a key component in everything from electric vehicles, renewable energy to 5G technology. Based on our proprietary research, photovoltaic demand for silver could exceed 3000 tonnes in 2021, while the 5G rollout – which is only just beginning – will be a major driver of demand for years to come.

Goldman Sachs see silver prices rising to $33 an ounce in H2 2021, boosted both investment and industrial demand for the precious metal – and our research suggests similar.

In my opinion, Silver is still definitely the best trade right now and any substantial pullbacks should be viewed as buying opportunities.

Where are prices heading next? Watch The Commodity Report now, for my latest price forecasts and predictions:

For a look at all of today’s economic events, check out our economic calendar.

Daily Gold News: Thursday, July 22 – Gold Below $1,800 Again

The gold futures contract lost 0.44% on Wednesday, as it extended its consolidation along $1,800 price level after retracing some of the recent rally. A week ago on Thursday, the market has reached a local high of $1,835. Since then it has been consolidating along the price level of $1,800. This morning gold is trading slightly below that level, as we can see on the daily chart (the chart includes today’s intraday data):

Today gold is 0.5% lower, as it is trading along this week’s local lows. What about the other precious metals? Silver is 0.9% lower, platinum is 0.2% higher and palladium is 0.9% higher. So precious metals’ prices are mixed this morning.

Yesterday we didn’t get any new important economic data announcements. Today the markets are waiting for the European Central Bank’s Monetary Policy Statement release at 7:45 a.m. We will also have the U.S. Unemployment Claims and Existing Home Sales releases, among others.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:

Thursday, July 22

  • 7:45 a.m. Eurozone – Monetary Policy Statement, Main Refinancing Rate
  • 8:30 a.m. U.S. – Unemployment Claims
  • 8:30 a.m. Eurozone – ECB Press Conference
  • 10:00 a.m. U.S. – Existing Home Sales, CB Leading Index m/m
  • All Day, Japan – Bank Holiday

Friday, July 23

  • 3:30 a.m. Eurozone – German Flash Manufacturing PMI, German Flash Services PMI
  • 9:45 a.m. U.S. – Flash Manufacturing PMI, Flash Services PMI
  • All Day, Eurozone – ECOFIN Meetings

For a look at all of today’s economic events, check out our economic calendar.

Paul Rejczak
Stock Selection Strategist
Sunshine Profits: Analysis. Care. Profits.

* * * * *

Disclaimer

All essays, research and information found above represent analyses and opinions of Paul Rejczak and Sunshine Profits’ associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Paul Rejczak and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Rejczak is not a Registered Securities Advisor. By reading Paul Rejczak’s reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Paul Rejczak, Sunshine Profits’ employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.

 

Daily Gold News: Wednesday, July 21 – Gold Remains Close to $1,800

The gold futures contract gained 0.12% on Tuesday, as it fluctuated following its recent advances. Last week on Thursday, the market has reached a local high of $1,835. Since then it has been consolidating along the price level of $1,800. This morning gold is trading below yesterday’s closing price, as we can see on the daily chart (the chart includes today’s intraday data):

Today gold is 0.5% lower, as it is extending a short-term consolidation along $1,800 price level. What about the other precious metals? Silver is 0.8% higher, platinum is 0.8% higher and palladium is 0.8% higher. So precious metals’ prices are mixed this morning.

Yesterday’s Building Permits, Housing Starts releases have been mixed. Today we won’t get any new important economic data announcements. The markets will be waiting for tomorrow’s European Central Bank’s Monetary Policy Statement release, among others.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:

Wednesday, July 21

  • All Day, Japan – Bank Holiday

Thursday, July 22

  • 7:45 a.m. Eurozone – Monetary Policy Statement, Main Refinancing Rate
  • 8:30 a.m. U.S. – Unemployment Claims
  • 8:30 a.m. Eurozone – ECB Press Conference
  • 10:00 a.m. U.S. – Existing Home Sales, CB Leading Index m/m
  • All Day, Japan – Bank Holiday

For a look at all of today’s economic events, check out our economic calendar.

Paul Rejczak
Stock Selection Strategist
Sunshine Profits: Analysis. Care. Profits.

