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Silver Price News: Silver Pulls Back from One-Month High
Silver prices took a hit on Thursday, sending the grey metal back down to levels seen at the start of the week.
Prices fell as low as $28.82 an ounce on Thursday, compared with around $29.60 an ounce in late deals on Wednesday. The drop comes in the context of a one-month high of $30.00 an ounce seen on Tuesday.
Silver’s moderate losses were in line with weakness in the gold markets on Thursday, which came as the US dollar rebounded from Wednesday’s lows.
Monthly manufacturing data for several major economies around the world released on Thursday came in slightly below market expectations in most cases, sending a negative signal for industrial demand for silver.
On the technical charts, silver’s recent move higher to $30.00 an ounce has been keenly watched, not just because of being a psychological number, but also because this level represents the upper boundary of a declining price channel going back as far as late May. Thursday’s price drop will be seen as reaffirming that downward trend for the time being. Read More
Gold Price News: Gold Falls Back As US Dollar Strengthens
Gold prices fell on Thursday, pulling back from an all-time high seen earlier in the week.
Prices fell as low as $2,471 an ounce on Thursday, compared with just under $2,500 an ounce in late trades on Wednesday.
The US dollar strengthened against other currencies on Thursday, rebounding from a 13-month low against the Euro seen on Wednesday. A stronger dollar tends to weigh on dollar-denominated gold prices, as it makes the yellow metal more expensive for buyers in other currencies, denting demand.
Gold’s push to a new all-time high of $2,532 an ounce on Tuesday may also have attracted some profit-taking moving into Thursday’s session, leaving prices vulnerable to a modest downward move.
US initial jobless claims figures for the week ending August 17 came in at 232,000 on Thursday, broadly in line with market expectations, and providing little impetus for gold prices. Read More
Silver recycling is set to rise - Silver Institutes' Michael DiRienzo
Silver recycling will go up as the metal's price rises said Michael DiRienzo, president and CEO of The Silver Institute.
This week DiRenzo recorded an episode of Green Rush with Matt Watson, founder of Precious Metals Commodity Management.
DiRenzo discussed the outlook for silver in the context of the current market and the growing industrial demand. He highlighted silver's increasing role as an industrial metal, especially in photovoltaics and electronics.
DiRenzo believes that silver's price will rise due to this growing demand and that it has a lot more room to run. He also points out that silver's price is likely to be boosted by potential Fed rate cuts. While acknowledging that silver recycling rates are currently low, he believes that with higher prices, recycling will become more economically viable and contribute to meeting the growing demand. Watch the podcast
Gold price holding near record highs as U.S. durable goods orders rise 9.9% in July
The gold market continues to trade around record highs as the U.S. manufacturing sector continues to show a muddled picture of the economy.
Monday, the Commerce Department said that U.S. durable goods orders increased 9.9% last month, following June’s revised drop of 6.9%. The data significantly beat expectations, as economists were looking for a 4.0% increase.
However, looking beyond the volatile headline number, core durable goods, which strips out the volatile transportation fell 0.2% in July, compared to June’s downwardly revised increase of 0.1%. The data was weaker than expected, as consensus estimates looked an unchanged reading. Read More
Gold prices boosted by interest rate optimism, lower USD and Treasury yields, silver will follow after Fed cuts – Heraeus
Gold is getting a boost from expected Fed rate cuts, U.S. dollar weakness, and falling Treasury yields, while silver prices will likely catch up once the cutting cycle begins, according to precious metals analysts at Heraeus.
In their latest precious metals report, Heraeus noted that gold prices are rising along with rate cut expectations.
“Last week, gold managed to hold on to a position above $2,500/oz and made another new all-time high of $2,531/oz mid-week, building on the gains from the previous week’s trading,” they noted. “Investor sentiment and the interest rate speculation seem to be key drivers for gold at present. Managed money investors have accumulated one of the largest net long positions since the Covid rally four years ago at 22 moz (as of 16 August).”
The analysts said that U.S. dollar weakness and a drop in Treasury yields have also helped boost the yellow metal. Read More
Gold modestly up on safe-haven demand, easy Fed, friendly charts
Gold prices are mildly higher and silver prices near steady at midday Monday. Gold is not far below its recent record high, and silver hit a six-week high early on today. Some safe-haven demand for the precious metals is featured to start the trading week. There is keener risk aversion in the marketplace after the weekend military exchanges between Israel and Hezbollah. Israel conducted pre-emptive air strikes against Hezbollah installations that Israel said were poised to attack Israel, with Hezbollah then retaliating and launching missiles into Israel. December gold was last up $3.20 at $2,549.50 and September silver was down $0.015 at $29.805.
The charts remain in overall bullish postures for gold and silver, which also continues to invite the technically based speculators to the long sides of the metals.
