DaveFairTex

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davefairtex
By davefairtex on Tue, Oct 16, 2018 - 3:31am

PM Daily Market Commentary - 10/15/2018

On Friday, gold jumped +9.49 [+0.77%] to 1234.20 on heavy volume, while silver rallied +0.11 [+0.72%] to 14.71 on moderately heavy volume. The buck fell -0.19%; metals appeared to move in sync with the currency moves, but the minor drop in the buck was certainly not responsible for the relatively strong rally in the metals.

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davefairtex
By davefairtex on Sat, Oct 13, 2018 - 6:27am

PM End of Week Market Commentary - 10/12/2018

On Friday, gold fell -7.19 [-0.58%] to 1224.71 on heavy volume, while silver was unchanged at 14.61 on moderate volume. The buck rose +0.21%, but the move didn't materially affect the price of the metals. Mostly, the focus was on risk assets and treasury bonds; SPX rose +1.42%, while TLT dropped -0.35%.

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davefairtex
By davefairtex on Fri, Oct 12, 2018 - 3:59am

PM Daily Market Commentary - 10/11/2018

Gold shot up +30.21 [+2.51%] to 1231.90 on extremely heavy volume, while silver rose +0.29 [+2.06%] to 14.61 on very heavy volume. The buck fell -0.49%, which contributed to the metals rally, but today's move was all about money fleeing risk assets for the safety of gold and US treasury bonds. SPX plunged -2.06%, crude dropped -2.25%, and TLT rose +1.22%. It was a mostly-classic safe haven day.

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davefairtex
By davefairtex on Thu, Oct 11, 2018 - 2:25am

PM Daily Market Commentary - 10/10/2018

Gold rose +4.99 [+0.42%] to 1201.69 on moderately heavy volume, while silver dropped -0.10 [-0.66%] to 14.31 on moderate volume. The real news was the plunge in equities; SPX cratered, dropping -3.29% on extremely heavy volume. The tech sector led the market lower, with XLK down -4.85%. Risk off was everywhere.

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davefairtex
By davefairtex on Wed, Oct 10, 2018 - 3:11am

PM Daily Market Commentary - 10/9/2018

Gold rose +1.82 [+0.15%] to 1196.70 on moderate volume, while silver moved up +0.02 [+0.10%] to 14.41 on moderate volume also. The buck dropped -0.10%; really it was a failed rally, with the buck up +0.50% at one point before eventually falling back. PM moved more or less along with currency.

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davefairtex
By davefairtex on Tue, Oct 9, 2018 - 2:06am

PM Daily Market Commentary - 10/8/2018

Gold plunged -15.34 [-1.27%] on heavy volume, while silver dropped -0.29 [-1.94%] to 14.39 on very heavy volume. The buck rose +0.13%, but it was not the proximate cause of today's heavy selling in PM. The metals came under selling pressure just after 8 am; there was no economic report, related-item price movement, or other “reasonable” explanation for the pounding the metals took at 8 am. That suggests it was either some sort of official intervention, or – perhaps – Turkey's banks are back selling gold; 8 am EST = 3 pm in Instanbul.

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davefairtex
By davefairtex on Tue, Oct 9, 2018 - 2:05am

PM Daily Market Commentary - 10/8/2018

[duplicate!!]

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davefairtex
By davefairtex on Sun, Oct 7, 2018 - 2:09am

PM Weekly Market Commentary - 10/5/2018

On Friday, gold rose +3.44 [+0.29%] to 1210.22 on moderately heavy volume, while silver climbed +0.06 [+0.41%] to 14.68 on moderate volume. The buck edged down -0.12%; gold and silver more or less tracked currency, although the gains in PM were slightly better than the loss in the buck. This tells us that gold/euros had another positive day. I'm becoming convinced that gold/Euros is the chart to follow, at least at the moment.

I saw three primary news items this week:

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davefairtex
By davefairtex on Fri, Oct 5, 2018 - 3:04am

PM Daily Market Commentary - 10/4/2018

Gold rose +2.64 [+0.22%] to 1206.78 on heavy volume, while silver dropped -0.04 [-0.31%] to 14.62 on moderately heavy volume. The buck was unchanged; the real action today was in crude, equities, and bonds once again. Apparently, Powell's statement that the US was still “far from neutral” with respect to short term rates continues to reverberate.

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davefairtex
By davefairtex on Thu, Oct 4, 2018 - 1:51am

PM Daily Market Commentary - 10/3/2018

Gold fell -5.99 [-0.49%] to 1204.14 on moderate volume, while silver dropped -0.06 [-0.37%] to 14.66 on moderate volume also. The buck climbed again today (+0.26%) and the Euro fell (-0.65%) which seemed to pull the metals lower.  However the real story was in the US treasury market: the 10-year treasury yield screamed higher, up +10.5 bp to 3.16%. Bonds raced across the line-o-death, breaking out above the previous high. This was a big move in a big market, likely driven by a very hot non-manufacturing ISM report at 10 am that blew out the top end of expectations.