$GLD, $SLV, $USO, $OIL, $CORN, $WEAT, $SOY, $USD

FLASH: Gold Up, USD Up, Crude Oil Up, Stocks Up

Headlines

• Crude Oil rises as US retail sales ease recession fears
• Asia stocks up in stimulus speculation
• Gold heads for 3rd weekly gainer on trade, growth concerns
• Dollar index higher

Gold: Gold prices dipped Friday but were headed for a 3rd consecutive weekly gainer, as fears over a global economic slowdown and a lack of clarity on the US-China trade dispute boosted the precious Yellow metal’s safe-haven appeal.

• Spot gold was down 0.3% at $1,518.60 per ounce as of 0537 GMT, but is up nearly 1.5% so far this week after rising in the prior weeks,
• US gold futures inched down 0.1% to $1,529.10 oz

Gold is consolidating here. The important consideration is that none of the headwinds have gone away; the tariffs got delayed a bit, but the underlying trade dispute remains and lower yields are supportive gold.

Energy: Crude Oil prices rose Friday following 2 days of decliners, buoyed after data showing an increase in retail sales in the US helped dampen concerns about a recession in the world’s biggest economy.

• ICE Brent crude LCOc1 was up 52c, or 0.9%, at $58.75 bbl at 0352 GMT,
• NYMEX WTI Crude Oil CLc1 was up 65c or 1.2%, at $55.12 bbl.

The price of Brent is up nearly 10% YTD thanks to supply cuts led by OPEC+ and allies. In July, OPEC+ agreed to extend output cuts until March 2020 to prop up prices

Equities:  Asian shares found footing Friday after a volatile week as China hinted at more support for its economy, amid growing expectations of aggressive stimulus from all the major central banks.

A bounce in US and European stock futures also helped, with E-Minis for the S&P 500 up 0.55% and the EUROSTOXX 50 rising 0.5%.

MSCI’s broadest index of Asia-Pacific shares sans Japan responded by edging up 0.2%, though it was still down 1% on the week.

Japan’s Nikkei recouped early losses adding 0.09%, while Shanghai blue chips rose 0.7%.

Currencies: Vs a basket of 6 peer currencies, .DXY, edged higher. Since hitting a 3-week low on 9 August index has recovered, rising 1.1%.

Commodities (quotes): Metals, Energy, and Agriculture Grains

Have a terrific weekend

  agriculture, Asia, China, Corn, Crude Oil, energy, Fed, GLD, Gold, grains, oil, SLV, SOY

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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