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Twenty-two tonnes of gold flows out of paper markets in August - WGC
Although the gold price has recovered from its recent flash crash, it was enough to spook investors and drag down overall investment demand last month, according to the latest data from the World Gold Council (WGC).
In August gold-backed exchange-traded funds globally saw another month of outflows to the tune of 22.4 tonnes, valued at $1.3 billion, the WGC said in its monthly ETF report Thursday.
"Gold faced headwinds early in August as the dollar briefly strengthened and rising Treasury yields weighed on investment flows, triggering momentum selling shortly thereafter," the analysts said. "Despite a recovery in price in the second half of the month, the initial unexpected sharp early-hours selloff amid low liquidity conditions may have unnerved some investors, leading to reduced investment demand." Read More
Gold, silver slightly up; bulls keep slight technical edge
Gold and silver prices are slightly higher in midday U.S. trading Thursday, on some perceived value-buying following this week's selling pressure. A weaker U.S. dollar index on this day is also supportive to the metals markets. Gold and silver bulls have the slight near-term technical advantage amid price uptrends in place on the daily bar charts. October gold futures were last up $1.80 at $1,793.00. December Comex silver was last up $0.054 at $24.115 an ounce. Read More
Gold has modest recovery, closing at $1800 in New York
Gold regained a price above a key phycological level when it closed at $1800, up +0.4% in New York. As of 5:10 PM EDT gold futures basis, the most active December 2021 Comex contract was trading up $2.80 (+0.16%) and fixed at $1796.30. The precious metal traded to a high today of $1803.40 and a low of $1785.10. This is the first instance in the last three trading days in which gold has closed higher when compared to the previous day and traded to a higher low but a lower high. Silver futures basis the most active December contract traded fractionally higher, gaining approximately $0.03 (+0.12%) and is currently fixed at $24.085. Read More
The Ultimate Guide to Gold-Backed Cryptocurrency
In its simplest form, a cryptocurrency backed by gold or silver is the modern evolution of the gold standard: that is, a monetary system where a currency is directly linked to physical precious metal. Coins or tokens issued that follow this system provide token holders with digital assets that have a value directly correlated to the physical assets they represent; gold or silver.
To go into more depth, gold or silver-backed crypto regulates its worth by having a direct, stable link with a trusted asset – gold – thus avoiding what many risk-averse experts see as one of crypto’s shortcomings – its lack of intrinsic value, which results in high price volatility. Stablecoins (cryptocurrencies whose value is tied to outside assets) that use these physical assets can therefore enjoy more tangibility and more predictable price swings, compared to their fully digital counterparts.
As a result, their price will never drop below the price of a precious metal that backs them, though the value of the token can increase in tandem with the underlying physical asset, providing both stability and the potential for profit. Read More
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Silver shines brighter than gold as EV demand picks up - Guardian Vaults
Silver prices, while holding support above $24 an ounce, are struggling to attract consistent bullish momentum. However, one analyst said that the market shouldn't be discounted as silver represents the metal of the future.
In a report published Tuesday, John Feeney, business development manager at Guardian Vaults, said that despite the current lackluster performance, silver should attract new investor attention as it becomes clear that the Federal Reserve will not be able to shift its monetary policies anytime soon, especially after the disappointing August employment numbers. Read More
World's lowest-cost gold mines in Q1 2021 - report
Barrick's Long Canyon mine in the United States was the lowest cost gold operation worldwide in Q1 2021 measured by AISC.
Kitco looked at costs at operating primary gold mines globally in Q1 2021 using all-in sustaining cost (AISC) metric that serves as a globally accepted benchmark of a mine's operating efficiency.
Primary gold operations are defined by Kitco as "mines where gold contributed to 90% or more of revenues from operating activities". The ranking excludes privately-owned mines and tailings re-processing operations. Read More
Gold & Silver Market Analysis for Friday 10th of September
Kinesis Money – Macroeconomic Analysis
The current week has had plenty of market drivers. Particularly, yesterday we had both the European Central bank (ECB) meeting and the weekly US Initial Jobless Claim.
During the ECB meeting, Madame Lagarde declared reducing PEPP, the Pandemic Emergency Purchase Programme. She then followed with a careful explanation – in an excellent communication effort – that the ECB is not starting tapering, but is only recalibrating the amount of purchases of bonds.
The economy is recovering quickly and the ECB is forecasting the Eurozone will return to pre-pandemic levels at the end of the year. Read More
Gold and silver move higher heading into the European open
Gold and silver are heading into the European open 'on a positive note at the end of the week. The yellow metal is trading 0.50% higher and moved just above the $1800/oz psychological level again. Silver is 0.70% higher and is trading at $24.20/oz. In the rest of the commodities complex, copper has risen 1.20% and spot WTI has pushed 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.
