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Disclaimer: All information on this section is of a general nature.
Before making any investment decision, you should consult your adviser.
Gold prices are modestlydown in early-afternoon U.S. trading on a quieter Wednesday, on some normalbacking and filling on the charts following recent good gains that pushedprices to a five-week high on Tuesday. February gold futures were last down$2.80 an ounce at $1,243.80. March Comex silver was down $0.045 at $14.595 anounce.
Look for a more active trading day Thursday, whatwith the U.S. stock and financial markets closed today for a national day ofmourning the late President George H.W. Bush and following the sharp losses inthe U.S. stock market on Tuesday. If the U.S. stock market continues to selloff—especially in volatile price action--gold and silver prices would likelysee appreciation on safe-haven demand.
World stock markets were mostly lower overnight,following the big sell off in the U.S. stock indexes Tuesday. The initialtrader and investor euphoria over a U.S.-China trade dispute cease-fire for 90 dayshas rapidly dissipated. U.S. stock indexes did post modest rebounds inovernight trading.
A feature in the marketplace recently that also hasthe stock market bulls spooked is falling U.S. Treasury yields (rising prices).The five-year T-Note yield is presently below the lower maturities. A fullyinverted yield curve has been historically bearish for the U.S. economy andstock market. Right now the 10-year Treasury note yield remains above the2-year, so the yield curve is not fully inverted.
The key outside markets today find the U.S. dollarindex trading near steady. Meantime, Nymex crude oil prices are firmer andtrading around $53.50 a barrel. The OPEC oil cartel will meet in Vienna,Austria on Thursday. Reports earlier this week said Russian and Saudi Arabianofficials plan to extend production cuts. However, reports today said SaudiArabia may not have agreed to a cut yet.