Investment bank traders bragged about how easy it was to manipulate the precious metals markets
(Kitco News) - The trial of two precious-metals traders who used to work for Bank of America's Merrill Lynch unit showed one of them, Edward Bases, bragging about how easy it was to manipulate prices.
PMI round up so far heading into the U.S. session
(Kitco News) - In general, the global PMI's have been good leading into the U.S. session. The supply chain is still a massive issue across the board, transportation (freight) prices and demand is still another factor that keeps getting mentioned.
Gold and silver are trading flat leading into the European open
(Kitco News) - Gold and silver are trading flat leading into the European open but both have rejected lower levels. The yellow metal hit a low of $1792/oz in yesterday's session (around 9 am London time) and has since moved to retake $1800/oz to trade at $1807.52/oz. Silver has been making some higher lows and higher highs on the hourly chart since the Asian session on 21st July.
The ECB says its PEPP will run at a faster pace
(Kitco News) - The ECB kept rates unchanged as expected and forward guidance has been slightly revised. The ECB is still looking for a 2% inflation target and the bank is committed to accommodative monetary policy. Purchases under the PEPP are expected to be at a higher pace.
Newmont posts a healthy $1.6 billion adjusted EBITDA for the quarter
(Kitco News) - Newmont (NEM:NYSE) recorded $1.6 billion in adjusted EBITDA in their latest quarterly results. In addition to this firm produced 1.4 million attributable ounces of gold and 303 thousand attributable gold equivalent ounces from co-products.
The Canadian Mint has seen an 81% jump in revenue
(Kitco News) - Royal Canadian Mint (MNT:TSX) has reported a strong performance in Q1 2021. Revenue from precious metal business increased to $852 million in Q1 compared to 2020 Q1 performance of $465.2 million.
Gold and silver trade flat leading into the European open
(Kitco News) - Gold and silver are trading marginally lower leading into the European open. The yellow metal is once again at the $1800/oz psychological pivot zone while silver defended the drop below $25/oz. In the rest of the commodities complex, copper has pushed 0.67% higher and spot WTI is trading flat after an impressive 5.78% climb on Wednesday.
Silver technical analysis - Support levels are close
(Kitco News) - Silver has been moving lower in recent sessions and the main triangle pattern on the chart has broken to the downside. The question technical analysts are asking is where could the price find support next.
Goldman Sachs is looking for $2K for Gold
(Kitco News) - In their latest research note on gold Goldman Sachs is now looking for $2000/oz for gold. The report notes "commodities to rebound sharply unless there are widespread lockdowns due to the spreading delta mutant coronavirus."
Gold and silver are flat leading into the European open
(Kitco News) - Gold and silver are trading flat this morning leading into the European open. Gold is still hanging on to the $1800/oz level while silver is just below $25/oz. In the rest of the commodities complex, copper has dropped 0.69% while spot WTI (0.72%) continues to consolidate after the large fall on Monday.
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