x
Image Source: Unsplash
Silver Price News: Silver Prices Top $24 For First Time Since September
Silver prices made solid gains Friday, briefly topping the $24.00 an ounce mark for the first time since early September and clocking up hefty week-on-week gains.
Prices closed out at just under $23.75 an ounce Friday, compared with around $22.35 a week ago. The sharp gains for the grey metal followed similar increases in the gold price, which came as a raft of economic data prompted speculation that US interest rates may have peaked and that the ECB could cut rates by up to 1% in 2024.
The prospect of lower borrowing costs may have been taken by the silver market as supportive for companies in the industrial sectors, which provide a significant portion of demand for the semi-industrial metal. Read More
Gold Price News: Gold Nudges Higher to Round off Bullish Week
Gold prices edged slightly higher Friday, to close out a week of strong gains for the precious metal.
Prices made incremental gains to trade as high as $1,993 an ounce Friday, compared with a low of $1,959 an ounce Thursday. The strength in gold left prices up by around $58 or 3% week on week – gains which reversed most of the previous week’s losses.
On the macro front, data released Thursday showed that US jobless claims grew more than expected, casting a shadow over the outlook for the economy and adding further weight to expectations that the US Fed will consider halting its interest rate hike cycle. Read More
Investors will want to own gold as 'America faces a debt reckoning' - Maison Placements Canada's John Ing
One of Toronto’s oldest boutique investment firms is warning investors that gold could be a good asset to own as the world faces significant threats in the coming months and years.
In his latest research report, John Ing, president and CEO of Maison Placements Canada, said he is looking for gold prices to rally to $2,200 an ounce as the chickens, raised on decades of uncontrollable spending, come home to roost.
Ing said in his latest commentary that they believe “mounting inflation, de-dollarization, heightened geopolitical risks, global debt and the rise in populism” provide a positive backdrop for gold: “it is a good thing to have.”
According to Ing, the biggest factor behind most of the global economic threats comes down to growing debt problems in the U.S. Ing noted that since 2008, the supply of Treasuries has risen five-fold to more than $25 trillion.
This fiscal year saw deficit spending in the U.S. rise by $1.7 trillion, pushing the debt past $33 trillion. “America faces a debt reckoning,” Ing warned.
Despite the growing threat, Ing noted that the U.S. government continues to spend money at a record pace as it pushes the transition to green energy to meet global carbon dioxide reduction targets. He described the green energy transition as a black hole: “Once you are in it, it is impossible to get out.” Read More
Sentiment Speaks: gold and silver have a bit more work to do before they are ready to shine
If you have been reading any of my articles over the last 12 years, you know that I have a major issue with the common view of how markets work, as represented through the public articles that we all read. Instead of providing us with true assessments of the market, they seem to glean their perspectives by the direction the wind is blowing at the time. And, the reasoning they proffer is never consistent or intellectually honest.
Allow me to once again explain.
Back in the 2011-2013 time frame, most were exceptionally bullish of the metals complex. In fact, most were expecting an imminent rally through the $2,000 region. And, what was the fundamental reason for their expectations? Each and every person was convinced that quantitative easing and lowering the interest rate was going to cause the metals to rally.
Well, that did not exactly work out so well, did it? Read More
U.S. GDP is weak, recession is looming, and gold will hit ATH in H1 2024 - TD Securities' Ghali
A looming recession, a slow-to-respond Federal Reserve, and a rapid cutting cycle will combine to push gold to new all-time highs in the first half of 2024, according to Daniel Ghali, Senior Commodity Strategist at TD Securities.
“We're looking at gold prices rallying towards $2,100 an ounce on an average quarterly basis,” Ghali said in a recent interview with Moneytalk. “On a more tactical horizon, that can overshoot quite substantially. Really what we're looking at here is a significant undervaluation of every macroeconomic scenario other than a soft landing. We're actually expecting a U.S. recession in the first half of next year, we're starting to see cracks emerge in the data, and investors are very severely under-positioned for that in gold markets.”
He said this is particularly notable given that the stock-bond correlations are abnormally high, meaning traditional portfolio diversifiers are no longer working well. “Commodities are one angle that you can take a look at to address that.”
Ghali believes the recent data indicating strength in the U.S. economy are misleading and conceal considerable weakness, and the Fed will have to cut deeper and faster than markets anticipate.
