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Thursday, February 11, 2021 9:56:09 AM
*AM Metals Roundup*Gold price near steady, awaiting next catalyst
Thursday February 11, 2021 07:42
(Kitco News) - Gold futures prices are trading near unchanged in subdued early U.S. action Thursday. Silver prices are slightly higher. The two precious metals markets have stabilized this week, with traders still looking for the next significant fundamental event to break prices out of their near-term trading ranges.April gold futures were last $1.20 at $1,843.90 and March Comex silver was last up $0.122 at $27.20 an ounce.
Global stock markets were mostly higher overnight. U.S. stock indexes are pointed toward higher openings and near record highs when the New York day session begins. Declining Covid-19 infection rates in the U.S. amid ramped up vaccinations, as well as a new government pandemic relief package likely coming for Americans soon, have lifted trader and investor risk appetite recently.
The Chinese Lunar New Year holiday began today and markets in mainland China will be closed the next several days.
Fed Chairman Jerome Powell’s speech to the Economic Club of New York Wednesday afternoon saw the central bank chief reiterate the Fed will maintain its highly accommodative monetary policy by keeping U.S. interest rates very low and continuing its bond-buying program (quantitative easing).
Meantime, the European Union Commission said Thursday the Euro zone economy is set to contract by 0.9% in the first quarter of this year, but then rebound in good fashion by the second half of the year. The more highly contagious strain of Covid-19 is expected to continue to constrict businesses and consumer activity in the Euro zone in the first quarter.
The key “outside markets” today see the U.S. dollar index trading slightly higher. Meantime, Nymex crude oil futures prices are weaker and trading around $58.30 a barrel. The benchmark 10-year U.S. Treasury note yield is currently fetching 1.135%.
U.S. economic data due for release Thursday includes weekly jobless claims report, expected to show new claims of 760,000 compared to 769,000 last week.
Technically, the February gold futures bears have the slight overall near-term technical advantage amid a four-week-old price downtrend still in place on the daily chart. Bulls’ next upside price objective is to produce a close in February futures above solid resistance at $1,878.80. Bears' next near-term downside price objective is pushing futures prices below solid technical support at the February low of $1,784.60. First resistance is seen at $1,850.00 and then at this week’s high of $1,856.60. First support is seen at $1,833.30 and then at $1,821.30. Wyckoff's Market Rating: 4.5
March silver futures bulls have the overall near-term technical advantage. Silver bulls' next upside price objective is closing prices above solid technical resistance at the February high of $30.35 an ounce. The next downside price objective for the bears is closing prices below solid support at $25.00. First resistance is seen at Wednesday’s high of $27.595 and then at this week’s high of $27.875. Next support is seen at the overnight low of $26.75 and then at $26.50. Wyckoff's Market Rating: 6.0.
By Jim Wyckoff
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In Stansberry interview, First Majestic's Neumeyer scorns silver paper games
Submitted by cpowell on Thu, 2021-02-11 05:49. Section: Daily Dispatches
12:50a ET Thursday, February 11, 2021
Dear Friend of GATA and Gold:
First Majestic Silver CEO Keith Neumeyer, interviewed by Stansberry Research's Daniela Cambone, scorns the paper trading and accounting games by which the silver exchange-traded fund SLV is made to appear solvent. But he is glad that the hysteria of the Reddit-incited silver squeeze is over and hopeful that growing physical demand will overcome market manipulation.
The interview is 22 minutes long and can be viewed at YouTube here:
https://www.youtube.com/watch?v=FavUc6kojTs
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
.
.
China-U.S. confrontation a disaster for both countries, Xi tells Biden
BEIJING (Reuters) - Confrontation between China and the United States would be a disaster and the two sides should re-establish the means to avoid misjudgments, Chinese President Xi Jinping told his U.S. counterpart Joe Biden in their first telephone call as leaders.
The call on Thursday Asia time, but Wednesday in Washington, was the first since Biden took office and comes as Beijing and Washington clash over issues from trade, Hong Kong, the South China Sea, Taiwan and reports of human rights crimes against Uighur Muslims in the Xinjiang region.
Xi reiterated during the call that cooperation was the only choice and that the two countries need to properly manage disputes in a constructive manner, according to an account of the conversation reported by Chinese state television.
He also said Beijing and Washington should re-establish various mechanisms for dialogue in order to understand each others’ intentions and avoid misunderstandings, the report said.
Xi also told Biden that he hopes the United States will cautiously handle matters related to Taiwan, Hong Kong and Xinjiang that deal with matters of China’s sovereignty and territorial integrity, according to an account of the discussions reported by Chinese state television on Thursday.
https://www.reuters.com/article/us-usa-china-xi/china-u-s-confrontation-a-disaster-for-both-countries-xi-tells-biden-idUSKBN2AB08M?il=0
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Platinum Begins Big Breakout Rally
Commodities are hot – and inflation is starting to heat up. What does that mean for investors/traders?
