Fed says stimulus wind down to begin ‘relatively soon,’ leaves rates unchanged

The Federal Reserve laid the groundwork Wednesday to begin winding down shortly the massive stimulus program it embarked on to rescue the economy from the financial crisis. As expected, the Fed also unanimously declined to raise interest rates this month. After its two-day policy meeting, the Federal Open Market Committee released a statement containing key language that points to starting the move in September. At that time, the central bank will begin rolling off the $4.5 trillion portfolio...
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Oil Surges Above $49 as Supply Draw Shows Market in Better Shape

Oil closed above $49 a barrel for the first time since May on growing optimism OPEC’s supply cuts are trimming a supply glut. Futures climbed 0.6 percent in New York for a fourth day of gains. Kuwait joined the U.A.E. in promising to pump less oil after Saudi Arabia called on OPEC producers to cut more supply. U.S. crude inventories declined by 7.21 million barrels last week to the lowest level since early January, according to the Energy Information Administration. The market is digesting...
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Oil Climbs as U.S. Supplies Shrink to Lowest Since Start of Year

Oil surged to an eight-week high after the government said U.S. stockpiles shrank to levels last seen at the start of the year. Futures rose 1.8 percent in New York. Crude inventories declined by 7.21 million barrels last week to the lowest since Jan. 6, according to data from the Energy Information Administration Wednesday. Gasoline stockpiles fell for a sixth week to the lowest level since December, the data showed. “The primary driver behind the rally is that you’ve got more inventory d...
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Contributed Commentaries It’s Do or Die for Gold and Silver

(Kitco News) - Being bullish on the metals has been painful; there has been a dramatic drop off in interest as these markets have mostly drifted or got pounded lower. We were and still are bullish but our line in the sand comes right here in the $1,220 area in gold(puking out under $1,200) and the $16.00 level in silver (trading at $15.98, puking out at $15.70). The metals story has been very conflicted with the weight on the dollar and the support levels the metals had the weakness is surpri...
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Hedge Funds Exit Gold Before Fed Sparks Worst Rout in Month

Hedge funds were smart enough to get ahead of Janet Yellen’s bad news for the gold market. Money managers pared their net-bullish wagers in the metal for the first time in four weeks. The next day, the move was vindicated when Federal Reserve Chair Yellen raised U.S. interest rates and sparked the biggest weekly loss for gold prices in more than a month. After posting gains earlier this year, the precious metal could be heading for a turning point. The Fed reiterated plans for another hike...
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Will Gold Break The $1,300 Level ?

Gold Futures---Gold futures in the June contract are trading higher by $10 this Friday afternoon after settling last Friday at 1,253 while currently trading at 1,267 up about $14 for the trading week hitting a 4 week high and now trading above its 20 and 100 day moving average telling you that the short-term trend is to the upside as a weaker U.S dollar coupled with a terrorist attack this week helped propel prices higher. The next major level of resistance is at 1,275 & if that is broken...
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Trump trouble and euro surge extend gold’s gains

Gold extended its biggest weekly gain in five weeks as the dollar fell against the euro, while U.S. political turmoil fueled demand for bullion as a safe haven and reduced expectations of rapid U.S. interest rate rises. Spot gold rose 0.51 percent at $1,261.48, while U.S. gold futures for June delivery were up $7.80 to settle at $1,261.40 an ounce. The metal advanced by 2.2 percent last week as the furor over President Donald Trump's alleged links to Russia and his firing of former FBI ch...
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Commodities Rout Shouldn’t Be Taken Lightly

By almost any measure last week was a bad one for commodities, as practically every part of the market lost value. West Texas Intermediate crude oil fell under $44 per barrel, Brent crude broke below $50 per barrel and copper tested $5,500 per metric ton. In China, coal and iron ore tumbled. Gold, the supposed ultimate haven, dropped to almost $1,225 per ounce. Last week’s purge capped a steady decline in prices since mid-April and, more broadly, since February based on the Bloomberg Comm...
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Oil slips below $52 as U.S. drilling, China worries weigh

By Alex Lawler | LONDON Oil edged below $52 a barrel on Monday as rising crude output and drilling in the United States countered OPEC-led production cuts aimed at clearing a supply glut. U.S. drillers added nine oil rigs in the week to April 28, bringing the count to the most since April 2015, energy services company Baker Hughes said on Friday. Crude output C-OUT-T-EIA in the United States has hit its highest since August 2015, government data shows. "The U.S. rig count indicates that...
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Trader’s Daily Notebook: Forget Gold; Oil Is the Commodity to Watch

By  BOB BYRNE As upset as equity bulls may have been to see 2016 end with a down week, downtrodden gold bulls were even more annoyed. Thursday's surprise rally in gold futures came under renewed pressure Friday, and more than half the previous session's gains were given back. After several emails from concerned gold traders, I felt it was worth reminding folks that from a shorter timeframe perspective, Friday's decline wasn't so severe as to reverse Thursday's bullish turn higher. As long...
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