|Brexit Turmoil Continues To Underpin Gold |
Los Angeles CA, (Tangible Investments) - by James O'Dell - Precious metals prices were mixed in early trading on Monday with Gold up 0.09 percent to $1,330.10 an ounce, after easing $6.20 or 0.46 percent on Friday to end the week at $1,328.90 an ounce.
Silver is down 0.79 percent to $19.94 an ounce, after easing $0.21 or 1.03 percent on Friday to finish the week at $20.10 an ounce, while the Gold/Silver ratio rose to 66.11. Platinum is down 0.36 percent to $1,088.50 an ounce and Palladium is down 1.46 percent to $639.50.
The week began with Gold dipping moderately after global stock markets rose in overnight trading following a stronger than expected U.S. jobs report the previous week that showed the economy generated 287,000 new jobs in June, while the jobless rate rose to 4.9 percent. Gold went on to post its sixth straightweekly advance as the Fed seemed in no hurry to lift interest rates any time soon.
On Tuesday, Gold remained near levels reached on Monday as stocks rallied in Asia overnight and markets decided whether the latest jobs report had bolstered the economic outlook enough to allow another rate hike by the Fed. Gold continues to benefit from the turmoil created when the U.K. voted to leavethe European Union (EU), also known as "Brexit."
Gold rose on Wednesday after recovering from a near two week low overnight, as bargain hunters "bought the dip," even as the Dow reached record highs. St. Louis Fed President James Bullard gave Gold a bit of a boost when he suggested the Fed should keep the federal funds rate nearly unchanged for thenext two or three years.
Bullard said the “shock” of the U.K.’s vote to leave the European Union (EU) is the reason U.S. Treasury yields have fallen to historiclows. “Wall Street has taken that as a signal that growth is slowing,” said Bullard. "I think it’s a flight to safety," he added.
Gold dipped on Thursday as investors took profits while U.S. stocks hit fresh record highs and the dollar fell for a third straight day. Analysts remain optimistic with near-term support at $1,320 an ounce. Phillip Streible, of RJO Futures says investors should not rule out further short-term weakness in Gold; but hebelieves the long-term bull market will remain, if prices can stay above $1,252.80 an ounce.
Meanwhile, the ANA Summer Seminar has just concluded for this year in Colorado Springs, CO., and it is being called one of the best programs the ANA has conducted. Many of the instructors are NGC employees with decades of numismatic teaching experience, so the classes are being hailed as numismaticeducation at its finest, and this year, like most, more than half of those participating were repeat students.
The coin grading classes remained the most popular at this year's Seminar and as usual were sold out well in advance. The counterfeit detection classes were also very popular this year with coin shop employees looking to sharpen their skills in detecting fakes. Young numismatists between the ages of 13 and 17years old can visit money.org and apply for a scholarship to the Summer Seminar in 2017. Those interested in attending next year are advised to sign upearly.
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