(Kitco News) - It has been an inten

(Kitco News) - It has been an intense and also tragic 10 weeks in the United Kingdom as voters will soon head to the polls to vote on whether the country remains a member of the European Union, which could have major implications for the gold market.

The gold market had a bit of a setback Thursday as prices gave up all of their gains since the last Federal Reserve meeting. However, the metal is still up on week. Comex August gold prices last traded at $1,293.60 an ounce, up 1.2% on the week. The market is on track for is third consecutive weekly positive close.

While gold is holding onto some gains, silver has underperformed as prices are relatively unchanged on the week; July Comex silver futures last traded at $17.415 an ounce, up 0.5% on the week.

Emotions And Volatility Are High Ahead Of Brexit Vote

Thursday’s price action demonstrated just how sensitive markets are to the Brexit vote. After hitting a nearly two-year high at $1,318.90 an ounce, August gold futures lost 2% and ended the day in negative territory on news that pro-EU politician Jo Cox was murdered. All referendum campaigning has stopped until Sunday.

According to some analysts, gold’s sell-off Thursday was due to a belief that the murder has provided some support for the “remain” camp, which has recently lagged in the polls. There were also rumors circulating around Wall Street that the actual vote could be postponed; however, those have proved to be false. If the Brexit vote does fail, it would create much-needed stability in the European Union, which would be negative for gold prices, according to some economists.

Playing Gold Ahead Of Brexit Vote

A potential Brexit has created a lot of uncertainty in financial markets; Fed Chair Janet Yellen admitted on Wednesday that it was one of the reasons why the central bank decided to leave interest rates unchanged Wednesday. But the question is with so much volatility and uncertainty, how do you play the gold market?

French bank Natixis might have the best advice for traders as Thursday, the firm’s precious-metals analyst, Bernard Dahdah, said that he prefers the gold options market ahead of the June 23 vote.

“For $10, buying a one-month gold call with a strike of $1,375/oz looks like a reasonable decision considering the potential aftermath of a leave vote,” he said in a report. “Should the U.K. vote to remain, the loss would be minimal ($10 premium), but should the U.K. vote to leave, important gains can be made.”

But Brexit Is Only A Piece Of The Puzzle

Ronald-Peter Stoeferle, fund manager at Incrementum AG and author of the In Gold We Trust Report, said that while the Brexit vote will continue to add volatility to the market, it doesn’t change the gold long-term bullish landscape. He added that issues like rising inflation and global negative interest rates will continue to be the important factors to drive gold’s new bull market.

“Our research has shown that political events only have a minor impact on gold and don’t define the long-term trend,” he said.

Bill Baruch, senior commodity broker at iiTrader, said that he is also taking Brexit out of the equation as the metal still has plenty of potential to move higher.

“Brexit was just the extra fuel that could get us to $1,400 an ounce earlier than we expect,” he said. “But with global interest rates in negative territory, that will remain our long-term goal.”

Just When You Thought the Fed Was Done… Yellen is Back

After leaving interest rates unchanged this past week, Fed Chair Janet Yellen will testify before Congress next week. Her twice-a-year appearance on Capitol Hill starts Tuesday when she sits before the Senate Banking Committee. She is back on Wednesday to testify before the House Financial Services Committee.

George Milling-Stanley, head of gold strategy at State Street Global Advisors, said that Yellen’s comments could create some volatility in gold next week; however, he recommends investors try to tune out the “white noise.”

“I don’t think it really matters what Yellen has to say. Interest rates will remain low for a long time and that is good for gold,” he said. “Six months ago, markets were expecting to see four rate hikes. Last month they were expecting to see two rate hikes and now it’s not even clear we will get one rate hike.”

Milling-Stanley added that investors should also put any rate hike into perspective as the most the Fed would move was 25 basis points. That is minimal as the U.S. consumer price index shows core inflation running at 2.2%.

Paul Ashworth, chief U.S. economist at Capital Economics, compared the latest downgrade in the central bank’s economic projections to a “veering drunken sailor.”

Is $1,400 Gold In The Cards Next Week?

At last count, at least eight financial firms have raised the specter of $1,400 gold if the Brexit vote passes. However, with prices below $1,300, some analysts see this as the first resistance level to watch.

“A close over 1304 is needed to rekindle bull forces

Kết quả (Việt) 1:

