Live Spot Gold
SPOT MARKET IS OPEN
closes in 5 hrs. 21 mins.Jan 30, 2020 11:39 NY Time
| Bid/Ask | 1581.90 / 1582.90 | |
| Low/High | 1572.10 / 1586.20 | |
| Change | +5.50 | +0.35% |
| 30daychg | +65.10 | +4.29% |
| 1yearchg | +262.50 | +19.90% |
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Silver Price & PGMs
Jan 30, 2020 11:39 NY TimeKitco 10AM Silver Fix
| Silver | 17.95 | +0.43 |
| Platinum | 970.00 | -5.00 |
| Palladium | 2183.00 | -10.00 |
| Rhodium | 9200.00 | +300.00 |
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(Kitco News), Thurs. Jan.30th, 2020) – Gold and silver prices are higher, with silver posting solid gains, in early U.S. futures trading Thursday. Marketplace focus Thursday is right back on the coronavirus outbreak that is spreading. February gold futures were last up $7.10 an ounce at 1,577.50. March Comex silver prices were last up $0.263 at $17.75 an ounce.
The U.S. economic data point of the day Thursday saw the advance estimate of fourth-quarter GDP come in at up 2.1% on an annual basis, which is in line with market expectations. Markets showed little reaction to the report.
Asian and European stock markets were mostly lower overnight. Mainland China markets remain closed for the Lunar New Year holiday. U.S. stock indexes are pointed toward solidly lower openings when the New York day session begins.
After Tuesday and Wednesday shrugging off the coronavirus outbreak that is still not at all contained and apparently escalating, the marketplace on Thursday is again on edge and risk averse regarding the matter. The latest reports say over 7,700 Chinese are afflicted and over 170 have died. Global businesses located in China are closing their doors there and worldwide flights to China are being cancelled. The coronavirus outbreak is now being deemed more expansive than the SARS outbreak that occurred in Asia over 15 years ago.
“ We Maintain a Bullish Outlook For Gold. “ S.P. Angel.
(Kitco, Thursday. Jan. 30th, 2020) – Commodities broker SP Angel said , “ we maintain a bullish outlook for gold due to a slew of factors including the potential for interest rates to fall further in the U.S., China and Europe due to economic concerns”. Further, while the U.S. and China have signed a “phase one” trade deal, further metal tariffs have been threatened by the U.S., and some wonder whether China will meet its obligations, SP Angel said. Meanwhile, the policies of President Donald Trump’s administration appear to promote further government borrowing, which SP Angel said is “threatening the strength of the U.S. dollar, which should help gold move higher.” Trump is also pressuring the Federal Reserve to cut rates and allow inflation to rise above 2%, SP Angel said. Markets are also keeping tabs on how much China’s coronavirus impacts the global economy. “Geopolitical tension in the Middle East continues and is also helping gold prices higher following the assassination of Iranian General Qasem Soleimani,” SP Angel said. “Turkey and Russia are filling the vacuum as the U.S. military prepare to withdraw from the region. Drone strikes on Saudi Aramco oil facilities are a cause for concern and could see geopolitical tension rising again in the Middle East.” Analysts cautioned about the risk of another hostage crisis. “Central banks are likely to continue to grow their gold reserves, as seen last year, as central bankers attempt to diversify their foreign-exchange reserves,” SP Angel said. “Gold mine supply suffers anemic growth while overall investor demand continues to rise , indicating further upward momentum in the gold market. “
Posted by :
Jack Dempsey, President
401 Gold Consultants LLC
jdemp2003@gmail.com