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News Bites Gold’s price floor has gone up What this means for Newmont the world’s largest gold miner Tom Palmer

Gold’s price floor has gone up – What this means for Newmont, the world’s largest gold miner – Tom Palmer Tom Palmer, CEO of Newmont, said that gold’s price floor has increased considerably over the past decade, making mining more lucrative as a result. “We think, fundamentally, that the floor for gold has changed,” he said. “You typically have seen it sitting, probably for the last decade, at around $1,200 as a floor. I think the events of the last couple…

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Gold holds above key support and the tug-of-war continues

Gold holds above key support, and the tug-of-war continues Whether you describe the underlying cause of recent changes in financial assets as a tug-of-war, double-edged sword, or battle of opposing forces, inflation versus rising rates continues to cause market sentiment to oscillate. Depending on if inflation or rates are the primary focal points of market participants. That sentiment results in bullish or bearish currents for gold and the dollar as safe-haven assets. Today, gold traded to a high of $1850.30…

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Gold holds above a key support level in light of rising interest and yields

Gold holds above a key support level in light of rising interest and yields Gold continues to trade in an extremely narrow range as the precious yellow metal reacts to two opposing forces; rising interest rates and inflation. However, the recent price declines in gold have been shallow and short-lived at best. Most importantly, gold prices have held above a key support level which is Fibonacci based. The data set used for this Fibonacci retracement set contains a long period…

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Gold will shine bright as Bitcoin cryptocurrencies collapse

  Gold will shine bright as Bitcoin, cryptocurrencies collapse The gold market is holding firm in relatively neutral territory, trading in a narrow range between $1,800 and $1,850 an ounce; however, some commodity analysts are optimistic that gold could see renewed investors' interest as sentiment in financial markets rapidly disintegrates.   Specifically, some analysts see gold finding new safe-haven demand as investors flee the cryptocurrency market. In 2021, Bitcoin's rally to an all-time high of $65,000 an ounce took away…

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Crypto weekend meltdown: Bitcoin price touches 17k Ethereum below 900 as renewed selloff sends prices spiraling

Crypto weekend meltdown: Bitcoin price touches $17k, Ethereum below $900 as renewed selloff sends prices spiraling The crypto space faced another sharp selloff during the weekend as Bitcoin plunged below $18,000 and Ethereum dropped below $900. The overall crypto market cap plummeted to $847 billion, down nearly 10% on the day. Bitcoin touched $17,677, the lowest level since November 2020, and Ethereum fell to a low of $893, the level last seen in January 2021. "Bitcoin appears to be hanging on for dear life…

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Gold is doing ‘spectacular job’ but price drop to 1800 not ruled out here’s why

Gold is doing 'spectacular job' but price drop to $1,800 not ruled out, here's why Gold surprised this week with its resilience and steadiness after an oversized 75-basis-point hike from the Federal Reserve and massive volatility across many markets. But analysts don't see a major rally developing in gold in the short-term, and they are not even ruling out a move back to $1,800. The precious metal's reaction to the Fed's decision to raise rates by 75 basis points —…

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A tug-of-war takes gold lower then higher and finally lower on Friday

A tug-of-war takes gold lower, then higher, and finally lower on Friday Gold traders experienced extreme price volatility beginning with a $70 drop on Monday and Tuesday, higher prices on Wednesday and Thursday, and a final price decline on Friday. This tug-of-war shifted market sentiment causing market participants to concentrate on either spiraling inflation or higher interest rates. The shift between these two opposing forces resulted in dramatic price increases and declines. Last week’s CPI report which revealed that the…

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Silver caught between an industrial metal and a monetary asset

Silver caught between an industrial metal and a monetary asset Silver prices are on the move to the top of their current trading range, looking to test resistance around $22 an ounce. Although the precious metal is supported by long-term fundamentals, commodity analysts at BMO Capital Markets said that growing recessionary risks could weigh on prices in the near term. While silver is considered a monetary metal, the analysts noted that its role as an industrial metal had been a…

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Federal Reserve raises rates addressing inflation at 86 the highest YoY spike since December 1981

Federal Reserve raises rates ¾%, addressing inflation at 8.6% the highest YoY spike since December 1981 The Federal Reserve took the most aggressive action since 1994 announcing that they would raise rates by 75 basis points (3/4%) taking the fed funds rate to between 150 – 175 basis points. Traders and analysts had been factoring in a more aggressive rate hike on Monday and Tuesday following the release last week of the May inflation numbers vis-à-vis the CPI. Inflation rose…

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Gold silver continue sell off amid strong greenback rising bond yields

Gold, silver continue sell off amid strong greenback, rising bond yields Gold and silver prices are solidly lower in midday U.S. trading Tuesday, with both metals notching four-week lows. A strong U.S. dollar index that this week hit a 20-year high and U.S. Treasury yields that this week hit multi-year highs are significantly bearish elements keeping the metals prices under selling pressure. Gold and silver bulls got no help from another hot U.S. inflation reading today. August gold futures were…

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