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Research

Disclaimer: All information on this section is of a general nature.
Before making any investment decision, you should consult your adviser.

Daily Resources Overview

 

Gold prices are moderatelyup and have scored a five-week high in early-afternoon U.S. trading Tuesday. Silver prices arealso firmer and hit a three-week high today. The safe-haven metals are gettingbuying support from a big sell-off in the U.S. stock market today. The goldmarket is also benefiting from an improved near-term chart posture that isinviting technical buyers. Currently, gold prices are in an uptrend on thedaily bar chart. February goldfutures were last up $5.40 an ounce at $1,245.00. March Comexsilver was up $0.156 at $14.65 an ounce.

World stock markets were also mostlylower overnight. The initial trader and investor euphoria over a U.S.-Chinatrade dispute cease-fire for 90 days rapidly dissipated. The marketplacequickly realized “the devil is in the details” on getting this matter resolved. The matter willlikely continue to produce uncertainty in markets, with comments from U.S. andChina government officials continuing to tweak the markets—just like was thecase before the meeting between Presidents Trump and Xi last weekend.

A feature in the marketplace just recently is falling U.S. Treasuryyields (rising prices). Just today, the five-year T-Note yield dropped belowthe two-year note yield, to invert the yield curve. This is a warning signal tosome traders and investors, suggesting slowing U.S. economic growth. Theinversion also helped to spook the U.S. stock market today, and in turn supportthe gold and silver markets on some safe-haven demand.

The key outside markets today find the U.S. dollarindex near steady after trading solidly lower early on. Somesafe-haven demand also boosted the greenback from its lows today. TheU.S.-China trade truce boosted the world’s secondary currency markets earlythis week, which in turn was pressuring the greenback.

Meantime, Nymex crude oil prices are near steady and trading around$53.00 a barrel. Some short covering was seen in the oil market recently,following steep losses. The OPEC oil cartel will meet in Vienna, Austria onThursday. Reports said Russian and Saudi Arabian officials plan to extendproduction cuts. Also, Canada will curtail its crude production.

The death of former U.S.President George H.W. Bush and a national day of mourning Wednesday will closethe U.S. stock and financial markets. Other U.S. futures markets will remain open asnormal.
 
5/12/2018 9:00:00 AM

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