Research

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Daily Resources Overview

 

Gold and silver prices are lower inearly-afternoon U.S. dealings Tuesday. The metals are seeing pressure from astronger U.S. dollar and declining crude oil prices. February goldfutures were last down $9.80 an ounce at $1,218.90. March Comexsilver was down $0.153 at $14.19 an ounce.

Gold and silver held modest gains heading into theU.S. futures markets openings. However, both metals started to fade when the U.S. dollarindex moved to its daily high. The serious U.S.-China trade war isbearish for the metals markets, as China is a major importer of metals. Thisweek’s meeting between U.S. President Trump and China’s President Jinping Xi inArgentina is not expected to produce a very positive outcome on the trade matter.Trump made more hardline comments on the matter Monday. There is generalagreement that the trade war is hurting China’s economy much more than the U.S.economy. The U.S.-China trade war has also been supporting the U.S. dollar’sappreciation.

Nymex crude oil futures prices are lower today.Prices Monday hit a 13-month low of $50.10. Crude prices are down around 30%following the recent sharp declines. A key OPEC oil cartel meeting is scheduledfor next week.

There is talk in the marketplace recently that theU.S. Federal Reserve may take a more dovish tone on its monetary policy due tonotions the recent strong U.S. economic growth may be quickly decelerating. TheFederal Open Market Committee meets to discuss monetary policy in lateDecember. It’s widely expected the Fed will slightly raise its key Fed fundstarget range in December. However, a commentary in the Wall Street Journaltoday said Fed monetary policy will be “wide open” for 2019, which could leadto more uncertainty in the marketplace.


 
28/11/2018 9:00:00 AM

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