The Market Gage – Equity Market Like FOMC Statement

“The Market Gage” features insights into the precious metals market from Roy Friedman. Roy has over 30 years of in-depth experience in all facets of precious metals.

The rather “friendly” FOMC statement and subsequent press conference that Chair Yellen held Wednesday afternoon certainly gave no immediate signs that interest rates are moving higher in Q1 2015 and at this point, based on her comments about economic data, will determine the course of action I would expect rates to begin inching higher no sooner than June or July with no more than 2 rate hikes in total for the year. The equity market certainly liked what she had to say, as Wednesday’s rally was followed by a more impressive rally yesterday that saw the Dow Jones average gain over 400 points. Precious metals traders and investors were clearly less impressed and not convinced rate hikes were not right around the corner as the our market traded with good volatility following the announcement, but the net change in price was insignificant.

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The Market Gage – Russian Headlines Impact Precious Metals

“The Market Gage” features insights into the precious metals market from Roy Friedman. Roy has over 30 years of in-depth experience in all facets of precious metals.

Precious metals have had a volatile trading week on good volume with most of the moves prompted by headlines that have to do with Russia. As sanctions continue to impact the Russian economy, President Putin has been backed into a corner and that could prove to have implications that lead to the threat of a military conflict. Earlier in the week, Putin was threatening to move nuclear weapons into the Ukraine which brought a very sharp but short lived rally to precious metals. Despite the Russian Central Bank raising interest rates to 17 percent in an effort to stem the collapse of the Ruble, the currency’s slide continues this morning. The result has been a precious metals market that is fueled by speculation that Russia’s central bank has either begun to sell or will sell in the near future some part of their gold reserves.

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The Market Gage- Precious Metals Start Week Below Friday’s Close

“The Market Gage” features insights into the precious metals market from Roy Friedman. Roy has over 30 years of in-depth experience in all facets of precious metals.

Precious metals concluded last week on a steady note, but its failure to find further buying on the back of a sharp sell-off in the U.S. stock market was disappointing. This morning finds all four precious metals trading well below Friday’s closing levels. As I mentioned last week, overall volume had begun to contract as the holiday season and year end approaches. This trend continued when trading resumed yesterday and continued in Europe and now in early stateside trading. The lack of volume may have been a signal for recent longs taking profits while further overnight drops in the crude oil market may have brought short sellers back in, especially in silver where $17.00 has failed to hold.

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The Market Gage – Precious Metals Fail to Extend Rally

“The Market Gage” features insights into the precious metals market from Roy Friedman. Roy has over 30 years of in-depth experience in all facets of precious metals.

Precious metals have not been able to extend the big rally that occurred earlier in the week as trading volume has contracted a bit over the second half of the week. Despite a crude oil market that continues to collapse, as witnessed by W.T.I. now trading at $58.50 per barrel, gold and silver have held up quite well. The U.S. stock market is again seeing great volatility which should benefit precious metals as nervous investors are likely to exit that market and allocate some of those funds to precious metals as they realign their portfolios before year end and look towards Q1 2015.

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The Market Gage – All 4 Precious Metals Rallied Yesterday

“The Market Gage” features insights into the precious metals market from Roy Friedman. Roy has over 30 years of in-depth experience in all facets of precious metals.

After a quiet but steady start to the week on Monday, yesterday brought us a very sharp rally acrossthe board as all four precious metals broke above resistance levels. Among the factors that contributed to the rally yesterday and could lead to further gains was a weaker USD, a sell-off in Chinese and U.S. equities, and a report from our C.I.A. which detailed post 9/11 interrogation activities which had many security experts saying it could lead to a terrorist action. On top of this physical demand remains strong globally even at the higher price points which is encouraging.
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The Market Gage – Positive Jobs Report Hits Precious Metals

“The Market Gage” features insights into the precious metals market from Roy Friedman. Roy has over 30 years of in-depth experience in all facets of precious metals.

Precious metals traded quietly on Thursday as all markets awaited today’s Non – Farm Payroll report. Economic consensus of 235K new jobs being created in November was badly missed, as employers created a very impressive 321K new jobs last month. Precious metals immediately moved lower as the USD ticked up on expectations the FOMC will explore raising interest rates sooner than expected in 2015.
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The Market Gage – Silver and Gold Fight to Hold

“The Market Gage” features insights into the precious metals market from Roy Friedman. Roy has over 30 years of in-depth experience in all facets of precious metals.

Precious metals, led by gold and silver, continue to put up a good fight after the recent “snap back” rally. Despite a stronger USD, higher yield on the 10-year bond and a crude oil market that continues to weigh on precious metals, gold and silver continue to claw their way back to and above $1,200.00 and $16.50. Perhaps the best sign for the long term health of our market has been the incredible volume the physical, futures and ETF markets have been experiencing. Clearly there is broad based interest and participation in the bullion market.

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The Market Gage – Precious Metals Demand Likely Strong This Week

“The Market Gage” features insights into the precious metals market from Roy Friedman. Roy has over 30 years of in-depth experience in all facets of precious metals.

Precious metals sold off sharply on Friday on the back of news that OPEC would not lower current production quotas for their member nations. Gold, silver and platinum traded on higher than expected post-holiday volume as the dramatic fall in prices caught many by surprise. Investors of all sizes continue to exit individual commodity positions and commodity funds where there is talk that several funds could be closed before year end if the pace of redemptions does not subside. With all of the negative headlines, our corner of the financial landscape continues to shine as physical demand remains brisk globally.

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The Market Gage – Precious Metals Continue to Hold Higher Position

“The Market Gage” features insights into the precious metals market from Roy Friedman. Roy has over 30 years of in-depth experience in all facets of precious metals.

Precious metals continue to hold the recent move higher as gold finds good buying in the low $1,190.00s and silver has held above $16.00 ecious metals came off the ropes with a big flurry on Friday just when it looked like a knockout was on the back of physical demand. Gold has broken above $1,200.00 a few times now, mostly in overnight trading, as demand out of China is reported to be very heavy, but the landscape changes a bit during U.S. trading as the USD continues to probe higher on the back of good economic data. Russian buying of gold continues to draw a lot of attention and of course is very supportive. This week, Bloomberg reported that the Chairwoman of the Russian Central Bank confirmed they have purchased 150 metric tons so far this year.
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The Market Gage – Japan’s Q3 News Drove Gold/Silver Wkend Trading

“The Market Gage” features insights into the precious metals market from Roy Friedman. Roy has over 30 years of in-depth experience in all facets of precious metals.

Precious metals came off the ropes with a big flurry on Friday just when it looked like a knockout was imminent. As the reversal gathered momentum several factors contributed to gold breaking above $1,180.00 while silver went flying through $15.75 and then $16.00. The reversal of USD strength and crude oil weakness provided early support and started the short covering rally, but the market really took off when large buy orders were reported in the OTC gold options market along with several orders that were executed on the futures exchange. The rumor mill continued with speculation about Russian and Chinese buying in gold providing one last move higher before the day ended.
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