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CME Group: 3Q Metals Volume Rises From Year Ago

Kitco News

Exchange operator CME Group reports that metals volume averaged 623,000 contracts per day in the third quarter, up 2% from 611,000 in the same period a year ago. Copper futures and options average daily volume grew 24% to 138,000 contracts during the third quarter, while the same for platinum rose 12% to 22,000 contracts. For the month of September, total average daily metals volume was 598,000 contracts daily, down 9% from 660,000 in the same month a year ago. Platinum futures and options average volume was up 16% in September to 31,000 contracts.

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

 

RBC’s Gero: Gold Lifted By Short Covering, Bargain Hunting

Tuesday October 2, 2018 08:45

George Gero, managing director with RBC Wealth Management, says bargain hunting and short covering are helping push gold higher. As of 8:27 a.m. EDT, Comex December gold was $3.90 stronger to $1,195.60 an ounce. This occurred even though the December dollar index was up 0.266 point at 95.195. Gero notes that there is potential for more unforeseen political events to unfold than in previous Octobers. “Some traders covering shorts, bargain hunters entering as well, after many months of losses [leave] unloved gold at low prices,” Gero says.

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

 

Commerzbank Looks For Higher Gold Prices Vs. Euro

Tuesday October 2, 2018 08:45

With budget uncertainties surrounding Italy, Commerzbank looks for the price of gold to rise in euro terms. The yellow metal has hit €1,035 per troy ounce, the bank notes. Analysts pointed out that manufacturing-sector purchasing managers indices in Europe were weaker than expected on Monday. “And for another thing, financial markets are looking with concern towards Rome after the Italian government presented a draft budget for 2019 that is seen as unviable and could be rejected by the European Commission,” Commerzbank says. “This could ignite a new crisis of confidence in the euro zone, similar to those caused by Greece in 2010 and above all by Spain and Italy in 2012, when the continued existence of the euro was seriously questioned.” The gold price in euros reach its all-time high of nearly €1,400 per troy ounce in autumn of 2012. “In our view, these uncertainties, coupled with the euro zone’s negative real interest rates – that is to say nominal rates minus the rate of inflation – point clearly to a rising gold price in euros,” Commerzbank concludes. 

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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