* * * * *

Disclaimer

All essays, research and information found above represent analyses and opinions of Paul Rejczak and Sunshine Profits’ associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Paul Rejczak and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Rejczak is not a Registered Securities Advisor. By reading Paul Rejczak’s reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Paul Rejczak, Sunshine Profits’ employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.

 

Daily Gold News: Tuesday, July 20 – Gold Stable Despite Falling Stocks, Oil

The gold futures contract lost 0.32% on Monday, as it retraced some more of its recent advances. On Thursday the market has reached a local high of $1,835. Yesterday it was declining following stocks and oil sell-off. But it has bounced from the support level of $1,800. This morning gold is trading slightly above yesterday’s closing price, as we can see on the daily chart (the chart includes today’s intraday data):

Today gold is 0.2% higher, as it continues to trade above $1,800 price level. It is extending a short-term consolidation. What about the other precious metals? Silver is 0.3% lower, platinum is 0.1% lower and palladium is 0.1% higher. So precious metals’ prices are mixed this morning.

Yesterday’s NAHB Housing Market Index release has been slightly worse than expected at 80.

Today we will get the U.S. Building Permits, Housing Starts releases at 8:30 a.m.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:

Tuesday, July 20

Wednesday, July 21

  • All Day, Japan – Bank Holiday

For a look at all of today’s economic events, check out our economic calendar.

Paul Rejczak
Stock Selection Strategist
Sunshine Profits: Analysis. Care. Profits.

* * * * *

Disclaimer

All essays, research and information found above represent analyses and opinions of Paul Rejczak and Sunshine Profits’ associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Paul Rejczak and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Rejczak is not a Registered Securities Advisor. By reading Paul Rejczak’s reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Paul Rejczak, Sunshine Profits’ employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.

 

Anglo American’s Q2 Production Up 20% Driven by Diamonds, Platinum

In the three months to June rough diamond production rose by 134% compared to the same period a year ago as consumer demand recovered, while platinum group metals production at its South African unit Anglo American Platinum increased by 59% to 1.06 million ounces.

Copper production rose by 2% to 170,000 tonnes, it said.

(Reporting by Clara Denina and Helen Reid, Editing by Helen Reid)

Daily Gold News: Monday, July 19 – Gold Closer to $1,800 Again

The gold futures contract lost 0.77% on Friday, as it retraced some of its recent advances. On Thursday the market has reached a local high of $1,835. Then we’ve witnessed a short-term reversal. This morning gold is extending its short-term downtrend following strengthening U.S. dollar and declining stock markets, as we can see on the daily chart (the chart includes today’s intraday data):

Today gold is 0.5% lower, as it is trading close to $1,800 price level. What about the other precious metals? Silver is 1.2% lower, platinum is 2.2% lower and palladium is unchanged. So precious metals’ prices are lower this morning.

Friday’s Retail Sales release has been better than expected at +0.6% and today we will get the NAHB Housing Market Index release at 10:00 a.m.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:

Monday, July 19

  • 10:00 a.m. U.S. – NAHB Housing Market Index
  • 9:30 p.m. Australia – Monetary Policy Meeting Minutes

Tuesday, July 20

  • 8:30 a.m. U.S. – Building Permits, Housing Starts

For a look at all of today’s economic events, check out our economic calendar.

Paul Rejczak
Stock Selection Strategist
Sunshine Profits: Analysis. Care. Profits.

* * * * *

Disclaimer

All essays, research and information found above represent analyses and opinions of Paul Rejczak and Sunshine Profits’ associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Paul Rejczak and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Rejczak is not a Registered Securities Advisor. By reading Paul Rejczak’s reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Paul Rejczak, Sunshine Profits’ employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.

 

Daily Gold News: Friday, July 16 – Gold’s Downward Correction

The gold futures contract gained 0.22% on Thursday, as it extended its uptrend following breaking above a consolidation along $1,800 price level. The market has retraced some more of its June’s $100 decline. This morning gold is retracing some of Wednesday’s advance, as we can see on the daily chart (the chart includes today’s intraday data):

Today gold is 0.6% lower, as it is trading along yesterday’s daily low. What about the other precious metals? Silver is 1.1% lower, platinum is 0.8 % lower and palladium is 1.3% lower. So precious metals’ prices are lower this morning.

