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Energy and Precious Metals Commentaries
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Analysis | Commodity Market Commentaries |
Written by Alaron |
Wed May 02 12 09:25 ET
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The US stock market soared with the Dow Jones average hitting the highest level of December, 2007 and in large part has the US energy industry to thank. The catalyst for this impressive milestone was a much better than expected Institute of Supply Management Manufacturing report. Despite some weak regional manufacturing reports the nationwide factory index surged to reading of 54.8 in April up from 53.4 reading from a month earlier. Compare that with Europe where in the UK for example manufacturing index fell more than forecast with a reading of 50.5% just a sliver above the 50% expansion line.
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Analysis | Commodity Market Commentaries |
Written by BullionVault |
Wed May 02 12 09:00 ET
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The Gold Price spiked up to $1658 per ounce ahead of Wednesday's US session, following the release of disappointing US jobs data - though gold remained down on the week so far.
The ADP National Employment Report shows the US economy added 119,000 nonagricultural private sector jobs in April - less than many analysts had forecast. The ADP report is closely watched as a precursor to the official nonfarm payrolls report, which is out this Friday.
Federal Reserve chairman Ben Bernanke said last week that the US needs to add between 150,000 and 200,000 jobs each month to meet Fed projections.
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Analysis | Commodity Market Commentaries |
Written by ICN.com |
Wed May 02 12 04:06 ET
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Crude oil rose sharply yesterday after the U.S. encouraging data showed a strong manufacturing sector which pushed the commodity to the upside. Especially that most of European countries were off yesterday and investors waited for U.S. data.
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Analysis | Commodity Market Commentaries |
Written by ICN.com |
Wed May 02 12 04:05 ET
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Precious-Gold slipped on Wednesday trading as the dollar's rebound sapped demand on the shiny metal. The yellow metal inched down on Tuesday after a U.S. report had showed that ISM manufacturing soared to 54.8 in April, the most since June, compared to 53.4 in March. Today, a report will show that U.S. companies added 170,000 employees last month after adding 209,000 in March, according to median forecasts.
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Analysis | Commodity Market Commentaries |
Written by Alaron |
Tue May 01 12 09:55 ET
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Instead of talking about refinery runs it looks like all of a sudden there has been a run on refineries. In an historic move Delta Airlines is now in the refinery business. Bloomberg News reported that Delta Air Lines Inc. agreed to buy a refinery from ConocoPhillips, breaking with U.S. carriers’ tradition of not owning their own fuel assets. After $30 million in state government assistance, Delta is paying $150 million for the complex in the Philadelphia suburb called Trainer, the world’s second-largest carrier said today in a statement. Production at the refinery combined with multi-year agreements to exchange other products for jet fuel will provide 80 percent of Delta’s needs in the U.S. ConocoPhillips had planned to shut the Trainer operation unless it found a buyer by the end of May as tighter profit margins squeeze East Coast refineries.
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Analysis | Commodity Market Commentaries |
Written by BullionVault |
Tue May 01 12 09:11 ET
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Dollar prices for Buying Gold rallied above $1670 per ounce for the first time in over two weeks ahead of US trading, while stocks and commodities were broadly flat, with the main European markets except London closed for the May 1 holiday.
Prices for Buying Silver meantime broke through $31.20 an ounce, though they remained below last week's close by Tuesday lunchtime in London.
The previous day, gold was broadly steady for most of Monday's trading, with the exception of a sharp $15-an-ounce drop reportedly triggered by 7,500 Gold Futures - equivalent to around $1.2 billion - being sold in just one minute, leading to a 10 second suspension in trading.
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Analysis | Commodity Market Commentaries |
Written by ICN.com |
Tue May 01 12 04:02 ET
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Precious-Gold hovered near two-week high on Tuesday trading before the release of U.S. ISM manufacturing. The yellow metal is now benefiting from the downbeat U.S. reports as it increase speculations the Fed would add to stimulus to reinvigorate the fading recovery.
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Analysis | Commodity Market Commentaries |
Written by ICN.com |
Tue May 01 12 04:01 ET
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Crude oil is trading smoothly as most of European markets are closed due to the labor day holiday, where the commodity is biased bearishly amid uncertainy in Europe. where the Chinese data showed improvement in the manufacturing sector but less than expected.
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Analysis | Commodity Market Commentaries |
Written by Alaron |
Mon Apr 30 12 09:51 ET
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The Energy Report Natural gas rig counts may have hit a ten year low but does that really mean that gas production will fall significantly enough to avoid a storage crisis? Reuters new reported that the number of rigs drilling for natural gas in the United States fell by 18 this week to 613, data from oil services firm Baker Hughes showed on Friday. Horizontal rigs -- the type most often used to extract oil or gas from shale -- fell by 16 to 1,139. Oil rigs fell by 9 to 1,328.
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Analysis | Commodity Market Commentaries |
Written by BullionVault |
Mon Apr 30 12 09:01 ET
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Gold Bullion prices held above $1660 per ounce Monday morning in London - holding on to last week's 1.1% gain - while stocks fell, commodities were broadly flat and US and German government bonds gained as Spain continued to generate headlines.
"On the physical front [however] things were looking not as one might have hoped for [last week]", says a note from Swiss bullion refiner MKS.