“The third quarter GDP report was gangbusters,” he said. “Intuitively, market participants have seen the trend growth that has occurred over the last few quarters and are starting to project that forward, but the reality is the quality of that GDP report was actually pretty poor.” Read More
Gold, silver weaker amid better risk appetite in marketplace
Gold and silver prices are moderately lower in midday U.S. trading Monday. The safe-haven metals bulls have lost momentum amid investor risk appetite that continues to improve heading into the holidays. There are solid clues the U.S. Federal Reserve is done raising interest rates amid falling inflation. And six weeks into the Israel-Hamas war, there has been no major military escalation to involve other countries. December gold was last down $8.20 at $1,976.50. December silver was last down $0.262 at $23.59.
Asian and European markets were mixed in overnight trading. U.S. stock indexes are higher and at or near multi-week highs today. It will likely be a quieter trading week as the U.S. Thanksgiving holiday is on Thursday and Friday is typically one of the quietest U.S. trading days of the year.
Technically, December gold futures bulls have the slight overall near-term technical advantage. Bulls' next upside price objective is to produce a close above solid resistance at $2,000.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,900.00. First resistance is seen at today's high of $1,987.80 and then at last week's high of $1,996.40. First support is seen at today's low of $1,967.20 and then at $1,959.00. Wyckoff's Market Rating: 5.5.
Image Source: Kitco News
December silver futures bulls have the overall near-term technical advantage. Silver bulls' next upside price objective is closing prices above solid technical resistance at $25.00. The next downside price objective for the bears is closing prices below solid support at the November low of $21.925. First resistance is seen at today's high of $23.87 and then at $24.00. Next support is seen at today's low of $23.30 and then at $23.00. Wyckoff's Market Rating: 6.0. Read More
Image Source: Kitco News
Gold's fear trade has officially peaked as hedge funds ditch their bullish bets
Although inflation pressures are easing and a weakening economy is starting to cool down the labor market, analysts have said that the Federal Reserve still isn't ready to shift its tightening bias, which is keeping hedge funds out of the gold market.
The latest trade data from the Commodity Futures Trading Commission (CFTC) shows the fear trade that drove gold prices to $2,000 an ounce last month has run its course and, according to some analysts, the market needs a new catalyst.
The CFTC's disaggregated Commitments of Traders report for the week ending Nov. 14 showed money managers dropped their speculative gross long positions in Comex gold futures by 7,685 contracts to 132,924. At the same time, short positions rose by 6,235 contracts to 68,609.
Gold's net length fell to 64,315 contracts. This was the gold market's first decline since mid-October. Last month, the gold market saw near-record speculative bullish interest as a war between Israel and Hamas created new uncertainty and chaos in the Middle East.
However, the conflict has remained confined within Gaza, and investors are again focused on economic conditions as geopolitical uncertainty stabilizes.
Although gold's bullish speculative momentum has peaked, with prices holding support around $1,940 an ounce during the survey period, many analysts remain optimistic that prices will continue to consolidate at current levels. Read More
Why the new banking crisis could be unleashed as soon as March, George Gammon explains
While many analysts have downgraded a banking crisis scenario, George Gammon, investor and macroeconomics expert, warned that the banking sector could collapse as soon as March of next year.
The reason for his concern is the Federal Reserve's emergency liquidity program, known as the Bank Term Funding Program (BTFP). It is a financial support initiative launched by the Federal Reserve in response to banking system stress felt after the collapse of Silicon Valley Bank (SVB) in March.
The primary goal of the BTFP is to support the banking system's stability and ensure banks have adequate liquidity. Under the BTFP, banks can borrow from the Federal Reserve for a term (often one year) using high-quality securities as collateral. These securities typically include U.S. Treasury bonds, mortgage-backed securities, and other government-backed debts. Read More
Live From The Vault - Episode: 149
Why the FED will revalue gold in 2024
In this week’s episode of Live from the Vault, Andrew Maguire reveals the Federal Reserve’s Achilles Heel: the exchange of deflating dollars to undervalued bullion, and asks why anyone would buy treasuries when they could buy gold.
Andrew explains how global central banks are accruing physical gold ahead of this game-changing event. The precious metals expert and whistleblower reveals there may be only 35 trading days until a possible gold revaluation.
.png)
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.
