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Gold, silver see routine downside corrections, but bulls gaining ground
Gold and silver futures prices are weaker in midday U.S. trading Monday, on some normal corrective pullbacks after gains Friday that produced technically bullish weekly high closes. Better risk appetite to start the trading week, as seen by the S&P 500 and Nasdaq stock indexes scoring record highs today, is also a negative for the safe-haven metals. October gold futures were last down $6.60 at $1,810.60. September Comex silver was last down $0.122 at $23.94 an ounce. Read More
Gold & Silver Market Analysis for Tuesday 31st of August
Kinesis Macroeconomic Analysis: The U.S. stock index Standard & Poor’s 500 just reached the 12th new high in August, confirming that the markets have digested Jerome Powell’s speech at the Jackson Hole Symposium.
The Federal Reserve Chairman was not extremely dovish, but his “wait and see” model – without formally announcing the beginning of tapering – was enough to trigger new rallies on stocks and gold, while the U.S. Dollar declined. Yes, the tapering will probably start in the final months of 2021, but this was more or less expected. Moreover, Powell highlighted that the first interest rate hike is not planned for a relatively long time and is not related to tapering. All this lifted up stocks and particularly the technology sector (who usually pay fewer dividends), with Apple surpassing 2.5 trillion of the market cap. Read More
Australia usurping China to becomes world's top gold producer - Surbiton Associates
After 14 years of being king of the mountain, China is in the process of being dethroned as the world's largest gold producer.
In a report published Sunday, Australian-based mining consultancy firm Surbiton Associates said that Australia's gold production for the first half of 2021 beat China's output by four tonnes during the same period, according to data from China Gold Association's.
According to its production numbers, Surbiton Associates said that Australia produced 157 tonnes of gold in the first six months of the year, compared to 153 tonnes produced in China. Read More
Dollar near 2-week low as investors look to U.S. jobs data
The dollar hovered near two-week lows against a basket of currencies on Tuesday with trade seen driven by month-end flows as investors looked ahead to U.S. jobs figures later in the week.
The U.S. currency steadied from falls after Federal Reserve Chair Jerome Powell on Friday offered no signal on when the central bank plans to cut its asset purchases beyond saying it could be "this year." "The payroll data will be the next highlight given the focus on the Fed's taper. A strong reading will boost expectations the Fed will give markets prior notice in September before a formal decision in November," said Yukio Ishizuki, senior strategist at Daiwa Securities. Read More
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Billionaire John Paulson knocks bitcoin, touts gold
Famous hedge fund manager John Paulson might not be taking outside money these days, but he has plenty to say about the state of the markets. In an interview with Bloomberg, Paulson, who reached billionaire status on the heels of his doom-and-gloom call on the subprime housing market in 2007, didn't mince words when he said that he was "not a believer in cryptocurrencies." He went on to call the cryptocurrency market a "bubble," one whose value will eventually go to zero. Read More
Both gold and silver have slight corrections following Friday’s dramatic gains
The Kansas City Fed sponsored Friday’s virtual speech with Chairman Powell at the Economic Symposium. There he indicated that the Federal Reserve had changed their demeanor to a more dovish stance concerning the onset to taper their monthly $120 billion asset purchases of U.S. Treasuries ($80 billion) and MBS or mortgage-backed securities ($40 billion). However, it was the key distinction that Chairman Powell made between the criteria needed to begin the tapering process and the criteria needed to raise interest rates. Read More
Gold and silver both trade higher leading into the European open
Gold and silver have moved higher overnight paring some of the losses that were seen during Monda's session. The yellow metal is back at $1817/oz while silver is trading at $24.15/oz. In the rest of the commodities complex, copper is another 0.15% higher and spot WTI has pushed up 0.11%. Read More
Could the latest data in Europe give the ECB a headache?
Data in Europe has been pretty decent this morning although it could pose a problem for the ECB. Euro Area prelim inflation has reached 3% in August. This is above the 2% target that the ECB has set. It has to be said that the ECB noted they will accept an overshoot but with the general situation in Europe improving many analysts are wondering how long the central bank can hold out before acting. 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 other advice.
