Gold and silver trading just above the flat level leading into the European open


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(Kitco News) – Gold and silver are trading just above the flat level leading into the European open. In the rest of the commodities complex, copper (-0.90%) and spot WTI (-0.61%) struggled overnight.

Asia-Pacific risk sentiment was firm after a positive close on Wall Street. The Nikkei 225 (1.08%), ASX (1.14%) and Shanghai Composite (0.79%) all closed higher. Futures markets in Europe indicate a positive cash opening.

Currency markets were very quiet overnight. The biggest move was GBP/USD which rose only 0.08%. In the crypto space, BTC/USD is trading down 1% to $43,584 after three straight sessions of positive price action.

The headlines of the night:

China says it will take steps to ensure iron ore price stability.

Fed’s Daly backs rate hike in March.

ECB’s Villeroy says the market’s reaction to the ECB has been too strong.

The Chinese Communist Party says that China should prevent the “barbaric growth of capital”.

China has eased its cap on lending to the real estate sector to finance public rental housing.

BoJ’s Nakamura said the BoJ must patiently maintain its current easing policy until wages rise significantly. He also said the Japanese economy was showing clear signs of improvement.

Japan will raise the gasoline subsidy to ¥5 per liter for the week, from ¥3.7 per liter.

JP Morgan assesses the fair value of Bitcoin at around US$38,000.

German December trade balance 6.8 billion euros against 10.9 billion euros previously.

Australia Westpac Consumer Confidence Index for February -1.3% m/m (vs. -2%).

Looking ahead to the rest of the session, highlights include speeches from Fed’s Bowman, Fed’s Mester and BoE’s Pill. The gains also continue.

Warning: The opinions expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. This is not a solicitation to trade commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article accept no responsibility for loss and/or damage resulting from the use of this publication.


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