Disclaimer: All information on this section is of a general nature.
Before making any investment decision, you should seek the relevant advice.
Daily Resources Overview - 31 Aug 2018
Gold and silver prices are moderately lower in early-afternoon U.S. trading Thursday. While
the safe-haven metals traders are closely watching developments today in the emerging
market currencies, so far they have not benefitted from the uncertainty of the matter.
December gold futures were last down $6.10 an ounce at $1,205.40. December Comex
silver was last down $0.21 at $14.60 an ounce.
The feature in the marketplace today is weakness in secondary market currencies versus the
U.S. dollar. The Argentine peso hit a record low against the greenback and the Turkish lira is
also under pressure today. The Brazilian real and Indian rupee are also solidly lower against
the dollar. As the calendar turns to September next week, look for focus on secondary
currencies and their countries’ problematic debt loads to become in keener focus among
traders and investors. Any escalation in this situation would significantly spook the
marketplace and likely prompt safe-haven demand for gold and silver.
World stock markets were mixed to lower overnight. U.S. stock indexes are pointed toward
weaker openings, on mild profit taking after hitting record highs on Wednesday. The robust
risk appetite in the marketplace this week has boosted world equities markets. Reports say
the U.S. and Canada are close to agreeing on a trade deal, after the U.S and Mexico
reached a deal on Monday. Optimism the U.S. will reach more trade agreements with its
major trading partners has in part lifted world stock markets this week.
The key outside markets today find the U.S. dollar index moderately up on a corrective
bounce after seeing losses this week. Meantime, Nymex crude oil prices are up, hit a sixweek
high today, and trading just below $70.00 a barrel.