GC=F - Gold Aug 20
| Pre. Settlement | N/A |
| Settlement Date | 2020-08-27 |
| Open | 1,740.40 |
| Bid | 1,741.10 |
| Last Price | 1,751.70 |
| Day's Range | 1,740.40 - 1,758.60 |
| Volume | 6,418 |
| Ask | 1,741.60 |
- FX Empire
Commodity Weekly: Crude Oil Frets Geopolitics, Sluggish Demand Bounce
Commodities trading was mixed during the final week of May. A month that turned out to be the come-back month for many markets following the Covid-19 related collapse seen during Q1.
- FX Empire
Gold Price Futures (GC) Technical Analysis – Strengthens Over $1754.30, Weakens Under $1744.10
Watch trader reaction to $1744.10 to $1754.30 early next week. This should tell us if buyers have returned or if sellers are taking control.
- FX Empire
Crude Oil Price Update – Ready to Challenge Major Retracement Zone, Price Gap
The direction of the next major move in crude oil will be determined by trader reaction to the retracement zone at $36.07 to $40.50.
- Bloomberg
Virus Has Sparked Round-the-Clock Rush to Fill U.S. Gold Vaults
(Bloomberg) -- The scramble to jump on one of the hottest gold trades in years -- by shipping bullion to New York -- has sparked what may be one of the largest ever physical transfers of the metal.“The flows into New York are unprecedented,” said Allan Finn, global commodities director at logistics and security provider Malca-Amit. His company’s teams in New York have been working 24 hours a day to cope with demand while navigating lockdowns, flight disruptions and social distancing.Gold flooded into the U.S. in recent months as traders rushed to profit from an arbitrage caused by dislocations in the market triggered by the pandemic. Since late March, some 550 tons of gold -- worth $30 billion at today’s price and roughly equal to global mine output in the period -- have been added to Comex warehouse stockpiles. Hundreds of tons of that was imported.While tens of billions of dollars of gold change hands every day in financial markets, a much smaller amount tends to physically move between vaults in trading hubs like London, Zurich and New York.But that started to change as the Covid-19 crisis affected the supply chain. When planes were grounded and Swiss refineries closed in late March, traders were worried they wouldn’t be able to get gold to New York in time to deliver against futures contracts. That caused futures, which typically trade in lockstep with the London spot price, to soar to a premium of as much as $70 an ounce.That created an opportunity for enterprising traders: buy gold somewhere in the world at the spot price, sell futures, and benefit from the difference by shipping the metal to New York.The scale of the trade has been revealed in exchange reports, import and export data and comments from some of the leading precious metals shipping and vaulting companies. On Thursday, traders declared their intent to deliver 2.8 million ounces of gold against the June Comex contract, the largest daily delivery notice in bourse data going back to 1994.Swiss gold exports to the U.S. have surged, reaching 111.7 tons in April, the highest on record. American import data for April isn’t yet available, but already in March gold imports topped $3 billion, according to the Census Bureau, the highest in at least a decade. Refineries as far away as Australia have ramped up output of kilobars -- the form typically delivered on the Comex -- to ship to New York.For Brink’s Ltd. Managing Director Mark Woolley, the spike in demand to ship gold to New York has been unlike anything he’s seen in 20 years in the market.“The amount of metal that we’ve successfully moved into New York is pretty significant,” he said Thursday on a webinar hosted by the London Bullion Market Association. “It’s probably not far off the total amount of metal that’s been mined in this period.”CME Group Inc., which owns Comex, responded to the recent market dislocation by introducing a new contract allowing the delivery of 400-ounce bars, the type traded in London. Still, “other changes need to be at least considered,” according to LBMA Chairman Paul Fisher.The enormous movement of gold has been a boon for logistics companies, but also a challenge. Not only have passenger flights -- on which shipments are typically transported -- been grounded, but New York City, where many Comex warehouses are located, has also been a hotspot for the virus.To deal with flows, Loomis International U.K. opened up additional vault capacity. Malca-Amit considered using airports in Boston and Philadelphia, but hasn’t needed to yet, Finn said.While large volumes and virus-related restrictions at vaults and airports caused some delivery delays, much of the spike in the premium for futures contracts in March -- which left some banks nursing sizable losses -- was driven by perception rather than reality, Finn said.“My own personal opinion is that any assessment on the inability to get gold in was ill-informed at the time and was made on assumptions rather than fact,” he said.Still, the bonanza for precious metals shippers may last a while. Large deliveries have seen June Comex futures drop to a discount to spot prices this week, but later dated futures are still at a premium. And as investor interest in other precious metals picked up, futures for silver and platinum have also traded at premiums to spot.“The guys in New York have done a great job,” said Brian Hayward, head of Loomis International U.K. “We’re seeing a lot of silver head that way right now.”(An earlier version corrected the Y axis in the first chart)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
- Thomson Reuters StreetEvents
Edited Transcript of GPR.TO earnings conference call or presentation 8-May-20 2:30pm GMT
Q1 2020 Great Panther Mining Ltd Earnings Call
- FX Empire
The Week Ahead – Stats, Geopolitics, and Central Banks to Test the Markets
It’s a busy week ahead. Central banks are in action and China will be in a retaliatory mood. Then there are the stats to begin tracking once more…
- Thomson Reuters StreetEvents
Edited Transcript of AGI.TO earnings conference call or presentation 30-Apr-20 3:00pm GMT
Q1 2020 Alamos Gold Inc Earnings Call
- Coindesk
Market Wrap: Bitcoin Slides, Stocks Tread Water on Trump China Comments
Stocks across Asia and Europe took a dip Friday and so did bitcoin in anticipation of Trump’s comments on “deeply troubling situations” in Hong Kong.
