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Silver Price News: Silver Hits Three-Month High
Silver prices pushed up to a three-month high at the end of last week, with prices topping the $24.30 an ounce mark on Friday for the first time since early September.
Prices spent most of Friday morning trading in a range of $23.60 to $23.75 an ounce in fairly subdued conditions. However, Friday afternoon saw a surge higher to over $24.30, rounding off the week in bullish fashion.
The US dollar weakened against other major currencies on Friday, adding to a drop in the dollar’s value seen throughout November, and providing a supportive element for dollar-denominated assets like gold and silver.
However, the scale of silver’s move higher may have been exacerbated by thin liquidity due to the US Thanksgiving holiday on Thursday and a half day of trading on Friday. Read More
Gold Price News: Gold Prices Bounce Back Above $2,000
Gold prices finished the week on a strong note, rebounding back above the $2,000 an ounce level.
Prices reached an intra-day high of $2,005 an ounce, compared with a low of $1,991 on Thursday. The US dollar weakened slightly against other currencies Friday, providing a lift for dollar-denominated assets like gold and silver.
In general, trading activity was subdued in the wider financial markets due to the US Thanksgiving holiday on Thursday and a shortened trading day on Friday, leaving the market focusing on the coming week when liquidity is likely to return to normal levels.
Gold prices remain elevated compared to their levels over the summer period, and continue to take support from heightened geopolitical tensions in the Middle East and a general sense that central banks may not need to raise interest rates any further. Read More
Gold prices holding solid gains as U.S. new home sales drop 5.6% in October
The gold market is holding on to solid gains above critical resistance as the U.S. housing sector continues to struggle in the face of rising mortgage rates and higher prices.
New home sales dropped by 5.6% in October to a seasonally adjusted annualized rate of 679,000 homes, the U.S. Commerce Department said on Monday. At the same time, September sales numbers were revised significantly lower to 719,000.
The latest housing sales numbers missed expectations, as consensus forecasts called for a sales rate of 724,000.
However, on an annual basis, new home sales are 17.7% above the October 2022 estimate.
The gold market has seen a solid start to the week, trading at a six-month high as prices benefit from a weaker U.S. dollar. The precious metal is not seeing much reaction to the disappointing sales numbers as it continues to hold above critical resistance levels. December gold futures last traded at $2,012,80 an ounce, up 0.49% on the day. Read More
Gold and silver prices face distinct headwinds, but should still benefit from seasonal boost - Heraeus
Gold prices will continue to be held back by the absence of Fed rate cuts, while silver supply is being materially impacted by strikes at Latin American mines, but both metals should benefit from a seasonal rally in December, according to analysts at Heraeus.
Gold has outperformed other precious metals this year, even in the face of high yields and a hawkish Federal Reserve, the analysts wrote in their latest precious metals report.
“The gold price is currently 8.4% higher than at the start of the year,” they said, noting that the yellow metal surpassed the expectations of many market analysts by breaking through $2,000 per ounce a number of times this year.
The analysts cautioned, however, that “with the Fed yet to cut interest rates, it has not been able to sustain these rallies.” Read More
China's gold imports via Hong Kong fall for second consecutive month in October
China’s net gold imports via Hong Kong fell for a second consecutive month in October as a patchy economic recovery impacted demand, according to a report from Reuters published Monday.
Net imports through Hong Kong into China, the world’s biggest gold consumer, fell 23% to 26.793 metric tons in October, compared with 34.757 tons in September.
“Local Chinese demand has apparently been relatively sluggish, and it looks also as if quotas are still low as the government continues to defend the currency,” said StoneX analyst Rhona O’Connell. The People’s Bank of China controls the amount of gold entering the country via the quotas it sets for the country’s commercial banks.
