TODAY’S COMEX GOLD SIGNAL AND DAILY REPORT
Comex Gold Signal
INTERNATIONAL COMEX NEWS
- Gold prices were little changed on Friday, as the U.S. dollar declined following news of another U.S. government shutdown although a budget bill was expected to be passed before the weekend, while U.S. bond yields turned back higher. Comex gold futures were steady at $1,318.5 a troy ounce by 02:00 a.m. ET (06:00 GMT), off Thursday’s one-month low of $1,309.22.
- Crude oil prices settled lower as data showed the number of US oil rigs surged to a 34 month high, stoking investor fears for a ramp up in domestic production. On the New York Mercantile Exchange crude futures for March delivery fell 3.19% cents to settle at $59.20 a barrel, while on London’s Intercontinental Exchange, Brent lost 3.56% to trade at $62.50 a barrel. The number of oil rigs operating in the US rose by 26 to 791, the highest level since April 2, 2015, according to data from energy services firm Baker Hughes.
- Colombia is drawing up plans to hedge against declines in the price of crude, its main export, the country’s finance minister said on Friday, following in the footsteps of Mexico, which successfully used one during the 2014-2016 price slump. Mauricio Cardenas said “it is the right time” for Colombia to start thinking about implementing an oil hedge for the first time, adding that the country would need to reshape its legal framework to allow the government to lead a potentially risky financial transaction.
- Billionaire investor Chase Coleman’s hedge fund Tiger Global Management presented investors with a 28 percent gain last year when stocks zoomed higher, but he assured them he has not give up on betting against duds when the time is right. “While we have heard, read, and seen many signs of capitulation from short-sellers, we remain highly committed to the strategy,” the firm said in its most recent client letter seen by Reuters on Friday. Last year it was wrong-footed by bets against grocer Whole Foods and mall operator General Growth Properties and said that six of its shorts were acquired.
- Republican leaders in Pennsylvania’s legislature submitted a plan for redrawing the state’s congressional districts just hours before Friday’s court-ordered deadline, but Democratic Governor Tom Wolf questioned whether the proposal will pass legal muster. The newly-drawn political map was ordered on Jan. 22 by the state Supreme Court, which invalidated the existing congressional district boundaries as an illegal gerrymander created by the Republican-controlled state legislature.
- A brief U.S. government shutdown ended on Friday after Congress passed and President Donald Trump signed into law a temporary spending deal expected to push budget deficits past $1 trillion annually with new military and domestic outlays. But Trump is expected to unveil on Monday a fiscal 2019 budget plan that will be based on rosy assumptions,
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