Walsh's Lusk: Gold, Silver Likely To Be Bought On Price Dips
Gold and silver are likely to draw buying on any pullbacks, says SeanLusk, director of commercial hedging with Walsh Trading. The metals are in factlower on profit-taking Friday, Lusk says. Previously, they ran up sharply thisweek on U.S. dollar weakness. “I think the uptrend continues into month end,”he says. He later adds, “These dips are going to provide a buying opportunityas long as weekly trendline support holds.” He puts these levels around $17.30for Comex March silver and $1,330 for April gold. Lusk says that the trend ofbuying metals on pullbacks may continue until the Federal Reserve becomes morehawkish. As of 9:16 a.m. EST, nearby Comex February gold was down $13.80 to$1,349.10 an ounce and April was down $13.90 to $1,354.10. March silver was26.5 cents lower to $17.350.
By Allen Sykoraof Kitco News; asykora@kitco.com
Commerzbank:Chinese Gold Imports Down, Silver Imports Up In 2017
Friday January 26, 2018 09:31
China’sgold imports fell in 2017 but silver imports rose, Commerzbank says. Analystscited data from the Hong Kong government showing that China imported only 31.2net tonnes of gold from Hong Kong in December, almost 40% less than last year.“The sharp gold price rises in the second half of the month appear to havedeterred Chinese gold buyers,” Commerzbank says. Meanwhile, the Hong Kong datashow net gold imports in 2017 fell by 18.5% year-on-year to 628.2 tonnes. “Thiswas the lowest figure in five years,” Commerzbank says. “Whereas privatehousehold gold demand was largely stable, the Chinese central bank bought nogold at all last year.” However, Chinese silver imports rose last year, thebank says. According to customs authorities, silver imports soared by 28%year-on-year to nearly 4,300 tonnes, achieving a seven-year high. “Last yearsaw solar-cell production stepped up considerably for the second consecutiveyear in China, with over 50% more solar panels installed,” Commerzbank says.“This resulted in high demand for silver.”
By Allen Sykoraof Kitco News; asykora@kitco.com
FXTM: SoftDollar Means More Upside Potential For Gold
Friday January 26, 2018 09:31
Gold couldrun still higher on U.S. dollar weakness, says Lukman Otunuga, research analyst at FXTM. “The fact thatthe dollar remains under pressure, despite [U.S. President] Donald Trumprecently backing a stronger currency, continues to highlight the lack of buyingsentiment,” Otunuga says. “With the greenback likely to remain on the back footin the near term, gold has further upside potential. Taking a look at thetechnical picture, the yellow metal is heavily bullish on the daily charts. Aweekly close above $1,360 could invite a further appreciation higher towards$1,375.”
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.