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Solar demand to continue to push silver price higher, this is when markets could see $100 silver - Hecla Mining CEO Phillips Baker
Silver is increasingly becoming an industrial and an electrical metal, says Matt Watson, founder of Precious Metals Commodity Management LLC.
On Wednesday, Watson recorded an episode of Green Rush with guest Phillips Baker. Baker is president & CEO of Hecla Mining, the largest silver producer in the United States, and chairman of The Silver Institute.
Baker agreed that silver is less a monetary metal, like gold, than it used to be.
Nearly a third of the global silver supply, about 300,000 ounces, is now used for solar power. Other industrial applications include automotive, solder and brazing alloys, and water purification. Read More
Forget Bitcoin: why gold is the ultimate safe-haven asset in uncertain times
Gold’s recent rise to new all-time highs has excited longtime precious metals holders as their faith in the asset class has been validated, but it has been somewhat overshadowed by the rise of Bitcoin (BTC), along with new record highs for the S&P 500, Dow, and Nasdaq.
As younger investors start to see their wealth profiles rise, it’s becoming increasingly important for them to understand the reasons why gold is a strategic asset, particularly the role it serves as a safe-haven asset during times of economic uncertainty.
“Gold is a highly liquid asset, which is no one’s liability, carries no credit risk, and is scarce, historically preserving its value over time,” the World Gold Council (WGC) said in a report on gold as a strategic asset. “It also benefits from diverse sources of demand: as an investment, a reserve asset, gold jewellery, and a technology component.” Read More
Gold appears unstoppable as it hits record highs above $2,250, capping off a solid month and quarter
The gold market continues to be an unstoppable juggernaut as it closes out the month and quarter near a record high, solidly above $2,200 an ounce.
Analysts note that gold’s performance on Thursday, which wraps up a shortened trading week ahead of the Easter long weekend, is even more impressive when compared to the U.S. dollar Index, which is trading near a six-week-high above 104 points.
Gold prices last traded at $2,241 an ounce, up 2.7% from last week. For the month, gold is up 9%, and for the quarter, the precious metal is up 8%.
Gold’s further push into blue sky territory also comes ahead of important inflation data. Although markets are closed for Easter, it is not a recognized government holiday, so the U.S. Bureau of Economic Analysis will be releasing its Personal Consumption Expenditures (PCE) Index. According to consensus estimates, economists expect inflation to have risen 0.3% in February. Read More
Gold price holding robust gains even as ISM PMI rises to 50.3 in March
The gold market continues to see considerable bullish momentum near record highs as solid economic data as little impact on the precious metal.
Monday, the Institute for Supply Management (ISM) said its Services Purchasing Managers Index rose to 50.3 for March, compared to February’s reading of 47.8. The data was stronger than expected, as consensus forecasts looked for only a slight improvement to 48.5%.
“The U.S. manufacturing sector moved into expansion for the first time since September 2022. Demand was positive, output strengthened and inputs remained accommodative,” said Timothy Fiore, Chair of the ISM Manufacturing Business Survey Committee.
Although gold prices are down from their intra-day record highs, the market is still showing robust gains for the session. June gold futures last traded at $2,257.40 an ounce, up 0.82% on the day. Read More
Hedge funds continue to support gold prices in blue-sky territory
The gold market appears to be building a solid base as price continues to rise even as bullish speculative interest among hedge funds starts to slow, according to the latest trade data from the Commodity Futures Trading Commission.
The CFTC's disaggregated Commitments of Traders report for the week ending March 26 showed money managers decreased their speculative gross long positions in Comex gold futures by 9,582 contracts to 163,006. At the same time, short positions also fell, dropping by 2,481 contracts to 27,211.
Gold is now net long 135,795 contracts. Although speculative positioning has remained relatively unchanged in the last two weeks, this is the first decline in speculative positioning since late February, just before gold started its record run. Read More
Gold sets new record highs then backs off a bit
Gold prices are posting solid gains near midday after hitting a record high of $2,264.20 an ounce, basis nearby Comex futures, in overnight trading. Prices have backed down from their daily highs as the U.S. dollar index rallied today, while U.S. Treasury yields up-ticked. Silver prices are posting modest gains. The precious metals are seeing buying support following a mild U.S. inflation report released last Friday, when U.S. markets were closed for a holiday. June gold was last up $20.50 at $2,259.00. May silver was last up $0.159 at $25.07.