(Kitco News) - nó đã là một mạnh mẽ và cũng bi thảm 10 tuần tại Vương Quốc Anh như cử tri sẽ sớm đi đến các cuộc thăm dò để bỏ phiếu cho dù đất nước vẫn còn một thành viên của liên minh châu Âu, có thể có tác động lớn đối với thị trường vàng.Thị trường vàng đã có một chút của một trở ngại thứ năm như giá đã từ bỏ tất cả các lợi ích của họ kể từ cuộc họp dự trữ liên bang cuối cùng. Tuy nhiên, kim loại là vẫn còn trên tuần. Comex ngày vàng giá cuối được giao dịch ở 1,293.60 $ một ounce, tăng 1,2% vào tuần. Trên thị trường là về ca khúc cho là thứ ba liên tiếp đóng lượt tích cực.Trong khi vàng đang nắm giữ lên một số lợi nhuận, bạc đã hiện là mức giá tương đối không thay đổi trên tuần; Tương lai ngày Comex bạc cuối được giao dịch ở 17.415 $ một ounce, tăng 0,5% trên tuần.Những cảm xúc và biến động được cao trước của Brexit bình chọnThứ năm của giá hành động chứng minh chỉ cách nhạy thị trường để bình chọn Brexit. Sau khi đánh cao gần hai năm tại $1,318.90 một ounce, tương lai ngày vàng mất 2% và kết thúc ngày trong các lãnh thổ tiêu cực về tin tức là chính trị gia pro-EU Jo Cox đã bị ám sát. Tất cả chiến dịch tranh cử cuộc trưng cầu đã dừng lại cho đến chủ nhật.Theo một số nhà phân tích của vàng bán ra thứ năm là do một niềm tin rằng các vụ giết người đã cung cấp một số hỗ trợ cho "vẫn là" trại, mà gần đây đã tụt trong cuộc thăm dò. Ngoài ra còn có tin đồn lưu hành xung quanh thành phố Wall Street rằng phiếu bầu thực tế có thể được hoãn; Tuy nhiên, những người đã chứng minh là sai lầm. Nếu bình chọn Brexit không, nó sẽ tạo ra sự ổn định rất cần thiết trong liên minh châu Âu sẽ là tiêu cực cho giá vàng, theo một số nhà kinh tế học.Chơi vàng trước của Brexit bình chọnBrexit tiềm năng đã tạo ra rất nhiều sự không chắc chắn trong thị trường tài chính; Chủ tịch Fed Janet Yellen nhận vào ngày thứ tư là một trong những lý do tại sao ngân hàng Trung ương quyết định rời khỏi mức lãi suất không thay đổi thứ tư. Nhưng câu hỏi là với do đó, nhiều biến động và chắc chắn hơn, làm thế nào để bạn chơi thị trường vàng?Ngân hàng Pháp Natixis có thể có những lời khuyên tốt nhất cho các thương nhân là thứ năm, công ty phân tích kim loại quý, Bernard Dahdah, nói rằng ông thích thị trường vàng tùy chọn trước cuộc bỏ phiếu ngày 23 tháng 6."Đối với $10, mua một cuộc gọi vàng một tháng với một cuộc đình công $ 1.375/oz trông giống như một quyết định hợp lý xem xét những hậu quả tiềm năng của một cuộc bỏ phiếu để lại," ông nói trong một báo cáo. "Nên bỏ phiếu U.K. vẫn còn, sự mất mát sẽ là tối thiểu ($10 premium), nhưng nên anh bỏ phiếu để lại, lợi ích quan trọng có thể được thực hiện."Nhưng Brexit là chỉ là một phần của câu đốRonald-Peter Stoeferle, fund manager at Incrementum AG and author of the In Gold We Trust Report, said that while the Brexit vote will continue to add volatility to the market, it doesn’t change the gold long-term bullish landscape. He added that issues like rising inflation and global negative interest rates will continue to be the important factors to drive gold’s new bull market.“Our research has shown that political events only have a minor impact on gold and don’t define the long-term trend,” he said.Bill Baruch, senior commodity broker at iiTrader, said that he is also taking Brexit out of the equation as the metal still has plenty of potential to move higher.“Brexit was just the extra fuel that could get us to $1,400 an ounce earlier than we expect,” he said. “But with global interest rates in negative territory, that will remain our long-term goal.”Just When You Thought the Fed Was Done… Yellen is BackAfter leaving interest rates unchanged this past week, Fed Chair Janet Yellen will testify before Congress next week. Her twice-a-year appearance on Capitol Hill starts Tuesday when she sits before the Senate Banking Committee. She is back on Wednesday to testify before the House Financial Services Committee.George Milling-Stanley, head of gold strategy at State Street Global Advisors, said that Yellen’s comments could create some volatility in gold next week; however, he recommends investors try to tune out the “white noise.”“I don’t think it really matters what Yellen has to say. Interest rates will remain low for a long time and that is good for gold,” he said. “Six months ago, markets were expecting to see four rate hikes. Last month they were expecting to see two rate hikes and now it’s not even clear we will get one rate hike.”Milling-Stanley added that investors should also put any rate hike into perspective as the most the Fed would move was 25 basis points. That is minimal as the U.S. consumer price index shows core inflation running at 2.2%.Paul Ashworth, chief U.S. economist at Capital Economics, compared the latest downgrade in the central bank’s economic projections to a “veering drunken sailor.”Is $1,400 Gold In The Cards Next Week?At last count, at least eight financial firms have raised the specter of $1,400 gold if the Brexit vote passes. However, with prices below $1,300, some analysts see this as the first resistance level to watch.“A close over 1304 is needed to rekindle bull forces