"There's no support from the physical market," one Hong Kong dealer told newswire Reuters this morning.
Prices for Silver Bullion fell this morning to $31.10 per ounce - 0.6% down on Friday's close.
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Analysis | Commodity Market Commentaries |
Written by ICN.com |
Mon Apr 30 12 04:30 ET
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Crude oil hovers around the opening level after last week’s sharp rally which took crude a little below $105.00 level. The commodity faces different factors that kept it without a specific direction, where a downside correctional wave may take crude lower.
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Analysis | Commodity Market Commentaries |
Written by ICN.com |
Mon Apr 30 12 03:41 ET
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Precious-Gold remains steady near two-week high on Monday trading as it approached strong resistance around $1670 levels. The yellow metal is affected by many factors, yet the most important are the progress in the U.S. economy, or in other words opposite to the dollar movements, and the latest developments in the European debt crisis.
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Analysis | Commodity Market Commentaries |
Written by Alaron |
Fri Apr 27 12 09:33 ET
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Historians always look to Roman Empire as an example of how at one point in history you can be the most powerful country on the face of the earth only to crumble shortly thereafter into the dustbin of history. It appears that Obama's appointments at the Environmental Protection Agency seem to repeat the same mistake that brought down the once great empire.
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Analysis | Commodity Market Commentaries |
Written by BullionVault |
Fri Apr 27 12 08:30 ET
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Spot prices to Buy Gold continued to hover around $1650 an ounce Friday morning - well within the range seen since mid-March - as stocks and commodities were also flat and US Treasury bonds gained following a credit ratings downgrade for Spain.
Heading into the weekend, gold looked set to record its seventh successive Friday PM Gold Fix between $1600 and $1700 an ounce.
Prices to Buy Silver meantime held above $31 an ounce this morning after rallying in Thursday's US trading - though they remained 2% down on the week by Friday lunchtime in London.
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Analysis | Commodity Market Commentaries |
Written by ICN.com |
Fri Apr 27 12 04:01 ET
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Once again, worries from the euro area weighed on gold prices, where the shiny metal failed to continue its rise today after Standard & Poor's rating agency downgraded the Spanish credit ranking for the second time on deteriorating budget deficit and economic conditions; the rating agency cut the rating of Spain by two notches to triple-B+ from A, while cutting the short-term rating to A-2 from A-1, turning the outlook on Spain to negative.
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Analysis | Commodity Market Commentaries |
Written by ICN.com |
Fri Apr 27 12 04:00 ET
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Crude oil decline today cutting most of gains that achieved this week after the rating agency S&P decided to cu Spain’s credit rating by one notch to BBB+ from A, which triggered fear back to market and to surround Spain which meant to be the next crisis’ victim.
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Analysis | Commodity Market Commentaries |
Written by Alaron |
Thu Apr 26 12 09:27 ET
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QE or no QE. Despite the fact that the Fed says it is on hold with quantitative easing and an immediate announcement of an extension on the “Operation Twist”, the dollar is not buying it. Well at least they are not buying the dollar. The dollar is losing ground as it hits a year low against the Canadian and hit the lowest level on the index since the low of 7879 on April 3rd. While it is possible that the dollar may rebound, one must wonder why the dollar is acting so weak if the Fed says that the economy will pick up gradually. While the Fed offered no real surprises, it seems that the dollar was hoping for a more upbeat assessment of the US economy or perhaps a more down-beat outlook for Europe but without that, it seems that gradually the risk trade is coming back on.
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Analysis | Commodity Market Commentaries |
Written by BullionVault |
Thu Apr 26 12 09:25 ET
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Gold Bullion prices hovered around $1650 per ounce during Thursday morning's London session - slightly higher than where they started the week - while stocks and commodities were also broadly flat as markets digested the latest statements from US policymakers.
Silver Bullion failed to break above $31 per ounce - remaining around 3% down on the week so far.
"Trend line support [for Gold Bullion ] is seen at $1627 on the weekly chart," says the latest technical analysis from Scotia Mocatta.
"A close below this level on Friday will bring in liquidation selling of stale long gold positions."
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Analysis | Commodity Market Commentaries |
Written by ICN.com |
Thu Apr 26 12 04:00 ET
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Gold rose on Thursday trading after the Fed had referred to possible extension to non-standard measures if needed. Fed Chairman Ben Bernanke said policy makers would not hesitate to launch QE3 if the economy to weaken. In addition, the Fed upgraded their growth and joblessness estimates this year, boosting high-yielding assets, while echoing that they will keep borrowing cost near zero till late 2014.
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Analysis | Commodity Market Commentaries |
Written by Alaron |
Wed Apr 25 12 09:34 ET
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It is Fed Day and what better day to talk about the Federal Reserve’s impact on oil price than Fed Day itself. As we all know, the Federal Reserve has taken historic actions to try to keep our economy afloat, yet if you think there are not consequences to Fed action, then you are not paying attention. As the outcry against speculators and speculation reach dizzying heights, a study of Fed action and their direct correlation to the increase in volume and open interest as well as price, is quite clear. As the critics of speculation decry the massive surge in oil, there is only the Fed to blame.
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