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Gold Advances to Multi-Week High

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Futures are higher today with gold trading at its highest level since February 11.

Most major central banks will probably keep their accommodation for longer, which remains a bullish longer term influence on the precious metals.


The May Empire State manufacturing index was 24.3 when 25.0 was expected. The New York Federal Reserve  conducts this monthly survey of manufacturers in New York State.

The 9:00 central time May housing market index is anticipated to be 83.

With the earnings season drawing to a close, earnings for S&P 500 companies are expected to have climbed 50.6% from a year ago, according to Refinitiv IBES, which is the strongest rate of growth in 11 years.

Overall, stock index futures are performing well on the news.


The U.S dollar index has underperformed recently, ignoring last week’s bullish larger than expected increases in consumer price and producer price indexes. Some of the underperformance in the greenback can be explained by Federal Reserve officials persistently downplaying inflation risks, saying they are transitory.

The euro currency remains close to last week’s two-month high, supported by optimism about Europe’s economic recovery.

Housing starts in Canada fell 19.8% from a month earlier to 268,631 units in April of 2021,which is  below market expectations of 280,000 units, according to the Canada Mortgage and Housing Corporation.

Producer prices in Japan increased 3.6% on a year-to-year basis  in April, which is the second straight month of increase and the highest since September 2014.

On Tuesday the Reserve Bank of Australia will release the minutes from its latest policy meeting.


Federal Reserve speakers today are Raphael Bostic at 9:00, Richard Clarida at 9:05, Raphael Bostic at 11:30 and Robert Kaplan at 5:00.

Meanwhile, the Treasury Department will auction $34 billion in 52-week bills, $27 billion in 20-year bonds and $13 billion in 10-year TIPS this week.

In my minority view, I am seeing indications that the global economy will continue to improve, but growth may not be as strong as many analysts are predicting.

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Futures and options trading involve significant risk of loss and may not be suitable for everyone.  Therefore, carefully consider whether such trading is suitable for you in light of your financial condition.  The information and comments contained herein is provided by ADMIS and in no way should be construed to be information provided by ADM.  The author of this report did not have a financial interest in any of the contracts discussed in this report at the time the report was prepared.  The information provided is designed to assist in your analysis and evaluation of the futures and options markets.  However, any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to ADMIS. Copyright ADM Investor Services, Inc.

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