Gold and silver are marginally higher heading into the Europen open

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(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. 


Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.


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