What Is Frank Holmes’ Touchdown Pass for Gold?
An array of important economic data for the U.S. was released last week and Kitco News’ Daniela Cambone asks Frank Holmes how these numbers could affect gold moving forward. Frank says that with nonfarm payrolls and the ISM manufacturing index numbers looking positive, there is undeniable strength in the American economy, but agrees that short term it does have a significant effect on gold.
Frank explains that the current pressure on gold comes from its inverse relationship with the U.S. dollar which is strong right now, but says there are plenty of positives for the precious metal regardless. He specifically notes the cultural celebrations beginning in India that should ramp up gold demand.
Catch the replay to see what Frank’s touchdown pass for gold is this week.
For more episodes of Gold Game Film and to watch other insights from Frank, check out our In the News page for a host of replays!
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The ISM manufacturing composite index is a diffusion index calculated from five of the eight sub-components of a monthly survey of purchasing managers at roughly 300 manufacturing firms from 21 industries in all 50 states. The Purchasing Manager’s Index is an indicator of the economic health of the manufacturing sector. The PMI index is based on five major indicators: new orders, inventory levels, production, supplier deliveries and the employment environment. The U.S. Trade Weighted Dollar Index provides a general indication of the international value of the U.S. dollar.