- Gold is on track for its biggest one-day price decline since mid-August after the U.S. dollar rose to approach its highest level in nearly two months; Comex gold currently -1.3% to $1,189.70/oz., and silver -2.3% to $14.31/oz.
- The greenback jumped last week after a series of upbeat U.S. economic data that should keep the Federal Reserve on track to raise interest rates again before year-end.
- “Gold’s weakness is not just due to the stronger dollar, but the rising yields, too,” says Forex.com technical analyst Fawad Razaqzada. “Together, these factors are proving to be a toxic mix for the non-interest-bearing and buck-denominated commodity... Unless at least one of these influences are not put right, gold will struggle to sustain any rally."
- Adding to the jittery mood, China’s central bank yesterday lowered the level of cash commercial central banks need to keep in reserve.
- Among precious metals miners: ABX -2.2%, NEM -1.4%, KGC -0.9%, AU -2.1%, GOLD -2.1%, AEM -1.7%, AUY -1%, RGLD -1.5%, FNV -1%, IAG -0.8%, WPM -0.4%.
- ETFs: GLD, SLV, GDX, NUGT, GGN, DUST, IAU, AGQ, PSLV, SIL, PHYS, USLV, SIVR, SGOL, GOEX, UGLD, ZSL, SGDM, UGL, DGP, GLL, ASA, GTU, OUNZ, SLVP, DSLV, RING, DZZ, DGL, DGLD, TGLDX, DBS, DGZ, PSAU, GOAU, GDXX, BAR, GDXS, GLDW, UBG, USV, SHNY, QGLDX, MELT, DULL, AAAU, GLDM, IAUF
- Now read: The Silver/Gold Ratio Says Lower Prices Are On The Horizon
Original article