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$3,000 gold is this cycle's peak, and it's coming, here's why - David Garofalo
Gold peaked in 1981 when it reached $850 an ounce in nominal terms, but adjusted for inflation, that would equal $3,000 in real terms today.
$3,000 is this cycle’s coming peak, David Garofalo, CEO of Gold Royalty Corp. told David Lin, anchor for Kitco News.
“Gold’s all-time peak in real terms was actually achieved in 1981 when the nominal gold price was $850 an ounce, that would be $3,000 an ounce in 2021 dollars. That’s what I think I see in this cycle. The reason you want to be in the royalty companies in that kind of pronounced price [movement] versus the producers is we protect you from cost inflation,” he said. Read More
Gold might not be able to hold $1,750 as bearish sentiment grows
Rising bearish sentiment in the gold market does not bode well for prices next week as the precious metal tries to hold important support around $1,750 an ounce.
The latest results of the Kitco News Weekly Gold Survey show that Wall Street analysts are pessimistic on gold as the potential for tighter U.S. monetary policy supports the U.S. dollar and drives bond yields higher. At the same time, bullish sentiment among retail investors remains at a seven-month low. Read More
The Metals, Money, and Markets Weekly by Mickey Fulp - September 24, 2021
Join The Mercenary Geologist Mickey Fulp and Trevor Hall of Mining Stock Daily every Friday afternoon for a recap of metals, money, and markets. Each episode provides commentary on performances and a look ahead to next week's markets. Listen to the weekly wrap exclusively at Kitco.com.
Gold trades to a critical price support level this week
Gold prices ended the week with little change on the day, and little change when compared to last Friday’s close. Gold futures basis the most active December 2021 contract is currently fixed at $1750.60, which is a net gain of $0.80 (+0.05%) on the day. Gold futures did trade with a lower high and a higher low when compared to yesterday’s trading range. The largest decline occurred yesterday, a delayed reaction to Wednesday's conclusion of this month’s FOMC meeting. Read More
The real gold price test is coming next week – analysts
The gold market might face a real test next week – holding the $1,700 an ounce level. This will be critical for the precious metal, which has stayed largely above that level for all of 2021, according to analysts.
Even with China's Evergrande fears worrying the markets, gold failed to move sustainably above the $1,750 an ounce level.
And with higher Treasury yields and a stronger U.S. dollar following the upbeat Federal Reserve announcement, the precious metal could be in danger of testing the $1,700 level, said OANDA senior market analyst Edward Moya.
"The $1,700 level held up for all of this year, except for a brief moment when it dropped towards $1,680 a few times but managed to quickly recover," Moya told Kitco News. Read More
Silver price to hit "high ranges" of triple digits; Not enough on planet to meet demand - Neumeyer
Keith Neumeyer, CEO of First Majestic Silver, has previously called for the silver price to eventually hit triple digits. Now, he's upgrading that forecast.
"We have two new driving forces which are electric cars and solar panels. These technologies, these businesses, really didn't exist for the most part a decade ago. Today, I'm even more committed. I'm thinking triple-digit silver…I was always thinking in the low end of that triple-digit. But now, I'm thinking it's possible to get into the higher end of that range," Neumeyer told Michell Makori, editor-in-chief of Kitco News at the Denver Gold Forum. Read More
China warns of 'potential storm,' is gold paying attention?
It's one week later, and gold is trading near the same levels. There was a short rally higher due to China's Evergrande fears. But the move failed to gain momentum, and prices are back to near $1,750 an ounce. Read More
Gold and silver trade higher heading into the European open
Gold and silver are both heading into the European session in positive territory. Gold is up 0.42% while silver has risen 0.89% respectively. In the rest of the commodities complex, copper is trading just above flat while spot WTI pushed 1.30% in the black. Read More
Ep.48 Live from the Vault: 500:1 Silver to backfire!
This week, Andrew Maguire shares word of yet more refinery shortages and reveals the impetus for the next silver rally.
The precious metals expert explains the recent gold and silver market volatility and offers an update on the ongoing race to exit unallocated gold contracts by year’s end.
Andrew Maguire offers his take on the Fed’s hawkish announcement and, as ever, shines a spotlight on the footprints the bad actors have left on the market."
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.
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