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Kitco News: Continued price gains for gold and silver, as upbeat economic news out of China is friendly for the metals markets

Posted By: NaturalWisdom
Date: Friday, 16-Apr-2021 13:15:08
www.rumormill.news/170245

In Response To: Is China Preparing A Gold-Backed Yuan: Beijing Greenlights Purchases Of Billions In Bullion (RumorMail)

Today is 'Take Back Friday' which often sees a reversal of the week's overall movement in metals prices. For instance, if Gold and Silver advance during the early part of the week, on Friday astute traders pocket some of their profits and prices drop going into the weekend. I noticed this trading phenomenon isn't being followed today. Gold increased over $25 an ounce yesterday and continues to rise in early trading today.

Price gains for gold, silver, as technical tide has turned
Jim Wyckoff | Kitco
April 16, 2021

[snip]

(Kitco News) - Gold and silver prices are higher and hit multi-week highs in early U.S. trading Friday. The chart-based bulls have come out of their slumber and are now pressing their case on the buy side of the precious metals markets. The near-term technical postures in both gold and silver have markedly improved this week. A depreciating U.S. dollar on the foreign exchange market and this week's surge in crude oil prices have also given the metals market bulls confidence. June gold futures were last up $13.60 at $1,780.60 and May Comex silver was last up $0.346 at $26.31 an ounce.

Global stock markets were mixed to firmer overnight. U.S. stock indexes are pointed toward mixed openings and at or near record highs when the New York day session begins. Strong U.S. and China economic data this week have charged up the stock market bulls, who reckon the world's two largest economies, and maybe even Europe and Japan, will see strong economic growth in the coming months, or longer.

China's economy grew by 18.3% in the first quarter, year-over-year, with retail sales up 34% in March. However, the record 1Q GDP growth is slowing rapidly as manufacturing and consumer spending return to more normal levels. Keep in mind one year ago at this time China's economy was dealing with the pandemic, including lockdowns. First-quarter GDP growth compared with 2020's fourth quarter, when a recovery was under way, slowed to 0.6% growth--among the weakest of the past decade.

For all of 2020, China's GDP was up 2.3%--the only major economy to show growth in 2020. Still, the latest figures "mask a sharp slowdown" in the world's second-largest economy as stimulus spending and easy credit are wound down, said Julian Evans-Pritchard of Capital Economics in a report. Still, the generally upbeat China economic news is friendly for the metals markets, as it suggests better consumer and commercial demand for the metals.


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