The Weekly Dig
Haywood Mining Team
Gold in Search of Direction Friday After Rapidly Shedding Early Gains at Mid-day
§ Major indices retreated Friday after many set new highs just a day earlier. The pullback was on the tail of soft U.S. Retail Sales and Producer Price Index (PPI) data points early Friday. There was an immediate ~$15/oz jump in December Gold futures pre-market, which more or less held up until about noon (PST), when gold retreated ~12/oz in about 20 minutes. The initial run in gold seemed to be on the back of this economic data that came in below expectations, which could mean slower inflation than anticipated is occurring, potentially pushing back the threat of an interest rate hike. Meanwhile oil posted one of its strongest weekly gains in some time after shedding more than $10/barrel from early June highs of more than $50/barrel to early August lows of sub $40/barrel. To end the week, Gold and Silver were unchanged at $1,336 (↑0.02%),$19.71 (0%), with platinum and palladium finishing lower at $1,122 (↓2.16%) and $685 (↓1.58%) per ounce respectively. Base metals were mixed; nickel (↓4.05%), zinc (↓1.42%) and copper (↓0.64%) finished lower at $4.65, $1.01 and $2.15 respectively, while lead (↑2.86%) finished higher at $0.83 per pound. The WTI crude price gained 6.38%, while the UxC Broker Average Price of uranium was down (↑0.96%) closing at $26.00 per pound on Friday.
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Quelle: stockcharts.com
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