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Gold April 28, 2017 07:30:52 AM

Kaloti Precious Metals-Morning Market Report-Friday, April 28, 2017

Anil Mathews
ScrapMonster Author
The Trump administration’s tax plan is certain to pique the interest of a long-dormant segment of bond investors.

Kaloti Precious Metals-Morning Market Report-Friday, April 28, 2017

 

 

 

 

 

 

OTC Trading Range For

All Times Are

As Per Dubai

Date

28/04/2017

27/04/2017

 

Gold

Silver

Platinum

Palladium

Open At 02.00

 

$1,269.23

$17.50

$950.90

$810.70

High Bid

 

$1,270.28

$17.53

$951.55

$818.44

Low Offer

 

$1,261.34

$17.24

$941.04

$802.30

Close At 01.00

 

$1,264.30

$17.26

$943.33

$816.28

Previous Close

 

$1,269.22

$17.49

$950.70

$811.09

Daily Change USD

($4.92)

($0.23)

($7.37)

$5.19

Daily Change %

 

-0.39%

-1.33%

-0.78%

0.64%

London Fixings

AM

$1,264.30

**

$953.00

$802.00

 

PM

$1,262.80

$17.46

$949.00

$799.00

COMEX Trading Volume

203247

93873

14558

5584

Active Month Settlement

$1,265.90

$17.33

$948.80

$813.00

Previous Session

 

$1,264.20

$17.43

$948.50

$805.15

Daily Change

 

$1.70

($0.10)

$0.30

$7.85

EFP's

 

1.4/1.7

4/7

0/2

0/1

Forwards & Options

1 Month

3 months

6 months

12 months

GOFO

 

-

-

-

-

USD LIBOR

 

0.98333

1.14983

1.42628

1.80261

Gold ATM Vols

 

10.630

11.260

12.17

13.48

Silver ATM Vols

 

18.34

19.23

20.67

22.1

Platinum ATM Vols

14.700

15.500

15.900

16.100

Palladium ATM Vols

22.200

23.250

24.000

24.100

Market Daily & Weekly

Market Snap Shot

27/04/2017

1 Day%

1 Week %

XAU

$1,264.30

-0.39

-1.39

XAG

$17.26

-1.33

-4.46

XPT

$943.33

-0.78

-3.80

XPD

$816.28

0.64

1.52

Euro

1.0873

-0.29

1.43

Note: Indications only, open and closing prices are bids; Data source: Bloomberg; Times as per Dubai

Fundamentals and News

Bond Vigilantes Lie In Wait as Trump Tax Plan Seen Swelling Debt

The Trump administration’s tax plan -- and its disregard for the effect it would have on the federal budget deficit -- is certain to pique the interest of a long-dormant segment of bond investors.

So-called bond vigilantes, once feared for enforcing restraint on spendthrift governments, have struggled to flex their muscles in recent years as global central banks stepped in to buy a glut of sovereign debt. Now may be the time for a comeback, with the Federal Reserve talking about trimming its Treasury holdings while the administration’s tax plan could spur more borrowing to cover a shortfall (assuming the projected economic growth doesn’t materialize).

The notion of the bond market holding elected officials to task is of course met with skepticism, given Barack Obama more than doubled the U.S. marketable debt over his two terms as president, to almost $14 trillion. And that burden is poised to nearly double again over the next decade, according to estimates by the Congressional Budget Office that don’t factor in DonaldTrump’s fiscal initiatives. His budget director said in a Bloomberg Television interview last week that “deficits are not driving the discussion.”

“While the White House appears likely to rely on optimistic growth assumptions to offset most of the fiscal effects of the proposed tax cut, Congress will not be able to do so,” Goldman Sachs Group Inc. strategists led by Jan Hatzius wrote in a note Thursday. “Indications of openness to a tax cut among congressional Republicans suggest that a tax cut is more likely than revenue-neutral reform. We expect a long road ahead.”

“Bond vigilantes are now clearly showing no signs of vigilantism,” said Edward Yardeni, president of Yardeni Research Inc. in New York, who’s been following the bond market since the 1970s. He coined the term “bond vigilantes” in the 1980s to describe investors who sell bonds to protest monetary or fiscal policies they consider inflationary.

Data Forthcoming Releases

 

 

 

 

 

 

 

 

 

Time

Country

Today's Events

Forecast

Previous

Actual

 

 

4:30pm

USD

Advance GDP q/q

1.30%

*Dubai Time

 

 

 

2.10%

 

 

 

 

 

 

 

 

 

 

Courtesy: http://kalotipm.com.sg/kaloti-market-report-28th-april-2017

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