Yesterday’s Unemployment Claims release has been slightly worse than expected at 360,000. The Industrial Production has also been worse than expected at +0.4% vs. the previous increase of 0.7%.

Today we will get the important Retail Sales release at 8:30 a.m.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for today:

Friday, July 16

  • 8:30 a.m. U.S. – Retail Sales m/m, Core Retail Sales m/m
  • 10:00 a.m. U.S. – Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations, Business Inventories m/m
  • 4:00 p.m. U.S. – TIC Long-Term Purchases

For a look at all of today’s economic events, check out our economic calendar.

Paul Rejczak
Stock Selection Strategist
Sunshine Profits: Analysis. Care. Profits.
* * * * *

Disclaimer

All essays, research and information found above represent analyses and opinions of Paul Rejczak and Sunshine Profits’ associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Paul Rejczak and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Rejczak is not a Registered Securities Advisor. By reading Paul Rejczak’s reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Paul Rejczak, Sunshine Profits’ employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.

 

Daily Gold News: Thursday, July 15 – Gold Extending Short-Term Uptrend

The gold futures contract gained 0.83% on Wednesday, as it broke above a short-term consolidation along $1,800 price level. The market has retraced some more of its $100 decline in June. This morning gold is trading along yesterday’s daily close, as we can see on the daily chart (the chart includes today’s intraday data):

Today gold is 0.2% lower, as it is trading slightly above yesterday’s closing price. What about the other precious metals? Silver is unchanged, platinum is 0.7 % higher and palladium is 0.9% lower. So precious metals’ prices are mixed this morning.

Yesterday’s Producer Price Index release has been higher than expected at +1.0% vs. the expected +0.6%. Today we will get the Unemployment Claims and Industrial production releases. We will also get the Fed Chair Powell testimony at 9:30 a.m.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:

Thursday, July 15

  • 8:30 a.m. U.S. – Unemployment Claims, Philly Fed Manufacturing Index, Empire State Manufacturing Index, Import Prices m/m
  • 9:15 a.m. U.S. – Industrial Production m/m, Capacity Utilization Rate
  • 9:30 a.m. U.S. – Fed Chair Powell Testimony
  • 11:00 a.m. U.S. – FOMC Member Evans Speech
  • Tentative, Japan – BOJ Outlook Report, Monetary Policy Statement, BOJ Policy Rate, BOJ Press Conference

Friday, July 16

  • 8:30 a.m. U.S. – Retail Sales m/m, Core Retail Sales m/m
  • 10:00 a.m. U.S. – Preliminary UoM Consumer Sentiment, Preliminary UoM Inflation Expectations, Business Inventories m/m
  • 4:00 p.m. U.S. – TIC Long-Term Purchases

For a look at all of today’s economic events, check out our economic calendar.

Paul Rejczak
Stock Selection Strategist
Sunshine Profits: Analysis. Care. Profits.

* * * * *

Disclaimer

All essays, research and information found above represent analyses and opinions of Paul Rejczak and Sunshine Profits’ associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Paul Rejczak and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Rejczak is not a Registered Securities Advisor. By reading Paul Rejczak’s reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Paul Rejczak, Sunshine Profits’ employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.

 

Gold: High Time to Move Out of the Penthouse

Gold’s days in a glamorous apartment at the top of the PMs’ building are numbered. We’d better prepare for a rapid elevator ride to the first floor.

The Gold Miners

With the gold miners essentially running laps on the treadmill, the HUI Index, the GDX ETF, and the GDXJ ETF are working extremely hard but making little progress. And with the gambit resulting in ‘one step forward, two steps back,’ frustrating exhaustion has mining stocks questioning their every move. To that point, even though the trio transitioned from the conveyor belt to the stairs in recent weeks, history shows that slow climbs often culminate with elevator rides lower. Should we expect a different outcome this time around?

Gold ended the week in the green (up by $27.30), but the HUI Index was stuck in the red (down by 1.39). This is extremely noteworthy, as a similar divergence occurred at the end of May. For context, when the yellow metal rallied by $28.60 in a week back then, the HUI Index fell by 1.37 index points.

