Daily Gold News: August 6

The gold futures contract has further accelerated its long-term uptrend on Wednesday following the recent short-term consolidation along $2,000 mark. The market reached new record high at the level of $2,070.30 yesterday and it closed 1.40% above Tuesday’s closing price. Gold price remains the highest in history following U.S. dollar sell-off, among other factors.

Gold is 0.5% higher this morning, as the market is trading along the record high. What about the other precious metals? Silver rallied 3.31% on Tuesday and today it is 3.7% higher. Platinum gained 3.55% and today it is 0.8% higher. Palladium gained 2.07% yesterday and today it’s 0.4% higher. So precious metals are trading along their new highs this morning.

Yesterday’s ADP Non-Farm Employment Change release has been much worse than expected at just +167,000. But the ISM Non-Manufacturing PMI has been better than expected.

Today we will get the weekly Unemployment Claims number, among others. And the markets will be waiting for the important monthly jobs data release tomorrow.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:

Thursday, August 6

  • 7:30 a.m. U.S. – Challenger Job Cuts y/y
  • 8:30 a.m. U.S. – Unemployment Claims
  • 10:00 a.m. U.S. – FOMC Member Kaplan Speech
  • 9:30 p.m. Australia – RBA Monetary Policy Statement
  • Tentative, China – Trade Balance, USD-Denominated Trade Balance

Friday, August 7

  • 8:30 a.m. U.S. – Non-Farm Employment Change, Unemployment Rate, Average Hourly Earnings m/m
  • 10:00 a.m. U.S. – Final Wholesale Inventories m/m
  • 3:00 p.m. U.S. – Consumer Credit m/m

Thank you for reading today’s free analysis. We hope you enjoyed it. If so, we would like to invite you to sign up for our free gold newsletter. Once you sign up, you’ll also get 7-day no-obligation trial of all our premium gold services, including our Gold & Silver Trading Alerts. Sign up today!

Paul Rejczak
Stock Selection Strategist
Sunshine Profits: Analysis. Care. Profits.

* * * * *

Disclaimer

All essays, research and information found above represent analyses and opinions of Paul Rejczak and Sunshine Profits’ associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Paul Rejczak and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Rejczak is not a Registered Securities Advisor. By reading Paul Rejczak’s reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Paul Rejczak, Sunshine Profits’ employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.