A-Mark Bullion Update

A-Mark-Precious-Metals-Inc2.2.2017 Ahead of yesterday’s FOMC decision, the precious metals were on the defensive after better-than-expected manufacturing and private sector employment data weighed on the complex. The ADP jobs figure widely beat expectations, with an increase of 246,000 jobs versus the consensus of 165,000, and the USD rallied while gold slid lower. Gold moved higher as the FOMC approached and then rallied further during and after the meeting. The Fed left rates unchanged and the terminology was vague as to the timing of the next rate increase. The market took this as largely dovish which allowed gold to reach three month highs overnight. The 100 day moving average at $1,226 held perfectly as resistance and this remains the short term target overhead.

US Mint silver eagle sales in the month of January amounted to 5,127,500 coins, down 14% from sales in January of 2016. It was the second lowest amount of coins sold in January in the last seven years (the other being 4,775,000 coins in Jan 2014). Silver still managed to rally over 10% this past month and the near term target is the 100 day moving average at $17.90.

Buy America’s Favorite Gold Bullion Coin >>

Leave a Reply

Your email address will not be published. Required fields are marked *