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Gold & Silver Market Analysis for Wednesday 11th of August
Kinesis Gold Price Analysis - The volatility on gold is slowing down, while the price seems to be finding an equilibrium after the double sell-off seen on Friday and Monday.
The strength of the US Dollar and the Federal Reserve’s tapering plans remain the main drivers on the markets.
From a technical point of view, the short-term scenario remains fragile, as gold was unable to recover and surpass the resistance zone of £$1,750-1,760. At the same time, we should note that the zone between $1,700 and $1,720 seems to be relatively solid support. Just a few dollars below, at $1,677, we can find the minimum reached by gold on Sunday night.
All these three levels seem to be relatively interesting support zones for bullion. Read More
Gold sees solid gains on short-covering, bargain hunting
Gold prices are sharply higher in midday U.S. trading Wednesday, supported by some bargain buying in the cash market and short covering in the futures market. Silver prices are just slightly up. The precious metals bulls have stabilized their markets at mid-week, following recent selling pressure. October gold futures were last up $19.80 at $1,749.50 and September Comex silver was last up $0.068 at $23.46 an ounce. Read More
Top 10 biggest gold mines in Africa in Q1 2021 - report
Kitco looked at gold output in Africa in Q1 2021 and ranked the top 10 domestic gold mines based on reported quarterly production.
Based on publicly reported data, Kitco estimates that the gold mining industry in Africa produced 3,325 koz of gold in Q1 2021, which was virtually in line with 3,316 koz of gold produced in Q1 2020. Read More
July CPI release points to hyperinflation, not peak inflation at 5.4% - Todd Horwitz
July's consumer price index (CPI) data was released Wednesday, with headline CPI coming in at 5.4%, the same reading as June's. Todd Horwitz, chief market strategist at BubbaTrading.com, said that this is not the peak.
"I think it's going to get a lot higher. I think we're in a lot of trouble because of the policies of the Administration that's in power and of course, the Federal Reserve," Horwitz told David Lin, anchor for Kitco News. Read More
It's not just silver, these three base metals will benefit from growing solar demand - Wood Mackenzie
While growing demand for solar energy is expected to support silver prices, one research firm said that three base metals would also benefit from the global green energy transition.
In a report published at the start of the week, commodity analysts at Wood Mackenzie said they expected the increased demand for solar power to drive copper, aluminum, and zinc prices higher. Read More
Gold price jumps above $1,750 as Bloomberg Intelligence says gold's selloff is a dip in a bull market
The sudden drop in gold this week, which saw prices tumble from $1,820 an ounce to below $1,700 an ounce, is just a dip in a bullish trend, according to Bloomberg Intelligence.
"Gold backing up to its upward-sloping 24-month moving average in what we see as a dip in a bull market," said Bloomberg Intelligence senior commodity strategist Mike McGlone. "When the distortions of 2020-21 subside, a resumption of pre-pandemic trends is likely, which favors gold's upward course vs. crude's descent." Read More
Sentiment for gold, is the glass half empty or half full?
In the case of market sentiment for gold, it seems to oscillate between a glass-half-empty or glass that is half-full. Recently an extremely robust jobs report shifted market sentiment, not to half-empty but almost empty. Market sentiment is once again slowly shifting back to a glass-half-full. Two major fundamental events have precipitated this shift in market sentiment from extremely bearish to cautiously bullish. Read More
Bitcoin will beat gold by 100x, altcoins will get ‘shut down,’ go to 0 - Max Keiser
“There is no top price for Bitcoin because there is no bottom for fiat money(currency)” said Max Keiser, Host of The Keiser Report. Fiat money is a currency which does not have intrinsic or use-value on its own. It only has value because the government maintains its value.
Keiser, who is also the Co-Host of The Orange Pill Podcast spoke to David Lin, anchor for Kitco News. Read More
Gold and Siver digitized on the blockchain.
Kinesis re-introduces physical gold and silver as currencies that integrate with today’s online banking and payment solutions.
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.
