David

If you think gold had a brutal selloff this week, just look at a silver chart Gold prices this week had such a strong decline that they traded to a low not witnessed since the first week of March, declining by approximately $39 per ounce. Gold futures basis most active August contract opened at approximately $1969 on Tuesday and as of 5:25 PM EDT is fixed at $1930.30. This week’s price decline resulted in gold losing 1.96%. The key factors…

Gold breaks below recent lows as central banks worldwide raise rates The Federal Reserve’s drumbeat signaling more rate hikes is loud enough to be heard on the other side of the world. In his second day of testimony to the House and Senate Chairman Powell is reiterating his message that a “strong majority” of Federal Reserve officials are strongly committed to raising rates twice for a total of 50 basis points by the end of the year. This would take…

Powell's testimony helps take gold futures to the lowest value since March 17th Chairman Powell testified before the House Financial Services Committee today. This is part of his semiannual report which will conclude tomorrow when he appears before the Senate Banking Committee. His opening statement was close to a word-for-word repeat of his opening statement at last week’s press conference. Most importantly, the chairman did little to convey any new information regarding upcoming rate hikes and inflation that was not…

Gold, silver sink as USDX rallies, crude dips; Powell on deck Gold and silver prices are solidly lower in midday U.S. trading Tuesday, feeling the pressure of a higher U.S. dollar index and lower crude oil prices on this day. August gold was last down $23.40 at $1,947.90 and July silver was down $0.891 at $23.235. The marketplace awaits Fed Chair Jerome Powell’s latest thoughts. He will provide his semi-annual monetary policy report to Congress on Wednesday and Thursday. Powell…

Gold price is stuck in neutral, but that is its strength now Although gold is struggling to attract bullish momentum, analysts note that its strength now relies on how much support is in the marketplace, even as speculative interest starts to drop. In its latest trade data, Commodity Futures Trading Commission noted that speculative interest in the gold market dropped to its lowest level in three months as investors ditched their bullish bets and increased their bearish positioning. The CFTC's…

Gold's new price base keeps record highs within reach, says VanEck Gold has formed a new base at the $1,900 an ounce level, and if that continues to hold, record highs  will be within reach, according to VanEck's latest analysis. Gold has just spent the most time above $1,900 an ounce than ever before, forming a new base and averaging $1,933 per ounce year to date, said VanEck's deputy portfolio manager Imaru Casanova. "Gold is showing resilience despite a strong stock…

A big move in gold price is coming after weeks of neutral stance – analysts The gold market has been steady so far in June, trading between $1,940 and just under $2,000 an ounce. But analysts warn that after weeks of sideways price action, gold is ready for a more significant move. The caveat is it could be in either direction, Gainesville Coins precious metals expert Everett Millman told Kitco News. "Gold has traded sideways long enough that we are…

Gold breaks below its 100-day moving average but recovers as the dollar tanks Commentaries & ViewsShare this article: Gold futures basis the most active August Comex contract traded below its 100-day simple moving average which is currently at $1950.70 after trading to an intraday low of $1936.10. However, as of 4:34 PM EDT, gold futures are trading just off the high of $1972.80 and are fixed at $1970.40. On May 17, gold prices broke below their 50-day moving average for…