In the following weeks, the HUI Index declined by about 50 index points, while gold declined by about $150.

And with the ominous imbalance preceding the pair’s precipitous declines, again, should we expect a different outcome this time around?

Please see below:

To explain, with the HUI Index unable to muster any meaningful relief rallies, I warned that the recent plunge was weeks in the making:

I wrote the following about the week beginning on May 24:

What happened three weeks ago was that gold rallied by almost $30 ($28.60) and at the same time, the HUI – a flagship proxy for the gold stocks… Declined by 1.37. In other words, gold stocks completely ignored gold’s gains. That shows exceptional weakness on the weekly basis and is a very bearish sign for the following weeks.

To that point, with the HUI Index’s ominous signals only increasing, if history rhymes (as it tends to), medium-term support will likely materialize in the 100-to-150 range. For context, high-end 2020 support implies a move back to 150, while low-end 2015 support implies a move back to 100. And yes, it could really happen, even though such predictions seem unthinkable.

Furthermore, with the junior miners often suffering the most during medium-term drawdowns, short positions in the GDXJ ETF will likely offer the best risk-reward ratio. For context, if you held firm in 2008 and 2013 and maintained your short positions, you almost certainly realized substantial profits. And while there are instances when it’s wise to exit one’s short positions, the prospect of missing out on the forthcoming slide makes it quite risky.

Even more bearish, a drastic underperformance by the HUI Index also preceded the bloodbath in 2008. To explain, right before the huge slide in late September and early October, gold was still moving to new intraday highs; the HUI Index was ignoring that, and then it declined despite gold’s rally. However, it was also the case that the general stock market suffered materially. If stocks didn’t decline back then so profoundly, gold stocks’ underperformance relative to gold would have likely been present but more moderate.

Nonetheless, the HUI Index’s bearish head-and-shoulders pattern is already sounding the alarm. When the HUI Index retraced a bit more than 61.8% of its downswing in 2008 and in between 50% and 61.8% of its downswing in 2012 before eventually rolling over, in both (2008 and 2012) cases, the final top – the right shoulder – formed close to the price where the left shoulder topped. And in early 2020, the left shoulder topped at 303.02.

Thus, three of the biggest declines in the mining stocks (I’m using the HUI Index as a proxy here), all started with broad, multi-month head-and-shoulders patterns. And in all three cases, the size of the declines exceeded the size of the head of the pattern.

In addition, when the HUI Index peaked on Sep. 21, 2012, that was just the initial high in gold. At that time, the S&P 500 was moving back and forth with lower highs. And what was the eventual climax? Well, gold made a new high before peaking on Oct. 5. In conjunction, the S&P 500 almost (!) moved to new highs, and despite bullish tailwinds from both parties, the HUI Index didn’t reach new heights. The bottom line? The similarity to how the final counter-trend rally ended in 2012 (and to a smaller extent in 2008) remains uncanny.

As a result, we’re confronted with two bearish scenarios:

  1. If things develop as they did in 2000 and 2012-2013, gold stocks are likely to bottom close to their early-2020 low.
  2. If things develop like in 2008 (which might be the case, given the extremely high participation of the investment public in the stock market and other markets), gold stocks could re-test (or break slightly below) their 2016 low.

Keep in mind though: scenario #2 most likely requires equities to participate. In 2008 and 2020, sharp drawdowns in the HUI Index coincided with significant drawdowns of the S&P 500. However, with the Fed turning hawkish and investors extremely allergic to higher interest rates, the likelihood of a three-peat remains relatively high.

As further evidence, let’s analyze the behavior of the GDX ETF and the GDXJ ETF. Regarding the former, the senior miners celebrated gold’s strength by falling to their previous lows on Jul. 8. If this is not a shocking proof of extreme underperformance, then I don’t know what would be one.

Please see below:

Regarding the latter, on Jun. 29 (the June low), the GDXJ ETF closed at $45.83. And on Jul. 8, it closed at $45.53. Ladies and gentlemen, we had a breakdown.

Of course, we see that the breakdown was invalidated, but the fact that it moved to new lows while gold rallied is extremely bearish. It seems like the junior miners simply can’t wait to break to new lows.

The bottom line?

