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SWOT Analysis: What a Higher Budget Deficit Means For Gold

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Full Article: SWOT Analysis: What a Higher Budget Deficit Means For Gold

By; Frank Holmes

Strengths

    • The best performing precious metal for the week was palladium, down slightly by 0.42 percent.  Germany’s BASF noted that the automotive industry appears to be responding to the price surge in palladium this year and are slowing down purchases.  According to Bloomberg, gold traders and analysts are bearish for the first time in four weeks as the dollar strengthens. The passing of the U.S. budget by the Senate lifted hopes by boosting risk sentiment and pushing yields higher. Joni Teves of UBS says a large fiscal package is a key downside risk for gold as it would result in a higher policy rate path.

 

  • Even though there has been a pullback in gold prices, large buy orders came into the market two times this week and spiked prices higher. On Monday, 18,1792 gold contracts were traded in a span of five minutes and on Wednesday another 21,129 contracts were traded. Tai Wong, head of base and precious metals trading at BMO Capital Markets, bets the dollar is going to retrace and it will be good for gold.

Full Article: SWOT Analysis: What a Higher Budget Deficit Means For Gold

By; Frank Holmes

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