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Silver Price News: Silver Hits Fresh 11-Year High
Silver prices set another 11-year high on Friday, smashing through the $30.00 an ounce mark with ease as gold prices climbed above $2,400 an ounce to cap a strong week for the precious metals.
Silver punched through the psychologically important $30.00 an ounce level on Friday and went on to notch up an intra-day high of $31.58 an ounce. That was the highest silver price since February 2013. That compared with around $29.73 an ounce in late trades on Thursday.
Earlier in the week, signs of slowing US inflation and weaker-than-expected jobs numbers appeared to strengthen the case for interest rate cuts in the coming months. Expectations on the timing of a start to looser monetary policy have been dialled back this year, first from March, then to June and now September.
Lower interest rates, if they do eventually materialise, are seen as supportive for non-interest-bearing investments like gold and silver. Read More
Gold Price News: Gold Rallies to Notch Up 1.9% Weekly Gain
Gold prices powered up through the $2,400 an ounce mark on Friday, capping a strong week for the metal, which posted week-on-week gains of around 1.9%.
Gold prices touched a high of $2,419 an ounce on Friday, compared with around $2,379 an ounce in late trades on Thursday. That was the highest gold price since April 12.
Friday was light on macroeconomic data releases, and gold’s ability to push higher seemingly without the support of underlying economic data does highlight its natural appeal as a safe haven during times of geopolitical tension.
Recently-approved western financial support for Ukraine’s defence against Russian military attacks raises the ante and may indicate a long-drawn out conflict in the region, maintaining a risk of the confrontation spilling out into a wider war. These tensions, along with the ongoing clash between Israel and Hamas, continue to create a risk premium for gold prices.
On the demand side, the People’s Bank of China has announced gold purchases for 18 consecutive months, the World Gold Council said in a report May 15. Read More
Wall Street sees gold prices challenging $2,500 next week, Main Street sentiment is more restrained
The gold market had plenty of significant economic data and in-depth Fed speak to digest this week, and the result was one of the most dramatic moves for precious metals markets this year.
Spot gold kicked off the week trading at $2,361.17 and spent Sunday and Monday treading water while eagerly awaiting the key inflation data to come. Tuesday morning brought a mixed PPI report, but markets took comfort in comments from Fed chair Jerome Powell two hours later, when he told the Foreign Bankers’ Association that he was confident the central bank would not need to hike again. Gold prices turned positive on the week early Wednesday morning, and when the April CPI report showed month-over-month improvement, that was all traders needed to begin pushing the yellow metal higher still. Read More
Gold and silver prices seeing some follow-through buying following Friday’s breakouts
Gold and silver are starting the week with increased volatility as investors continue to react to the precious metals' breakout moves on Friday and extend their follow-through through Sunday evening.
Overnight, gold futures rallied to a new all-time high of $2,454.20 an ounce; meanwhile, silver prices surged to $32.75. Although the precious metals were off their recent highs as the North American trading session kicks off, they are attracting some new momentum.
Image Source: Kitco News
June gold futures last traded at $2,422.60 an ounce, up 0.20%on the day; meanwhile, July silver futures last traded at $31.81 an ounce, up 1.74% on the day. Read More
Gold SWOT: Silver has soared by almost a quarter in 2024, outpacing gold
The best performing precious metal for the week was silver, up 11.29%, breaking through $30 per ounce for the first time in more than a decade with an increasingly supportive supply picture for prices with a projected fourth year of market deficit in production, reports Bloomberg. Gold’s record-setting rally may have captured the headlines this year, but it is silver that’s running harder and faster as the less glamorous metal benefits from robust financial and industrial demand. Silver has soared by almost 29% in 2024, outpacing gold and making it one of the year’s best-performing major commodities, Bloomberg explains. Yet in relative terms, silver is still cheap. It currently takes about 80 ounces of silver to buy 1 ounce of gold, compared with the 20-year average of 68. Read More
Hedge funds jumping into gold and silver ahead of breakout
It’s silver’s time to shine as hedge funds protect themselves against higher inflation caused by a broad-based rise in commodity prices, according to some commodity analysts, after reviewing the latest data from the Commodity Futures Trading Commission.
Silver has been attracting considerable attention as it benefits from persistently higher gold prices and renewed momentum in copper. Analysts note that silver’s role as an industrial and monetary metal is creating a perfect storm to drive prices higher.
The CFTC's disaggregated Commitments of Traders report for the week ending May 14 showed money managers decreased their speculative gross long positions in Comex silver futures by 5,314 contracts to 60,206. At the same time, short positions fell by 188 contracts to 20,510.
