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Weak Philly Fed manufacturing data providing little support for gold price
Weaker-than-expected manufacturing data is having little impact on gold prices as markets focus on growing momentum in the U.S. labor market.
Thursday, Philadelphia Federal Reserve said its manufacturing business outlook fell a reading of 23.8 in October, down from its September reading of 30.7. The data missed expectations as consensus forecasts were calling for a reading around 25.1. Read More
Gold price remains under pressure following 7% rise in U.S. existing home sales
The gold market remains caught in neutral finding little momentum in either direction even as the U.S. housing market continues to attract buyers.
Existing home sales rose to a seasonally adjusted and annualized rate of 6.29 million units last month, up 7% compared to August’s annualized rate of 5.88 million homes, the National Association of Realtors (NAR) said Thursday. The latest sales data beat market consensus projections; economists were calling for existing home sales to rise to 6.10 million. Read More
It's showtime for the Fed
Despite lackluster third quarter and year-to-date performance for gold, the fundamental backdrop for precious metals and related mining share prices continues to strengthen in our opinion.
Loss of Faith in the Fed Could Benefit Gold
Notwithstanding the wide array of bullish considerations (all of which deserve paragraphs of exposition that have been written elsewhere and are omitted here for the sake of brevity), the number one game-changer for gold could be a loss of faith in the U.S. Federal Reserve Board. Unshakeable confidence in the Fed's stewardship of the financial system and the economy has been the anchor for the bull market in financial assets. That trust is at great risk, in our opinion, when (and if) tapering begins. In our Q2 Gold Strategy Letter ("You Gotta Have Faith"), we concluded: Read More
Gold, silver weaker on routine downside corrections amid price uptrends
Gold and silver prices are modestly lower in midday U.S. trading Thursday, on normal corrective pullbacks after recent gains. Both metals remain in near-term price uptrends on the daily bar charts. A firmer U.S. dollar index on this day is also a negative outside market element for the metals markets. December gold futures were last down $2.20 at $1,782.70. December Comex silver was last down $0.245 at $24.20 an ounce. Read More
Now is the time to look at gold miners again; BANG stocks over FANG stocks - Felder Report
In a world awash with overvalued equity markets, one market strategist once again has his eyes on the mining sector as it continues to be ignored by generalist investors.
In his latest market report, Jesse Felder, creator of the Felder report and former Bear Sterns analyst, said that pervasive pessimism in the precious metal market has once again made the mining sector relatively cheap.
Felder had the same call in 2018 when he started recommending investors look at what he called the BANG stocks: Barrick (NYSE: Gold), Agnico Eagle (NYSE: AEM, TSX: AEM), Newmont/Goldcorp (NYSE: NEM) over FANG stocks: Facebook (Nasdaq: FB), Amazon (Nasdaq: AMZN), Netflix (Nasdaq: NFLX, Google (Nasdaq: GOOGL). Read More
Gold retraces modestly as dollar strength dampens any daily gains
Gold futures are trading modestly lower with dollar strength being the primary force taking the precious yellow metal lower. As of 4:45 PM EDT gold futures basis most active, December 2021 contract is down two dollars, or -0.11%, and is fixed at $1782.10. Concurrently spot or Forex gold is currently jumping between fractional losses and fractional gains. Currently, spot gold is fixed at $1,782.55 approximately +0.05% or one dollar on the day.
Considering that the dollar is currently up just over ¼% it is clear that any decline today can be directly attributed to a stronger dollar. Currently, the dollar index is up 25 points, or +0.27%, and fixed at 93.785. Read More
Ex-FBI Chris Voss reveals the best negotiator of all-time and how to "end up a billionaire"
Difference: Negotiating As If Your Life Depended On It." He has previously worked as a hostage negotiator for the FBI.
Voss reveals to David Lin, anchor for Kitco News, who he considers to be the best negotiator of all-time, and why these life lessons are essential to success in business, politics, and one's personal life. Read More
From 'dead money' to a breakout: Silver's fortune is about to change
Silver has been "dead money" for the past six months, but its fortune is about to change with the precious metal's fundamentals pointing to a breakout towards $35, said Jim Iuorio, TJM Institutional Services managing director.
After frustrating several months, silver finally found its spotlight, Iuorio told Michelle Makori, editor-in-chief of Kitco News. Silver is up more than 4% on the week so far, with the potential to go a lot higher.
"I've been long silver for quite a while, and it's been a painful trade. Copper broke out of a pretty significant technical pattern last week, and I believe silver is following it today," Iuorio said. Read More
Gold price to double as Fed kicks off tightening and economy flatlines
Gold has the potential to double once the Federal Reserve begins to tighten and hike rates to fight off hotter-than-expected inflation, said Peter Boockvar, chief investment officer at Bleakley Advisory Group.
"If you inflation adjust gold for its 1980 high, it can go to $2,500, it can overshoot $3,000 plus," Boockvar told Michelle Makori, editor-in-chief of Kitco News. "Silver … can get back to its highs of $50 plus. Name me one asset that's down 50% from its record high. I can't really think of many other than silver." Read More
Gold and silver trade higher ahead of the European open
Heading into the European open gold (0.40%) and silver (0.38%) are both trading higher. The yellow metal is at $1789.88/oz still below the 200 day moving average and psychological $1800/oz level. Elsewhere in commodities, copper has risen 0.37% and spot WTI has moved -0.69% into the red. Read More
Gold & Silver Market Analysis for Friday 22nd October
Kinesis Money Gold Analysis - The gold price has managed to jump again, above $1,790, as momentum continues to improve. Although bullion seems to be looking for a clear directionality, the main scenario remains supportive, with the price still floating in a lateral channel between $1,750 and 1,800 dollars per ounce.
A clear break up of the resistance zone at $1,800 could open space for a quick recovery to $1,820-$1,830 where lies the highest level reached by bullion in the last four months. In case of a further breakup, the space for new rallies is relatively broad, as the first key resistance zone is positioned in the region of $1,900 – 1,920.
Kinesis Money Silver Analysis - Since mid-September, silver has topped gold’s performance. This is clearly shown, simply by looking at the gold-silver ratio chart. Indeed, the number of ounces of silver required to buy the equivalent of gold has fallen from around 80 to 73.
After a negative summer, the last few weeks have witnessed that the trend for silver has changed, as the grey metals achieved an increase of 7% in the last month. This was a clear surpass of the 2.5% increase experienced by gold. 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.
