Year-end surprise in store for gold? 3 weeks left in 2020 Gold is in recovery mode but is this a start of another bull run or just a reaction to an oversold drop in November? This is exactly what Kitco News asked the analysts this week and the optimists prevailed. Just a bit of background here, gold rose back above $1,800 an ounce in December and even attempted to hit a key level of $1,850 several times. Analysts say that…
Billionaire Thomas Kaplan – Silver prices can 'absolutely' hit triple digits – Kitco News Exclusive More than 20 years ago famed investor Thomas Kaplan made his first fortune in silver, buying options and turning that investment into one of the biggest zinc-silver mines in the world. In an exclusive interview with Kitco News, the CEO of The Electrum Group says that he is now back in silver after going public with a new silver mine in Mexico. Last month Kaplan’s…
Gold plummets as stimulus negotiations stall and vaccine headway Gold prices tumbled in active trading today, with the most active February 2021 Comex contract trading to a low of $1828 before recovering. As of 5:04 PM EST gold futures are currently fixed at $1842.90 after factoring in a net decline of $32 (-1.71%). Today the Wall Street Journal reported that the United States is about to begin, “one of the most daunting public-health efforts in generations: swiftly distributing a Covid-19…
Gold dips as equities climb on vaccine cheer – stimulus hopes support Gold prices eased on Wednesday as encouraging vaccine developments pushed investors towards riskier equities, although hopes for more U.S. stimulus kept bullion near two-week highs hit in the previous session. Spot gold fell 0.3% to $1,865.46 per ounce by 0309 GMT, after hitting its highest since Nov. 23 at $1875.07 on Tuesday, while U.S. gold futures eased 0.3% to $1,870.20. "Gold still has some firepower from all the…
Bitcoin is challenging gold – Gold price outlook is 'no longer overwhelmingly bullish,' says UOB Why has the gold price rally stalled, and is bitcoin to blame? Singapore's United Overseas Bank (UOB) says the massive surge in crypto's popularity could be partly responsible, but it is far from being the sole cause. One of the reasons why November was such a difficult month for gold was a clear loss of interest in the precious metal, especially when it came to…
Raoul Pal sold his gold because 'bitcoin is eating the world' – $300k price in 18 months Bitcoin is like a call option to the emergence of cryptocurrencies in the world, said Raoul Pal, CEO of Real Vision. "I've never seen anything like what is going on right now. You have a limited supply asset that now is a globally recognized brand that everybody knows, but not everybody understands. What's happening now is institutions are coming into the space," Pal…
The heat is on, as lawmakers scramble to pass a relief legislation In the words of Glenn Frey; “The heat is on … The pressure's high” Unquestionably there is an immense amount of pressure for lawmakers to come to a understanding and pass a greatly needed fiscal stimulus package before the end of the year. It is critically important that aid is available to those 10 million American individuals who are unemployed with their benefits running out this month. Concurrently…
Bipartisan stimulus package framework could be completed this weekend In the words of the famous author Mark Twain, “If you don’t read the newspaper, you’re uninformed. If you read the newspaper, you’re misinformed.” These words seem to resonate in regards to the current news about the ongoing negotiations to come up with a fiscal stimulus proposal that will be palatable to both sides of the political fence. If you have been following the current news, although you might be…
Peter Hug – Gold, silver prices bounce off support, can rally last? Gold rose 2% on Monday, with silver up 5.5% on the trading session. Peter Hug, global trading director of Kitco News, said that fundamentals line up with this rally. Equities also saw a bounce. Hug said that talks of a new round of fiscal stimulus is adding fuel to the risk-on sentiment while driving money to precious metals at the same time. The U.S. dollar weakened on the…
This is only the start for gold prices as bitcoin hits an all-time high – currency debasement will drive prices higher – Charlie Morris The gold market is struggling to find near-term bullish momentum as the price trades below $1,800 an ounce; however, one fund manager said that if investors want to know where the precious metal is heading, they need to look to bitcoin. Monday, the digital currency pushed to a new all-time higher within striking distance of $20,000.…