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Hedge funds still bearish on gold but sentiment is starting to shift
Bearish bets continue to dominate the gold market even as some hedge funds retest some of the investment waters as the market looks for some support at a two-month low, according to the latest trade data from the Commodity Futures Trading Commission.
The CFTC disaggregated Commitments of Traders report, for the week ending June 29, showed money managers increase their speculative gross long positions in Comex gold futures by 5,400 contracts to 115,438. At the same time, short positions rose by 6,554 contracts to 54,056. Read More
First Mining operations suspended due to forest fires
"Due to the proximity of the forest fire, First Mining has temporarily suspended operations at Springpole, and MNRF firefighters are currently staged at the Springpole site working to contain the fire.
All First Mining staff and contractors have been demobilized from the Project and are safe and accounted for, and at this point there is no damage to infrastructure at the Springpole camp. The Company is monitoring the situation closely and will provide timely updates on any material developments to the situation," wrote the company in a statement. Read More
Gold and silver move higher leading into the European open
Gold has had another great session overnight breaking out of its consolidation area between $1797.21/oz and $1750.78/oz to the upside. Silver has also followed suit to trade 0.77% higher at $26.63/oz. In the rest of the commodities complex, copper is building on gains seen yesterday to trade 1.29% higher and spot WTI trades at $76.74/bb the highest level since November 2014. Read More
Goldman Sachs say gold is not the optimal store of value
Goldman Sachs released a report where it recently noted Gold is not an optimal store of value against inflation or deflation. In the banks, insights sections of the consumer and wealth management division, Sharmin Mossavar-Rahmani and her team note the rise of the cryptocurrency industry cannot be ignored.
The team makes a compelling case as the number of cryptocurrencies has increased from about 2,000, with a market capitalization of over $200 billion in late 2017, to over 8,000, with a market capitalization of about $1.6 trillion. For context, the market capitalization of global equities is about $110 trillion, that of the S&P 500 stocks is $35 trillion and that of US Treasuries is $22 trillion. Read More
Basel III hits the paper markets! Gold and silver changed forever.
In this week’s Live from the Vault, Andrew Maguire breaks down the gold and silver markets in the wake of the Basel III June 28th implementation date.
The precious metals expert addresses differing opinions on Basel III explains his bullish outlook for the historic ruling and makes the case for a gold price reevaluation.
Andrew Maguire is also joined by proud Wall Street Silver member and sound money advocate, Jim Forsythe, to talk all things silver and discuss the latest initiatives of his non-profit organization, Citizens for Sound Money (C4SM).
Check out Kinesis - The Revolutionary Gold and Silver Monetary System on the Blockchain.
The Kinesis monetary system, based 1:1 on allocated gold and silver, provides users with a stable store of value. One that rewards you every month, allowing you to send, spend and trade in digital gold and silver.
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.
