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Commentaries

December 1, 2021

Stocks began the day strong but reversed course to close at session lows after the first case on the new COVID-19 omicron variant has been confirmed in the US. Gold and silver declined too but are off today’s lows as falling treasury yields and uncertainty surrounding the new variant helped provide some upward momentum to metals.

November 29, 2021

Metals declined further today as stocks gained on easing COVID fears. President Biden suggested his administration’s reaction to the omicron would be minimal and future lockdowns and additional travel bans are unlikely.  Moderna also said it will likely have a booster targeted at the omicron variant by early 2022, sending its stock soaring 12% and helping push equities higher across the board.  Gold is currently trading at $1,783.60 while silver is trading at $22.87, its first time under the $23.00 threshold since early October.

November 24, 2021

Gold and silver are both up slightly today, still hovering near 3-week lows after falling over 3% & 4% respectively on Monday and Tuesday. Equities recovered some of this week’s losses as tech stocks rebounded to lead the Nasdaq to a 0.44% gain Wednesday. The S&P finished up 0.23% and the Dow closed nearly flat, down 9 points. FOMC minutes released today for their November meeting showed growing concern about inflation and a willingness from the Fed to speed up the current tapering timeline including raising rates if prices continue to rise at their current pace.

November 22, 2021

Gold and silver dipped to 2-week lows Monday after President Biden selected Jerome Powell to continue as his Fed Chair citing his handling during the pandemic and a need of continuity as his primary reasons. Stocks ended the day mixed, but primarily in negative territory. The Nasdaq was hardest hit as tech stocks tumbled and finished down 1.26%. The S&P500 dipped 0.32% and the Dow eked out a win, rising 17 points for the day.

November 19, 2021

Metals and equities slid in tandem today as rising COVID fears across Europe threaten the continuity of ongoing economic recovery. Austria reimpose its nationwide lockdown today and Germany says it may do the same as new cases surge across the region. Gold and silver are well of their recent highs, poised to close the week down 1% and 2.5% respectively. The Dow and S&P are set to close Friday in the red, however, the Nasdaq is up 0.50% as work-from-home stocks rebounded and treasury yields dipped, further boosting the growth-heavy index.

November 10, 2021
Gold soared to a 5 month high today and silver ticked above $25 for the first time since August. CPI data released today showed consumer prices jumped 6.2% in October, the largest increase in over 30 years. Stocks fell sharply on the news with the Dow down 185 points, the S&P down 0.6%, and the Nasdaq down 1.25%.

November 05, 2021
Precious metals carried over upward momentum on Friday following yesterday’s Fed announcement and similar announcement by the Bank of England holding rates as they are. Today, market participants brought fresh buying pressure after this morning’s better than expected job’s report bringing COMEX Gold for December delivery to a two-month high.

November 04, 2021

The metals complex is enjoying a nice recovery today after yesterday’s sell-off with gold reaching a high today above the $1,800 resistance level. 

Yesterday’s Fed announcement set in play two fundamental currents.

The widely expected Fed announcement on cutting back asset purchases while refraining from advancing the rate hike scheduled to begin in early 2023 sent equities to the upside.  The announcement of the $15B monthly reduction of the Fed’s bond purchase program was seen as mostly benign and with no increase in rates on the horizon (which can create a drag on corporate profits), equities surged to the detriment of precious metals.  However today, with no change in rate perceptions, precious metals moved to the upside as inflation looks to be lasting for the near term.

October 25, 2021

Gold rallied today in early morning trading, breaking through the $1,800 resistance level not seen since September 3rd.    December Gold on COMEX closed at $1,808.00 up 2.9% for the month of October.

Gold has found new momentum this month as strong inflationary data continues to materialize,  indicating a much longer duration than originally foreseen.  Seen as a store of value during inflationary times, gold looks to continue its run from its current level as the US dollar continues to slide.   

With higher commodity prices being forecasted by many outlets, market participants will watch for the results from the next Federal Reserve (FOMC) meeting scheduled on November 2nd-3rd.

October 22, 2021

Gold reached a 5-week high early Friday before retreating, but is still on pace to close the week up 1.6%,  while silver is looking to close 4.5% in the green for the week. Equites retreated this afternoon after Fed Chair Powell reemphasized the Fed’s commitment to its current tapering timeline. Stocks close mixed, with the Dow up about 95 points, the Nasdaq down 0.8%, and the S&P virtually flat. 

October 18, 2021

Metals remain nearly unchanged to begin the week.   with gold and silver trading at $1,767.00 and $23.30 respectively.  Rising bond yields offset supply chain and inflationary concerns, leaving metals stagnant Monday. Stocks are well off their lows today with the S&P 500 and Nasdaq turning positive as strong bank earnings provide optimism for other industries set to post Q3 earnings over the next couple weeks, even in the midst of unprecedented supply chains issues spanning most sectors.

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