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$11 million silver heist: Canadian police looking for suspects who stole pure silver bars
Toronto police are asking the public's help in their hunt for suspects involved in the theft of $11 million worth of pure silver bars.
Bars of the precious metal were stolen from a shipping container in Montreal, Quebec, on January 2020. Suspects took off with USD$11 million worth of pure silver in bullion form.
Since then, police have partially recovered some of the physical metal in Toronto, British Columbia, and Massachusetts, USA. Read More
Gold price trades below $1,800 as key inflation indicator remains steady
Gold dropped after the U.S. annual core PCE price index came in at 3.6% in September versus the consensus forecast of 3.7%. The index has been at 3.6% since June.
On a monthly basis, the core PCE price index was up 0.2% as expected in September, according to the data published by the U.S. Department of Commerce on Friday.
The core inflation strips out volatile food and energy prices and is the U.S. central bank’s preferred inflation measure. Read More
Gold price sharply down after hotter U.S. inflation data
Gold prices are sharply lower and headed for a bearish weekly low close in early U.S. trading Friday. U.S. inflation data that came in hot, rising U.S. Treasury yields and a rebound in the U.S. dollar index on this day are all working against the precious metals markets bulls. December gold was last down $24.10 at $1,778.00 and December Comex silver was last down $0.27 at $23.85 an ounce. Read More
The Metals, Money, and Markets Weekly by Mickey Fulp - October 31, 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.
Tale of two factions – those that believe the Fed will remain hawkish, and those that believe the Fed can't
Gold prices dropped dramatically in trading today, making an intraday low of $1772.40. As of 3:25 PM EDT, gold futures are fixed at $1784.80. Today's selloff was predicated by dollar strength, with the dollar index gaining 0.90%, taking it to 94.165. That is the primary market force that made both gold and silver prices lower on the day. Read More
Wall Street turns bearish on gold price as markets fear hawkish Fed - Kitco's gold survey
With gold once again failing at $1,800, Wall Street has turned negative on the gold price for the next week, according to Kitco's weekly gold price survey.
This has been a complicated week for gold with mixed economic data and a hawkish Bank of Canada announcement taking momentum away from the precious metal.
December Comex gold futures were last trading at $1,778 an ounce, down 1% on the week. A higher U.S. dollar renewed the selling pressure on gold, especially when the metal reached a high of $1,806 an ounce earlier in the week. The majority of losses were reported on Friday when gold dropped more than $20 on the day. Read More
How bad will it get for gold price next week as markets eye Fed's tapering?
The persistent inflation narrative is forcing markets to price in more aggressive central banks, with next week's key announcements from the Federal Reserve and the Bank of England on everyone's radars.
All of the gold's gains above $1,800 an ounce continue to be capped. After breaching this key resistance level this week, the precious metal once again saw renewed selling pressure as profit-takers took the metal down around 1% on the week.
"Short-term, the market is anticipating a November taper. I suspect the Fed will trigger some downside in gold," TD Securities head of global strategy Bart Melek told Kitco News. Read More
Gold & Silver Market Analysis for Monday 1st November
Kinesis Money Macroeconomic Analysis
On the agenda for this week, central banks will hold their respective meetings, during which time, there will be plenty of macroeconomic data to consider. Tomorrow will see the start of the long-awaited Federal Open Market Committee (FOMC) meeting, to be finalized on Wednesday with the press release.
This week, Jerome Powell is expected to announce the beginning of tapering, with the process set to start next month. It appears that investors were expecting this move, anxious to discover further details about the timing and the pace of the process. There will also be an indication of the first interest rate hike, which is expected by the end of the first quarter (Q1) of 2022.
During the week, US labor data will be released, beginning with the ADP National Employment Report on Wednesday, followed by non-farm payrolls and jobless claims to be reported on Friday. The Federal Reserve will be closely monitoring this data, so as to decide the timing and the next steps of monetary policy.
The Bank of Japan’s monetary report will be published this week. In addition, the Reserve Bank of Australia’s decision on the country’s interest rate is expected to stay steady, at a historical low of 0.10%.
On Thursday, the focus will be on the Bank of England’s meeting. Last month, all 9 members of the board voted to keep rates the same, at a percentage of 0.10%.
The majority of analysts are now forecasting a disproportionate split of 6-3, voting in favor of keeping rates unchanged. This will prepare the financial markets for a first-rate hike in the next meeting. 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 any other advice.