“Looking ahead, the continued unsettled nature of the economy is likely to keep consumers from much discretionary spending and that could keep a lid on gold demand,” O’Connell added. She acknowledged that the Hong Kong data may not be representative of the complete picture of Chinese purchases, as gold is also imported via Shanghai and Beijing. Read More
Goldman Sachs raises 12-month gold price target to $2,050 as the metal's shine returns
The gold market is garnering some new bullish attention as prices start the week at a six-month-high above $2,000 an ounce.
In a note published Sunday, commodity analysts at Goldman Sachs said they expect higher gold prices through 2024. In the report titled "Gold's shine is returning,' the analysts raised their 12-month price target to $2,050 an ounce.
"The potential upside in gold prices will be closely tied to U.S. real rates and dollar moves, but we also expect persistent strong consumer demand from China and India, alongside central bank buying to offset downward pressures from upside growth surprises and rate cut repricing," the analysts wrote.
Goldman's 2024 forecast comes as gold tested a critical resistance level around $2,010. December gold futures last traded at $2,010.80 an ounce, up 0.40% on the day.
Goldman's 12-month forecast is up from its previous $2,000 target published at the start of the year. The investment bank's cautiously optimistic outlook on gold comes as it expects the U.S. economy to remain resilient through 2024. Read More
Gold, silver hit multi-week highs on weak USDX, bullish charts
Gold and silver prices are moderately higher near midday Monday, but down from their daily highs. February gold hit a four-week high and March silver a three-month-high today. The precious metals are seeing buying support from a slumping U.S. dollar index that is trading near last week's three-month low. The technical postures for both metals also lean bullish, which continues to invite the chart-based traders to the long sides of gold and silver. February gold was last up $5.80 at $2,029.50. March silver was last up $0.358 at $25.06.
Gold and silver futures bulls are also benefiting from notions the U.S. Federal Reserve is done raising U.S. interest rates, following some recent tamer inflation numbers. A Dow Jones Newswires headline today reads: "Gold edges higher on hopes Fed's tightening cycle may be over."
Technically, February gold futures prices hit a four-week-high today. The bulls have the overall near-term technical advantage. Bulls' next upside price objective is to produce a close above solid resistance at the October high of $2,039.70. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $2,000.00. First resistance is seen at $2,039.70 and then at $2,050.00. First support is seen at today's low of $2,022.00 and then at last Friday's low of $2,011.30. Wyckoff's Market Rating: 6.0.
Image Source: Kitco News
March silver futures prices hit a three-month-high today. The silver bulls have the firm overall near-term technical advantage. Prices are in a two-month-old uptrend on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at the July high of $26.10. 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 $25.29 and then at $25.50. Next support is seen at today's low of $24.68 and then at $24.50. Wyckoff's Market Rating: 6.5. Read More
Image Source: Kitco News
Gold prices trading near six-month highs; is a breakout imminent?
The gold market continues to attract new attention as prices hold above $2,000, trading near a six-month high. While the market has some significant momentum on its side, analysts appear mixed as to whether all-time highs are on the near horizon.
The gold market is benefiting from renewed market expectations that the Federal Reserve will cut interest rates sooner rather than later. According to the CME FedWatch Tool, markets see a 25% chance of a rate hike as early as March; however, markets see a rate cut more likely in May or June. Spot gold prices last traded at $2,012.60 an ounce, up 0.5% on the day.
Some analysts note that regardless of expectations, weakening growth and cooling inflation supporting eventual rate cuts will continue to support gold prices.
Craig Erlam, senior European market analyst at OANDA, said it could be only a matter of time before prices hit all-time highs. Read More
Live From The Vault - Episode: 150
“So undervalued it’s ridiculous” feat. Bill Murphy
In this week’s episode of Live from the Vault, Andrew Maguire is joined by Bill Murphy, the chairman of the Gold Anti-Trust Action Committee (GATA) and a friend of the show who has led the fight against gold market manipulation for 25 years.
The two whistleblowers talk about the formation of GATA, why Bill was censored long before ‘Cancel Culture’, how the silver market is heavily tampered with and the consequences that those rigging the market faced when found out.
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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.
