New Jobs Report Takes Dollar, Yields Higher and Gold Sharply Lower
(Kitco commentary) - Gold prices fell sharply today after the BLS (Bureau of Labor Statistics) revealed that 339,000 new nonfarm payroll jobs were added last month, well above Wall Street estimates that predicted an increase in May of 190,000 new jobs.
The optimism of a rate hike pause is A primary reason gold futures are closer to $2000
(Kitco commentary) - Gold futures basis the most active August 2023 Comex contract is currently trading up $13.40 or 0.67% and fixed at $1995.50.
Market forces fight to control gold prices, inflation, and higher rates
(Kitco commentary) - Conflicting market forces have had a strong impact on gold pricing, inflation, and higher rates. This is because higher inflation creates bullish market sentiment in gold, while higher interest rates create bearish market sentiment.
Optimism over debt ceiling legislation fuels a potential reversal in gold pricing
(Kitco commentary) - Over the three-day holiday weekend, President Biden and House Speaker McCarthy reached a deal to raise the debt limit which hit $31.4 trillion In January.
The Feds quagmire: two steps forward and two steps back as PCE rises in April
(Kitco commentary) - The BLS (Bureau of Labor Statistics) released the latest data on inflation, the personal consumption expenditures price index (PCE price index) for April 2023 today. Inflation rose by 0.4% last month, an increase of 4.7% compared to a year ago.
Gold trades below its 100-day MA as hope of a potential debt-ceiling resolution advances
(Kitco commentary) - Gold futures basis the most active June 2023 Comex contract traded briefly below the 100-day simple moving average at $1939.50. Gold futures traded to a low of $1939 just $0.50 below its 100-day moving average which technical traders use as a benchmark to determine the interim trend of a stock or commodity.
Extreme dollar strength and 1 month T-Bills yielding 5.59% move gold lower
(Kitco commentary) - Market participants are witnessing extreme dollar strength and exceedingly high yields in short-term Treasury Bills as continued uncertainty and angst surrounding negotiations to raise or suspend the debt ceiling are still at a stalemate.
The solution to the raising the U.S. debt ceiling is not going to be a cake walk
(Kitco commentary) - Short-term T-bills maturing between June 6th through 15th are currently yielding 5.997%, an indication of the angst regarding whether a debt ceiling resolution can be reached on time before threatening a government default of its financial obligations.
Debt-ceiling talks between Biden and McCarthy to resume at 5:30 EDT
(Kitco commentary) - The latest round of debt-ceiling talks between the President and House Speaker will begin tonight at 5:30 PM EDT. While both sides have presented optimism on passing legislation that would temporarily suspend, or raise the debt limit ceiling, the Democrats and Republicans are still far apart.
Chairman of the Federal Reserve Jerome Powell signals a time to pause
(Kitco commentary) - In the mid-1990s as a young technical market analyst I was invited to speak at the Dow Jones Financial Symposium, a three-month lecture tour of which I attended one full month speaking at eight cities.
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