Technically, December gold bulls have the strong overall near-term technical advantage. Bulls’ next upside price objective is to produce a close above solid resistance at $2,600.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $2,475.00. First resistance is seen at today’s high of $2,563.20 and then at the contract high of $2,570.40. First support is seen at the overnight low of $2,544.00 and then at $2,525.00. Wyckoff's Market Rating: 9.0.
Image Source: Kitco News
September silver futures bulls have the overall near-term technical advantage, as prices are in an uptrend on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at $31.00. The next downside price objective for the bears is closing prices below solid support at $28.00. First resistance is seen at today’s high of $30.225 and then at $30.50. Next support is seen at the overnight low of $29.68 and then at $29.335. Wyckoff's Market Rating: 6.5. Read More
Image Source: Kitco News
Gold and silver prices remain rangebound, but a declining dollar should restart their uptrends – ActionForex
Despite last week’s late rally, gold and silver prices are stuck in a sideways trading pattern to start the week, but further declines in the U.S. dollar should be the catalyst needed to get them trending higher once again, according to analysts at ActionForex.
“Both Gold and Silver are currently still caught in near-term consolidations despite the rally late last week,” the analysts wrote. “Both metals have the potential to extend their recent gains, but a more pronounced decline in the Dollar may be necessary to provide the needed momentum.”
The analysts expect gold to begin rallying once again as long as the yellow metal holds support at $2,470.72. “Firm break of 2531.57 will resume the long term up trend and extend the record run,” they said. Read More
‘Do what central banks are doing... buy gold’ - Bank of America
While investors have been focusing on equity markets hitting record highs, many have overlooked one asset that is actually outperforming the S&P 500.
In a report published last week, market analysts at Bank of America (BoA) noted that gold is the best-performing asset so far this year. With gold’s push to record highs above $2,500 an ounce, the precious metal is up roughly 20% in 2024.
In comparison, Bank of America noted that cryptocurrencies have risen 17.7%, stocks have rallied 15.4%, the overall commodity sector is up only 1.9%, government bonds have increased by 0.6%, and the U.S. dollar has gained 0.2% year-to-date.
Gold prices are even outperforming the tech sector, with the Nasdaq Composite Index up 17%.
Although investors have largely shunned the precious metals market, Bank of America noted that gold has seen the largest inflows in four weeks. The latest trade data from the Commodity Futures Trading Commission showed speculative positioning at a four-year high. Read More
Gold still has plenty of room to run as hedge funds’ bullish bets hit 4-year high
Hedge funds are starting to recognize the value of holding some gold and silver as money managers increase their bullish bets, according to the latest trade data from the Commodity Futures Trading Commission.
The CFTC's disaggregated Commitments of Traders report for the week ending August 20 showed that money managers decreased their speculative gross long positions in Comex gold futures by 18,298 contracts to 222,142. At the same time, short positions rose by 2,908 contracts to 28,837.
Gold’s net length now stands at 193,305 contracts. The bullish speculative position has risen to its highest level since early March 2020 when the Federal Reserve, in an emergency meeting, cut interest rates by 50 basis points as the global economy was experiencing the early effects of the COVID-19 pandemic.
Even with gold prices at record highs and silver trading at a six-week high, analysts note that the precious metals market does not look overbought, with little speculative froth in the marketplace. December gold futures last traded at $2,350 an ounce, up 0.15% on the day. Read More
Gold Reaches New Record High Following Powell's Historic Speech
Image Source: Kitco News
In a remarkable turn of events, gold futures have once again traded to a new record closing price of $2,533.60, following Federal Reserve Chairman Jerome Powell's pivotal speech at the Economic Symposium in Jackson Hole, Wyoming. The speech, which signaled a shift in monetary policy, has sent ripples through various financial sectors, including precious metals and U.S. equities.
Chairman Powell's declaration that "the time has come for policy to adjust" marks a significant turning point in the Federal Reserve's approach. He noted that inflation has contracted closer to the Fed's 2% target while expressing concern over the labor market's well-being.
Powell emphasized that current “labor market conditions are less tight than pre-pandemic levels in 2019, a year when inflation ran below 2%”. He further stated that it seems unlikely the labor market will be a source of elevated inflationary pressures in the near future, adding that he does not seek or welcome further cooling in labor market conditions.
The financial world has interpreted Powell's remarks as a clear indication that the Federal Reserve is prepared to begin a series of interest rate cuts. Read More
Live From The Vault - Episode: 187 60-day gold revaluation trigger
In this week’s episode of Live from the Vault, Andrew Maguire uncovers how global central banks are ramping up gold buying while the Fed continues its attempts to suppress gold prices and conceal the true extent of the dollar's depreciation.
The precious metals expert provides an update on the BRICS’ gold-backed token launch and discusses the escalating shift toward de-dollarisation of the global trade, signalling significant changes ahead in the gold and silver markets.
Disclaimer: These articles are provided for informational purposes only. They are not offered or intended to be used as legal, tax, investment, financial, or any other advice.
Featured Image - Source: Unsplash