If gold repeats its June slide, it will decline by about $150. Taking the entire decline into account (since August 2020), for every $1 that gold fell, on average, the GDX was down by about 4 cents (3.945 cents) and GDXJ was down by about 6.5 cents (6.504 cents).

This means that if gold was to fall by about $150 and miners declined just as they did so far in the past year (no special out- or underperformance), they would be likely to fall by $5.92 (GDX) and $9.76 (GDXJ). Given the Jul. 8 closing prices, this would imply price moves to $27.76 (GDX) and $35.78 (GDXJ). So, the profits on the current short position are likely to soar.

In conclusion, while the HUI Index, the GDX ETF and the GDXJ ETF are likely to have some small breathers along the way, their sprints lower are likely far from finished. When we combine their extreme underperformance relative to gold with the bearish 2008 and 2012 analogues, the gold miners might just huff and puff and blow their own houses down. As a result, while 2021 has already delivered two desperate pleas for more oxygen, the trio will likely require a third ventilator in the coming months. The outlook for the following weeks remains very bearish.

Thank you for reading our free analysis today. Please note that the above is just a small fraction of today’s all-encompassing Gold & Silver Trading Alert. The latter includes multiple premium details such as the targets for gold and mining stocks that could be reached in the next few weeks. If you’d like to read those premium details, we have good news for you. As soon as you sign up for our free gold newsletter, you’ll get a free 7-day no-obligation trial access to our premium Gold & Silver Trading Alerts. It’s really free – sign up today.

For a look at all of today’s economic events, check out our economic calendar.

Przemyslaw Radomski, CFA
Founder, Editor-in-chief
Sunshine Profits: Effective Investment through Diligence & Care

* * * * *

All essays, research and information found above represent analyses and opinions of Przemyslaw Radomski, CFA and Sunshine Profits’ associates only. As such, it may prove wrong and be subject to change without notice. Opinions and analyses are based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are deemed to be accurate, Przemyslaw Radomski, CFA and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Radomski is not a Registered Securities Advisor. By reading Przemyslaw Radomski’s, CFA reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Przemyslaw Radomski, CFA, Sunshine Profits’ employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.

 

Gold Forecast – Must Hold Bullish & Bearish Price Levels for Gold and Miners

Red Flag or Shakeout?

Some gold miners recently dipped below their June lows. Was that a red flag or a manufactured shakeout? Below are key levels I will be watching. If it was just a shakeout, then miners may be on the verge of a significant rally.

GDX DAILY: Thursday’s sharp down day in miners was either a red flag or a shakeout. A shakeout occurs as prices form a new uptrend – when bulls remain skittish. It forces weak longs to sell (puke-up) their positions just before the next rally. A close above $35.00 next week would support the shakeout theory. However, a close above $36.75 is needed to suggest a more meaningful advance.

Chart Description automatically generated

To support a more bearish outcome, GDX needs to close progressively below $33.00 and then below $30.00.

Note- Our metals portfolios recently bought gold miners and will continue to accumulate precious metal assets moving forward.

Gold Price Scenarios and Projections

GOLD MONTHLY VALUE: With the fundamental backdrop of endless budget deficits and record-setting monetary policy. I believe there is a 70% bullish case for gold (scenarios A & B) to continue higher into 2023 and 2024. I see a 20% neutral (scenario C), suggesting gold stays below $2000 a bit longer. Lastly, I see a 10% bearish outlook (scenario D) that could allow gold to dip back to $1175.

Chart Description automatically generated

Probabilities Below:

A) Gold bottomed in March 2021 at $1673.30. The renewed uptrend supports a $3000 price target by Q2 2023. I assign a 40% probability.

B) The correction in gold extends back to the $1575 level a forms a lasting bottom. Closing above $2000 would report a $3000 target by Q2 2024. I assign a 30% probability.

C) A monthly close below $1575 would recommend a deeper correction to the bull market breakout area surrounding $1375. In this scenario, I’d expect a retest of $2000 by 2024. I assign a 20% probability.

D) Gold fails to hold $1375, and prices fall all the way back to $1175 by Q4 2024. I assign a 10% probability.

In closing, with the price of just about every commodity on the planet near new highs and trending higher, I believe it is just a matter of time before precious metals resume their bull market trends.

