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Gold and silver edge higher leading into the European open
After finding some support during Wednesday's session gold is trading 0.42% higher leading into the European open. Silver is also looking positive and trades 0.41% higher at $26.21/oz. In the rest of the commodities complex, copper continues to be choppy and is down -0.78% while spot WTI has risen 0.26%. Read More
Metals Focus are noticing higher costs for gold miners
The World Gold Council (WGC) has released a report highlighting the fact that the cost of production of gold could be on the rise. Adam Webb who is Director of Mine Supply at Metals Focus notes costs in the gold mining industry increased for the second consecutive quarter in Q1 2021, with the global average All-in Sustaining Cost (AISC) up by 5% q/q to $1,048/oz, reaching its highest level since Q2 2013.
However, even with the bad news, Webb noted "Despite this decline, industry margins remained healthy, with only the top 4% highest cost mines featuring an AISC above the gold price during the quarter.". Read More
PMI round up leading into the US session
The manufacturing PMI data has been fairly decent so far in the Asian/EU session. It kicked off in Australia where the number beat expectations and recorded above the all-important 50 level. In China, the Caixin reading confirmed yesterday's main number by marginally falling below the analyst consensus but overall a decent number. Read More
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Gold price ticks down as U.S. weekly jobless claims reach a new pandemic low
The initial weekly jobless claims fell by another 51,0000 to 364,000 in the week to Saturday, beating market expectations and marking a fresh pandemic low.
Economists' consensus called for initial claims to come in at 390,000 following the revised level of 415,000 reported in the previous week.
The four-week moving average for new claims – often viewed as a more reliable measure of the labor market since it flattens week-to-week volatility – decreased to 392,750, from last week’s revised average of 398,750, the U.S. Labor Department said on Thursday. Read More
Gold, silver posting upside price corrections Thursday
Gold and silver prices are modestly up in early U.S. trading Thursday, on some short covering in the futures markets and perceived value buying in the cash market. Still the bulls are constrained by bearish near-term technical charts and a lack of risk aversion in the marketplace as the second half of 2021 begins. August gold futures were last up $5.00 at $1,776.70 and September Comex silver was last up $0.171 at $26.37 an ounce. Read More
Pawn Stars' Rick Harrison on why it's so hard to find silver right now
Supply disruptions that began during the outbreak of COVID still linger and continue to cause shortages of physical silver deliveries, driving premiums up, according to Rick Harrison, owner of the Gold & Silver Pawn Shop as featured in the hit reality TV show "Pawn Stars".
"It's very hard to keep any bullion in stock and the bullion I do have I'm selling them for $4, $5 over spot when it comes to silver. It's very difficult to get. Physical silver is a very hard thing to find right now. I know a lot of people in this business…physical delivery is very hard right now," Harrison told Michelle Makori, editor-in-chief of Kitco News. Read More
Video - Pawn Stars’ Rick Harrison on why it’s so hard to find silver right now
Disclaimer: These articles are provided for informational purposes only. They are not offered or intended to be used as legal, tax, investment, financial, or other advice.
