A-Mark Bullion Update

The intense volatility and bearish outlook that characterized the beginning of the trading week has subsided a tad as the week has progressed. The Shanghai Composite Index managed to stage a 5.40% recovery overnight and the Dow Jones put in its second big up day. The Vix index has backed off the lofty 50 level and is trading in the mid-20s. After failing to break through its 100 day moving average at $1,164 on Friday and Monday, gold succumbed to … Read More »

A-Mark Bullion Update

What a week so far… and it’s only Tuesday!  The Shanghai Composite index started off the week down 8.50% and US equities followed suit with the Dow Jones having over 1,000 point range yesterday.  The Vix index, a measure of volatility, exploded to trade all the way in the 50s, a level it hadn’t touched since the financial crisis of 2008.  The Dow Jones has now had six consecutive losing sessions and is down nearly 11% over that time period.  … Read More »

A-Mark Bullion Update

Chinese equities made headlines yet again overnight with the Shanghai composite index selling off by more than 6%.  The commodity space as a whole was dragged lower and copper and crude made six year lows.  Gold managed to hold on surprisingly well given the broader pain commodities were feeling.  Gold was trending lower heading into the NY trading day but found bids to lift it back near session highs immediately following the PM fix.  It’s been a quiet week of … Read More »

A-Mark Bullion Update

After five straight days of gains, gold finally took a breather today and sold off quietly as the market calmed from the recent currency episode in China.  Overnight, the People’s Bank of China Assistant Governor said that there is no further need for Renminbi depreciation following their decision to adjust the CNY-USD fixing earlier this week.  With traders finally factoring in stabilization for the Chinese currency, volatility in the markets waned and gold’s safe haven appeal lost some of its … Read More »

A-Mark Bullion Update

In the overnight trading session, the People’s Bank of China allowed their currency to depreciate by 2% against the USD, the biggest one day loss in two decades.   Weak trade numbers which have been exacerbated by a strong currency in the face of weak global demand for its exports seemed to be the final straw for the PBOC.  Chinese exports for the month of July dropped over 8%, worse than expectations for a 1% fall and the poorest figure in … Read More »

A-Mark Bullion Update

Global equities tumbled today but the risk off sentiment didn’t carry over to gold.  The yellow metal bucked the trend and instead made modest gains on the day.  Volume on the Comex electronic exchange for the active December contract was light at 90,000 lots traded and reflected summer trading conditions.  After a big drop in mid-July, gold has spent the last three weeks consolidating in a new trading range.  Bids have lifted the market as it approaches $1,080 on the … Read More »

A-Mark Bullion Update

US Mint coin sales figures for the month of July are in and they are fairly impressive, especially in comparison to last year and considering that summer is typically characterized by weak physical demand.  Gold coin sales in July totaled 202,000 ounces while last year’s July had a mere 35,500 ounces sold.  This was nearly a 500% increase year on year.  Silver coin sales for the month of July came in at 5.53 million ounces compared to 1.975 million ounces … Read More »