Gold News & Info

Source:Dana Samuelson, American Gold Exchange

AustinNew York Spot gold was virtually unchanged, down $1.00, while silver edged lower 1.2% or 38 cents in quiet trading in New York today. Equities sold-off modestly on profit taking as well. The Dow, S&P 500 and Nasdaq all dropped a little over 1% today as the prospects for additional jumbo Fed rate cuts dimmed following Friday’s blockbuster jobs report which potentially materially alters how quickly the Fed might move from restrictive to neutral or even accommodative with their monetary policy.

The dollar was unchanged on the US dollar index at 102.54, while the yield on the US 10-year treasury continued its upward path, gaining a modest 0.067 to just over the psychological level of 4.00% to 4.028%.

Floridians began earnest preparations for Hurricane Milton’s wrath, which blew up from a Category 1 to a Category 5 storm today and is expected to cut a swath across the sunshine state Wednesday night. Gov. DeSantis urged residents in Milton’s path to evacuate. Tampa residents could experience the severest blow from a hurricane in decades from both high winds and storm surge tides. The human and economic costs to Florida will probably be severe.

Today also marks the one-year anniversary of the Hamas attack on Israel. Israel continues to prosecute its fight against Iranian proxies Hamas in the Gaza strip and Hezbollah in Lebanon, pressing their military advantage over both. It is increasingly clear Israeli Prime Minister Netanyahu is intent on decapitating the Hezbollah chain of command in Lebanon while Israel has the opportunity to do so. Regarding retaliation against Iran, Israel indicated over the weekend they would retaliate at a time and in a manner of their choosing.

At the New York spot close: gold eased $1.00 to $2,644.80; silver dipped 38 cents to $31.74; platinum fell $12.80 to $977.00; while palladium edged gained $27.80 to $1026.30 an ounce.