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I am curious how the following will affect the gold future price in the near future
Russian Ruble relaunched linked to Gold and Commodities – RT.com Q and A
With Russia’s central bank having just profoundly altered the international trade and monetary system by linking the Russian ruble to both gold and commodities, the journalists at in Moscow asked me to write a Q and A article on what these developments mean, and the ramifications of these changes on the Russian ruble, the US dollar, the gold price and the global system of currencies. This article has been published on the RT.com website
Regular readers will recall that I have contributed to quite a few RT.com articles before, such as about Australian gold (see BullionStar
, US Treasury gold (see BullionStar ), Poland’s gold (see RT site ), China’s gold (see RT’s Spanish site ), why buy physical gold (see RT site ), and gold price manipulation (see RT site
However, since RT.com is now blocked and censored in many Western locations such as the EU, UK, US and Canada, and since many readers may not be able to access the RT.com website (unless using a VPN), my Questions and Answers that are in the new RT.com article are now published here in their entirety.
If you are interested in trading gold you should definitely research this for yourself. From my experience, your friend isn't wrong. Gold prices tend to move a bit when economic data is released. Narrative forming data is often released on Thursday morning (I'm pacific time), but not always.
Again, this is for just one broker (and is not meant as a recommendation of that broker, particularly) -- but it can give you an idea. You will always want the "all in" cost, which includes pure broker commission as well as data and exchange fees, and you want it for the "round turn", meaning the buy plus the sell. That's the full cost of the trade.
Scroll to page 2, COMEX, and check out GC. You can see a range, for that broker, of $2.31 - $3.01, depending on the fees for the type of trading platform license you have. (You would pay separately for a "lifetime" or "lease" license for the software, which is why those costs are lower per transaction.) Not too different from the $3.00(ish)-or-under fee that they charge for CL. This is probably close enough on a rough basis for most brokers. Some may be lower, some higher, but that's a good general range.
Bob.
When one door closes, another opens.
-- Cervantes, Don Quixote
Anyone know a resource to see the GC reaction to the important econ reports over time? I did well today on a breakout entry on the unemployment number. I wanna do some strategy testing. So much action in GC lately. It's become my main focus.
* In my view the Fed is attempting to line up real rates with what might be appropriate for the late innings of an economic cycle. Things are a little bit complicated this go-around. There are upward pressures on prices that are a result of pandemic, wars, geopolitical bifurcation, de-globalization, and all of the supply chain stuff and socio-economic stuff that was a result of all the disruption.
* As a result there has been alot of intraday volatility for gold surrounding data releases for CPI, PPI, Unemployment, Michigan consumer data, and FED action/statements. Any data supporting higher prices, having downward pressure on real rates, has been bullish for gold...While data supporting cooling inflation and/or higher Fed funds has been bearish for gold. This relationship is illustrated above. Gold will still trade on all of the technicals involved with it's own price action, but the real rates do provide tailwind/headwind. You can also use USD as a proxy for reals as it also (inversely) correlates well with gold (and there is a nice USD/real rate correlation - no statistical rigor applied. ).
* My economic credentials are not impressive. . So I won't speculate how the markets will respond to the raft of data due out this week. (I'll definitely trade it though! ) But it isn't hard to imagine all of the different scenarios that could play out. I thought there might be a good discussion in all of this for my favorite trading forum, about my favorite instrument to trade. . There are also, obviously, implications that real rates might have for equity markets, as it might be argued that reals might be largely accommodative...or vice versa.
* There is also potential that I have my head up my @#$. Please let me know. .
* Data out this week...
Tuesday: CPI
Wednesday: PPI, Fed rates decision/projection
Thursday: Retail Sales, Empire State data, Unemployment
Friday: Michigan date
Thanks for the excellent input! I have paid heavy attention to correlation before and it tends to get me in trouble. I just watch ES and GC now during the trade day. I assume a basic inverse correlation with the USD and GC but don't track it so that I'm not tempted to stray from my strategy. ES/GC were correlating today after the core pce dropped and it looks like it might be good enough to get GC bouncing back into it's longer term uptrend if stocks don't give up on us. I'm making very short term trades lately so I'm not trying to ride any longer trend with GC, but it is behaving beautifully with respect to long and short term technical measurements.
These huge intraday reversals are giving so many opportunities for big trades on a regular basis.
Whoever is pushing the gold market around with these massive daily pump and dumps THANK YOU!!!!
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) But it isn't hard to imagine all of the different scenarios that could play out. I thought there might be a good discussion in all of this for my favorite trading forum, about my favorite instrument to trade.