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Gold, silver see more safe-haven demand as equities still wobbly
Gold and silver prices are higher in midday U.S. trading Tuesday. There is still some safe-haven demand today after Monday’s sharp sell-off in global stock markets that still has traders and investors uneasy in late September—what can be a historically tumultuous time of year for stock and financial markets. October gold futures were last up $13.20 at $1,775.00. December Comex silver was last up $0.416 at $22.62 an ounce. Read More
Gold looks like a contrarian play - BMO
The gold market is finding some momentum as prices push closer to $1,800 an ounce, and one Canadian bank sees more upside potential as the precious metal could be a contrarian play.
In a research note published Monday, Jackie Przybylowski, metals and mining analyst at BMO Nesbit Burns, said that there had been little focus on gold and more attention on base metals during recent client meetings.
The gold market has been plagued with a lack of investor interest, which has weighed on prices, pushing them below $1,800 an ounce. However, Przybylowski said that this is still a positive environment for the precious metal. Read More
This is how Bitcoin beat gold in attracting investors - Frank Holmes
Investors, especially millennials have been more attracted to Bitcoin than gold recently because Bitcoin is capped at 21 million coins and gold investors are selling their gold assets. At the same time Bitcoin investors are holding onto them, said Frank Holmes, CEO, U.S. Global Investors. Earlier this year, Bitcoin crossed the $1 trillion market capitalization mark. Bitcoin is often referred to as ‘digital gold.'
Holmes, who is also the Chief Investment Officer at U.S. Global Investors, spoke to David Lin, anchor, and producer of Kitco News at the Denver Gold Forum. Read More
Gold price steps up its safe-haven game as Evergrande rattles markets
After selling off $50 last week, gold is stepping up its safe-haven play as investors look for hedges amid Evergrande volatility.
On Tuesday, gold saw double-digit gains triggered by a global equity selloff that boosted risk-off sentiment among investors. December Comex gold futures were last trading at $1,780.40, up nearly 1% on the day.
When news of Evergrande, the prominent Chinese property developer, broke, there was no significant impact on precious metals. But things have changed since then, said MKS PAMP GROUP head of metals strategy Nicky Shiels.
"It's triggered a broad-based based selloff in U.S. equities (largest 1day slide since October 2020) … 'Macro fear' has been woken with this Evergrande/Chinese property crisis now intensifying (knock-on effects - Chinese Property Developer Sinic halted trading after plummeting 87% in a day!) - so we have an Asian "grey swan" that is still not resolved but its another excuse to lighten up risk exposure," Shiels said. Read More
What an Evergrande collapse means for gold, global growth - Steve Hanke
The ripple effect that the Evergrande crisis in China has on the markets extends beyond the stock markets; the global commodities complex will be impacted as well, said Steve Hanke, professor of applied economics at Johns Hopkins University.
“The markets are in turmoil today, mainly because of China and what’s going on there. We’ve got one of the big real estate outfits in China is going down the tubes, it’s going into bankruptcy, and no one really knows all the ramifications from that, that Evergrande is going down. So the question is, how is that going to affect the creditors, and how is the bankruptcy system going to actually work in China?” Hanke told David Lin, anchor, for Kitco News, on Monday. Read More
Is gold price ready to hear what Fed's Powell has to say?
Gold is now in a much better position to receive Federal Reserve Chair Jerome Powell's announcement on Wednesday. But can it handle a more hawkish message from the central bank?
After dropping $50 last week, gold saw encouraging double-digit gains as Evergrande concerns rattled the markets early this week.
Aside from increased volatility in the global equity markets, the OECD raised its inflation outlook for almost all Group of Seven (G7) countries for the rest of this and next year.
"Near-term inflation risks are on the upside, particularly if pent-up demand by consumers is stronger than anticipated, or if supply shortages take a long time to overcome," the OECD said in a report. "Accommodative monetary policy should be maintained, but clear guidance is needed about the horizon and extent to which any inflation overshooting will be tolerated." Read More
Gold and silver trade higher ahead of the European open
Gold and silver are trading higher ahead of the European open. Gold has pushed to reach $1779/oz while silver trades at $23.83/oz. In the rest of the commodities complex, copper has moved 2.50% higher and spot WTI has risen by 1%. Read More
Gold and Siver digitized on the blockchain.
Kinesis is a revolutionary monetary system operating on the blockchain, based 1:1 on allocated gold and silver, providing users with a stable store of value. One that rewards you every month, allowing you to send, spend and trade in digital gold and silver. 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.
