Analysts: Gold ETF Holdings Rise For 12 Straight Business Days
Holdings of gold by global exchange-traded fundshave now risen for 12 straight business days, analysts report. The ETFs tradelike a stock but track the price of the commodity, with metal put into storageto back the shares. Commodities brokerage SP Angel reports that ETFs added112,781 troy ounces to their holdings in the last trading session, taking totalaccumulation to 74.7 million ounces. Commerzbank notes that holdings have increased by 45 tonnes since the start of the month.
By Allen Sykoraof Kitco News; asykora@kitco.com
Epstein: ‘The Current Formation In Silver Is Bullish’
Friday April 20, 2018 08:05
The technical-chart formation in Comex silver futures isbullish, says a research note from the Ira Epstein division of Linn &Associates. “July silver initiated new upside PriceCounts thisweek when it moved above $16.95,” says the firm. The first upside PriceCount of$17.46 was nearly met Thursday as prices hit a high of $17.425. The secondobjective is $17.90, which also coincides with the high seen in January. “UpsidePriceCounts remain in place as long as July futures do not trade below $16.49,”Epstein says. “The current formation in silver is bullish not only because newupside PriceCounts been activated, but also because an inverted head-and-shouldersbottom has formed. Pullbacks into the February and March highs offer azone for traders to consider new bullish options strategies.” As of 7:55 a.m.EDT, Comex July silver was trading down 12 cents to $17.185 an ounce.
By Allen Sykoraof Kitco News; asykora@kitco.com
SP Angel: Gold Headed For Weekly Loss
Friday April 20, 2018 08:05
Gold prices are headed for their first weeklyloss in three as global political tensions wane and the U.S. dollar rises amidimproving risk sentiment, says commodities brokerage SP Angel. As of a researchnote, the Bloomberg dollar spot index was up 0.6% this week, keeping pressureon gold and prompting some traders to take profits. “The U.S. economy hasremained on steady growth, which has assured the Fed it should stick with itscurrent pace of rate increases,” SP Angel says. “Political risks have slightlyfaded as U.S. President Donald Trump said he hoped a summit with North Koreanleader Kim Jung Un would be successful following CIA Director Mike Pompeo’ssurprise arrival in country. The summit also hopes to build on North Korea’sexpressed commitment to ‘complete denuclearization’ of the Korean peninsula.”Further, the U.S. did not make new demands on trade following a summit withJapanese Prime Minister Shinzo Abe. “However, gold remains a ‘value’ buy asuncertainties remain over U.S. monetary policy direction, unansweredgeopolitical tensions and underlying trade protectionism threats,” SP Angelsays. As of 7:56 a.m. EDT, ComexJune gold was down 0.4% for the week so far to $1,342.90 an ounce.
By Allen SykoraFor Kitco News
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