Precious Metals Finished Lower On Profit Taking
Dec COMEX Gold was last down 9.60 at 1,332.90 oz
Spot Gold was last quoted down 7.20 at 1334.50 oz
Dec COMEX Silver last traded down 0.190 at 22.60 oz.
US economic data failed to move markets.
Rising short-term interest rates in China recently are starting to worry the market some. Rising rates could be a signal from Chinese banking officials’ getting set to tighten policy. That would dampen demand from the world’s 2nd-largest economy, a big importer of raw commodities. An overheated housing market in China is worrisome to traders.
The US Feds position QE-3 is a Bullish factor for precious metals and the raw commodity sector. The extra money being printed by the Fed will seek out investment assets and price inflation down the road including precious metals.
Starting in November the European Central Bank (ECB) will begin stress tests on 130 financial institutions in the European Union. It is a fact that EU banks have a lot of non-performing loans on their books. Recent EU economic data presents a mixed picture, showing it is on the edge of recession. If the results of the upcoming EU bank stress tests are not positive, that could quickly erode investor confidence in the European Union’s financial system overall.
The US Dollar Index (DXY) traded just slightly higher Wednesday from a 10.5-month low overnight.
NYMEX Crude Oil futures were sharply lower and hit a 7 wk low overnight. Prices have fallen below the 100.00 mark this week. These 2 Key outside markets were Bearish for precious metals.
The London PM Gold fix is 1,331.25 Vs the prior PM fix at 1,333.00.
Latest posts by Paul Ebeling (see all)
- Wall St Money Flows To GOP For Mid-terms - October 31, 2014
- Judge Orders Release Of US Marine Detained In Mexico - October 31, 2014
- Chicken Feed Price Up On Soybean Meal Price Spike - October 31, 2014
- GOP Take Big Lead In Colorado Early Voting - October 31, 2014
- China Banks Challenged With Bad Loans, Declining Profits - October 31, 2014
US Stock Indexes Rally On BOJ Stimulus Extension IBB, C, ... read more
US Treasuries Down, US Dollar Up 10-Yr: -08/32..2.336%.. USD/JPY: 112.00.. ... read more
Gold, Silver, Crude Oil Down, Nat Gas Up Gold traded ... read more
Emaar, Dubai Holding To Develop World’s Tallest Twin Towers In ... read more