(Kitco News) – Gold and silver are heading into the European open marginally higher this morning. On Tuesday the yellow metal suffered heavily and dropped back through $1800/oz while silver also fell 1.50%. Looking at the rest of the commodities complex, copper is 0.21% higher and spot WTI is trading 0.70% in the black.
Risk sentiment overnight has been very mixed the Nikkei 225 closed 0.91% higher but the ASX (-0.36%) and Shanghai Composite (-0.01%) traded poorly. Futures in Europe are also mixed with the Dax looking positive while the FTSE is down.
In FX markets, the dollar index is 0.10% higher building on yesterday’s gains and GBP/USD was the biggest mover falling 0.15%. In the crypto space, there has been a pretty big sell-off which took BTC/USD back through $50k to trade at $46,232.
Looking at the main stories from overnight, Fed’s Bullard looks past NFP miss, reaffirms taper call. He said he is “looking for job gains to average out around 500k per month this year”.
Crypto exchange Coinbase says US regulators to pursue legal action against it.
Japan’s ruling party contender Kisida is planning a big monetary policy shift.
Magnitude 7.4 earthquake southern Mexico.
Heading into the EU session it is important to note that some gold miners lead the declines after the drop in the gold price.
The NHC say there is a 50% chance of a hurricane in Mexico within the next 48 hours.
Fed’s Kaplan was reportedly a buyer and seller of stocks in 2020. According to a financial disclosure he made multiple trades valued at over $1mln each.
U.S. Democrat Senator Manchin has said he will only be backing around $1trl of Joe Biden’s spending plans, according to press reports.
Looking ahead to the rest of the session highlights include EIA energy report, Fed Beige Book, DoE’s, BoC rate decision. We could also hear from BoE’s Ramsden, Broadbent, Tenreyro, Fed’s Williams, and Kaplan.
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