Morning Rundown | What is Driving Gold- RBC Report
Market Rundown:
Good Morning. Risk on this morning as we head into data. The dollar is weak. Bonds are slightly offered. Stocks are very strong. Gold is down $12. Silver is down 2%, Oil is firmer by 90 cents. Bitcoin is up with stocks.
8:30 am Initial jobless claims April 16 182,000 185,000 8:30 am Continuing jobless claims April 9 -- 1.48 million 8:30 am Philadelphia Fed manufacturing survey April 21.9 27.4 10 am Leading economic indicators March 0.2% 0.3% 12:30 pm St. Louis Fed President James Bullard speaks 1 pm Fed Chair Jerome Powell speaks on global economy to IMF
Cheers
Post Excerpt:
GoldFix Summary: According to RBC, as long as Gold remains a safe haven focus, it will do fine. The macro economic factors, according to them are actually bearish currently. Our takeaway is implicitly this is saying, as long as there is a war, Gold will remain near their high range levels. If/When that ends, do not expect current macro vibes to help it at all.
Although this isn’t mind altering analysis, it is true. The positioning confirms it. We cite the fact that Silver, a more economic metal, is very weak relative to Gold for both those reasons. It isn’t bought as much for safe haven demand, and it gets hammered more in recessions. Silver is the “tell” for Gold’s focus right now.
As a trade: if peace is breaking out: If Silver cannot rally when stocks rally, then they will sell Gold harder.
Report at bottom…
