|Day's range||1,783.40 - 1,788.90|
Crude oil markets rallied during the week as we headed towards the Independence Day holiday.
The S&P; 500 has rallied a bit on Friday before pulling back, but keep in mind it was only the Globex market as the United States was celebrating a holiday.
Crude oil markets have done little on Friday, as we are pressing previous resistance. It was a holiday in the United States and liquidity was very low.
The silver markets rallied during most of the week but found resistance just below the $19 level yet again. This market can take off.
Gold markets formed a neutral candlestick for the week, after briefly breaking through the $1800 barrier.
Silver markets did not do much on Friday as the Americans were away observing Independence Day weekend.
Gold markets did little on Friday as the Americans were observing the beginning of the Independence Day weekend, so there was a significant lack of liquidity.
Oil swings between gains and losses near the key resistance level.
With bitcoin increasingly riding on Ethereum's rails, we're about to see greater complementarity between the top two blockchains.
The Euro went back and forth during the week, forming another wick that extended higher. However, the most recent wick was lower than the ones preceding it.
The Australian dollar rallied again during the week, reaching towards the top of the same consolidation area that we have been in for over a month.
Silver stays in the range between the support at $17.50 and the resistance near $18.50 and has good chances for additional upside.
The British pound of course was quiet during the Friday session against the Japanese yen as the United States was a way for holiday.
The Euro drifted a bit lower on Friday, but with the Americans being away for the observed Independence Day, there would have been a serious lack of volume.
S&P; 500 is trying to get above the resistance at 3150 as optimism about economic recovery is tested by the worsening situation on the coronavirus front.
Bitcoin's correlation with the S&P; 500 is somewhat erratic, but the relationship has just got stronger. That may not be bad news.
First Majestic Silver (AG) acquires a stream on 50% of payable silver produced from the Springpole Gold Project in Canada - marking its first investment outside Mexico.
A court filing alleges federal government suppression of an OFR review led to crypto businesses being defined as money transmitters.
The Non-Farm Payrolls report represents stale data. The main focus for gold traders in the near future will be the weekly initial claims reports.
Since the stock market found its bottom on March 23, the S&P 500 (at one point) regained more than 80% of its losses, with the technology-driven Nasdaq Composite hitting fresh all-time highs. Best of all, you don't need a mountain of cash to build wealth in the stock market.
Gains were capped and there was an air of caution ahead of the long holiday weekend as a resurgence in U.S. coronavirus infections fanned concerns.
(Bloomberg) -- The chaos that engulfed the gold market in March as the global pandemic choked off physical trading routes is rippling through other precious metals, resulting in price dislocations and a surge in exchange inventories for silver and platinum.The gold market was thrown into turmoil in March as lockdowns grounded planes and closed refineries, leading traders to worry they wouldn’t be able to get gold to New York in time to deliver against futures contracts. That caused futures, which typically trade close to the London spot price, to soar to a premium, inflicting losses on banks that struggled to close arbitrage bets and spurring them to shift some positions out of New York futures.There are signs that the dynamic isn’t limited to gold. Silver and platinum futures have traded at elevated levels relative to spot metals since early April. And as in the case of gold, the premiums are spurring big increases in on-exchange inventories in New York.On Monday, first-notice data for the July silver contract on the Comex in New York showed the largest single day of deliveries in almost 25 years. Deliveries for platinum on the New York Mercantile Exchange were more than five times the next largest month this year.Those deliveries serve as a way for banks to reduce their exposure to price dislocations and limit risk, said David Holmes, a senior vice president at Heraeus Metals New York, a precious metals refiner.The blowout in gold spreads earlier this year led to big losses for some banks, which typically sell futures in New York as a hedge for their positions in the London over-the-counter market. HSBC Holdings Plc. lost $200 million in a single day of trading, illustrating the challenges to banks due to the turmoil in the exchange-for-physical price, or EFP.Wider SpreadsSilver and platinum have been seeing similar price differentials. The spread between silver futures and spot prices ended the second quarter at the highest in nearly four decades. Platinum’s EFP spiked to the highest since early 2008. And palladium had the largest spread on record, dating back to late 1993.The turmoil caused stockpiles to jump amid efforts to meet the apparent shortages. On-exchange inventories for silver and platinum surged to a record and remain close to those levels.Meanwhile, futures positions have been shrinking in the wake of the pandemic-induced dislocations, creating a glut of metal akin to gold’s stockpiles. Platinum open interest, a tally of outstanding futures contracts, is near the lowest in eight years and is down more than 56% from a peak in January. Open interest in silver futures is down nearly a third from a February high. Gold positions reached the lowest in a year before recovering, while palladium is at a more than 16-year low.“If a bank is short, it’s hard to close the arbitrage,” Holmes said. “Therefore, instead of increasing their position as the arbitrage grew wider, they’ve had to either hold constant their position or even reduce it.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.