By Mike Maharrey, Money Metals ExchangeFactoring in sizeable over-the-counter (OTC) buying, gold demand charted its strongest first quarter since 2016.Excluding OTC buying, demand fell 5 percent to 1,102 tons. Significant outflows of gold from ETFs drove the dip. But including over-the-counter buying by investors, gold demand grew by 3 percent year-on-year, reaching 1,238 tons, according to data compiled by the World Gold Council.OTC buying is opaque. Analysts estimate it using the pace and scale of the rise in the gold price. The average price of gold rose by 10 percent during the quarter, coming in at a record $2,070 per ounce.According to ...
Personal consumption accounts for two-thirds of economic activity. Therefore, the means by which consumers can spend is essential for forecasting economic growth. The San Francisco Fed just released an article warning that a significant source of spending since the pandemic is no longer available. Per their article, Pandemic Savings Are Gone: What’s Next for U.S. Consumers?– “The latest estimates of overall pandemic excess savings remaining in the U.S. economy have turned negative, suggesting that American households fully spent their pandemic-era savings as of March 2024.“Since 2021, GDP has grown by 2.93% on an annualized basis, ab...
The US Dollar (USD) trades flat with the US trading session coming online for this Tuesday, and again easing the Greenback as seen on Monday in a similar pattern. Markets were pricing in again some risk premium as Israel looks set to start its ground invasion in Rafah, and Egypt has chored up its border control at its northern border with Gaza. Meanwhile substantial easing in the Australian Dollar (AUD/USD) and Japanese Yen (USD/JPY) added to support for the Greenback, though those gains are starting to ease as well with New York opening up. On Tuesday, the US Redbook Index and the Economic Optimism measured by the TechnoMetrica Institute of...
S&P 500 made a very shallow premarket correction, 2y yield refused retreating, but it were cyclicals and semiconductors that pulled the 500-strong index up yesterday, completing the bullish turn on suppressed NFPs and dovish Powell. The weak dollar rebound hasn‘t been an issue, and neither is the yen carry trade unwinding fears. USDJPY is tellingly having trouble to cling on any intervention gains as the JGB yield „normalization prospects“ currently stand no chance to Treasury yields. Gold, Silver and Miners Gold is still moving in a flag pattern that has more time to play out – but we caught yesterday‘s rip. The low volume is ...
BTC Bounces Off LowsBitcoin prices are trading tentatively in the green across early European trading on Tuesday. Following a breakdown lower last week which saw BTC futures crashing through support at 60695, the market swiftly reversed higher as demand kicked in at the lows of the move. It seems the dip in BTC was an attractive proposition for longer term holders with spot-Bitcoin ETFs seeing their largest single-day inflows on Friday at $378 million. Rising ETF DemandSurging ETF inflows had been a big driver of the move higher in Bitcoin over Feb and early March. However, those flows were seen drying up over the last 8 weeks, leading to ...
Stocks extend their advances. Is this a new uptrend or merely ongoing consolidation?Monday’s trading session was bullish, with the S&P 500 index gaining 1.03% and closing the highest since April 11. Last Friday, the index gained 1.3% following a 0.9% advance on Thursday. Why did stock prices advance? Investor sentiment remained positive following a series of quarterly earnings releases last week and less inflationary economic data, possibly signaling Fed monetary policy easing.On Friday, April 19, the index hit a new medium-term low of 4,953.56. This marked its lowest level since late February, with a decline of over 311 points or 5.9%...
GX Uranium ETF (URA) Elliott Wave AnalysisFunction – Counter trendMode – CorrectiveStructure – Zigzag for 4. Impulse for (A)Position – Wave 5 of (A)Direction – Wave 5 of (A) is still in playDetails – The blue wave 4 triangle has been completed with confirmation above wave (B) high. Wave ‘5’ appears to have begun. Invalidation is now at wave (E) low. Price may retest toward the 30 major level before blue wave ’5’ continues. The GX URA ETF, known as the Global X Uranium ETF, is an investment fund designed to track the performance of companies involved in the uranium industry. This...
At Monday’s close, the Dow Jones (US30) Index added 0.46%, while the S&P 500 (US500) Index was up 1.46%. The NASDAQ Technology Index (US100) closed positive 1.19% yesterday.The Dollar Index stabilized above 105 on Tuesday as investors continued to assess the Federal Reserve’s monetary policy outlook in light of the central bank’s recent comments. New York Fed Chairman John Williams said decisions on interest rate cuts will be made based on incoming data. At the same time, Federal Reserve Bank of Richmond Chairman Thomas Barkin expressed confidence that inflation will fall to 2% as the full effect of a rate hike m...
Brent crude oil is seeing a slight increase on Tuesday, priced around $83.57 per barrel. The market remains close to two-month lows, caught between optimism for a peaceful resolution to the Middle East conflict and concerns over crude oil inventories in the United States.The primary focus in the stock market currently revolves around the ongoing negotiations between Israel and Hamas, facilitated by Egypt. However, these talks have hit an impasse, and there are renewed signs of conflict from both parties. Israel has expressed dissatisfaction, stating that the terms offered do not meet its demands, thereby complicating diplomatic efforts.Despit...
Aussie Sold Post-RBAThe Australian Dollar has come under pressure across early European trading on Tuesday as traders digest the latest monetary policy meeting from the RBA overnight. The bank held headline interest rates steady at 4.35%. However, the tone of the meeting was less hawkish than many were looking for, leading to the current sell-off in AUD. Neutral SignallingOn the back of the recent uptick in quarterly inflation, many players were looking for a more hawkish stance from the bank. However, the bank stuck to a broadly neutral message on rates warning it was ruling nothing in or out on rates and would continue to monitor inflation...