Daily Gold News: Thursday, August 20 – Gold Came Back Below $2,000

The gold futures contract lost 2.13% on Wednesday, as it retraced this week’s advance. The yellow metal’s price came back below $2,000. Gold reversed lower after previous Friday’s much better than expected Nonfarm Payrolls release. The following upward correction reached a local high of $2,024.60 on Tuesday.

Gold is 0.4% higher this morning, as it is retracing some of yesterday’s decline. What about the other precious metals? Silver lost 2.62% on Wednesday and today it is 1.6% higher. Platinum lost 1.96% and today it is unchanged. Palladium lost 2.21% on Wednesday and today it’s 1.2% higher. So precious metals are retracing some of their yesterday’s declines this morning.

Yesterday’s FOMC Meeting Minutes release led to precious metals, stock market’s sell-off, as investors feared inflation risk is increasing. Today we will get the Unemployment Claims, Philly Fed Manufacturing Index and CB Leading Index releases.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two trading days:

Thursday, August 20

• 8:30 a.m. U.S. – Unemployment Claims, Philly Fed Manufacturing Index
• 8:30 a.m. Canada – ADP Non-Farm Employment Change
• 10:00 a.m. U.S. – CB Leading Index m/m

Friday, August 21

• 3:15 a.m. Eurozone – French Flash Manufacturing PMI, French Flash Services PMI
• 3:30 a.m. Eurozone – German Flash Manufacturing PMI, German Flash Services PMI
• 4:00 a.m. Eurozone – Flash Manufacturing PMI, Flash Services PMI
• 8:30 a.m. Canada – Retail Sales m/m, Core Retail Sales m/m
• 9:45 a.m. U.S. – Flash Manufacturing PMI, Flash Services PMI
• 10:00 a.m. U.S. – Existing Home Sales

Thank you for reading today’s free analysis. We hope you enjoyed it. If so, we would like to invite you to sign up for our free gold newsletter. Once you sign up, you’ll also get 7-day no-obligation trial of all our premium gold services, including our Gold & Silver Trading Alerts. Sign up today!

For a look at all of today’s economic events, check out our economic calendar.

Paul Rejczak
Stock Selection Strategist
Sunshine Profits: Analysis. Care. Profits.

* * * * *

Disclaimer

All essays, research and information found above represent analyses and opinions of Paul Rejczak and Sunshine Profits’ associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Paul Rejczak and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Rejczak is not a Registered Securities Advisor. By reading Paul Rejczak’s reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Paul Rejczak, Sunshine Profits’ employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.