Yesterday investors were hungry for risky assets. On Friday the 30- and 10-year US bond yields stayed the same. Stock indexes showed some strength as well, oil futures dropped by 0.25%. Gold and silver showed positive correlation with stocks and commodities.
Later on Friday EURUSD gained 0.43% while the US index declined by 0.28%.
Tuesday’s open interest for gold futures and options increased by 1.17% and 1.02% correspondingly. Silver futures lost 0.82% while silver options gained 0.54%.
СМЕ Group’s gold reserves lost as little as 0.0028%. ETF gold reserves increased by 11305 ounces to reach 73.343 million ounces. SPDR Gold Trust’s gold reserves remained unchanged. ETF silver reserves increased by 601.5K ounces to reach 560.050 million ounces. iShares Silver Trust, the biggest silver ETF, increased its silver reserves by 16.65 tons up to 9780.21 tons.
Silver keeps being more than twice (2.11x) as volatile as gold. On Wednesday both gold and silver lost a bit of their trading volume.
Investors will switch to the G20 summit after yesterday’s FOMC meeting results. Now it is all about whether Greece will stay in the eurozone. That is what the Greek people will decide on during the forthcoming referendum. Greece won’t get another loan until it decides on its eurozone membership. Moreover, today the ECB is to announce its interest rate decision. Investors expect it to stay the same.
The markets of physical gold and silver are expected to see a seasonal increase in demand. However, it is still not confirmed by trading volume.
Today Asian markets have lost 2.2% (Japan) - 0.98% (Korea).
Forecast. According to the Department of Commodity Trading, ,today gold may hit $ 1740/oz and even $ 1750/oz. Otherwise it may test $1720/oz. Silver is expected to try consolidating below the level $33. Otherwise it may hit $35.
