Precious Metals Up On The Week, Energy Down

Posted by: : Paul EbelingPosted on: June 28, 2014 Precious Metals Up On The Week, Energy Down

Precious Metals Up On The Week, Energy Down

Aug Gold traded above the flat line Friday, rising to a session high at 1321.90, and finished +0.2% at 1320.00 oz, gaining 0.3% on the week.

Sep Silver traded near the unchanges line at 21.07, on no buying support and finished – 0.1% at 21.14 oz posting a 0.7% gainer on the week.

Aug Crude Oil pulled back from its session high at 106.17 early, and spent the session in the Red, made a low at 105.33, and finished at 105.76, -0.04, posting a 1.0% on for the week.

Aug Nat Gas spent the day in the Red, posting a low at 4.38 per MMBtu, and finished with a 0.5% loss at 4.42 per MMBtu, off 2.9% on the week.

Commentary

Next week Gold market participants will focus next on the June NFPs report for a take on the health of the US economy, following a grim Q-1 GDP report released earlier this week.

The data, which normally come out on the 1st Friday of the month, are slated for release Thursday because of the Independence Day Holiday in the US falls on Friday, markets and government offices are closed.

Analysts said they expect the June NFPs report will show a continued pick-up in jobs growth in spite of the grim GDP numbers.

With 1 trading day left in Q-2, Gold is up 2.8% and Silver is up 6.5%

In the Gold Survey, out of 37 participants, 25 responded; 13 see higher prices, Bullish, 9 lower prices, Bearish, and 3 see prices sideways, Neutral.

Participants include bullion dealers, investment banks, futures traders and technical analysts.

Gold prices traded in a 20 range this week, consolidating last week’s gainer.

In China the Shanghai Gold Exchange prices trading at a discount to London spot prices. At 1 point the discount was as wide as minus 2.50, and traded Friday at minus 1.50 oz.

Summer is traditionally a slow time in the physical market as buying does not pick up until merchants and jewelers need Gold ahead of year-end festivals and holidays, but this year activity feels quieter than normal. That will change but for now physical buyers are sidlined.

Participants say they expects some buying in a few months ahead of the start of the planned 25-kilo bar contract announced by Singapore and the World Gold Council, slated to launch in September. The refiners will need Gold for that, so it will lift prices.

COMEX Gold Continuous Contract
Last 1317.7 Change + 0.7 Change % +0.1%
Open 1317.1 High 1323.1 Low 1313.2

Last Updated: 27 Jun  21:10 GMT

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Have a terrific weekend.

Paul Ebeling

HeffX-LTN

 

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Paul Ebeling

Pattern Recognition Analyst, equities, commodities, forex
Paul Ebeling is best known for his work as writer and publisher of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly-regarded, weekly financial market letter, where he enjoys an international audience among opinion makers, business leaders, and respected organizations. Something of a pioneer in online stock market and commodities discussion and analysis, Ebeling has been online since 1994. He has studied and worked in the global financial and stock markets since 1984.
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