APR 18, 2018
Is this the beginning of THE silver move that has set up so perfectly with immense short positions needing to cover along with the historically definitive “buy silver now” indicator of the gold/silver ratio at the 80+ level?
Gold futures were on track Wednesday to notch their highest finish in a week, but held to the tight trading range prices have seen over the last several sessions, as U.S. stocks turned mostly lower and the dollar stabilized.
Gold’s latest moves come as the ICE U.S. Dollar Index DXY, +0.14% traded little changed at 89.45. Silver’s gain was more pronounced.
Known stock bear Doug Kass continues to find utility in gold considering his view of stock-market risk. He thinks gold’s rise—up some 3% so far this year—is “solid,” and he’s long gold.
Market attention this afternoon will turn to the Fed’s Beige Book, which is scheduled to hit at 2 p.m. Eastern time, shortly after gold futures settle. It will give anecdotal evidence on economic conditions from around the central bank’s 12 districts.
New York Fed President William Dudley is due to give a speech on the economic outlook at a college in New York City at 3:15 p.m. Eastern. After that, the Fed’s vice chair for bank supervision, Randal Quarles, is slated to make remarks at the Bretton Woods Committee in Washington, D.C., at 4:15 p.m. Eastern.