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Is gold price gearing up for a Christmas rally? As this tumultuous year winds down, the gold price seems to be positioning itself for a year-end rally as markets bet on more stimulus next week, analysts told Kitco News. Gold price attempted to push through the key psychological resistance level of $1,900 an ounce this week but ended up settling just below that on Friday. February Comex gold futures were last trading at $1,888.70, up 2.5% on the week. Gold…

Gold and silver are now in a perfect storm scenario Sadly, the events that began in March when the Covid-19 epidemic officially became a global pandemic has led to the current state of the economy. Actions by the Federal Reserve and the U.S. Treasury have resulted in a perfect storm of events that have taken gold to its highest price ever in August 2020. The fundamental events that have led to the series of massive rallies in gold and silver…

Gold pushes higher leading into the EU session Gold has moved half a percent higher leading into the EU session and taken out the previous wave high at $1875.28. Silver is also trading well and has moved past $25.50 to trade 1.60% higher overnight. The general risk sentiment overnight in the Asia Pac area is positive with the Nikkei 225 (0.18%), ASX (1.16%) and Shanghai Composite (1.13%) all moving in the right direction. The dollar index has taken another dive…

Gold and  silver lose ground heading into the EU session despite some USD weakness Gold and silver trade marginally lower heading into the EU session on Wednesday despite some weakness in the USD overnight. Risk sentiment was generally positive as the ASX (0.72%) and Nikkei (0.26%) closed higher and the Shanghai Composite was the laggard closing just under flat. Platinum (0.50%), palladium (0.54%) and copper (0.20%) are all trading in the black this morning as it seems that only gold and…

Gold moves higher heading into the EU session Gold (0.83%) and silver (1.60%) are heading higher into the EU session as sentiment in the Asia-Pac area was weak. The Nikkei 225 trades 0.17% lower, ASX is down 0.43% and the Shanghai Composite (-0.06%) traded just under flat. Overnight it was reported that gold imports fell to 7,126KG in October from 17, 135KG in September. Although this is a dramatic fall it would be safe to assume imports are to pick…

Can 2020's last full week take gold price to $1,925? Gold is facing strong resistance right at the $1,850 mark. Can it breach it and move to $1,925 an ounce next week? Analysts are not ruling it out, but everything seems to depend on the U.S. fiscal stimulus, which is still up in the air. Gold is largely unchanged on the week, but the important thing is that the metal is not letting go of its previous long-time support of…

What makes gold a strategic asset? Gold benefits from diverse sources of demand: as an investment, a reserve asset, a luxury good and a technology component. It is highly liquid, no one’s liability, carries no credit risk, and is scarce, historically preserving its value over time. Gold can enhance a portfolio in four key ways: generate long-term returns (Chart 3) act as a diversifier and mitigate losses in times of market stress (Chart 6) provide liquidity with no credit risk (Chart 7) improve…

Year-end surprise in store for gold? 3 weeks left in 2020 Gold is in recovery mode but is this a start of another bull run or just a reaction to an oversold drop in November? This is exactly what Kitco News asked the analysts this week and the optimists prevailed. Just a bit of background here, gold rose back above $1,800 an ounce in December and even attempted to hit a key level of $1,850 several times. Analysts say that…

Billionaire Thomas Kaplan – Silver prices can 'absolutely' hit triple digits – Kitco News Exclusive More than 20 years ago famed investor Thomas Kaplan made his first fortune in silver, buying options and turning that investment into one of the biggest zinc-silver mines in the world. In an exclusive interview with Kitco News, the CEO of The Electrum Group says that he is now back in silver after going public with a new silver mine in Mexico. Last month Kaplan’s…

Gold plummets as stimulus negotiations stall and vaccine headway Gold prices tumbled in active trading today, with the most active February 2021 Comex contract trading to a low of $1828 before recovering. As of 5:04 PM EST gold futures are currently fixed at $1842.90 after factoring in a net decline of $32 (-1.71%). Today the Wall Street Journal reported that the United States is about to begin, “one of the most daunting public-health efforts in generations: swiftly distributing a Covid-19…