A-Mark Bullion Update

Unrest in the Middle East has caused crude oil to rally over 15% in the last five trading days.  A coalition of ten countries led by Saudi Arabia has launched air strikes in Yemen against Shia Houthi rebels to “defend the legitimate government” of President Abdrabbuh Mansour Hadi.  While Yemen is not a large oil producing country, the situation creates instability in the region as a whole.   Shia-dominated Iran has already demanded that Sunni-ruled Saudi Arabia immediately halt the air … Read More »

A-Mark Bullion Update

Since the Federal Open Market Committee meeting last Wednesday, gold has traded higher for five consecutive sessions. With a strong weekly close on Friday, it finished out the week trading above double top resistance at $1,175. Its ascent has continued so far this week with the psychological level of $1,200 as the next near term target to watch for to the upside. Silver’s move has been even more impressive than that of gold. Since Wednesday of last week, silver is … Read More »

A-Mark Bullion Update

Yesterday’s Federal Open Market Committee release had, yet again, confusing dichotomous language which left market participants unclear on the intended monetary path going forward.  On one hand, the Fed finally removed from the statement a promise that they would be “patient” and said they would consider raising the benchmark rate as early as June.  If this were the only message, it would have been decidedly bearish for the precious metals.  Of course there was more commentary to further muddle the … Read More »

A-Mark Bullion Update

The US dollar index hit a 12 year high this week and, unsurprisingly, the precious metals are feeling the pain.  Gold is making four month lows while platinum has fallen to a five and a half year low.  Investors and traders appear to be wary ahead of tomorrow’s Federal Open Market Committee press conference.  The general concern heading into tomorrow’s FOMC is that there will be language suggesting a rise in interest rates as early as June.  Besides a brief … Read More »

A-Mark Bullion Update

Gold sold off yet again yesterday with the USD index making highs it has not touched since the spring of 2003.  The euro is almost at parity with the USD, trading at under 1.05 earlier in the trading session today… start planning your summer trips to Europe now!  Besides today’s session, where gold barely closed above yesterday’s Comex settlement, gold has trader lower (eight consecutive trading sessions) in every day of March so far.  Physical demand is picking up in … Read More »

A-Mark Bullion Update

Gold had a dismal previous week, trading lower for five consecutive days with the worst performance of the week coming on Friday.  Strong US jobs data figures on Friday propelled the USD higher which caused investors to liquidate precious metals positions.  US non-farm payrolls rose by 295,000 in February, easily beating the consensus estimate of 235,000.  The unemployment rate fell to 5.30% from 5.50% as well.  Last week’s poor technical close for gold has fueled sentiment so far this week … Read More »

A-Mark Bullion Update

The USD continues its ascent higher and the euro has fallen to an eleven year low, dipping under 1.10 earlier in today’s trading session. Positive US economic data yesterday encouraged euro shorts to add to positions. ADP private non-farm payrolls rose by 212,000 for February after an increase of 250,000 for January. The 212,000 was slightly less than the median forecast but it was the thirteenth month of over 200,000 payroll gains. The ISM non-manufacturing PMI also beat February forecasts … Read More »

A-Mark Bullion Update

Gold had been working its way higher for about a week but found steady offers for three consecutive days around the $1,220 area.  The failure to break through this level encouraged fresh shorts to enter the market, propelling it lower over the past two trading days.  Gold shorts were also encouraged to add to positions on the heels of fundamental news coming out of India.  India’s Finance Minister Arun Jaitley maintained the 10% import duty on gold in the 2015 … Read More »