Today's Gold and Silver News: 29-12-2022

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Gold futures remain above $1800 as spot gold still attempts to breach that key level

As of 4:55 PM EST gold futures basis, the most active February 2023 contract is fixed at $1805.90 after factoring in a net gain of $10.80. Spot gold gained $6.00 and is currently fixed at $1798.51. Silver gained 1.37% or $0.32 with the most active March 2023 futures contract currently fixed at $23.935. A golden cross was identified today with silver’s short-term 50-day moving average crossing above its 200-day moving average.

Image Source: Kitco News

Image Source: Kitco News

Gains in the precious metals were fractionally driven by dollar weakness but the majority of today’s gains were the result of buying by market participants. The US dollar declined by 0.10 % with the dollar index currently fixed at 104.025.

According to the KGX (Kitco Gold Index) at 5:00 PM EST spot gold was fixed at $1798.60 after factoring in a net gain of $6.40. A gain of $5.50 was attributed to normal trading and the remaining gain of $0.90 resulted from dollar weakness.

Our technical studies indicate that the support levels for gold futures are at $1792 which corresponds to the longest-term moving average used by market technicians, the 200-day MA. Major support occurs just below that at $1784.80 which is based upon the 23.6% Fibonacci retracement. The data set used to create the retracement begins at $1618 and concludes at $1837 which is the highest value gold has traded to since August. Read More

Gold prices to push above $2,000 and silver to double on its way to $50 in 2023 - Avi Gilburt

 It is going to be an interesting and exciting 2023 for gold and silver as one analyst sees prices moving significantly higher through the year and into 2024.

In an interview with Kitco News, Avi Gilburt, founder of ElliottWaveTrader.net, said that gold and silver are getting ready to rise after a two-year consolidation period. He sees gold prices pushing solidly above $2,000, and said silver could easily double to above $40 an ounce and eventually push back to its all-time highs at $50.

"I was taught that if you didn't have anything nice to say, then don't say anything at all, and that is what it has been like for gold and silver," said Gilburt. "I've just been biding my time and waiting for the setup for the next rally to $2,100."

Looking at gold's long-term technical picture, Gilburt said he has been tracking a five-wave rally in gold, going all the way back to the 2015 lows.

"Back in August of 2020, we hit the top of the third wave. From then, until we hit the low back in early November of this year, we basically had a two-year consolidation in a fourth wave. We are now preparing to rocket higher in a fifth wave," he said.

Gilburt added that traditionally, the fifth wave is fairly powerful, with the potential for prices to go parabolic. Read More

Gold will shine in 2023 but copper is the long-term play to watch - America Pacific Mining

Gold will always play an essential role in a portfolio as a safe-haven asset; however, investors need to pay attention to copper as it could have more potential in 2023, according to one junior mining executive.

In a recent interview with Kitco News, Warwick Smith, chief executive officer of America Pacific Mining (CSE: USGD), said that although copper prices have been a lot more volatile than gold this past year, its fundamental outlook makes it a slightly more attractive investment compared to the yellow metal.

In early 2022 copper prices briefly rallied to an all-time high above $5 per pound; however, rising recession fears due to the Federal Reserve's aggressive monetary policy stance have significantly weighed on the industrial metal. Copper prices are looking to end the year down 12%, last trading at $3.891 per pound.

By comparison, gold prices have held up relatively better than copper as it prepares to end the year in neutral territory, with prices trading around $1,825 an ounce.

Although gold prices remain an attractive asset as the world teeters on the brink of a recession, Smith said that copper is also well-positioned to weather the oncoming storm.

"With this electrification revolution going on, there is going to be a major supply deficit for copper," he said. "Whether you're looking towards a rough economic environment or not, the West is pushing hard on this electrification, and they're going to need copper." Read More

Investors were underweight gold in 2022, don't make the same mistake in 2023 - Frank Holmes

Investors will soon be closing the book on 2022, and it has been an unprecedented year, to say the least.

Inflation has risen to its highest level since the 1980s, forcing the Federal Reserve to raise interest rates at the fastest pace in more than 40 years. This past year, the U.S. central bank has increased interest rates by 425 basis points.