The only way I see gold dropping back to $1000 or lower (as some are expecting) would require a massive deflationary shock. If that occurs, then everything will collapse in value, including an 80% decline in global stock markets. Either way, it may be wise to have some physical gold for deflation and some investment gold and miners for an inflationary shock wave.

AG Thorson is a registered CMT and expert in technical analysis. He believes we are in the final stages of a global debt super-cycle. For regular updates, please visit here.

 

Daily Gold News: Friday, July 9 – Gold Trading Along $1,800

The gold futures contract lost 0.11% on Thursday, as it extended its short-term consolidation along $1,800 price level. On Tuesday the market broke above the recent consolidation following $100 decline. This morning gold continues to trade sideways, as we can see on the daily chart (the chart includes today’s intraday data):

Today gold is virtually flat, as it is trading along yesterday’s closing price. What about the other precious metals? Silver is 0.4% higher, platinum is 1.1% higher and palladium is 0.2% higher. So precious metals’ prices are mixed this morning.

Yesterday’s Unemployment Claims release has been slightly worse than expected at 373,000 vs. expected 345,000. The stock market has retraced some of its recent euphoria-run on Thursday following Wednesday’s FOMC Meeting Minutes release, however gold didn’t react that much.

Today we will get the U.S. Wholesale Inventories number at 10:00 a.m.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for today:

Friday, July 9

  • 6:00 a.m. Eurozone – ECB President Lagarde Speech
  • 8:30 a.m. Canada – Employment Change, Unemployment Rate
  • 10:00 a.m. U.S. – Final Wholesale Inventories m/m
  • Tentative, U.S. – Fed Monetary Policy Report
  • All Day – G20 Meetings Day 2

For a look at all of today’s economic events, check out our economic calendar.

Paul Rejczak
Stock Selection Strategist
Sunshine Profits: Analysis. Care. Profits.

* * * * *

Disclaimer

All essays, research and information found above represent analyses and opinions of Paul Rejczak and Sunshine Profits’ associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Paul Rejczak and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Rejczak is not a Registered Securities Advisor. By reading Paul Rejczak’s reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Paul Rejczak, Sunshine Profits’ employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.

 

Daily Gold News: Thursday, July 8 – Gold Extends its Short-Term Uptrend

The gold futures contract gained 0.44% on Wednesday, as it continued to trade above $1,800 price level. On Tuesday the market broke above the recent consolidation following a $100 decline. This morning gold is extending its short-term uptrend, as we can see on the daily chart (the chart includes today’s intraday data):

Today gold is 0.6% higher, as it is trading slightly above yesterday’s daily high. What about the other precious metals? Silver is 0.1% lower, platinum is 1.2% lower and palladium is 1.0% lower. So precious metals’ prices are mixed this morning.

Today we will get the Unemployment Claims release at 8:30 a.m.

Where would the price of gold go following last Friday’s Nonfarm Payrolls announcement? We’ve compiled the data since September of 2018, a 34-month-long period of time that contains of thirty four NFP releases. The following chart shows the average gold price path before and after the NFP releases for the past 34 months. The market was usually advancing ahead of the release day and closing 0.35% higher on the 10th day after the NFP release.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:

Thursday, July 8

  • 8:30 a.m. U.S. – Unemployment Claims
  • All Day – G20 Meetings Day 1

Friday, July 9

  • 6:00 a.m. Eurozone – ECB President Lagarde Speech
  • 8:30 a.m. Canada – Employment Change, Unemployment Rate
  • 10:00 a.m. U.S. – Final Wholesale Inventories m/m
  • Tentative, U.S. – Fed Monetary Policy Report
  • All Day – G20 Meetings Day 2

For a look at all of today’s economic events, check out our economic calendar.

Paul Rejczak
Stock Selection Strategist
Sunshine Profits: Analysis. Care. Profits.

* * * * *

Disclaimer

All essays, research and information found above represent analyses and opinions of Paul Rejczak and Sunshine Profits’ associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Paul Rejczak and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Rejczak is not a Registered Securities Advisor. By reading Paul Rejczak’s reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Paul Rejczak, Sunshine Profits’ employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.