17 hours ago (Feb 10, 2021 9:29 PM GMT)
Platinum
If you were not paying attention, Platinum began to rally much higher over the past 3+ days – initiating a new breakout rally and pushing well above the $1250 level. What you may not have noticed with this breakout move is that commodities are hot – and inflation is starting to heat up. What does that mean for investors/traders?
DAILY PLATINUM CHART SHOWS CLEAR BREAKOUT TREND
First, Platinum is used in various forms for industrial and manufacturing, as well as jewelry and numismatic functions (minting/collecting). This move in Platinum is more likely related to the increasing inflationary pressures we’ve seen in the Commodity sector coupled with the increasing demand from the surging global economy (nearing a post-COVID-19 recovery). The most important aspect of this move is the upward pricing pressure that will translate into Gold, Silver, and Palladium.
We’ve long suggested that Platinum would likely lead a rally in precious metals and that a breakout move in platinum could prompt a broader uptrend in other precious metals. Now, the combination of this type of rally in Platinum combined with the Commodity rally and the inflationary pressures suggests the global markets could be in for a wild ride over the next 12 to 24+ months.
This Daily Platinum chart highlights the recent upside breakout rally that has prompted a rally from $1050 to $1250+. If this rally continues to target the 100% Fibonacci price extension, near $1300, then it will become very clear that Platinum is rallying away from other precious metals. If this coincides with a continued general Commodity price rally, then we may start to see an inflationary cycle setting up that really change things – very quickly.
continues here>>>
https://www.fxempire.com/forecasts/article/platinum-begins-big-breakout-rally-699633
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.
Are South African vaccine issues a threat to platinum supply as metal rallies above $1,200?
https://www.kitco.com/news/2021-02-10/Are-South-African-vaccine-issues-a-threat-to-platinum-supply-as-metal-rallies-above-1-200.html
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The Cat Is Out Of The Bag (Banks Double Down Shorting Silver
February 10, 2021 20
2544
If you are looking for a reason why silver was capped at $30 and declined…
https://www.silverdoctors.com/silver/silver-news/the-cat-is-out-of-the-bag-banks-double-down-shorting-silver/
.
.
Have a wonderful day everyone.......Be safe
.
.
..............
Thursday February 11, 2021 07:42
(Kitco News) - Gold futures prices are trading near unchanged in subdued early U.S. action Thursday. Silver prices are slightly higher. The two precious metals markets have stabilized this week, with traders still looking for the next significant fundamental event to break prices out of their near-term trading ranges.April gold futures were last $1.20 at $1,843.90 and March Comex silver was last up $0.122 at $27.20 an ounce.
Global stock markets were mostly higher overnight. U.S. stock indexes are pointed toward higher openings and near record highs when the New York day session begins. Declining Covid-19 infection rates in the U.S. amid ramped up vaccinations, as well as a new government pandemic relief package likely coming for Americans soon, have lifted trader and investor risk appetite recently.
The Chinese Lunar New Year holiday began today and markets in mainland China will be closed the next several days.
Fed Chairman Jerome Powell’s speech to the Economic Club of New York Wednesday afternoon saw the central bank chief reiterate the Fed will maintain its highly accommodative monetary policy by keeping U.S. interest rates very low and continuing its bond-buying program (quantitative easing).
Meantime, the European Union Commission said Thursday the Euro zone economy is set to contract by 0.9% in the first quarter of this year, but then rebound in good fashion by the second half of the year. The more highly contagious strain of Covid-19 is expected to continue to constrict businesses and consumer activity in the Euro zone in the first quarter.
The key “outside markets” today see the U.S. dollar index trading slightly higher. Meantime, Nymex crude oil futures prices are weaker and trading around $58.30 a barrel. The benchmark 10-year U.S. Treasury note yield is currently fetching 1.135%.
U.S. economic data due for release Thursday includes weekly jobless claims report, expected to show new claims of 760,000 compared to 769,000 last week.
Technically, the February gold futures bears have the slight overall near-term technical advantage amid a four-week-old price downtrend still in place on the daily chart. Bulls’ next upside price objective is to produce a close in February futures above solid resistance at $1,878.80. Bears' next near-term downside price objective is pushing futures prices below solid technical support at the February low of $1,784.60. First resistance is seen at $1,850.00 and then at this week’s high of $1,856.60. First support is seen at $1,833.30 and then at $1,821.30. Wyckoff's Market Rating: 4.5
March silver futures bulls have the overall near-term technical advantage. Silver bulls' next upside price objective is closing prices above solid technical resistance at the February high of $30.35 an ounce. The next downside price objective for the bears is closing prices below solid support at $25.00. First resistance is seen at Wednesday’s high of $27.595 and then at this week’s high of $27.875. Next support is seen at the overnight low of $26.75 and then at $26.50. Wyckoff's Market Rating: 6.0.
