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Higher gold prices will continue as long as Covid-19 does The fundamental factors which have taken gold pricing from $1460 in March, to within four dollars of $1800 per ounce this week are still present, and they continue to be highly supportive of gold prices. First and foremost, and at the root of other fundamental issues is the global Covid – 19 pandemic which is now in its fourth month. In that short period of time the total number of…

What trend-line analysis suggests gold prices will be on Jan. 1 – brace yourself I don't like to beat around the bush and I'll bet you don't either. So, let's make this quick. Nearby Comex gold futures hit a 7.5-year high of $1,783.10 Wednesday. The August futures contract hit a high of $1,796.10. The all-time high in nearby gold futures was $1,920.70, hit in September of 2011. Take a gander at the weekly continuation chart for nearby Comex gold futures.…

Russia ramped up gold production right before COVID-19 hit Prior to the coronavirus paralyzing the world, Russia was ramping up its gold production, according to the Union of Gold Producers of Russia. Russia’s total gold output reached more than 64 metric tons in Q1, which is up 5.11% from the same period last year, the union said. “The coronavirus pandemic did not impact Russian gold mining companies’ production performance during the first three months of 2020. On the contrary, the…

Low interest rates will last more than two years – David Rosenberg It is inevitable that the global economy will see a bounce in activity after being devastated by the COVID-19 pandemic, but don’t expect it to reach pre-crisis levels any time soon, according to one economist. In an interview with Kitco News, David Rosenberg, chief economist at strategist at Rosenberg Research and Associates, not only warned investors to expect a slower economic recovery but also that they shouldn’t look…

Analysts ask if gold is ready to push above $1,800 Building on Friday's momentum, gold prices are starting the week on a strong note and are pushing back to within striking distance of critical resistance at $1,800 an ounce. August gold futures last traded at $1,771.70 an ounce, up 1% on the day. According to market analysts, gold is getting a boost Sunday evening as investors start to question the health of the global economic recovery as the COVID-19 pandemic…

Goldman raises 12-month gold forecast by 11% to $2,000 an ounce Silver’s 12-month forecast pegged at $22/oz Gold prices are likely to reach $2,000 an ounce in 12 months on the back of low real interest rates and concerns over currency debasement, even as developed markets emerge from COVID-19 lockdowns, lifting risk-on sentiment, according to a note Friday from Goldman Sachs. The investment bank raised its 12-month forecast on gold to $2,000 an ounce, from $1,800. It also lifted its…

Jerome Powell says that the economy's path ahead likely to be challenging The primary mandate of the Federal Reserve has been to prioritize the goal of maximum employment at the top of the list. Not since the days of the Great Depression has this task been so daunting. Last week an additional 1.5 million Americans filed for unemployment benefits even though there have been signs and sources touting that the economy has been improving. For the week ending on June…

Gold pricing; the last four years and $500 later It is important to have realistic goals in terms of where we believe gold pricing is headed, and more importantly how long it will take to get there. First and foremost, we must acknowledge the tremendously large move that we have seen over the last four trading years. The multiyear correction began in the middle of 2011 and concluded at the beginning of 2016. This correction took gold pricing from its…

Gold price to break record by year-end; bullion premiums normalizing – Peter Hug Gold prices could see 2011 highs of $1,920 an ounce or higher, said Peter Hug, global trading director of Kitco Metals, who noted that a full economic recovery won’t materialize until later next year. While seasonal softness is expected for the yellow metal during the summer months, the medium term trajectory is still constructive, Hug said. “Short-term, especially given the seasonal factors, [gold prices] have a bit…