Thursday PM

PM Posts | Every, Goldman, Garbage, and Russia

Oct 31, 2024

Housekeeping: This is the PM GoldFix post combining AM emails with additional intraday posts.

`Market Recap:`

As of this writing, 3:55 p.m. ET, Precious Metals are down. They are not alone, as stocks took a similar dive today. Searching for drivers leaves a mixed bag.

Data was bearish for further rates cuts for sure. PCE came in hotter than expected. Job claims came in lower than expected. In combination, that spells a decrease in optimism of a Fed cut in the coming meeting ( the day after the election).

Gold: $2,748.53 last, dn 38.51
Silver: $32.71 last, dn 1.06

We say mixed bag because the News out of England was not bearish for Gold at all. The UK is once gain struggling with its debt. Gilts were sold in earnest on fresh budget concerns. That can be bullish for Gold, but not today. The cure for this UK problem believe it or not is further money printing by the BOE, which is bullish Gold. But once again, not today.

The buying we have repeatedly seen daily from US investors was nowhere in sight this morning. Could it be bond yields are finally starting to weigh on people’s minds?

Both Gold and Silver showed some relief rallies off their lows, but this is not something to get excited about so close to an election. Let’s see what tomorrow brings.

We warn the election is a crap shoot, and a blowout for Trump (or Harris) adds “certainty”.

Cheers