Gold Prices See Normal Corrective Pullback, Bulls Remain in Force

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(Kitco News, Monday, June 17th, 2019)  – Gold prices are modestly down in early morning U.S. trading Monday, on a normal downside correction after hitting a 13-month high late last week. August gold futures were last down $3.00 an ounce at $1,341.60. July Comex silver prices were last up $0.057 at $14.855 an ounce.Markets are quieter early this week as traders and investors worldwide are awaiting the Federal Open Market Committee (FOMC) meeting that begins Tuesday morning and ends Wednesday afternoon with a statement. FOMC members will discuss U.S. monetary policy. Most believe the Fed will not raise interest rates at this meeting, but members may lean toward a more dovish stance on monetary policy, to set the table for a rate hike in the coming few months.

There were no major news developments on the geopolitical front over the weekend, including no escalation of the U.S.-Iran tensions following last week’s attacks on big ships in the Gulf of Oman that the U.S. blamed on Iran. Iran’s leader did make some bellicose remarks about the U.S. and its nuclear ambitions, but the marketplace has brushed them off. Still, this matter is not likely to just fade away and remains a bullish element for the safe-haven metals.

European stock indexes were mostly firmer overnight, while Asian shares were mixed. The U.S. stock indexes are also pointed toward slightly higher openings when the New York day session begins.

The key “outside markets” today see Nymex crude oil prices slightly weaker and trading around $52.00 a barrel. Meantime, the U.S. dollar index is slightly down in early U.S. trading.

U.S. economic data due for release Monday includes the Empire State manufacturing survey and the NAHB housing market index.

Live 24 hours gold chart [Kitco Inc.]

Posted by :

Jack Dempsey, President

401 Gold Consultants LLC

jdemp2003@gmail.com

3 replies on “Gold Prices See Normal Corrective Pullback, Bulls Remain in Force“

    • admin

      I have had a new computer installed and am just now realizing these posts and feel terrible that I have been missing them all this time.
      I was an investment banker for 10 yrs with Merrill and Prudential securities and this has given me a perspective most co.’s do not have,
      Putting the customer 1st by listening, profiling and planning each purchase towards a larger individually tailored portfolio means we build it AFTER we speak to you!
      This strategy takes TIME, and that is what most co.’s lack…but it forms a bond like no other, based on trust…which must be EARNED!
      Thank You for your comments!
      Jack Dempsey

      Reply

    • admin

      Good Friday morning and thank you Cara, I do recommend silver right now and have a few different types of U.S. Silver Eagles for sale currently. If you can look at your coins like a bank account you’ll see the opportunity more clearly ok?
      Checking / Savings / Retirement accounts all have different needs don’t they? Well there are different kinds of precious metal U.S. coins to match each of these accounts, some coins are short term cash substitutes for the falling dollar and other coins are for longer-term holds or pass-downs to your heirs. If anyone buys from a stranger on the phone right away they are making a mistake I think, you must consult, then decide…we count on this approach as people are making important financial decisions when they buy physical assets like gold and the metals.
      Call or text, we will sit down and talk a minute 1st ok?
      Take good care Cara,
      Jack Dempsey

      Reply

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