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Gold, silver up as bulls gaining momentum
Gold and silver prices are firmer in midday trading Tuesday. Gold hit a three-week high and silver a two-week high today and the bulls are gaining more confidence. The gold market paused today after good gains posted Monday. The precious metals bulls are encouraged this week by growing ideas the Federal Reserve will not be able to start tightening its monetary policy as soon as many had reckoned just a few weeks ago. The big rebound in crude oil prices this week is also a positive for the metals and the entire raw commodity sector. October gold futures were last up $1.40 at $1,805.40 and September Comex silver was last up $0.219 at $23.875 an ounce. Read More
Silicon Capital partners with Kinesis to enable Gold and Silver transactions in Africa
Silicon Capital Global, a payment Fintech company based in South Africa, has started collaborative development with Kinesis Money, a monetary system based on allocated digital gold and silver.
Silicon Capital is integrating Kinesis digital gold and silver into the SiliconEnterprise TM mobile wallet and core banking engine to provide Africa with a stable and competitive mobile payment network. Enabling individuals and businesses to transact using KAU (Kinesis gold) and KAG (Kinesis silver) all within SiliconEnterpriseTM multi-tenant Wallet-As-A-Service cloud. Read More
Gold price: a battle between short-term sentiment and long-term fundamentals - Ned Davis Research
Gold investors need to separate the current price action created by short-term market sentiment and the long-term fundamental potential, according to one research analyst.
Tim Hayes, chief global investment strategist for Ned Davis Research, said in a recent interview with Kitco News that gold is struggling in the near term as markets brace for a shift in U.S. monetary policy. The Federal Reserve is looking to reduce its monthly bond-purchase program by the end of the year.
However, Hayes added that the economic environment that drove gold prices to record highs last year remains firmly in place. Read More
Is the housing market in a bubble? How can gold reach $20k? Briton Hill answers
While the real estate market in the U.S. may slow down over the next 5 to 10 years, a correction from current valuations across the board is not imminent, said Briton Hill, president of Weber Global Management.
The health of the market varies by location, Hill told David Lin, anchor for Kitco News. Read More
Gold firms above $1,800 on bets virus spike will delay Fed tapering
Gold consolidated above $1,800 on Tuesday as some investors bet the recent surge in COVID-19 cases could steer the U.S. Federal Reserve away from announcing at its Jackson Hole symposium that it plans to taper its economic support.
Spot gold was steady at $1,804.99 per ounce by 1:47 p.m. EDT (1747 GMT), having earlier hit its highest since Aug. 5. U.S. gold futures settled up 0.1% at $1,808.90. "The tenure of the marketplace has pivoted from thinking the Fed would lean hawkish at Jackson Hole symposium to one of the coronaviruses keeping the Fed from doing anything as soon as they might have wanted to, and maybe even this year," said Jim Wyckoff, senior analyst at Kitco Metals. Read More
Gold price has bottomed; Jim Wyckoff on Jackson Hole expectations, next target level
Gold has already seen the bottom this year, and the rebound starting from a few weeks ago will continue its bull run in the intermediate term, said Jim Wyckoff, senior analyst at Kitco News.
"I think we're going to trend sideways to higher probably until the end of the year," Wyckoff told David Lin, anchor for Kitco News. Read More
Gold hovers above $1,800 as investors await Powell’s speech on Friday
As of 4:53 PM EST gold futures basis, the most active December 2021 Comex contract is trading off by $1.10 and currently fixed at $1805.20. Gold traded to an intraday high today of $1812.20, just below gold’s 200-day moving average, fixed at $1813.30. Gold’s current price of $1805.20 puts it below the 100-day moving average currently set at $1808.90. Read More
Why is silver underperforming gold? StoneX explains
After the flash crash two weeks ago, analysts expected to see a rebound in gold and silver. But silver has lagged behind. StoneX looked into what's keeping the silver market down.
"We were looking back at the heavy fall, subsequently unwound, in gold the previous Monday in the so-called 'flash crash,' which took over $100 or just over 1% off the price. We thought that the subsequent week would see substantial short covering in gold and silver; we were right about the former but wrong about the latter," said Rhona O'Connell, head of market analysis for EMEA and Asia regions at StoneX. Read More
Gold and silver slip ahead of the European open
Gold and silver have moved lower heading into the European cash open. The yellow metal is trading -0.38% lower while silver has dropped -0.43%. In the rest of the commodities complex, copper is just above flat while spot WTI has called -0.37%. Read More
UBS and Credit Suisse have opposing views on gold
According to data collected by Goldreporter, Credit Suisse sold off around 37 percent of its holdings in SPDR Gold Shares ETF, the is the world’s largest gold exchange-traded fund. This happened second quarter taking its total holdings to around $131 million.
The bank sold more fund shares in percentage terms than the world's largest asset manager BlackRock which holds around 29 percent of the ETF. Another large bank, UBS made a move in completely the opposite direction. Read More
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Disclaimer: These articles & videos are provided for informational purposes only. They are not offered or intended to be used as legal, tax, investment, financial, or other advice.
