INTL FCStone: Equity Weakness Helps Gold Steady
The renewedweakness in equities has enabled gold to stabilize, says INTL FCStone. With theDow Jones Industrial Average down nearly 300 points in early trading, Comex April gold was up $2.20 to $1,316.80 as of 10:42 a.m. EST. INTL FCStone says“gold prices are up right now as weakness in the Dow seems to be steadying thecomplex somewhat,” adding that silver has also ticked higher. March silver wasup 9.2 cents to $16.33.
By Allen Sykoraof Kitco News; asykora@kitco.com
Commerzbank: Palladium Has ‘RunOut Of Steam’
Thursday February 08, 2018 09:40
Palladium prices have “run out ofsteam” and now hold only a small premium over platinum, actually losing it fora short while, points out Commerzbank. Palladium has been more expensive sinceearly autumn after prices rose sharply in 2017. Spot metal has fallen below the technically significant 100-day average and thepsychologically important $1,000-per-ounce mark. “As if this were not enough,palladium was briefly cheaper than platinum again for the first time in fourmonths,” Commerzbank says. “At the beginning of the year, palladium was still agood $150 per troy ounce more expensive than platinum. After flying high in thepast two years and reaching a record high of $1,140 in mid-January, palladiumnow appears to have run out of steam.” Much of the selling in palladium waslikely profit-taking, the bank adds. Around 9:30 a.m. EST, spot palladium wasdown $3.30 to $984.10 an ounce. The 100-day average stood around $1,012.15.Spot platinum was down $2.60 to $975.90.
By Allen Sykoraof Kitco News; asykora@kitco.com
TDS Calls Dollar Bounce ‘Bear-Market Correction’
Thursday February 08, 2018 09:40
TD Securities says the recent bounce in the U.S. dollar isprobably a correction in a bear market. The euro has fallen as far as $1.22122so far Thursday after peaking at $1.25378 in late January. “A bear-marketcorrection of the dollar is in the works, as markets begin to chew through someexcessive valuations and lopsided positions,” TDS says. “Besides positioning,the near-term fundamental picture has also improved for the greenback, thoughwe expect any bounces are likely to be short-lived and offer better levels tosell.” Metals traders closely monitor moves in the dollar since base andprecious metals alike tend to move inversely to the U.S. currency.
By Allen SykoraFor Kitco News
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asykora@kitco.com Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.