The renewed buying momentum has pushed silver’s net length to a one-month high; the precious metal is net long by 39,696 contracts. During the survey period, silver prices tested critical long-term resistance at $29 an ounce. Read More
Cryptos, gold, and silver surge as investors bet on rate cuts
Asset prices from precious metals to stocks and cryptos trended higher on Monday as investors brushed aside words of caution from policymakers and placed bets that an interest rate cut would come sooner than Fed officials have let on, sparking a rally across all asset classes.
The Dow briefly spiked above 40,000 while the Nasdaq touched a new intraday high to start the week, but the real story was in precious metals as Gold recorded a fresh all-time high while silver climbed to its highest level in over a decade.
“Two categories of investment have stood out in terms of performance in 2024: precious metals and cryptocurrencies,” said Neil Roarty, analyst at investment platform Stocklytics. “Both gold and Bitcoin (BTC) have hit all-time high prices this year, while silver, platinum, Ethereum and Solana have all performed strongly.”
“With gold topping $2,450 per ounce for the first time ever on Monday, and Bitcoin not far off its $72,000 high-water mark, the question for investors is whether these bull runs are sustainable,” Rotary said. “The answer might lie in how metals and cryptocurrencies are mined.” Read More
Record high for gold amid strong Chinese buying
Gold and silver prices are higher at midday but down from their overnight highs that saw gold hit a record high of $2,454.20 an ounce, basis June Comex futures, and silver hit an 11-year high of $32.75 an ounce, basis July Comex futures. Safe-haven demand is featured in both precious metals markets to start the trading week, especially from China, as geopolitics is back on the front burner. June gold was last up $11.10 at $2,428.50. July silver was last up $0.876 at $32.125.
Reports say Chinese speculators are snapping up gold at a torrid pace, and that bullion from the West is moving into China to satisfy the strong demand. It could be that Chinese investors have soured on China’s economic prospects and China financial markets, including the unsteady yuan Chinese currency, and are purchasing safe-haven gold and silver. Chinese real estate investment dropped 9.8%, year-on-year, from January to April.
Technically, June gold futures bulls have the solid overall near-term technical advantage. Bulls’ next upside price objective is to produce a close above solid resistance at $2,500.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $2,350.00. First resistance is seen at today’s record high of $2,454.20 and then at $2,465.00. First support is seen at today’s low of $2,411.10 and then at $2,400.00. Wyckoff's Market Rating: 8.5.
Image Source: Kitco News
July silver futures bulls have the solid overall near-term technical advantage. Prices are in a steep, three-week-old uptrend on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at $35.00. The next downside price objective for the bears is closing prices below solid support at $30.00. First resistance is seen at today’s high of $32.75 and then at $33.00. Next support is seen at today’s low of $31.18 and then at $31.00. Wyckoff's Market Rating: 8.5. Read More
Image Source: Kitco News
Gold to outperform silver as long as S&P trends higher – Mike McGlone
Silver’s price surged to its highest level in more than a decade on Monday morning as the grey metal finally started to play catch up to gold, which continues to set new record highs amid a backdrop of deteriorating global financial conditions.
The question on the minds of precious metals investors now is how the gold/silver ratio will perform in the weeks and months ahead as the metals find newfound love from investors looking to maintain their wealth.
Since January 22, the gold/silver ratio has fallen from its yearly high above 92 to its current value of 75.75, and many expect it to continue to decline as silver finally gets the love it deserves, but according to Mike McGlone, senior commodity strategist at Bloomberg Intelligence, gold could continue to outshine its sister metal if the S&P continues to show strength. Read More
Gold Rally Continues Amid Persistent Inflation Concerns
Image Source: Kitco News
Gold futures, based on the most active June contract, are currently trading at $2,438.50, up $21.10 or 0.87% for the day. The June contract opened at $2,422.20, reached a high of $2,454.20, and a low of $2,411.10. Gold futures have gained significant value over the past month, considering they were trading at $2,298.20 on Wednesday, May 1.
Spot gold hit another record high of $2,416.64 today after reaching an all-time high of $2,450.01. The rise in gold prices occurred concurrently with moderate dollar strength, as the dollar index gained 0.13%, reaching 104.639.
The genuine concern about the level of inflation and its impact on the Federal Reserve's future monetary policy has been driving the rally in gold prices. Concerns about the number of rate cuts the Federal Reserve will initiate are prevalent and have been highly supportive of gold prices. Read More
Live From The Vault - Episode: 173
Beijing fortifies a rising gold price
In this week’s episode of Live from the Vault, Andrew Maguire guides listeners through the latest developments around the new BRICS currency, surging Chinese gold demand, and pivotal findings from the IMF’s latest report.
The seasoned precious metals expert addresses the community’s fervent questions on the escalating paper vs. physical gold battle, while providing crucial updates on the short-term market outlook.
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.
