Gold and silver both fall before the European open


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(Kitco News) – Gold and silver are both trading lower this morning. Yellow metal is down -0.25% while silver is down -0.23%. Copper is also down -0.43% despite a strong performance on Wednesday. The WTI Spot (0.58%) joins platinum (0.54%) and palladium (0.22%) in positive trading ahead of the European opening.

In terms of risk, despite all the talk about typing, it was a good session on the Asia-Pac zone. The ASX (1.00%) and the Shanghai Composite (0.24%) rose while the Nikkei 225 fell -0.67%. In Europe, the futures markets point to a positive opening.

In the forex markets, the dollar index (-0.18%) is struggling, the biggest factor being the USD / CAD which fell by -0.32%. Finally, BTC / USD is 0.72% higher at $ 43,875.

News of the night:

Yesterday, the Fed announced that a reduction in the pace of asset purchases may be justified and may even be reduced completely by mid-2022. The Fed is also now forecasting seven rate hikes on the horizon, previously it was two. (read here)

Fitch lowers its GDP forecast for China 2021 to 8.1% (from 8.4%).

South Korea’s central bank says it is ready to intervene to stabilize markets if necessary.

US Treas Sec Yellen wants to stop the ‘race to the bottom’ for international tax rates.

Australia Manufacturing 57.3 (before 52.0), Services 44.9 (before 42.9).

The RBNZ confirms that it will continue its plan to tighten housing loans.

The US FDA must authorize a 3rd Pfizer vaccine for people 65 years of age and over at high risk.

Looking ahead to the remainder of the session, highlights include rate decisions by the BoE, SNB, Norges Bank CBRT and SARB. We will also obtain Flash PMIs for the euro zone, the United States and the United Kingdom.

Disclaimer: The opinions 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 the accuracy of the information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is for informational purposes only. It is not a solicitation to effect an exchange of commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article accept no responsibility for any loss and / or damage resulting from the use of this publication.


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