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Debt default unlikely; Gold, silver price surge soon also unlikely - Gary Wagner
The chances are slim that no agreement will be reached in Congress regarding the extension of the debt ceiling, said Gary Wagner, editor of TheGoldForecast.com.
"The key is, there's going to be a vote. It looks like they're going to kick the can down the road [through] a vote as to how to fund the government from running out of money to service its debts and its payment," Wagner told David Lin, anchor for Kitco News on Monday. "I don't think we'll see a debt default." Read More
U.S. government will run out of money by Oct. 18 - Yellen
Pressure on U.S. Congress continues to build as Secretary-Treasurer Janet Yellen said Tuesday that the government could run out of money by Oct. 18.
"We now estimate that Treasury is likely to exhaust its extraordinary measures if Congress has not acted to raise or suspend the debt limit by October 18. At that point, we expect Treasury would be left with very limited resources that would be depleted quickly. It is uncertain whether we could continue to meet all the nation's commitments after that date," she said in a letter to Congress.
Yellen also recommended that Congress work quickly to raise the debt ceiling and avoid a credit crisis. Read More
Gold, Bitcoin: Expect more pain before major gains - Chris Vermeulen
Both Bitcoin and gold prices have more consolidating to do before moves to new all-time highs happen, said Chris Vermeulen, chief market strategist of TheTechnicalTraders.com.
“I think gold is trying to put in a base. I think it’s going to try to range here before $1,700 and $2,000 until the end of the year, and next could be a very big year for gold,” Vermeulen told David Lin, anchor for Kitco News. Read More
Dash now tradeable on the Kinesis Exchange
Although based on Bitcoin, Dash uses a two-tier network structure enabling a dramatically improved efficiency, which allows for better transaction processing and equips it with a powerful capacity for trading. As a result, Dash offers remarkably fast payments worldwide, with an average transactional speed of just above 1 second.
Additionally, Dash, whose name reflects the idea of “Digital Cash”, focuses greatly on privacy protection as well as an enhanced user experience. The virtual coin aims to provide a level of privacy equal to cash, which makes Dash a preferred method of payment globally.
Kinesis Money users can now send, spend, receive and trade their Dash coins via the Kinesis Exchange, housing them in their respective DASH Wallets, for the ease of completing crypto transactions on a global scale.
Trading Dash crypto on the Kinesis Exchange - Kinesis users can now trade DASH with a range of selected fiat pairs, as well as gold and silver-backed Kinesis native currencies, KAU and KAG.
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Gold closes below a critical support level indicating a further decline
Gold has been and continues to trade under pressure. Now for the fourth week in a row (even though it’s only Tuesday), gold prices have declined, with the weekly chart showing gold has traded to a lower low and a lower high for the last four consecutive weeks. Recent selling pressure began to occur immediately following the release of this month’s FOMC’s meetings statement coupled with the press conference with Chairman Jerome Powell. The Federal Reserve’s more hawkish demeanor had a cascading effect taking yields on U.S. debt instruments higher, taking the U.S. Dollar higher, pressuring gold lower, as well as now taking U.S. equities lower as well. Read More
Gold price sees double-digit drop as Yellen says failure to raise debt ceiling will trigger financial crisis, undermine U.S. dollar
If the debt ceiling is not raised in time, the U.S. will default, which would trigger a financial crisis and undermine the U.S. dollar, U.S. Treasury Secretary Janet Yellen told the U.S. Senate on Tuesday.
"If the debt ceiling is not raised, there would be a financial crisis, a calamity. It would undermine confidence in the dollar as a reserve currency … It would be a wound of enormous proportions," Yellen said during her testimony before the U.S. Senate.
A U.S. default would also undermine the confidence in the U.S. government, Yellen added, urging how critical it is to act now. Read More
Robert Kiyosaki warns of 'giant' October market crash as he holds gold, silver, bitcoin
A massive market crash is coming in October, that's according to Robert Kiyosaki, the best-selling author of 'Rich Dad Poor Dad'.
Kiyosaki's warning of a potential U.S. stock market meltdown comes with some investment advice — hold on to your gold, silver, and bitcoin positions and use cash to bargain hunt.
"Giant stock market crash coming October. Why? Treasury and Fed short of T-bills. Gold, silver, Bitcoin may crash too," Kiyosaki tweeted Sunday. "Cash best for picking up bargains after crash. Not selling gold silver Bitcoin, yet have lots of cash for life after stock market crash. Stocks dangerous. Careful." Read More
Gold and silver are mixed heading into the European open
Gold and silver are currently mixed heading into the European open. Gold is currently trading 0.26% higher while silver has lost -0.56% of its value. In the rest of the commodities complex, copper is -0.26% lower and spot WTI dropped -0.54%. Read More
Commerzbank discuss the effect yields had on gold this week
Commerzbank commodities analyst Carsten Fritsch has been looking at gold being under pressure due to rising U.S. yields in the bank's latest report.
He noted that "The gold price has dropped to $1,740 per troy ounce this morning, which puts it back at the level it reached last week following the Fed’s meeting. Gold had already shed its initial gains again during the course of trading yesterday. The price slide is continuing today. A headwind for gold is being generated above all by steeply rising US bond yields. Ten-year yields are now at 1.54%, their highest level in three months." 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.