By Jim Wyckoff
.
.
.
.
.
.
In Stansberry interview, First Majestic's Neumeyer scorns silver paper games
Submitted by cpowell on Thu, 2021-02-11 05:49. Section: Daily Dispatches
12:50a ET Thursday, February 11, 2021
Dear Friend of GATA and Gold:
First Majestic Silver CEO Keith Neumeyer, interviewed by Stansberry Research's Daniela Cambone, scorns the paper trading and accounting games by which the silver exchange-traded fund SLV is made to appear solvent. But he is glad that the hysteria of the Reddit-incited silver squeeze is over and hopeful that growing physical demand will overcome market manipulation.
The interview is 22 minutes long and can be viewed at YouTube here:
https://www.youtube.com/watch?v=FavUc6kojTs
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
.
.
China-U.S. confrontation a disaster for both countries, Xi tells Biden
BEIJING (Reuters) - Confrontation between China and the United States would be a disaster and the two sides should re-establish the means to avoid misjudgments, Chinese President Xi Jinping told his U.S. counterpart Joe Biden in their first telephone call as leaders.
The call on Thursday Asia time, but Wednesday in Washington, was the first since Biden took office and comes as Beijing and Washington clash over issues from trade, Hong Kong, the South China Sea, Taiwan and reports of human rights crimes against Uighur Muslims in the Xinjiang region.
Xi reiterated during the call that cooperation was the only choice and that the two countries need to properly manage disputes in a constructive manner, according to an account of the conversation reported by Chinese state television.
He also said Beijing and Washington should re-establish various mechanisms for dialogue in order to understand each others’ intentions and avoid misunderstandings, the report said.
Xi also told Biden that he hopes the United States will cautiously handle matters related to Taiwan, Hong Kong and Xinjiang that deal with matters of China’s sovereignty and territorial integrity, according to an account of the discussions reported by Chinese state television on Thursday.
https://www.reuters.com/article/us-usa-china-xi/china-u-s-confrontation-a-disaster-for-both-countries-xi-tells-biden-idUSKBN2AB08M?il=0
.
.
Platinum Begins Big Breakout Rally
Commodities are hot – and inflation is starting to heat up. What does that mean for investors/traders?
17 hours ago (Feb 10, 2021 9:29 PM GMT)
Platinum
If you were not paying attention, Platinum began to rally much higher over the past 3+ days – initiating a new breakout rally and pushing well above the $1250 level. What you may not have noticed with this breakout move is that commodities are hot – and inflation is starting to heat up. What does that mean for investors/traders?
DAILY PLATINUM CHART SHOWS CLEAR BREAKOUT TREND
First, Platinum is used in various forms for industrial and manufacturing, as well as jewelry and numismatic functions (minting/collecting). This move in Platinum is more likely related to the increasing inflationary pressures we’ve seen in the Commodity sector coupled with the increasing demand from the surging global economy (nearing a post-COVID-19 recovery). The most important aspect of this move is the upward pricing pressure that will translate into Gold, Silver, and Palladium.
We’ve long suggested that Platinum would likely lead a rally in precious metals and that a breakout move in platinum could prompt a broader uptrend in other precious metals. Now, the combination of this type of rally in Platinum combined with the Commodity rally and the inflationary pressures suggests the global markets could be in for a wild ride over the next 12 to 24+ months.
This Daily Platinum chart highlights the recent upside breakout rally that has prompted a rally from $1050 to $1250+. If this rally continues to target the 100% Fibonacci price extension, near $1300, then it will become very clear that Platinum is rallying away from other precious metals. If this coincides with a continued general Commodity price rally, then we may start to see an inflationary cycle setting up that really change things – very quickly.
continues here>>>
https://www.fxempire.com/forecasts/article/platinum-begins-big-breakout-rally-699633
.
.
Are South African vaccine issues a threat to platinum supply as metal rallies above $1,200?
https://www.kitco.com/news/2021-02-10/Are-South-African-vaccine-issues-a-threat-to-platinum-supply-as-metal-rallies-above-1-200.html
.
.
The Cat Is Out Of The Bag (Banks Double Down Shorting Silver
February 10, 2021 20
2544
If you are looking for a reason why silver was capped at $30 and declined…
https://www.silverdoctors.com/silver/silver-news/the-cat-is-out-of-the-bag-banks-double-down-shorting-silver/
.
.
Have a wonderful day everyone.......Be safe
.
.
..............
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