Live Spot Gold
SPOT MARKET IS OPEN
closes in 6 hrs. 33 mins.Mar 06, 2020 10:27 NY Time
| Bid/Ask | 1659.80 / 1660.80 | |
| Low/High | 1656.60 / 1690.60 | |
| Change | -12.00 | -0.72% |
| 30daychg | +104.20 | +6.70% |
| 1yearchg | +373.80 | +29.07% |
| Alerts Charts |
Silver Price & PGMs
Mar 06, 2020 10:27 NY TimeKitco 10AM Silver Fix
| Silver | 17.08 | -0.33 |
| Platinum | 886.00 | +21.00 |
| Palladium | 2399.00 | -44.00 |
| Rhodium | 11200.00 | +1200.00 |
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see the associated charts
( Kitco, Fri. March 6th, 2020) – Safe-haven gold prices are solidly higher in early U.S. futures trading Thursday. Risk aversion is increasing heading into a very uncertain weekend amid the coronavirus outbreak scare that is wreaking havoc in the world marketplace. April gold futures were last up $11.00 an ounce at $1,678.10. May Comex silver prices were last down $0.063 at $17.33 an ounce.
The just-released U.S. employment situation report for February from the Labor Department showed non-farm payrolls up 273,000, which was a big upside miss from the forecast of up around 175,000. Gold prices did lose about have of their overnight gains following the jobs report. However, focus of the marketplace will quickly return to Covid-19 concerns.
Global stock markets were solidly lower overnight, following the big losses in the U.S. stock market on Thursday. U.S. stock indexes are again pointed toward sharply lower openings when the New York day session begins. Look for another very active day in U.S. markets. It’s hard to conceive the U.S. stock indexes recovering today, heading into another uncertain weekend and what next Monday may bring on the coronavirus front.
Here’s the latest on the Covid-19, or coronavirus, outbreak that continues to wreak havoc in world markets. Some U.K. factories have moved to a four-day work week. The impact on German and Euro zone automotive manufacturers is expected to be severe in the short term. Supply chain issues are creating the notion of companies securing greater supplies of critical parts and materials—also called hoarding.
Here are some selected comments from one of Friday’s market commentaries emailed to me: “Disinflationary risks mount and recession looks an increasingly safe bet (it’s simply a question of where, how deep and how long). Even Gold, normally an inflation hedge, is soaring on the basis of naked fear. Despite calming words about how this is just the flu and all will be well in a few months when the summer comes, nobody knows where we are heading with Covid-19. One thing seems pretty clear, if the market has presently priced Coronavirus in correctly, it is by sheer blind luck; probably it has not.”
Standard and Poors has forecast GDP growth in China at 4.8% in 2020 before rebounding to 6.6% in 2021.
The benchmark U.S. 10-year Treasury note yield overnight fell below 0.8% to another record low, and remains below that level. How low can the U.S. 10-year note yield go? Well, for perspective Germany’s 10-year bund is presently trading at a yield of -0.73%. There is dire concern among long-term market watchers that a U.S. and /or global economic recession looms, including the prospect of debilitating consumer and commercial price deflation.
From my 35-year markets-watching perspective: I can think of a few big market shocks that rival what is occurring now, including the Chernobyl nuclear accident in the Soviet Union in 1986, the Sept. 11 terror attacks in 2001, the 2008 global financial crisis, and the 1987 stock market meltdown. For me, only the 1987 stock market crash and the 9-11 attacks were bigger than what markets are exhibiting now. This coronavirus matter is a big deal that appears to be getting bigger.
The key outside markets today see Nymex crude oil prices sharply lower, hitting a 14-month low and trading around $44.00 a barrel in early trading. OPEC and Russia are presently wrangling regarding how much oil production the cartel should further restrict amid the falling prices. Meantime, the U.S. dollar index is trading sharply down today and hit a nine-month low.
Other U.S. economic data due for release Friday includes international trade in goods and services, monthly wholesale trade, and consumer credit.
RTechnically, the gold bulls have the strong overall near-term technical advantage amid a 3.5-month-old price uptrend on the daily chart. Bulls’ next upside price objective is to produce a close in April futures above solid resistance at $1,700.00. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $1,650.00. First resistance is seen at the February high of $1,691.70 and then at $1,700.00. First support is seen at the overnight low of $1,675.00 and then at the overnight low of $1,667.80
March silver futures bulls and bears are on a level overall near-term technical playing field. Silver bulls’ next upside price objective is closing prices above solid technical resistance at $18.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at the February low of $16.40. First resistance is seen at the overnight high of $17.575 and then at $17.75. Next support is seen at the overnight low of $17.285 and then at $17.00.
Posted by :
Jack Dempsey, President
401 Gold Consultants LLC
jdemp2003@gmail.com