Gold futures experienced a strong gain of $18.70 today taking the most active December futures contract to $1965.60. Today’s gains are a direct result of the release of data revealing declines in the United States consumer confidence as well as job openings. This in turn led to extreme dollar weakness and a lower yield in U.S. Treasuries.

Recorded on Friday August 25, 2023

Gary Wagner, Editor of The Gold Forecast.com, recaps Jerome Powell's speech at Jackson Hole and discusses the next moves for the Fed, dollar, economy, and gold. *

This video was recorded on August 25, 2023,

FOLLOW GARY WAGNER:

“As is often the case, we are navigating by the stars under cloudy skies. At upcoming meetings, we will assess our progress based on the totality of the data and the evolving outlook and risks. Based on this assessment, we will proceed carefully as we decide whether to tighten further or, instead, to hold the policy rate constant and await further data.”

The expression calm or quiet before the storm is precisely what market participants witnessed today in gold futures. Gold futures are roughly at the same price they were yesterday after surging $20 higher. Compared to yesterday, the range from high to low in December gold futures contracted by half.

Both gold and silver had significant and strong gains today reacting to longer-term treasury yields declining to their lowest levels this week. Both the 10-year and 30-year treasuries lost approximately 13 basis points. The 10-year treasury declined from 4.327% to 4.197%, and the thirty-year treasury bond dropped from 4.410% to 4.283%.

All eyes, or more appropriately all ears of investors, traders, market economists, and analysts will be laser-focused as they listen to the speech from Chairman Powell at the central bank's summer symposium this Friday.

Recorded on Wednesday Aug 16, 2023 

Ivan Bayoukhi and Gary joins the show, and we discuss the current state and future outlook of gold and silver in 2023. Furthermore, we discuss the technical analysis of the US dollar index and its recent performance.

Gold futures had declined for the last nine consecutive days taking prices dramatically lower from just under $1980 per ounce to yesterday’s low of $1914. Today gold futures basis the most active December contract is trading fractionally higher up $3.40 and currently fixed at $1918.60.

The release yesterday of the minutes from the July FOMC meeting sparked a major selloff in US bonds and notes taking yields to their highest levels since 2011. Yields on longer-dated US debt instruments such as the 10-year note and 30-year bonds moved to their highest closing level in years.

The minutes from the July FOMC meeting were released today. The document indicated that most Federal Reserve officials still believe that high levels of inflation are an ongoing threat and merit additional interest rate hikes. However, there was not an overall unison regarding the path forward in what can be best described as mixed messages amongst Federal Reserve members.