The Cash Index for gold hit a new all-time high of $3,027.29 overnight through early Tuesday, outshining the rest of the commodity complex.
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In other news, the US Federal Open Market Committee's 2-day meeting gets underway Tuesday, with the market showing no change in the Fed Fund rate at Wednesday's conclusion.
The Barchart Brief: Your FREE insider update on the biggest news stories and investing trends, delivered midday In the Grains sector, the spotlight has turned back to commercial in the old-crop corn market the past two months, as indicated by the May-July futures spread.
Morning Summary: It has been a busy month so far. Things got rolling, literally, with the Goldman Roll from Friday, March 7 through Thursday, March 13. This was immediately followed by Pi{e} Day on Friday the 14th that led into the Ides of March on the 15th and St. Patrick’s Day on Monday just passed. Now, while we are putting away the green for another year and recovering from the effects of imbibing rounds of Guiness and Jamesons, next up is the 2-day US Federal Open Market Committee meeting. As usual, this meeting will culminate with Chairman Powell making an announcement on US interest rates, with the Fed fund futures (ZQK25) forward curve still showing no change until at least the June meeting. As for markets early Tuesday morning the US dollar is dollar index is slightly weaker, down 0.05 pre-dawn. Crude oil was higher, adding as much as $0.92 to Monday’s opening rally of $0.40. All eyes are on Gold, again, with both the Cash Index (GCY00) and futures market well above the big round number $3,000. I still find it interesting how CFTC Commitments of Traders reports have shown a continued decrease in Watson’s net-long futures position while total open interest continues to increase.