Stock, financial and the precious metals markets were buoyed by last Friday’s report that the U.S. PCE price Index was up 0.3% in February compared to the previous month. The rise was slightly lower than the revised 0.4% increase in January and fell short of market forecasts for a 0.4% increase. The annual rate of PCE inflation rose marginally from 2.4% to 2.5%, aligning with forecasts. However, when considering the monthly core PCE inflation, which excludes volatile components such as food and energy and is a preferred measure of inflation by the Federal Reserve, there was a deceleration. The core PCE inflation rate slowed to a 0.3% rise from a revised 0.5% rise in January, matching the anticipated rate. This report favors the U.S. monetary policy doves, who want to see the Federal Reserve cut interest rates sooner rather than later.
Technically, June gold futures bulls have the strong overall near-term technical advantage. A six-week-old uptrend is in place on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at $2,300.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $2,200.00. First resistance is seen at $2,275.00 and then at the contract high of $2,286.40. First support is seen at $2,246.60 and then at $2,233.30. Wyckoff's Market Rating: 9.0.
Image Source: Kitco News
May silver futures bulls have the overall near-term technical advantage and are working on restarting a price uptrend on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at the March high of $25.975. The next downside price objective for the bears is closing prices below solid support at $23.50. First resistance is seen at today’s high of $25.51 and then at $25.75. Next support is seen at today’s low of $24.855 and then at last week’s low of $24.445. Wyckoff's Market Rating: 6.5. Read More
Image Source: Kitco News
Gold Soars to Historic Highs Amid Economic Turbulence and Geopolitical Strife
Image Source: Kitco News
In a remarkable turn of events, gold futures surged to unprecedented levels on April 1, 2024, driven by a potent mix of economic and geopolitical factors. As of 5:30 PM EDT, the most active April contract skyrocketed by $17.70, or 0.78%, settling at a staggering $2,272.50 per ounce. Remarkably, gold futures traded as high as $2,286.40 intraday, a record milestone, with moderately strong volume of 214,706 contracts.
This historic ascent is underpinned by two primary catalysts. First, market participants are heightening their expectations of a series of interest rate cuts by the Federal Reserve, likely commencing in June. Speculation abounds that the central bank will implement three consecutive quarter-percentage-point reductions to stimulate the economy.
Concurrently, gold's allure as a safe-haven asset has been amplified by escalating geopolitical tensions. The protracted Russia-Ukraine conflict and the escalating violence between Israel and Hamas have stoked concerns, driving investors to seek refuge in the precious metal's perceived stability. Read More
Gold price hits new record highs as the West loses price-setting powers: Frank Giustra & Pierre Lassonde on new geopolitical reality & resource nationalism
As gold set another record high, Canadian mining legends Frank Giustra, CEO of Fiore Group, and Pierre Lassonde, Chairman Emeritus at Franco-Nevada, say the West has lost its power to set the price of gold. Giustra and Lassonde also warn that in the new geopolitical reality of resource nationalism, Canada is failing its economy and citizens.
With gold futures hitting another record high of above $2,264 an ounce at the start of the second quarter, Giustra and Lassonde pointed to a major shift in the gold market.
"The world hasn't woken up yet. The marginal buyer of gold is no longer the U.S. It's no longer Europe. It's China. Between the country's central bank and the Chinese public, China takes up over two-thirds of all the annual production. They are the new marginal buyer. That's where the gold price is set," Lassonde told Michelle Makori, Lead Anchor and Editor-in-Chief at Kitco News, during Kitco Insights Interactive Mining Titans' Power Panel. Read More
Live From The Vault - Episode: 166
America standing up for gold & silver Feat. David Tice
In this week’s episode of Live from the Vault, Andrew Maguire is joined by a returning David Tice, producer and director of “Grid Down, Power Up” and co-manager of the Precious Metals Equity Investment Management Fund.
The precious metals experts disclose the grave threat to both America and the world, warning of geopolitical challenges that could culminate in a takedown of US infrastructure - while offering advice on how to protect oneself with gold and silver.
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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.
