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Gold & Silver Market Analysis for Monday 4th October
Kinesis Macroeconomic Analysis
As the new week begins, the keyword describing market activity – “uncertainty” – remains the same. In fact, macroeconomic data from the US, as well as data indicating the beginning of tapering, still appears crucial.
The ADP nonfarm payroll employment change made on Wednesday, and the official U.S. nonfarm payrolls that will be announced on Friday, will be highly important. It should be noted that the ADP National Employment Report is a monthly report of economic data that tracks levels of nonfarm private employment in the U.S.
Additional solid macroeconomic data will increase the pressure on the Federal Reserve for a rapid beginning of the tapering process.
On the other hand, the numbers are below what was to be expected, which could leave more room for the Fed to postpone tapering – although, it does not appear likely at this stage. Read More
Gold, silver benefit from safe-haven demand, bullish outside mkts.
Gold and silver prices are higher in midday U.S. trading Monday, supported by safe-haven buying amid another sell-off in the U.S. stock market in what history shows can be a turbulent month for the equities and financial markets. The two key "outside markets" are also bullish for the metals on this first day of the trading week: a weaker U.S. dollar index and solidly higher crude oil prices. December gold futures were last up $11.00 at $1,769.40. December Comex silver was last up down $0.129 at $22.665 an ounce. Read More
Is Russia running out of gold? Polyus CEO gives 20-year warning
If no new deposits are added, Russia will deplete its existing gold resources in just 20 years, warned the CEO of Russia's largest gold producer Polyus, Pavel Grachev.
There is a risk that Russia's gold mining industry will face a shortage of reserves, which is why the miners need to step up investments into exploration, Grachev told RBC.ru in an interview.
"If the trend is not reversed, the industry may face a structural shortage of raw materials during the next decade or two," he said on Monday. Read More
Gold trades higher for the third consecutive day
Ever since Thursday of last week, when gold closed over $30 higher, prices have advanced. Although Friday’s gains were fractional, follow-through buying today took gold to its highest closing price since Wednesday, September 22. On that day gold closed at approximately $1778, thus completing three days of moderate to strong gains which began on Monday, September 20. Read More
Dollar drifts below one-year high as payrolls test looms large
The U.S. dollar drifted below a one-year high versus major peers on Tuesday as traders waited on key U.S. payrolls data at the end of the week for clues on the timing of a tapering of Federal Reserve stimulus and the start of interest rate hikes. Read More
Gold price to 'revisit its peak' soon, says Bloomberg Intelligence
After reaching new all-time highs over a year ago, gold is bound to climb back to its peak soon, said Bloomberg Intelligence in its October price outlook.
"It's only been about a year since gold's last peak, and we believe it should be a relatively short matter of time to revisit," said Bloomberg Intelligence senior commodity strategist Mike McGlone. "Gold has outperformed most major commodities in the past 20 years."
Gold's new all-time high stands above $2,060 an ounce, which was hit back in August 2020. At the time of writing, December Comex gold futures were trading at $1,769.30, up 0.62% on the day. Read More
Robert Kiyosaki: 'The biggest crash in world history' hits this October
The whole market, including Bitcoin, gold, stocks, is about to face a serious crash in October, said Robert Kiyosaki, best-selling author of “Rich Dad Poor Dad”.
Speaking to Michelle Makori, editor-in-chief of Kitco News, Kiyosaki explained the factors in the economy that have been leading up to this upcoming crash, and highlighted the severity of the market downturn that’s to come. Read More
BMO downgrades gold and silver prices but doesn’t see a repeat of 2013 drop
The gold market remains caught in a new trading range below $1,800, and one Canadian bank does not see a lot of positive news for the precious metal in the final quarter of the year.
BMO Capital Markets once again lowered their price forecast for gold and silver. In a report published Thursday, the analysts said that a new hawkish bias at the Federal Reserve will hold precious metals back through the rest of this year and next. Read More
Stocks tank; Is a giant market crash really coming? Key level breached says, Gareth Soloway
Stocks are due for a short-term bounce, and then are headed lower, said Gareth Soloway, chief market strategist of InTheMoneyStocks.com.
Markets sold off Monday on a buildup of fears. The S&P 500 closed 1.3% lower, the NASDAQ fell 2.14% on the closing bell. Bitcoin climbed 2.3%.
“I think it’s a continuation of fears from the Fed tapering, you’ve got the Evergrande situation which continues to be a worry for the markets, and I think just overall, there’s more bearish sentiment sneaking into the markets,” he said. Read More
Gold and silver drop ahead of the EU open
Gold and silver both start the EU session on the back foot. Gold is -0.64% in the red trading at $1758/oz while silver has dropped 1% to trade at $22.46/oz. In the rest of the commodities complex, copper is down -1% while spot WTI is trading just above flat. 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.
