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Gold, silver pounded on notions of tightening monetary policies
Gold and silver prices are sharply lower in midday U.S. dealings Monday, with gold overnight careening to a more-than-four-month low of $1,676.40, basis October futures, and silver slumping to a more-than-eight-month low of $22.295, basis September futures. However, prices are trading well off their daily lows and near mid-range at midday. October gold futures were last down $34.20 at $1,729.90 and September Comex silver was last down $1.026 at $23.315 an ounce.
The metals are still suffering from the reverberations of last Friday's surprisingly strong U.S. jobs report that pushed the U.S. stock indexes to or near their record highs, rallied the U.S. dollar index, pushed the U.S. Treasury yields up (prices down)—all bearish elements for the metals. Read More
Mongolia steps up gold purchases as gold price drop 9% year-to-date
Mongolia has increased its official gold purchases this year, buying a total of 11 metric tons so far, according to local media reports citing the country's central bank.
The average gold price was at around $58 per gram, the central bank said. This total is as of July.
The central bank added that buying gold helps Mongolia with economic stability.
Mongolia's buying comes at a time when gold prices are still coming off their August 2020 record highs. Year-to-date gold is down more than 9%. Read More
Osisko Gold Royalties announces record quarter, increases dividend
Osisko Gold Royalties (OR: TSX & NYSE) said today in its second-quarter it had record revenues of $49.9 million, up from $28.7 million during the same quarter a year ago.
The company announced a quarterly dividend increase of 10% to $0.055 per share. Read More
Gold continues to fall but recovers from extreme lows overseas
Friday's article was titled "Both gold and silver sustained major technical chart damage in trading today". The major selloff that began on Friday continued as gold trading reopened on Monday morning (Sunday in Hawaii and the mainland) trading to a low of $1677.90, before slightly recovering from that dramatic low closing $68 off of the low. As of 5:04 PM EST gold futures basis, the most active December 2021 Comex contract is currently off by $31.50 and fixed at $1731.60. Read More
Gold wallows at multi-month lows as tapering bets buoy dollar, yields
Gold prices languished near multi-month lows on Tuesday, hurt by a rise in U.S. bond yields and a stronger dollar after robust U.S. jobs data last week raised bets over the Federal Reserve tapering stimulus earlier than expected. Read More
Gold, silver 'flash crashed' overnight, is the floor about to break? Chris Vermeulen on next prices
Gold saw a dramatic move downward Sunday evening, with the yellow metal falling 5%. The price has recovered on Monday morning but is still down from Friday's close.
Chris Vermeulen, chief market strategist of InTheMoneyStocks.com, said that the bear trend is still intact and that prices could still head lower before a trend reversal takes place. Read More
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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 other advice.
