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Stagflationary concerns send gold to the key $1800 level
In this column last week, I mentioned the importance of a sharp $30 intraday reversal which took place in the gold price on the last “book squaring” trading session of Q3. Technically, this sudden move back above $1750 held the gold price inside the bullish symmetrical consolidation triangle that has been forming over the past 14 months.
Since the beginning of Q4, the gold price has been biding its time until key inflation reports were issued this week, trading in a tight $30 range no matter what has happened. Each time the bears made a push towards $1750, buyers showed up quickly. And each time the bulls took gold towards resistance at $1780, sellers came in to knock the price back down.
But the gold action beginning this Wednesday was different, as both gold and silver broke higher out of a month-long consolidation surrounding the issuance of the U.S. Consumer Price Inflation (CPI) report an hour before the U.S. stock market opened. Read More
Why Agnico Eagle and Kirkland Lake Gold are merging
Agnico Eagle CEO Sean Boyd discussed the benefits of his company's proposed merger with Kirkland Lake Gold.
Boyd spoke to Kitco on Tuesday. Agnico Eagle (TSE:AEM) and Kirkland Lake Gold (TSE:KL) announced a merger earlier this month.
"[This merger] is kind of different than what you normally see in the gold space. You usually see premium acquisitions done to fix issues of the acquirer. Here, we've put two very strong businesses together to create a low-risk, high-quality platform," said Boyd. Read More
Q3 Update – Historic Milestone for Precious Metals Industry
In our most recent update, CEO and founder of Kinesis Money, Thomas Coughlin, would like to share the historic milestones of the Kinesis Monetary System in Q3 and provide a glimpse into the final quarter of the year.
Holder’s Yield Launched and US $2.84M Payments distributed
Just over a week ago, Kinesis paid the highly-anticipated Holder’s Yield – a monumental advancement for the Kinesis Monetary System and the precious metals industry as a whole.
On the 6th of October, all users that were holding their gold and silver with Kinesis, received a passive yield, with the first retroactive payout valued at $2.84 million dollars. A total of 46.2 kilograms of gold and 6,047 ounces of silver were distributed back to all eligible holders of the Kinesis Monetary System, rewarding them for simply storing their precious metals with Kinesis, free of charge. Read More
Gold price sharply down after surprisingly strong U.S. retail sales
Gold prices are sharply lower in early U.S. trading Friday and extended early losses following a very upbeat U.S. retail sales report that falls squarely into the camp of the U.S. monetary policy hawks, who want to see U.S. monetary policy tightened sooner rather than later. December gold futures were last down $23.20 at $1,774.70. December Comex silver was last down $0.272 at $23.21 an ounce. Read More
Indecision rules Wall Street after gold fails at $1,800 - Kitco's gold price survey
After failing at $1,800 an ounce this week, Wall Street analysts are undecided on where gold is headed next, while Main Street remains bullish, according to Kitco's weekly gold price survey.
After rallying $40 mid-week on hotter-than-expected inflation data, gold was unable to breach its psychologically important $1,800 an ounce level on a sustainable basis, which triggered another round of selloff. Read More
Multiple factors create a perfect storm pressuring gold lower
A combination of events collectively has put tremendous bearish pressure on gold pricing. At least for today, the combination of all of these events has resulted in a perfect bearish scenario causing a $30 drop-in gold futures. As of 5:10 PM EDT, the most active December 2021 futures contract is currently fixed at $1768.10, a net decline..... Read More
The Metals, Money, and Markets Weekly by Mickey Fulp - October 15, 2021
Gold's technical problem: 'Massive resistance' at $1,800 keeps gold price down – analysts
Gold ran into "massive resistance" at the $1,800 an ounce level, triggering a $30 retreat Friday. And analysts say that gold won't commit to a rally until there is enough interest to take gold past its key technical barriers.
Weighing on gold was a better-than-expected economic outlook following strong retail sales, with December Comex gold futures tumbling to $1,769 an ounce, down 1.61% on the day.
The move down canceled out gold's mid-week rally to $1,801, which was triggered by hot inflation data that showed price pressures rising 5.4% year-over-year in September, matching the largest annual price gain since 2008. Read More
Another failure at $1,800, what happened?
Gold's trading pattern got many analysts excited this week, with some even saying that hotter-than-expected inflation data was a game-changer for gold. But things didn't pan out as expected, with gold tumbling nearly $30 on Friday following a strong retail sales number out of the U.S.
So what happened? Read More
Gold and silver are flat leading into the European open
Gold and silver are flat leading into the European open at the start of the week. The yellow metal is trading at $1765/oz while silver is holding at around $23.27/oz. Copper has had another good session rising 1.57% while spot WTI moved nearly 1% into the black. 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.
