Gold has traded between $1,317 and $1,328 so far today…as of 10:30 am Pacific, bullion is down $3 an ounce at $1,321…Silver is flat at $18.50…Copper is unchanged at $2.09…Crude Oil is up 32 cents at $47.09 while the U.S. Dollar Index is off slightly at 94.76…
Ahead of tomorrow’s speech by Ma Yellen at the Jackson Hole Symposium in Wyoming, the quote of the day goes to newsletter writer Dennis Gartman:
“What shall Dr. Yellen say? Quite honestly we’ve no idea, and we suspect that at this point neither does she.”
Gold slipped to a 4-week low yesterday but it’s quite possible it may go up tomorrow no matter what Ma Yellen has to say…we’ve seen this pattern before of Gold dropping ahead of a major Fed “event”, only to blast higher immediately or shortly thereafter…
Yesterday the TSX Gold Index hit RSI(2) levels not seen since Gold’s lows in November of last year, but nervous nellies were dumping anyway!…meanwhile, a quality producer like Richmont Mines (RIC, TSX) declined for the 12th session out of 14 – contrarians have to love that kind of bearishness going into Jackson Hole…
TD Securities on Gold: “Speculative investors seemed to have abandoned their long Gold positions on the concern that…Yellen may signal a firm commitment to hike rates this year in her Jackson Hole policy symposium address. Some Gold observers are even arguing that the FOMC may increase rates as early as September. However, given the Gold market’s prepositioning for a more hawkish tone (a somewhat firm commitment to a hike in the 2nd half of 2016) than is likely to be sounded by the Fed chair, the yellow metal may post a smart rebound from these lows.”
Gold’s “Trump” Card
With the heat turning up on Crooked Hillary, the Democratic Presidential candidate popped out of her cave yesterday with a desperate call to campaign headquarters at CNN after an Associated Press report revealed “interesting” contributions to the Clinton Foundation (it’s called “pay to play”) from individuals the candidate met with during official business as Secretary of State…Donald Trump observed, “It is impossible to figure out where the Clinton Foundation ends and the State Department begins. The specific crimes committed to carry out that enterprise are too numerous to cover in this speech.”
Clinton did herself more harm than good as she spoke with Anderson Cooper…
“What Trump has said is ridiculous,” Clinton blurted out. “My work as Secretary of State was not influenced by any outside forces…I know there is a lot of smoke and there is no fire.” (sure, Hillary, millions will believe you – you admit there’s “a lot of smoke”, but there’s no fire?)…
As the non-politician Trump starts to get more comfortable on the pivot from a primary battle to a general election, he’s beginning to gain traction and various polls (state and national) are tightening…investors haven’t picked up on this yet but they will shortly, and that’s going to give Gold a boost…political uncertainty will also handcuff the Fed in terms of any interest rate hikes – September’s Fed meeting comes just a week before the first Presidential debate…
The Fed got handcuffed by politics and anti-establishment fervor in Great Britain; it could easily happen again, this time on the home front, catching the liberal mainstream media and plenty of investors by surprise…
In Today’s Morning Musings…
1. CRB chart confirms bullish commodity trend will accelerate…
2. TSX Gold Index update…
3. More bargains than at Walmart!…
Plus more…click here to read the rest of today’s Morning Musings and all BMR exclusive content, through a risk-free Pro, Gold or Basic package, or login with your username and password…
From DVR.
http://waypoint.sensefly.com/meet-a-dronepreneur-5-questions-for-norm-lamothe-of-deveron-uas/
Comment by John - BMR — August 25, 2016 @ 5:47 pm
Gold price prediction contest for tomorrow: Closest to the actual gain (or loss) wins bragging rights!
Fed lineup tomorrow (oh, what fun!):
4:30 am Pacific (7:30 am eastern): James Bullard (St. Louis Fed President) on CNBC
5:30 am Pacific (8:30 am eastern): Loretta Mester (Cleveland Fed President) on CNBC
7:00 am Pacific (10:00 am eastern): Ma Yellen, Jackson Hole
Comment by Jon - BMR — August 25, 2016 @ 6:30 pm
Will finish up $45 tomorrow.
Comment by Matt — August 25, 2016 @ 6:31 pm
My prediction, gold closes up $23US/oz tomorrow.
re: Gold price prediction contest for tomorrow (enter ’til 10 am eastern, Friday). Closest to the actual gain (or loss) wins bragging rights!
Comment by vepper — August 25, 2016 @ 6:32 pm
GOLD – $1343
Comment by david — August 25, 2016 @ 6:53 pm
⬆️27.75…us$ 93.40⬇️
Comment by Laddy — August 25, 2016 @ 6:54 pm
Will close above 1350 $/oz tomorrow !
Comment by sjaffers — August 25, 2016 @ 7:43 pm
Great article on zero hedge.com – note the shift between the bear flattening and bull flattening phase…
http://www.zerohedge.com/news/2016-08-24/heading-down-j-hole-fed-isnt-hawkish
Comment by sjaffers — August 25, 2016 @ 8:51 pm
Gold close up $35 US, for Fri., after she speaks
Comment by bob — August 26, 2016 @ 2:13 am
Gold will close $1365 Friday.
