(Kitco, Monday,May 13th, 2019 ) – Gold prices are trading up $13.00 to $1,290.00/oz. in early-morning U.S. trading Monday. Prices are near daily highs and have erased modest overnight losses as it looks to be another rough day for the U.S. stock market. July Comex silver was last down $0.12 at $14.67 an ounce.
World stock markets were mostly down overnight. U.S. stock indexes are pointed toward solidly lower openings when the New York day session begins, and are close to last week’s five-week lows.
The failure of the U.S. and China to reach a trade deal late last week and the resulting new tariffs put in place by the U.S., including retaliatory threats from China, have the world marketplace in a downbeat mood to start the trading week. Trade officials from both countries will continue talking, however. Keener risk aversion in the marketplace generally works in favor of the safe-haven metals markets.
The marketplace is so far not being significantly impacted by news two Saudi oil tankers were attacked in the Strait of Hurmuz over the weekend. The attackers are apparently unknown. However, tensions between the U.S. and Iran have ratcheted up in recent weeks, with some speculating Iran may be behind the weekend attacks on the Saudi ships, which were not sunk but did sustain significant damag
The key “outside markets” today see the U.S. dollar index slightly lower. Meantime, Nymex crude oil prices are higher and trading around $62.50 a barrel.
There is not major U.S. economic data due for release Monday.
Posted By :
Jack Dempsey, President
401 Gold Consultants LLC