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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…

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…

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…

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 —…

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…

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…

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…