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Gold & Silver Market Analysis for Monday 15th November
Kinesis Money Gold Analysis - Gold and silver are showing fractional losses in today’s early trading session. However, the last two weeks have clearly offered a very positive signal for the precious metal sector. Therefore, today’s minor correction could still be seen as consolidation, as some investors cash in on their profit after the recent gains. Read More
Silver is the one metal 'that is going to play catch up' - Keith Neumeyer
The strong rally in precious metals was a bit of a surprise for First Majestic Silver (NYSE: AG) CEO Keith Neumeyer.
Neumeyer spoke to Kitco on Friday at the Deutsche Gold Messe show in Frankfurt, Germany.
Two pieces of news last week propelled gold higher: headline inflation rose to 6.2%, and the $1 trillion U.S. infrastructure bill was signed into law. Gold had a solid breakout trading above $1,850 an ounce during the week. Read More
Gold's seven-day rally pauses, subdued dollar limits losses
Gold prices traded in a narrow range on Monday following a recent inflation-driven rally, with a weaker dollar and a pullback in U.S. bond yields limiting losses in bullion.
Spot gold was little changed at $1,864.85 per ounce by 1308 GMT, while U.S. gold futures eased 0.1% to $1,866.20.
Bullion, traditionally seen as an inflation hedge, rose to a near five-month high last week as U.S. consumer prices posted their sharpest annual jump in 31 years.
"Gold has plenty of support, and is only seeing a bit of profit-taking," after a seven-day winning streak which is not common for the metal, said Craig Erlam, senior market analyst at OANDA. Read More
The gold rush is on
The gold rush has begun with a weekly breakout. The next major levels to watch are $1,880-$1900 December gold futures. The buying has been on volume giving two weeks of higher prices and higher volume. A pullback to 1840 would be no surprise, but it would be a buying opportunity. Read More
BoE's Bailey says he is 'very uneasy' about inflation
Bank of England Governor Andrew Bailey said he was very uneasy about the inflation outlook and that his decision to keep interest rates on hold earlier this month, which shocked financial markets, had been a very close call.
"I'm very uneasy about the inflation situation," Bailey told the House of Commons Treasury Committee on Monday. "I want to be very clear on that. It is not of course where we wanted to be, to have inflation above target."
"On the decision itself, however, it was a very close call in my view," Bailey added. Read More
Gold price holding steady following surge higher in New York Fed Empire State Survey
Gold prices are trading in relatively neutral territory, holding near a five-month high as the New York Federal Reserve reported stronger than expected activity in its regional manufacturing sector.
Monday, the regional central bank said its Empire State manufacturing survey's general business conditions index surged higher to 30.9 in November, up significantly from October’s reading of 19.8. The data was also better than expected, as consensus forecasts were calling for a reading around 22.1.
"Forty-three percent of respondents reported that conditions had improved over the month, while 12 percent reported that conditions had worsened," the report said. Read More
Gold prices to average $1,9450 in Q1 - Société Générale
The gold market has broken out after five months of consolidation, and commodity analysts at Société Générale see the potential for a significant rally through the first quarter of 2022.
In its latest price forecast, the French Bank said that U.S. monetary policy will continue to support prices as inflation pressures rise.
“The Fed seems to be reluctant to increase interest rates any time soon, this combined with high inflation create the perfect mix of negative real rates for gold,” the analysts said. Read More
Gold, silver see mild profit-taking pressure Monday
Gold and silver prices are modestly lower in midday U.S. trading Monday. Gold did poke to another five-month high early on. Some normal profit-taking was seen by the shorter-term futures traders was featured today, following recent good price gains. Gold and silver bulls remain in technical control amid near-term price uptrends firmly in place. Fears of rising inflationary pressures will likely continue to drive new buying interest into the hard-asset precious metals. December gold was last down $3.10 at $1,865.40 and December Comex silver was last down $0.241 at $25.105 an ounce. Read More
Dollar Strength resulting from higher Treasury yields pressures gold lower
Higher yields in the U.S. Treasury notes were a primary factor taking the U.S. dollar higher, which in turn pressured gold to close lower on the day. This is the first instance in which gold has closed lower in the last eight consecutive trading days. Read More
Inflation is going to kill the American Dream, prices are not done surging - E.B. Tucker
Inflation is now at the highest level since 1990, but it doesn't stop here said E.B. Tucker, director of Metalla Royalty and author of "Why Gold, Why Now?"
"6% is only the beginning. It's going to go much higher, it's not transient. None of these people are going to lower prices, this is here to stay," Tucker told David Lin, anchor for Kitco News. Read More
Gold is trading flat ahead of the European open
Gold is trading flat this morning leading into the European open at around $1862/oz. Silver is marginally lower holding at the psychological $25/oz area. In the rest of the commodities complex, copper is half a percent down and spot WTI has risen 0.62%. 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 any other advice.
