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Gold settles higher, but logs a second weekly decline Gold futures rose Friday, finding support after indiscriminate selling across financial markets weighed even on some traditional havens, sending prices for the precious metal lower for the week. For now, gold has gotten a boost from Senate Majority Leader Mitch McConnell’s proposal to get “needed relief cash in hands of middle and low income households, and other stimulus measures moving forward,” said Jeff Wright, executive vice president of GoldMining Inc. “This…

Dollar strength continues to plague precious metals Gold continues to fall in the presence of extreme dollar strength which is dictating most of the net change within the precious metals complex. As of 6:15 PM EST the dollar is currently up almost 2%, with the index currently fixed at 103.56. The last time we saw the U.S. dollar have this kind of strength was in January 2017 when it hit a high precisely where the dollar index is trading currently…

The only silver lining is the gold-silver ratio When we look at the precious metals complex the only thing we see moving higher is not a specific precious metal, rather it is a ratio between two precious metals. This ratio is the only investment that is competing with recent dollar strength which hit a new high today of 101.26, after factoring in today’s gain of approximately 1 ½%. The only silver lining to this cloud of coronavirus confusion and fear…

Silver price beaten down but investors can‘t find any, so what’s going on? Peter Hug Responds Silver’s future is bleak as a recession could wipe out any industrial demand left for the metal, this according to Peter Hug, global trading director of Kitco Metals. Monetary policy was not enough to calm investors, Hug noted, as markets reacted negatively to the last Federal Reserve rate cut made last Sunday. “That episode really scared the market. It indicated that the Fed pushing…

Silver prices plummet as mints can’t keep up with demand With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here! Precious metals have plunged in the markets, but there is still demand for physical coins in the midst of the coronavirus outbreak, this according to Phil Streible, chief market strategist of Blue Line Futures. “I can tell you one thing,…

Gold futures log largest weekly loss in more than 8 years Gold futures ended sharply lower for a fourth straight session on Friday, with a loss of more than 9% for the week—the largest since September 2011. Volatility-shocked investors looked for news on fiscal stimulus packages from governments around the world to help ease the economic pain of the COVID-19 epidemic that has ground some of the world’s business activity to a halt and rocked financial markets. “It seems that…

'Confused' Wall Street split on near-term gold-price direction Some might argue that gold prices have been unpredictable lately, thus maybe it seems fitting that Wall Street analysts are split on price direction for next week, based on the weekly Kitco Gold price survey. Main Street, however, remains bullish. Since coronavirus became a household word in 2020 as the illness spread around the world, equities have been mostly on the defensive on worries about the impact on the global economy. At…

Bloodbath = golden opportunity I have a simple but critical point to make today. The best time to buy gold stocks in my entire career so far was after the crash of 2008. This historic opportunity is repeating itself. Consider today’s mid-day decline in gold prices. We've seen this before… Gold gapped down on October 13, 2008, from $900.50 to $831.50. In that case, this happened just a few weeks before the bottom. For reasons I’ve written about before, I…