MKS PAMP Group - Europe/US Markets
------------------+--------------+--------------+-------------+-------------+--------------+--------------+ --------------|
| 17-Dec-15 | GOLD | | SILVER | | PLATINUM | | PALLADIUM | |
|------------------+--------------+--------------+-------------+-------------+--------------+--------------+-------------+--------------|
| | Bid | Offer | Bid | Offer | Bid | Offer | Bid | Offer |
|------------------+--------------+--------------+-------------+-------------+--------------+--------------+-------------+--------------|
| OPEN | 1067.75 | 1068.25 | 14.0650 | 14.0950 | 865.75 | 868.75 | 556.00 | 559.00 |
|------------------+--------------+--------------+-------------+-------------+--------------+--------------+-------------+--------------|
| HIGH | 1069.25 | 1069.75 | 14.1350 | 14.1650 | 867.35 | 870.35 | 569.00 | 572.00 |
|------------------+--------------+--------------+-------------+-------------+--------------+--------------+-------------+--------------|
| LOW | 1047.65 | 1048.15 | 13.6850 | 13.7150 | 842.15 | 845.15 | 551.25 | 554.25 |
|------------------+--------------+--------------+-------------+-------------+--------------+--------------+-------------+--------------|
| CLOSE | 1051.35 | 1051.85 | 13.7300 | 13.7600 | 843.90 | 846.90 | 558.50 | 561.50 |
|------------------+--------------+--------------+-------------+-------------+--------------+--------------+-------------+--------------|
| EFP | -0.85 | -0.75 | -0.0200 | -0.0100 | 0.25 | 1.25 | 0.00 | 1.00 |
|------------------+--------------+--------------+-------------+-------------+--------------+--------------+-------------+--------------|
|LBMA Prices AM/PM | 1065.85 | 1049.40 | 14.08 | | 862.00 | 848.00 | 559.00 | 568.00 |
|------------------+--------------+--------------+ -------------+--------------+--------------+-------------+--------------|
| Active Contract | GCG6 Comdty | | SIH6 Comdty | | PLF6 Comdty | | PAH6 Comdty | |
|------------------+ --------------+ -------------+ --------------+ --------------|
MACRO:
- Initial Jobless Claims in the U.S. declined during the week ended
December 12, sliding 11,000 to a seasonally adjusted 271,000 (exp:
275,000). The print saw the four-week average of claims ease 250 to
270,500, while the number of continuing claims fell 7,000 to 2.238 million
(exp: 2.2 million) for the week ended December 5.
- The U.S. Current Account balance during Q3 slipped further into
deficient, declining to -$124.1 billion (exp: -$118.6 billion) from -$111.1
billion previously. The print is the largest deficit since Q4 2008 and was
reportedly a result of higher payments to foreigners on U.S. investments
and other income transfers. In terms of GDP, the deficit increased to 2.7%
of GDP (2.5% previously), the highest level in three years.
- The Conference Board reported overnight that the U.S. Leading Index
increased more than expected during November, jumping +0.4% (exp: +0.1%)
from +0.6% previously. Pushing the print higher were positive contributions
from building permits, the interest rate spread, stock prices, the leading
credit index and manufacturers' new orders for consumer goods and materials
- Equity markets in the U.S. returned previous session gains on Thursday as
further declines to oil weighed heavily on energy stocks. The DJIA returned
-1.43% to close at 17,495.84 points, while the S&P dropped -1.50% as energy
(-2.48%) was the main drag.
- German business confidence weakened during December according to the IFO
Institute’s business climate index. December's print of 108.7 (exp: 109)
was down on November's 109, while the current conditions index dropped to
112.8 (exp: 113.4) and the expectations index held at 104.7 (exp: 105.0).
- Equity markets in Europe out-performed their U.S. counterparts on
Thursday as investors welcomed the U.S. Federal Reserve's confidence in the
economy. Gains were led by a staggering +2.57% jump to the Dax in Germany,
while the FTSEurofirst 300 added +1.33% and the UK FTSE 100 tacked on
+0.68%.
- Energy markets traded softly again overnight as WTI slumped -2.5% to
trade sub USD $35 per barrel and Brent returned early New York session
gains to end -2% lower.
PRECIOUS:
- Gold's resilience in the face of the U.S. interest rate hike faded on
Thursday as the metal was sent sharply lower in New York.
- As the USD returned to dominance gold tested underneath USD $1,050,
however was able to hold above the early December low of USD $1,046.45.
- The Yellow metal ended the day -1.5% lower after closing above USD $1,050
but may soon again test towards the important USD $1,045 support from
February 2010.
- Silver collapsed during New York hours overnight to return Wednesday's
gains in a -2.3% rout. In a similar fashion to gold the metal was able to
find support above the recent low print, however we may see Monday's USD
$13.65 tested again before the week is over.
- Platinum price action was subject to the USD bid bias as the metal
continued Asia's downtrend to return -2.5% overnight (-4.4% from early
Asian levels)
- Whippy price action in palladium saw the metal outperform to close
generally flat for the session after early New York gains were pared in
afternoon trade.
PRE-ASIA COMMENTS:
- Continued strength in the USD is weighing upon precious metals following
the Federal Reserve's rate announcement on Wednesday and we are likely to
see recent low prints once again tested over the short term.
- Early Friday interest in Asia has helped gold move higher and Chinese
buying on the Shanghai open is supporting the bid tone thus far.
- U.S. Markit Services/Composite PMI prints are the main data releases
tonight.