- FX Empire
E-mini Dow Jones Industrial Average (YM) Futures Technical Analysis – Trading Near Highs after ‘Trump Bump’
The direction of the June E-mini Dow futures contract into the close on Friday is likely to be determined by trader reaction to 25144 and 24935.
- FX Empire
E-mini S&P 500 Index (ES) Futures Technical Analysis – Pivot into Close is 2984.50; Seeing Trump Bounce
The new minor range is 2903.75 to 3065.50. Its 50% level at 2984.50 is controlling the direction of the index on Friday.
- FX Empire
EUR/USD Mid-Session Technical Analysis for May 29, 2020
The direction of the EUR/USD the rest of the session on Friday is likely to be determined by trader reaction to the main 50% level at 1.1066.
- FX Empire
Silver Weekly Price Forecast – Silver Markets Reach Towards Highs
Silver markets initially pulled back during the week but then turned around to show signs of strength again in order to break above the $18 level.
- FX Empire
S&P 500 Weekly Price Forecast – Stock Markets Reach Towards 3000
The S&P; 500 rallied towards the 3000 level during the week, but as you can see have given up quite a bit of the gains.
- FX Empire
Crude Oil Weekly Price Forecast – Crude Oil Continue to Reach Towards Gap
Crude oil markets have gone back and forth during the week, showing signs of noisy trading. The gap above is certainly in focus in both grades that I follow.
- FX Empire
Natural Gas Weekly Price Forecast – Natural Gas Markets Continue Sideways Disruption
Natural gas initially tried to reach above the $2.00 level but then rolled over about $0.25 by the time we got done.
- FX Empire
Gold Weekly Price Forecast – Gold Markets Form Support of Looking Candle
Gold markets initially fell during the week, but then turned around to form a bit of a hammer.
- FX Empire
Metals Nearing Critical Momentum for New Parabolic Rally
Longer-term, we believe metals could continue to rally for quite a while, yet we understand skilled technical traders want to time entries to limit risks.
- FX Empire
Silver Price Forecast – Silver Markets Break Major Handle
Silver markets rallied significantly during the trading session on Friday, as we continue to see a lot of noise in general.
- FX Empire
Crude Oil Price Forecast – Crude Oil Markets Continue to Press Gap
Crude oil markets initially dipped on Friday but then turned around to show signs of strength again.
- FX Empire
Natural Gas Price Forecast – Natural Gas Markets Soften Into the Weekend
At this point, the market looks as if it is ready to go back into the previous gap, where there should be plenty of buyers.
- FX Empire
Gold Price Forecast – Gold Markets Continue to Grind Higher
Gold markets have shot higher during the trading session on Friday, breaking above the top of the shooting star from the previous session.
- FX Empire
GBP/JPY Weekly Price Forecast – British Pound Resilient Against Yen
The British pound has rallied a bit during the week, breaking above the ¥132 level. The market is likely to see noise above, perhaps extending to the ¥135 level.
- FX Empire
EUR/USD Weekly Price Forecast – The Euro Explodes to The Upside
The Euro exploded to the upside during the week, breaking above the 1.11 level. However, we are reaching some significant resistance just above.
- FX Empire
Oil Mixed As Traders Hope For Extension Of Current Production Cuts
The pressure from the increase in oil inventories is offset by reports that Saudi Arabia wants to extend current production cuts until the end of the year.
