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Commerzbank: Gold ETFs Post Largest Inflow In Three Months

Kitco News

Investors heavily bought gold-backed exchange-traded funds as last week wound down, says Commerzbank. The metal was boosted for a while Friday by higher risk aversion in so-called risk markets, although market participants have since regained their risk appetite, meaning lower gold prices early Monday. “ETF investors had bought large quantities of gold on Friday, presumably ahead of the Senate vote [on tax cuts],” Commerzbank says. “The gold ETFs tracked by Bloomberg recorded inflows of 12.6 tonnes, their highest in three months.”

By Allen Sykora of Kitco News; asykora@kitco.com

 

CME Group Reports Record Metals Volume In November

Monday December 04, 2017 08:24

Exchange operator CME Group reports that average daily metals volume hit a record high in November. Volume averaged 749,000 contracts per day, up 4% year-on-year and up 33% from the prior month. Gold futures and options average daily volume rose 11% year-on-year to 453,000 contracts, with record gold futures volume of 416,000 contracts daily. Daily average volume in silver futures and options was up 13% to 126,000 contracts. Over the last three months, average metals volume was 657,000 contracts daily. This is up from 615,000 for the three months ending in October, 611 for the three-month period ending with September and 563,000 for the period ending with August.

By Allen Sykora of Kitco News; asykora@kitco.com

 

BBH: Economists Expected U.S. Job Gains In November

Monday December 04, 2017 08:24

Expectations are that the monthly U.S. jobs report due out Friday will show continued strength in the labor market, says Brown Brothers Harriman. “Although the month-to-month report can move around, the averages are quite stable,” BBH says. “Last year, the non-farm payrolls rose an average of 187k a month. Through August, before the storms' havoc, the U.S. created 176k jobs a month.” Analysts note that the medium expectation in a Bloomberg survey is for 200,000 new jobs in November. “Barring a significant surprise, the focus is on average hourly earnings more than the number of jobs created or the headline-grabbing unemployment rate,” BBH says. “In the current debate, we find ourselves in the camp that expects inflation is accelerating next year. However, the November report may exaggerate the rise, which the median forecasts call for a 2.7% year-over-year pace from 2.4%. The base effect is less favorable this month.”

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