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Needed more ammo to get it done?The reversal took longer than the climb. Strange they didn't mention that.
... Ewa Manthey, Commodities Strategist at ING.
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“Total holdings in bullion-backed ETFs have continued to decline this year despite rising spot prices,” Manthey wrote. “Although global gold ETF outflows continued in October, they were at a slower pace than in September. Year-to-date, global outflows totalled $13 billion, equivalent to a 225-tonne fall in holdings.”
She said that data from the World Gold Council (WGC) showed the lion’s share of these outflows came from European and North American funds, while investment demand in other parts of the world was stronger.
“Looking into 2024, we believe we will see a resurgence of investor interest in the precious metal and a return to net inflows given higher gold prices as US interest rates fall,” Manthey said.
Other areas of the market have already shifted, however. “[N]et-long positioning, reflecting sentiment in the gold market, turned positive in the second half of October as spot prices surged amid the outbreak of the Israel-Hamas conflict,” she noted. “COMEX net-long positionings rose 137% month-on-month to 29 October, supported by the rise in geopolitical concerns.”
When compared to positioning in 2019 and 2020, she said that overall positioning in 2023 looks neutral. “This suggests that there is still plenty of room for speculators to add to their net long in 2024 and push gold prices even higher.”
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The gold market is seeing renewed buying momentum as the U.S. labor market lost significant momentum last month, according to the latest data from private-sector payrolls processor ADP.
Wednesday, ADP said that 103,000 jobs were created last month. The data significantly missed expectations as economists were looking for job gains of around 130,000. At the same time October’s employment data was revised lower to 106,000 jobs, down slightly from the initial estimate of 113,000.
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The disappointing economic data is helping to support gold prices after Monday’s significant blowoff top rally that saw prices drop sharply after hitting all-time highs above $2,100 an ounce. February gold futures last traded at $2,048.40 an ounce, up 0.59% on the day.
According to some analysts, gold is benefiting as the latest employment data fits with the growing expectations that a slowing economy and cooling labor market will force the Federal Reserve to cut interest rates sooner rather than later. Markets see a roughly 60% chance that the Federal Reserve will cut rates in March.
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Beavis and Butthead discuss Endeavor silver...Endeavor silver, the greatest dog that ever dogged.
Misery loves company. thanks for joining us.Call me an idiot. I just sold a crappy spac and bought 600 EXK.
John McEnroe.It was not a rejection. It set new highs and a new high well above the old high.
It was not a rejection. It set new highs and a new high well above the old high.
Well if you don’t wanna see capitulation and people jumping off roofs before Christmas, you better make sure Au doesn’t go to $1760 and Ag to $18.It was not a rejection. It set new highs and a new high well above the old high.
Well if you don’t wanna see capitulation and people jumping off roofs before Christmas, you better make sure Au doesn’t go to $1760 and Ag to $18.
Not saying anything will happen but the PPT probably hasn’t thrown in the towel yet.
Nobody out of a job in Delaware... nor Kansas
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Next year.Wall Street reaction (anticipating the Fed to have justification to cut rates):
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Stevie Wonder says...rejection. ...
Julian Brigden - co-founder of Macro Intelligence 2 Partners said:...
“I think for gold to really break out you have got to see the equity market break down in the U.S., you've got to see the Fed then truly step back and start to cut rates and the dollar to go [down]. That I think would set you up for this solid breakout that we want.”
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U.S. nonfarm payrolls rose by 199,000 last month, according to the Bureau of Labor Statistics. The monthly figure was above the market consensus estimates of 184,000.
At the same time the report also noted that the U.S. unemployment rate dropped to to 3.7%, down from 3.9% in October. Economists were expecting to see an unchanged reading.
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The latest employment data is impacting interest rates expectations. Market projections for a March rate cut have pared back slightly even if they remain above 50%.
Some analysts have said that the labor market could continue to force the Federal Reserve to maintain its tightening bias as it is expected to leave interest rates unchanged next week. The U.S. central bank has been clear that it needs to see some lack in the labor market before it is confident that it has inflation under control.
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Gold prices losing some ground as U.S. economy created 199K jobs in November, unemployment rate drops to 3.7%
(Kitco News) - The gold market is seeing some solid selling pressure as the U.S. economy continues to add more jobs than expected, which is also pushing down the unemployment rate.www.kitco.com
Just a c wave in an a-b-c correction.4 hr chart on gold looks like head and shoulders. This breakout may have been a fakeout.
Remove the rockets from the launchpad.