We have in the past 2 days seen gold and silver prices rise against a backdrop of negative economic and geopolitical news. However these price increases have been small and we ask whether this is a signal for lower prices to come. Business in a Box:
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Today is Thursday 14th November 2019 and yesterday we published a video entitled:
Trump Re-Energizes Gold & Silver Prices
Pointing out that Trump’s comments on China has given gold and silver a little lift from their rather recent depressing price performance.
At the time we wrote and published that video, gold was around $1464 and silver at $16.91 both up a couple of percent prior to President Trump’s comments.
At the time of writing this, we can see that gold has strengthened a little further to $1468 and silver to $16.96
Even this additional rise is somewhat disappointing. A few things have occurred since our video yesterday:
• Quite 'damning testimony' against the President by 2 career diplomats
• US jobless claims announced this morning have jumped to their highest level in nearly 5 months
• The Dow Jones has fallen from around 100 points up to a few points down.
We have also had the US China deal announcement either appearing to be delayed or perhaps not including as much as first thought; together with adverse industrial output data from China announced.
Add to this the fact that retail sales in the UK fell in October by 0.1% compared with expectations of a small increase and the FED Chair yesterday at a Congressional hearing not ruling out further rate cuts subject to economic data reliance.
So, all in all, one would have expected a little more of an uplift. Now it is quite possible this may come by the time this video podcast is published but really if it does not and gold and silver cannot gain ground from such events, there really isn’t much hope.
That said, we have retail sales and industrial production figures for October coming out tomorrow and it is quite possible that these may have an impact on precious metal prices.
We have to caution though, if these are disappointing and gold and silver do not benefit, then the market is telling us something. Contrarily of course if they do respond positively to further negative news, then we may very well see a nice uplift.
However, we did announce in our video yesterday that world’s largest gold-backed exchange-traded fund SPDR Gold Trust actually fell on Tuesday to its lowest level since 20th September and equities certainly do appear to hold the dominant position for now.
So, our message today is to watch these markets closely against the data being announced and if we do not see any further upside to gold and silver before the weekend is out, then we could certainly expect to see lower prices again next week. We won’t jump before we can walk meanwhile and we shall just have to wait and see – but initial signs are not positive for gold and silver, especially as we are witnessing a relatively strong dollar spot price at 98.35.
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Important Videos:
Trump Re-Energizes Gold & Silver Prices
Institutional Investors Support Another Equity Bull Run
Why Diversified Funds Favour US Stocks
Gold Demand Up - Thanks to ETF's
Gold & Silver Prices Fall Even Further
Why Equities will Continue to Rise to All Time Highs
Fed Cuts Rates - Gold & Silver Prices Rise
Gold vs Bonds in an Investment Portfolio
Gold vs Dow Jones - A Brief Assessment
Is Gold An Effective Hedge Against Inflation?
Why is Gold Hovering Around $1500?
Central Bankers Agree Long Term QE to Avoid Collapse
Is Silver An Effective Hedge Against Inflation?
The Truth about the Gold to Silver Ratio & is it Important?
Silver’s Rocket Will Be Financial Not Physical
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