Gold, Silver, Crude Oil Down, Nat Gas Up

Gold, Silver, Crude Oil Down, Nat Gas Up

$GLD, $SLV, $JJC, $USO, $UNG

• WTI finished Thursday -0.01 at 56.93 bbl
• Aug Nat Gas closed +0.04 at 2.82 MMBtu
• Aug Gold lost 5.08  to finish at 1163.40 oz
• Sept Silver closed -0.01 at 15.56 oz
• Sept COMEX Copper unchanged at 2.63 lb

Commentary

Uncertainty rules the Gold market, analysts expect the market to continue to digest the weaker-than-expected NFPs released Thursday, and react to the Greek bailout referendum Sunday.

In the short-term, most retail participants are Bearish, market professionals are uncertain, according to the Wall Street vs Main Street Weekly Gold Survey.

This week, 211 people participated in the online survey.

Of those answering, 119, or 56%, expect to see lower Gold prices next week; 62, or 29%, expect to see higher prices next week, and 30, or 14%, are Neutral Gold.

Out of 33 market professionals contacted, 18 responded, 8, or 44%, are Bullish, 7, or 39%, are Bearish, and 3, or 17%, are Neutral Gold.

Market participants include bullion dealers, investment banks, futures traders and technical analysts.

The financial markets continue to digest the June employment numbers to anticipate when the Fed will start hiking interest rates. Thursday, the US Bureau of Labor Statistics said 223,000 jobs were created in June, up from May’s revised number of 254,000.

The headline unemployment rate dropped to 5.3% due to a falling participation rate to 62.6% from May’s rate of 62.9%. The report also showed that wage growth stagnated last month with average earnings unchanged at $24.95 hr.

The data does not support a Fed rate hike in September, and weaker Buck should also help boost Gold’s price.

Many analyst are disappointed that this week’s Greek default, and the country having to institute capital controls on its currency, did not have any major impact on Gold prices, but remember that Greece’s GDP is about that the size of the State Of Missouri, small.

But, participants should not be quick to dismiss Gold’s lackluster performance during the Greek crisis. The sell-off is overdone and the Greek tragedy has not reached its denouement yet, hence the professional Bullish sentiment.

Have a terrific holiday weekend.

HeffX-LTN

Paul Ebeling

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