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Silver Price News: Silver Nears One-Month High, Eases Later
Silver prices climbed close to a one-month high on Friday, holding onto gold’s coattails, although prices fell back to close the day slightly in the red.
Silver peaked at just over $28.75 an ounce during the day Friday, but prices fell back later to around $28.20 an ounce by late afternoon. That compared with around $28.37 an ounce in late trades on Thursday.
Silver’s initial gains took the white metal to its highest price since April 19 – close to a one-month-high. The gains capped a bullish week for silver, which took a lead from gold prices, which powered up in the latter half of the week to reach a three-week high on Friday.
Thursday’s US jobless claims figures came in higher than expectations, raising the prospects of interest rate cuts in the coming months, boosting precious metals prices.
US 10-year treasury yields also fell sharply on Thursday, driving gold and silver prices higher, before rebounding on Friday in a move which curbed silver’s gains later in the day. Read More
Gold Price News: Gold Edges Up to Three-Week High
Gold prices ticked higher on Friday to reach a three-week-high, building on the previous day’s sharp gains, as US data highlighted consumers’ concerns over persistent inflation.
Prices edged up to as high as $2,379 an ounce on Friday, compared with around $2,346 an ounce in late trades on Thursday. That was the first time gold prices rose above $2,375 an ounce since April 22.
The University of Michigan consumer sentiment figures for the US were released Friday, showing that economic sentiment fell to a six-month low in May, and well below market expectations. Inflation expectations for the year ahead rose to 3.5%, the highest in six months. Consumers flagged concerns around inflation, unemployment and high interest rates in the year ahead, all of which paint a somewhat gloomy picture for the economy and boost the appeal of safe haven assets like gold.
In addition, persistent inflation erodes the purchasing power of fiat currencies, which can drive additional flows into assets like gold, whose supply is limited. Read More
Wall Street back on the bullish bandwagon, Main Street still doubts gold’s upside potential
Amid cooling geopolitical tensions and a slow week for economic data releases, the gold market ultimately returned its focus to the Federal Reserve’s interest rate path.
Spot gold opened the week trading just above the $2,300 level, and spent most of the week trading in a $30 range. In the absence of other significant data, gold prices took their direction from Thursday morning’s weekly jobless claims, which surprised to the upside.
In light of Fed chair Jerome Powell's comments that rate cuts remain on the table for 2024, gold traders decided that the high jobless claims print improved those odds, and gold broke definitively above $2,330 just after 10:30 am EDT, climbing steadily for the rest of Thursday and throughout the overnight trading session before attaining its weekly peak of $2,378.56 per ounce around 6:30 am Friday morning. It continued to hold most of those gains throughout the Friday session.
The latest Kitco News Weekly Gold Survey sees industry experts showing renewed optimism about the precious metal, while only half of retail traders believe gold prices can appreciate next week. Read More
BRICS will drive USD hyperinflation, buy gold, silver and Bitcoin before the coming depression – Robert Kiyosaki
As the BRICS countries transition away from the dollar, the U.S. will face hyperinflation and enter a depression, making precious metals, Bitcoin, and “hard assets” the only things worth holding, according to famed investor Robert Kiyosaki.
The Rich Dad, Poor Dad author shared his latest perspectives on gold, fiat currencies and Bitcoin in an X post from South Africa on Sunday.
“Watching and listening to rumors of what will happen when BRICS nations, Brazil, Russia, India, China, South Africa produce BRICS crypto, possibly backed by gold,” Kiyosaki wrote. “If BRICS gold crypto happens trillions in fake money, fiat US dollars will come rushing back to home to America causing hyperinflation in America, ultimately destroying US dollar.”
He advised his followers to “protect yourself from the crash of US dollar” by purchasing “real gold, silver, and Bitcoin now.” Read More
Profit-taking pressure knocks down gold price
Gold prices are solidly lower in midday U.S. trading Monday. The shorter-term futures traders are taking profits after recent good gains. Silver prices are just slightly down. Both precious metals bulls remain in firm technical control. June gold was last down $31.40 at $2,343.50. July silver was last down $0.026 at $28.48.
Traders and investors are awaiting key U.S. inflation data for April out this week—the producer price index on Tuesday and the consumer price index on Wednesday. PPI is seen up 0.3%, month-on-month, compared to a rise of 0.2% in the March report. CPI is seen up 0.4%, compared to the March report showing a rise of 0.4%. The annual CPI April reading is seen up 3.6% compared to up 3.8% in the March report.
Technically, June gold futures bulls still have the firm overall near-term technical advantage. Bulls’ next upside price objective is to produce a close above solid resistance at $2,400.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $2,300.00. First resistance is seen at $2,350.00 and then at today’s high of $2,370.80. First support is seen at today’s low of $2,337.60 and then at $2,325.00. Wyckoff's Market Rating: 7.0.
Image Source: Kitco News
July silver futures bulls have the firm overall near-term technical advantage. Silver bulls' next upside price objective is closing prices above solid technical resistance at last week’s high of $29.00. The next downside price objective for the bears is closing prices below solid support at $27.00. First resistance is seen at today’s high of $28.615 and then at $29.00. Next support is seen at today’s low of $28.185 and then at $28.00. Wyckoff's Market Rating: 7.0. Read More
Image Source: Kitco News
Image Source: Kitco News
As of 5:15 PM ET, gold futures based on the most active June 2024 contract traded $32 lower, settling at $2,343. Today's price decline effectively filled the gap created between last Thursday's closing price and Friday's opening price. On Thursday, May 9, gold futures opened at $2,316.50 and closed at $2,340.30. On Friday, gold opened at $2,353.50 and closed just below $2,375, creating a price gap.
While Thursday's intraday high of $2,354.20 was above Friday's intraday low of $2,352, a true gap existed between the real bodies of those days' Japanese candlesticks. A candlestick's body represents the open and close, so last week saw a price void between Thursday's $2,340.30 close and Friday's $2,353.50 open. A gap "fills" when the price revisits the pre-gap level. It must be noted that the chart used for this analysis is based upon the closing settlement price in New York.
According to Investopedia, "In volatile markets, traders can benefit from large jumps in asset prices if they can be turned into opportunities..." Gaps offer enterprising traders’ chances to interpret and exploit price movements for profit.
Today's decline essentially filled last week's gap as market participants likely took profits ahead of Wednesday's April Consumer Price Index (CPI) report, awaiting further inflation data. Read More
Fed uncertainty weighs on gold, but prices are going higher this year - NDR’s Tim Hayes
Investors should expect to see higher volatility in the gold market as the precious metal continues to defy expectations but looks increasingly vulnerable in the near term, according to one market analyst.
In a recent interview with Kitco News, Tim Hayes, Chief Global Investment Strategist at Ned Davis Research, said that he expects gold prices to eventually surpass last month's record highs above $2,448 an ounce, but the breakout might not happen until the Federal Reserve actually pulls the trigger on rate cuts.
Hayes' qualified bullish outlook comes as the precious metal has been unable to hold last week's gains and drops below support at $2,350 an ounce. June gold futures last traded at $2,343.50 an ounce, down more than 1% on the day. Read More
Live From The Vault - Episode: 172
“The Evolution of Money” Robert Kiyosaki
In this week’s episode of Live from the Vault, Andrew Maguire is joined by world-renowned “Rich Dad, Poor Dad” author, Robert Kiyosaki. Andrew and a returning Robert discuss the changing global economy and how to preserve wealth.
The precious metals experts examine massive, ongoing Indian & Chinese silver demand and delve deeper into the sound money movement, before proclaiming the Kinesis ecosystem to be the evolution of money.
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.
