Commerzbank: Monthly Chinese Silver Imports Highest In 7 1/2 Years
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China “a lot ofsilver” in January, says Commerzbank. Analysts cite the most recent data fromcustoms authorities showing that 493 tonnes were imported, 85% more thanJanuary of 2016. This was the highest monthly silver imports in 7 1/2 years,Commerzbank points out. “The global silver market was not in tight supply inJanuary nonetheless because ETF [exchange-traded-fund] investors sold nearly400 tonnes of silver last month,” the bank adds.
By Allen Sykoraof Kitco News; asykora@kitco.com
FXTM: Gold Market ToFocus On Interest-Rate Expectations
Tuesday February 27, 2018 08:14
Gold could suffer if market watchers factor in aprobability of higher U.S. interest rates, says says Lukman Otunuga, research analyst atFXTM. New Fed Chair Jerome Powell isscheduled to make his first appearance before Congress Tuesday morning. “Itseems that the heightened expectations of higher U.S. interest rates have leftthe yellow metal vulnerable to heavy to losses,” Otunuga says. “Investorsshould keep in mind that gold is a zero-yielding asset, and is likely to remaindepressed and unloved in a high interest-rate environment. Bears could draggold prices lower today, if markets interpret Jerome Powell’s firstcongressional testimony as hawkish.” Otunuga adds that traders who takepositions on the basis of the charts will closely watch how prices act aroundthe “pivotal” $1,340-an-ounce level. “Repeated weakness below $1,340 couldencourage a decline back towards $1,324.15,” the analyst says. “A situationwhere bulls are able to push gold above $1,340 may invite an incline highertowards $1,360.” As of 8:11 a.m. EST, spot gold was down $3.95 for the day to$1,329.20 an ounce.
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.