Comment by Dan1 — August 26, 2016 @ 3:21 am
Fed’s Bullard: “I’m Agnostic On Exactly When We Do That”
St. Louis Federal Reserve President James Bullard, an FOMC voting member this year, told CNBC this morning that the September Fed meeting might be a good time to raise interest rates – or it might not be!..
Bullard has said he favors a single hike in the Fed funds overnight lending rate to 0.63% and a hold for about 2-and-a-half years…the current rate, bumped up for the first time in more than 9 years in December, ranges from 0.25% to 0.50%…
“I’m agnostic on exactly when we do that,” Bullard said on “Squawk Box”…he said he’d like to hike rates for the 2nd time in 10 years on good economic news. “If we got to a meeting and we felt things were looking stronger, that might be a good time to do that.”
Now that’s conviction!…
Comment by Jon - BMR — August 26, 2016 @ 4:25 am
Gold price predictions so far range from a low of + $21 to a high of + $45…no one predicting a drop in prices today…we’re all either very intuitive, or contrarians looking at this will conclude we’re all a little loony and it’s a great time to short…
Comment by Jon - BMR — August 26, 2016 @ 4:29 am
GOLD will close at 1360 on Friday.
Comment by John - BMR — August 26, 2016 @ 4:29 am
Serious, John? $1 above me?
Ma Yellen starts speaking at 7 am Pacific. Still time to weigh in.
Comment by Jon - BMR — August 26, 2016 @ 4:30 am
1355
Comment by STEVEN1 — August 26, 2016 @ 4:41 am
JON, I think you are too conservative!!!!!!
Comment by John - BMR — August 26, 2016 @ 4:45 am
$1345
Comment by Sameer — August 26, 2016 @ 4:45 am
1348 for me on the upside 1310 on the downside
Comment by Jeremy — August 26, 2016 @ 4:46 am
So far, Matt is highest at $1,367 ($45 increase); David is the lowest at $1,343 ($21 increase)…
Comment by Jon - BMR — August 26, 2016 @ 4:46 am
You can’t have it both ways, Jeremy, you’re sounding like the Fed official we just quoted! Is it $1,348 or $1,310?
Comment by Jon - BMR — August 26, 2016 @ 4:48 am
Up $23
Comment by dave — August 26, 2016 @ 5:11 am
$1,341.77
Comment by Daniel — August 26, 2016 @ 5:18 am
Gold’s up $8 an ounce at $1,330 as of 6:20 am Pacific…
Either Ma Yellen will open the bar and fire up the band to really get the party going, within the next hour, or she’ll throw everyone out…
This Fed obsession can’t be healthy…
Comment by Jon - BMR — August 26, 2016 @ 5:25 am
well then Jon I will go with the upper boundary 🙂 I would make a good FED fence sitter!!
Comment by Jeremy — August 26, 2016 @ 5:36 am
News-Drill mobilized to Huckleberry.
Comment by Dan1 — August 26, 2016 @ 6:03 am
JON: GOLD SHOWS ON YOUR SITE AND KITCO AS 1336 YET ON BNN/CNBC IT SHOWS 1340? I HAVE NOTICED THIS DISCREPANCY FOR THE PAST FEW WEEKS? ANY EXPLANATION? ABOUT 4 TO 5$ DIFFERENCE? THANKS!
Comment by STEVEN1 — August 26, 2016 @ 6:33 am
They are quoting different contracts, Steven1. I prefer the Kitco quotes, that’s what we use here.
Comment by Jon - BMR — August 26, 2016 @ 6:55 am
Dan1… who owns huckleberry again??? am on a very lazy campsite:) TIA mate
Comment by Jeremy — August 26, 2016 @ 7:03 am
NRN owns Huckleberry partnered with South 32
Comment by Dan1 — August 26, 2016 @ 7:24 am
NRN – there are walls up from .24 to .25 – this may be one of those that doesnt run unless the drillers see something exciting and call the brokers. Yes, I own it, just saying.
Comment by dave — August 26, 2016 @ 7:31 am
Thx guys….
Comment by Jeremy — August 26, 2016 @ 7:32 am
Damn gold and USD are all over the place today. I was hoping we would see $1345 so I could start bragging.
Comment by Sameer — August 26, 2016 @ 7:56 am
Hmmm – I should have been the only one to pick – for gold, but then I would have been laughed at.
Comment by dave — August 26, 2016 @ 8:08 am
ya,was everyone off or what!including me,still 4 hrs left.ha…ponder this tho,is it just me or are bill and Hillary starting to look more and more like jim and tammy faye?and we know how that turned out,ha.
Comment by Laddy — August 26, 2016 @ 8:21 am
Jon quoted Denis Gartman yesterday
“What shall Dr. Yellen say? Quite honestly we’ve no idea, and we suspect that at this point neither does she.”
I believe it still is true after the speech.
Ugly bureaucracy.
It has left people confused and divided.
How about a law which states….If you have nothing definitive to say…you are not allowed to make a speech.
Comment by John - BMR — August 26, 2016 @ 8:53 am