Gold price is flashing a 'very good sign' – Peter Hug It's a "very good sign" that gold has consolidated between a support level of $1,925 oz and $1,975 an ounce for the better part of two weeks, said Peter Hug, head of Kitco’s precious metal division. "The fact that people are not selling into a market that isn't as frenetic as it was a month or six weeks ago indicates to me that this market is setting up for…
Gold prices to average above $2,000, Silver to average above $30 through 2024 Gold and Siver’s imp[resive rally this summer is just the start of the precious metal bull market, according to one Canadian Bank. In areport published Tuesday, commodity analysts at CIBC upgraded their gold and silver forecasts for the rest of the year into 2021. The analysts said that they see gold prices averaging the third quarter around $1,925 an ounce. The average goes up to $2,000 for…
Gold to outperform silver into year-end, $4K gold price not ruled out by 2023 – Bloomberg Intelligence Gold is looking to outperform silver into year-end, according to Bloomberg Intelligence, which is not ruling out $4,000 gold by 2023, noting that the gold bull rally is just beginning. After breaking $2,000 an ounce level, gold has been stuck in a trading range between $1,930 and $1,980 an ounce. But despite the several-week hiatus from major price action, gold will still do…
Gold/silver – all eyes on the Fed this week It was a rangebound week for gold futures by remaining well inside the bullish "falling wedge pattern" while at the same time, major equity indices fell 10% off their contract highs led by an overheated tech sector. Remember, when markets go parabolic, volatility rises; therefore, you need to reduce your long positions from a tactical portfolio management strategy while increasing your short positions because we know a correction is just around…
Mining's biggest face-to-face goes virtual With PDAC 2021 announcing an all virtual show due to COVID-19 concerns, juniors and miners will have to learn to adapt. The Kitco podcast discussed the impact of PDAC's annual convention, the industry's biggest yearly get-together, on going virtual. Oreninc CEO Stephen Stewart joined special correspondent Paul Harris; editor Neils Christensen; and mining audiences manager, Michael McCrae, to record a podcast on Friday. "Well first and foremost, it's a shame. I'm sad that the PDAC…
Upcoming influencers for gold pricing Market participants and investors will focus on two primary factors which could have a profound impact on market sentiment. The two factors are the upcoming FOMC meeting scheduled to begin next week, and the Treasury Department’s report that this year’s budget deficit is nearly triple when compared to last year. The United States Treasury Department reported today that the federal budget deficit in the United States is now above $3 trillion with one month remaining…
AM-PM Roundup Gold, silver firmer amid weaker greenback Gold and silver prices are modestly up in midday U.S. trading Thursday, supported in part by a weaker U.S. dollar index on this day and by the overall bullish chart postures for both metals. Prices are well their daily highs, however. October gold futures were last up $8.50 at $1,955.30 and December Comex silver was last up $0.157 at $27.245 an ounce. Global stock markets were mostly weaker overnight. U.S. stock indexes…
A scenario to end gold's bull run looks increasingly unlikely – Invesco The gold market, as it continues to hold critical support, above $1,900 an ounce, is in no danger seeing its current uptrend ending anytime so according to one investment firm. In a commentary published last week, Talley Léger, Investment Strategist at Invesco, said that the fundamental outlook for gold that has driven prices to nearly double since the lows in late 2015 isn’t going away anytime soon. December…
Dollar strength and U.S. equities under pressure are supportive of gold and silver Considering today’s extremely strong U.S. dollar, coupled with a major decline in U.S. equities, the fact that both gold and silver are trading higher on the day is extremely impressive. Currently the dollar is up just over 0.75%, which is a net gain of 70 points, taking the dollar index to 93.425. As of 3:48 PM EST gold futures basis the most active December contract is trading…
All eyes on the ECB and potential currency devaluation rate All eyes will now be watching the European Central Bank to see if they will do anything to push inflation pressures higher. Although new stimulus measures from the ECB would boost the U.S. dollar and, in turn, drive gold prices down, analysts have said that investors should look past this short-term volatility and focus on the bigger picture: a new lap in the global race of currency devaluation. Marc Chandler,…