Gold Up, USD Down, Stocks Falling + Commodities

Gold Up, USD Down, Stocks Falling + Commodities

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

In Asia

Gold: Gold prices are up Monday in Asia on a softer USD, gold for February delivery on the COMEX division of the New York Merc traded 0.2% higher at $1,254.75 oz by 1:24a EST (05:24 GMT). 

Gold prices were near at their highest level since July on Friday and notched up the largest weekly gain since August as the market turmoil bolstered safe-haven demand for the precious metal.

Energy: ICE Brent Crude Oil rose Monday after OPEC and some non-affiliated suppliers last Friday agreed to a supply cut beginning in January.

Despite this, the outlook for next year remains muted on the back of an economic slowdown.

ICE Brent Crude Oil futures were at $62.02 bbl at 0601 GMT, up 35c, or 0.6%, from Friday’s close.

NYMEX WTI Crude Oil futures were weaker dropping 12c from their last settlement to $52.59 bbl, weighed by surging US output as the booming American Crude Oil industry is not taking part in the announced cuts.

The OPEC cut may be sufficient to balance the market in 1-H of Y 2019 and prevent inventories from building.

Equities: Losses in global stock markets continued Monday, with US equity futures and Asian shares declining on concerns over slowing growth and fears that tensions between Washington and Beijing could dampen chances of a trade deal. White House says the deadline is written in stone.

MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS slid 1.5 percent to a near three-week low.

The Shanghai Composite Index retreated 0.6^. Australian stocks lost 2.2% tapping the lowest mark since December 2016, and SKorea’s KOSPI fell 1 percent.

Japan’s Nikkei shed 2.1%. Data early in the session showed the economy contracted the most in over 4 years in Q-3 as companies cut capital spending amid uncertainty over global demand and trade tensions.

Investors were also bracing for a Tuesday vote on British PM Theresa May’s EU BREXIT, which could bebe rejected by parliament, raising fears of a a No Deal exit on 29 March.

USD: The US Dollar (.DXY) index that tracks the Buck against a basket of 6 peer currencies was down 0.7% at 95.845.

A weaker USD generally boosts commodities priced in the Buck, as it makes it cheaper to users of other currencies. Lower bond yields can also be positive for commodities, which do not offer a yield.

Commodities: Energy, Metals, and Agriculture Grains

COMMODITYLASTCHANGE% CHANGEEXP DATETIME
NYMEX Crude Oil »52.42 USD-0.19-0.36%Dec 182:12AM EST
ICE Brent Crude »61.87 USD+0.20+0.32%Dec 187:00PM EST
NYMEX RBOB Gasoline »1.48 USD-0.01-0.52%Dec 182:12AM EST
Dubai Crude Spot »59.47 USD+0.07+0.12%Dec 022:21AM EST
ICE Gas Oil »576.75 USD-10.50-1.82%Dec 187:00PM EST
NYMEX No2 Heating Oil »1.89 USD+0.00+0.11%Dec 182:12AM EST
NYMEX Nat Gas »4.56 USD+0.07+1.54%Dec 182:12AM EST
ICE NBP Nat Gas »63.30 GBP+0.000.00%Dec 187:00PM EST
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
Gold Spot »1,247.41USD-0.35-0.03%Dec 027:00PM EST
COMEX 100oz Gold »1,247.30USD+0.50+0.04%Dec 182:04AM EST
Silver Spot »14.52USD-0.10-0.67%Dec 027:00PM EST
Platinum Spot »785.40USD-4.34-0.55%Dec 027:00PM EST
Palladium Spot »1,215.53USD-8.47-0.70%Dec 027:00PM EST
COMEX Copper »2.74USD-0.02-0.66%Dec 189:30PM EST
COMMODITYLASTCHANGE% CHANGEEXP DATETIME
CBOT Corn »373.75USC-0.25-0.07%Dec 1811:36PM EST
CBOT Wheat »519.50USC+0.000.00%Dec 185:35PM EST
KCBT Wheat »484.50USC+0.000.00%Dec 181:00AM EST
MGE Spring Wheat »585.75USC+0.000.00%Dec 181:52AM EST
Euronext Milling Wheat »202.50EUR+0.000.00%Dec 187:00PM EST
CBOT Soybeans »910.75USC-6.00-0.66%Jan 192:19AM EST

Have a terrific week.

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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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