All four precious metals have seen downward price movements over the past five trailing days. Gold, silver, platinum, and palladium have fallen 1.5%, 3.7%, 4.1%, and 0.83%, respectively.
In this part of our series, we’ll look at the technical indicators for mining stocks. We’ll discuss the call-implied volatility and RSI (relative strength index).
We should analyze mining stocks’ price movements in relation to their moving averages. In this part of our series, we’ll discuss Wheaton Precious Metals (SLW), Coeur Mining (CDE), Barrick Gold (ABX), and Kinross Gold (KGC).
It is almost a unanimous expectation that the Federal Reserve would raise rates by 25 basis points in December 2017.
J.P. Morgan sees gold prices averaging $1,295 per ounce in 2018, with second-half prices averaging $1,340 per ounce.
According to the World Gold Council, the demand for physical gold in 3Q17 was at its lowest point since 3Q09.
November 2017 was the 17th consecutive positive month for the S&P 500 (SPY) (SPX), which marks the longest streak in its monthly history.
The dollar has risen recently, as the US Senate passed the Tax Cuts and Jobs Act on December 2, 2017.
While an interest rate hike at the Federal Reserve’s December meeting is almost certain, the Fed is projecting three rate hikes in 2018.
Janet Yellen, the chair of the Federal Reserve, expects inflation to move higher in 2018.
US consumer confidence climbed to a 17-year high in November.
As the world’s first cryptocurrency, bitcoin has risen more than 1,000% in less than a year. Bitcoin breach $19,000 per coin on December 7 before returning to the $17,000 range.
Gold prices touched an almost four-month low in early December. After breaching $1,300 per ounce in September due to geopolitical tensions, gold prices have mostly been on a downtrend.
US distillate inventories rose by 1,667,000 barrels or 1.3% to 129.4 MMbbls (million barrels) on November 24–December 1, 2017.
According to the EIA, US gasoline inventories rose by 6,780,000 barrels to 220.8 MMbbls (million barrels) on November 24–December 1, 2017.
US crude oil production rose by 25,000 bpd (barrels per day) or 0.3% to 9,707,000 bpd on November 24–December 1, 2017, according to the EIA.
US crude oil inventories fell by 5.6 MMbbls (million barrels) or 1.2% to 448.1 MMbbls on November 24–December 1, 2017, according to the EIA.
A Reuters survey estimated that Saudi Arabia’s crude oil production fell by 30,000 bpd (barrels per day) to 10,000,000 bpd in November 2017.
US crude oil (UWT) (DBO) futures for January delivery fell 2.9% to $55.96 per barrel on December 6, 2017. Prices are near a three-week low.
At 6:30 AM EST on December 7, the West Texas Intermediate crude oil futures for January 2018 delivery were trading at $56.20 per barrel—a gain of 0.42%.