Live Spot Gold
SPOT MARKET IS OPEN
closes in 5 hrs. 50 mins.Jan 14, 2020 11:10 NY Time
| Bid/Ask | 1543.30 / 1544.30 | |
| Low/High | 1535.80 / 1547.60 | |
| Change | -4.10 | -0.26% |
| 30daychg | +67.60 | +4.58% |
| 1yearchg | +252.10 | +19.52% |
| Alerts Charts |
Silver Price & PGMs
Jan 14, 2020 11:10 NY TimeKitco 10AM Silver Fix
| Silver | 17.76 | -0.15 |
| Platinum | 979.00 | +7.00 |
| Palladium | 2117.00 | +8.00 |
| Rhodium | 7100.00 | +100.00 |
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see the associated charts
(Kitco, Tues. Jan. 14th, 2020) – gold and silver prices are flat in early U.S. futures trading Tuesday. Upbeat trader and investor attitudes, as evidenced by rallying global stock markets, including the U.S. stock indexes hitting record highs overnight, continue to work against the competing asset class of precious metals markets. February gold futures were last down $6.90 an ounce at 1,543.70. March Comex silver prices were last down $0.231 at $17.765 an ounce.
Asian and European stock markets were mixed to weaker overnight. U.S. stock indexes are pointed toward slightly lower openings when the New York day session begins. Mild corrective pullbacks are in order on this “turnaround Tuesday,” following recent gains that put U.S. stock indexes at record highs overnight. The geopolitical scene has quieted down markedly the past few days.
The marketplace this week is focused on the U.S.-China partial trade agreement that is scheduled to be signed Wednesday in Washington, D.C. The trade deal is expected to boost global economic growth in 2020. China Tuesday reported its exports grew by just 0.5% in 2019, compared to 10% growth in 2018, as evidence of the trade war with the U.S. damaging China’s economy. China’s imports were reported down 2.8% in 2019 compared to rising 16% in 2018.
In overnight news, the Chinese yuan appreciated to its highest level against the U.S. dollar since last summer, after the U.S. on Monday announced China was no longer on its list of currency manipulators.
The key outside markets today see crude oil prices firmer and trading around $58.50 a barrel. The U.S. dollar index is modestly up early today.
U.S. economic data due for release Tuesday includes the weekly Goldman Sachs and Johnson Redbook retail sales reports, the NFIB small business optimism index, the consumer price index, real earnings and the IDB/TIPP economic optimism index.
Dow Opens Flat, Bank Stocks Rise Led by JP Morgan
Stocks opened little changed on Tuesday as the corporate earnings season kicked off with J.P. Morgan Chase and Citigroup posting stronger-than-forecast quarterly results.
The Dow Jones Industrial Average dipped 16 points at the open, less than 0.1%. The S&P 500 and Nasdaq Composite also hovered below the flatline.
J.P. Morgan Chase posted quarterly earnings and revenue that beat analyst expectations, sending the stock up more than 0.6%. The bank’s annual profits also reached record levels at $36.4 billion. J.P. Morgan also had a surge in bond-trading revenues during the fourth quarter.
Citigroup’s earnings also got a boost from strong fixed-income trading as revenue from that business surged 49%. Shares of the banking giant gained 0.7%.
“Year over year that number looks great, but let’s not forget the fourth quarter of 2018 was miserable,” said JJ Kinahan, chief market strategist at TD Ameritrade. Still, “this was a good way to start the earnings season.”
Delta Air Lines also reported better-than-expected earnings, boosted by lower fuel costs and strong travel demand. The results sent Delta shares higher by 3.2%.
Despite the strong results from J.P. Morgan, Citi and Delta, expectations for the corporate earnings season were low. S&P 500 profits were forecast to fall 2% in the fourth quarter on a year-over-year basis, according to FactSet.
“The market continues to be in an extreme overbought condition that indicates the recent gains could be temporarily given back, while the fundamental backdrop driven by our core thesis and EPS suggest buying any meaningful weakness,” Tony Dwyer, chief market strategist at Canaccord Genuity, said in a note.
Wall Street came into Tuesday’s session after posting solid gains on Monday that led the S&P 500 and Nasdaq to record levels. Sentiment got a boost from optimism around U.S.-China trade relations.
The U.S. said it will remove China from a list of currency manipulating countries. The announcement came just a few days before the two largest world economies are due to sign a “phase one” trade deal in Washington, D.C.
Ahead of the signing, the South China Morning Post reported that the trade war is “not over yet” and that Wednesday’s ceremony will be more like the “first round of a game.”
Posted by :
Jack Dempsey, President
401 Gold Consultants LLC
jdemp2003@gmail.com