Comex Gold Signal
INTERNATIONAL COMEX NEWS
- U.S. President Donald Trump and Iran exchanged sharp words over oil prices on Wednesday, with Trump blaming OPEC for high oil prices and Tehran accusing him of stoking volatility after he withdrew last month from a global nuclear arms deal with Iran. Trump sparked the latest back-and-forth when he renewed his attack on OPEC in a tweet that said oil prices are too high and that the cartel was “at it again.“
- Gold prices were little changed in midmorning trade on Wednesday as traders looked ahead to the Federal Reserve’s policy decision. At 10:06AM ET (14:06GMT), gold futures for August delivery on the Comex division of the New York Mercantile Exchange inched up 70 cents, or 0.05%, to $1,300.10 a troy ounce. According to data released on Wednesday, producer price inflation accelerated more than expected in May, underlining the case for the Fed to stick to its plans to hike interest rates gradually.
- Many top U.S. shale oil producers are missing out on the rally in oil prices to more than $70 a barrel – because they sold their oil through futures contracts at about $55 last year when that looked like a good deal. Now, it looks cheap. Those hedged bets will hold down revenues and further frustrate Wall Street investors, who have been disappointed by slow returns from the booming Permian Basin in west Texas.
- Shares of H&R Block Inc (N:HRB) fell as much as 21 percent on Wednesday, after the tax preparer said it expected profit margins to shrink as it invests heavily in technology to lure clients who do their own taxes. H&R, which helps corporations and individuals prepare their tax filings, might also see fewer clients using its services because the recent tax overhaul has made it simpler for people to file their taxes. The company is investing heavily in technology, changing pricing plans and will consolidate 400 offices to cut costs.
- Switzerland is prepared to take a flexible approach to labor market rules in talks with the European Union on a new treaty, Foreign Minister Ignacio Cassis said, signaling movement on a potential stumbling block for any deal. Swiss rules for how foreign companies deploy workers for short-term projects are a thorn in the side for Brussels, which also wants the treaty to regulate Swiss state aid that could skew competition, diplomats say.
- The Greek government could discuss the timing of a possible new bond issue after next week’s meeting of euro zone finance ministers which is expected to decide on debt relief measures for Athens, junior economy minister Alexis Charitsis said. Heavily indebted Greece, shut out of bond markets in 2010, has returned to the markets twice over the last 12 months in an attempt to build a cash buffer that could reassure investors after its third international bailout program ends in August.