A-Mark Bullion Update

Overnight data showed that net gold imports from Hong Kong to China jumped from a three month low in December of 71.4 tons up to 76.1 tons in January. This is a common occurrence in January as demand increases ahead of the Lunar New Year and the release of the data last night gave gold an initial boost to kick off its trading session.  Chinese gold imports through Hong Kong set a record in 2013 of 1,158 tons but fell … Read More »

A-Mark Bullion Update

The overnight session was painfully quiet.  Volume on the electronic exchange was dismal with participants on the sidelines due to the Chinese holiday and anxiety over FOMC Chair Yellen’s congressional testimony on the US economy today.  The precious metals slid quietly lower overnight in the absence of physical demand.  The easing of Greek debt funding concerns also did not do any favors for the precious metals complex. On to the US session, Yellen’s commentary provided some initial choppy trading conditions … Read More »

A-Mark Bullion Update

The precious metals were looking weak for the majority of the trading session yesterday and then the FOMC minutes prompted a reversal of course. The Federal Open Market Committee January minutes implied that a majority of members are still of the mindset to keep rates unchanged for longer than expected. The committee considered such factors as USD strength as well as slow wage growth. Instead of tightening around mid-2015, economists are now forecasting that it will occur for the first … Read More »

A-Mark Bullion Update

The US market has returned from the long Presidents’ Day weekend to find all four precious metals breaking down.  Seemingly friendly news for the precious metals out of Europe was not enough to combat technical selling and developments in China.  In Brussels, the Greek Finance Minister refused to request an extension of his country’s existing bailout program.  This broke down a potential agreement on debt restructuring between Greece and its creditors.  Geopolitical concerns were also at the fore in the … Read More »

A-Mark Bullion Update

A variety of headlines out last night and today have had the ultimate net effect of leaving the precious metals hovering around the unchanged closing level from yesterday.  News out of Russia indicates that Russian President Putin has agreed on the withdrawal of heavy artillery from the Crimea region and that a ceasefire will be in place starting on February 15th.  On the central bank front, the Bank of Japan stated that any extra stimulus would be “counterproductive for now” … Read More »

A-Mark Bullion Update

The absence of any major news headlines has the four major precious metals trading in negative territory today.  Volume for the April Comex gold contract is a paltry 77,000 lots, the lowest volume day since becoming the active contract month at the end of January.  Gold had a poor technical close last week by closing on Friday below its 200 day moving average at $1,251.25.  US January payrolls data came in much stronger than expected at 257,000 versus the forecast … Read More »

Amark Bullion Update

Gold is trading lethargically around yesterday’s closing price with traders on the sidelines ahead of tomorrow’s US non-farm payrolls figures.  Volume on the electronic exchange was unimpressive with only 105,000 lots trading today.  In the European session, the European Central Bank said that it will no longer accept Greek bonds in return for funding.  This essentially means that the ECB will allow Greek banks to fail if the government does not fulfill its obligations outlined in the previous rescue package.  … Read More »

A-Mark Bullion Update

Crude oil is up 7%, the euro is up 1.5%, and gold is… down. It’s becoming increasingly difficult to predict which outside market will most heavily influence the yellow metal’s trajectory.  But it appears gold’s inverse correlation with equities is reigning supreme today.  The Greek government dropped calls for a write-off of its foreign debt which spurred a 1% rise in European bourses.  Equity strength in Europe carried over to the US with the Dow currently up over 250 points.  … Read More »

A-Mark Bullion Update

Yesterday, the FOMC left gold longs feeling exposed and vulnerable.  Gold had moved up over $100 on the year and with it failing to maintain momentum over $1,300, the FOMC provided reason enough for traders to exit long positions.  The Fed said the US economy is expanding at a “solid pace” and the expectation is that rates could rise as soon as June.  Gold began to slip in the overnight session and then was hit even harder in the NY … Read More »