Comex Gold Signal
INTERNATIONAL COMEX NEWS
- Gold prices oscillated around the psychologically important $1,300 level shrugging off dollar strength and easing geopolitical uncertainty following Trump’s reverse ferret on the North Korea summit. Gold futures for June delivery on the Comex division of the New York Mercantile Exchange fell by $1.60 or 0.12%, to $1,302.80 a troy ounce. Gold remained resilient in the wake of a resurgent dollar on the back of positive economic data as durable goods orders topped expectations reaffirming investor confidence in the U.S. economy.
- As it battles to remain the world’s biggest copper producer, Codelco just achieved a new, less enviable mantle — the only major mining company with an all-male board and senior management team. On Friday, Chilean President Sebastian Pinera appointed executive Juan Benavides as chairman of the state-owned company. Earlier this month, he appointed Hernan de Solminihac and Patricio Briones as directors, replacing Dante Contreras and Laura Albornoz, then the only woman on the nine-member board. Chile is the biggest copper-mining nation.
- The United States has called at a meeting in Geneva for a “reset” of agricultural trade negotiations, rejecting calls from other states to push on with long-drawn-out talks on reform, a trade official said. Traditional subsidisers such as the United States, Japan and the European Union have long resisted pressure to wean their farmers off handouts, while the United States has accused both China and India of paying far greater subsidies than allowed.
- As Japan gears up to host the Rugby World Cup and Olympic Games in consecutive years, many businesses are seizing on the opportunity to capitalize on the influx of tourists, media and athletes for both big events. The Rugby World Cup kicks off in September 2019 followed by the Tokyo Games 10 months later, giving businesses a unique chance to reach an international and diverse customer base that may be encountering Japanese products for the first time.
- The Federal Reserve plans to continue tightening monetary policy gradually for now, but it faces a much tougher decision as U.S. interest rates near a “neutral” level where they neither boost nor slow the economy, several policymakers indicated on Friday. “I’m not yet there on what we should do once we get to neutral,” Dallas Fed President Robert Kaplan said at a conference where Atlanta Fed President Raphael Bostic and Chicago Fed President Charles Evans also spoke.
- Traders could be forgiven if flashbacks of the euro zone crisis come back to haunt them as the euro slid to a six-month low and risk premiums on Spanish and Italian bonds soared amid rising political risks. European risk assets took a massive pounding on Friday ahead of a long weekend in London as investors fled from riskier bonds, stocks and credit securities to the safety of German bunds that were set for their biggest gain since 2012.