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Has gold found its mojo?
Last month the gold market was knocked down pretty hard. The precious metal saw its worst monthly decline in nearly five years and its worst June in eight. So the question now is: with prices back above $1,800 an ounce, is the yellow metal back on its feet.
Although there is a strong positive sentiment in the marketplace, with 75% of analysts bullish in this week’s Kitco News Weekly Gold Survey, I am not convinced that gold is ready to take off, at least for now. Read More
The Metals, Money, and Markets Weekly by Mickey Fulp - July 9, 2021
Join The Mercenary Geologist Mickey Fulp and Trevor Hall of Mining Stock Daily every Friday afternoon for a recap of metals, money, and markets. Each episode provides commentary on performances and a look ahead to next week's markets. You can listen to the weekly wrap exclusively at Kitco.com. We trust you will find our podcast of value and hope it becomes a part of your weekly due diligence and research. May all your trades be to the upside. Listen to the weekly wrap
Gold and silver trade lower leading into the European open
Gold and silver are leading into the first day of the trading week in the red. After closing 1.15% higher last week the yellow metal has lost nearly half a percent to trade at the psychological $1800/oz level once again. Silver has just dipped under the $26./oz mark and the support to watch is holding at $$25.51/oz. In the rest of the commodities complex, copper is down -0.75% and spot WTI is also -0.56% in the red. Read More
The LBMA dodged the Basel III bullet
Banks in the U.K are free to apply to be exempt from the Basel III clearing rules. According to Reuters, the upcoming change in rules, known as the net stable funding ratio (NSFR), are part of Basel III regulations designed to make banks more stable and prevent a repeat of the financial crisis of 2008-09.
It would mean that the new rules treat physically gold like any other commodity, and banks would have to hold more cash to match their gold exposure as a buffer against adverse price moves. Bank of England's Prudential Regulatory Authority (PRA) noted it had "decided to amend its approach to precious metal holdings related to deposit-taking and clearing activities." Adding it had introduced an "interdependent precious metals permission" which would reduce the size of the required capital buffer. Read More
Gold price levels for the week ahead
Gold has started the week on the back foot during the Asian session as the price of the yellow metal dipped below $1800/oz. During early EU trade, the price has come back up but it is interesting to see the levels to watch for the week. There seems to be a short-term consolidation between $1819-1790/oz. 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.
