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Gold prices down and holding support around $1,750 following strong reading in ISM Service-Sector PMI
Gold prices remain under pressure, testing support just above $1,750 an ounce as the U.S. service sector saw stronger than expected momentum in September, according to the latest data from the Institute for Supply Management (ISM). Read More
Gold, silver weaker as U.S. equities posting solid gains at midday
Technically, December gold futures bears have the overall near-term technical advantage. A four-week-old price downtrend is in place on the daily bar chart. Bulls' next upside price objective is to produce a close above solid resistance at $1,800.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,700.00. First resistance is seen at this week's high of $1,771.50 and then at $1,775.00. First support is seen at this week's low of $1,747.70 and then at $1,737.50. Wyckoff's Market Rating: 3.5
December silver futures bears have a solid overall near-term technical advantage. Prices are in a four-week-old downtrend on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at $24.00 an ounce. The next downside price objective for the bears is closing prices below solid support at $20.00. First resistance is seen at this week's high of $22.805 and then at $23.00. Next support is seen at this week's low of $22.29 and then at $22.00. Wyckoff's Market Rating: 2.0. Read More
Kinesis Launches Historic Holder’s Yield
Kinesis Money is proud to announce the Holder’s yield launch, which represents a monumental milestone for the Kinesis Monetary System and the precious metals industry as a whole.
With the highly-anticipated Holder’s yield launch, Kinesis is paying out a debt-free, passive yield on physical precious metals for the first time in the industry.
The launch of the Holder’s yield will see 46.2 kilograms of gold and 6,047 ounces of silver, distributed to Kinesis users, simply for holding their metals with Kinesis, free of charge. The first payment with a value of 2.84 million dollars, at the time of writing, is scheduled to be paid out into users’ accounts on 6th October 2021.
Following the successful roll-out of the Minter’s yield, the Holder’s yield is the second of five yields within the Kinesis Monetary System. The Holder’s yield represents another pivotal moment in Kinesis history, as we continue to forge the path towards a global, fair, and ethical monetary future. Read More
Higher yields/dollar strength pressure gold lower but its all about jobs report
Gold closed lower today after three consecutive days of higher closes. Although gold gained value from Thursday until Monday, the major move occurred on Thursday when gold gained over $30. Friday’s gains were fractional, and Monday’s gains were respectable, but both days were dwarfed by the strong upside gains seen on Thursday. Today gold broke the cycle of consecutive higher closes with gold futures basis the most active December 2021 contract losing $6.70. Read More
Is the silver price-controlled by banks? Here’s what’s really happening – Jeff Christian
Jeff Christian, managing partner of the CPM Group, discusses with David Lin, anchor of Kitco News, how to interpret large volumes of silver trading.
Christian’s research at the CPM Group concludes that in a given period, there are just as many sessions of high volume buying as there is selling of silver contracts on the COMEX. Read More
Silver is a critical base metal; technology can't evolve without it - Silver Hammer CEO
The silver market remains extremely volatile as the price manages to hold support above $22.50 an ounce. However, one mining executive said that silver remains an attractive long-term investment as it moves closer to becoming an essential metal for the global economy.
In a telephone interview with Kitco News, Morgan Lekstrom, president of Silver Hammer (formerly known as Lakewood Exploration), said that the global push to develop green energy infrastructure and the growing popularity of electric vehicles are critical drivers for silver's industrial demand. Read More
Gold price headed to $5,500 in the long term as central banks won't be able to exit unorthodox monetary policies
The Federal Reserve's potential plan to reduce its monthly bond purchase by the end of the year continues to weigh on the gold market as prices remain tethered to support around $1,750 an ounce. However, one investment firm continues to see gold prices pushing thousands of dollars higher in the long term.
In a report published Tuesday, investment bank Jefferies Group said that gold and Bitcoin remain essential hedges as the threat of stagflation – an environment of low growth and higher inflation – continues to grow.
Although the market continues to struggle in the near term, analysts at Jefferies said that their long-term forecast remains in place for gold prices to push to $5,500 an ounce. Read More
Gold and silver both move lower ahead of the EU open
Leading into the European open both gold and silver have moved lower. The yellow metal trades -0.43% in the red while silver has dropped -0.85%. In the rest of the commodities complex, copper fell -0.65% while spot WTI managed to climb 0.35%. 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.