It has been a challenging year for most investors as the traditional 60/40 portfolio allocation has seen its worst losses since the 1930s. The Federal Reserve’s aggressive monetary policy has pushed bond yields to their highest level in more than a decade and the U.S. dollar saw a 20-year high this past year.

The global economy balances on the brink of a recession as food and energy prices remain elevated. With so much uncertainty, investors are left wondering how they should build a portfolio for the new year.

Kitco News is once again reaching out to the experts to ask them where they are investing their money in 2023. Read More

Gold prices are holding support above $1,800 an ounce as U.S. pending home sales fall 4% in November

Rising U.S. mortgage rates, due to the Federal Reserve’s aggressive monetary policy stance continues to take its toll on the U.S. housing sector as fewer consumers start the process of buying a new home in November.

The U.S. pending home sales fell 4% in the last month following a drop of 4.6% in October, the National Association of Realtors (NAR) said on Wednesday. The data was weaker than expected as the consensus forecast called for a decline of around 1%. 

The gold market has seen technical selling pressure Wednesday and has not been able to attract any bullish traction following the disappointing home sales data. February gold futures last traded at $1,812.20 an ounce, down 0.60% on the day.

This is the sixth consecutive month of falling pending home sales. The report noted that the index has fallen to the second-lowest monthly reading in 20 years.

However, the association added that it hopes sales will pick up as 2022 comes to a close.

“With mortgage rates falling throughout December, home-buying activity should inevitably rebound in the coming months and help economic growth,” the report said. Read More

Gold, silver see routine downside corrections Wednesday

Gold and silver prices are lower in midday U.S. trading Wednesday, on normal corrective pullbacks from recent gains that saw gold hit a six-month high Tuesday and silver an eight-month high last week. Profit-taking from the shorter-term futures traders was also featured today. February gold was last down $12.60 at $1,810.60 and March silver was down $0.482 at $23.74.

Selling pressure in gold and silver intensified when the key outside markets turned bearish in morning trading. The U.S. dollar index is higher after trading down overnight. Nymex crude oil prices are lower and also lost overnight gains, presently trading around $78.00 a barrel. Meantime, the yield on the benchmark U.S. 10-year Treasury note rose today and is presently 3.866%. 

Technically, February gold futures saw routine profit-taking featured after prices hit a six-month high Tuesday. Bulls still have the firm overall near-term technical advantage. A seven-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 $1,875.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,782.00. First resistance is seen at today’s high of $1,822.80 and then at this week’s high of $1,841.90. First support is seen at today’s low of $1,804.20 and then at $1,800.00. Wyckoff's Market Rating: 7.0.

Image Source: Kitco News

March silver futures also saw profit-taking was seen after prices hit an eight-month-high last week. The silver bulls still have the firm overall near-term technical advantage. Prices are in a four-month-old uptrend on the daily bar chart. 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 $22.735. First resistance is seen at today’s high of $24.275 and then at the December high of $24.525. Next support is seen at $23.55 and then at $23.00. Wyckoff's Market Rating: 7.0. Read More

Image Source: Kitco News

'Last chance' to buy gold and silver at 'these low prices' - Robert Kiyosaki

As markets wrap up a very volatile year, this may be the last chance to buy gold and silver at such low prices, said the best-selling author of 'Rich Dad Poor Dad' Robert Kiyosaki.

The lows are likely in for gold and silver markets, with gold currently trading around $1,800 an ounce and silver around $24 an ounce, according to Kiyosaki.

In 2022, gold saw a wide trading range, rising above $2,000 an ounce in the spring and hitting lows near $1,630 an ounce in the fall.

Silver saw most of its gains in the first quarter of this year, hitting $27 an ounce, which is similar to gold's trading pattern. Then it witnessed losses for six months, hitting a 2-year low of $17.50 in September. In the fourth quarter, prices started to pick up as investors began to anticipate a pivot by the Federal Reserve.

Analyzing the macro environment, Kiyosaki suggested to his Twitter followers that the current price levels might be the cheapest option to buy precious metals before the rally kicks in.

"Gold over 1800. Silver over 24. Inflation moving up. Interest rates moving up. Stock market to crash, sending gold and silver higher. May be last chance to buy gold and silver at these low prices. Take care," he tweeted this week. Read More

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.