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Gold and silver move lower heading into the European open
Gold is starting the session lower on Thursday following six straight sessions of gains. The yellow metal is just hovering around the $1800/oz psychological zone. Silver has fallen -0.85% and trades at just under $26/oz but the wave low on the daily chart looks vulnerable for a downside break.
Elsewhere in the commodities complex, copper is -0.19% in the red but the current price action looks very sideways. Spot WTI is now -0.42% lower and is still retracing from lofty levels. Read More
Goldman Sachs is searching for upside targets in gold
In a very different paper from the other recent Goldman Sachs gold note analyst Mikhail Sprogis who is the Vice-President of commodities research said the upside move in gold is only just beginning and reiterated his $2,000 an ounce price target.
Sprogis said "As a result of the liquidation, gold is now again pricing a Goldilocks scenario of moderate inflation and continued global recovery and is thus trading at a large discount to the current real rate.
We estimate that the current gold price is consistent with a real rate of 0.1% vs. the -0.87% that is currently priced by the market. In our base case that the global recovery continues uninterrupted and inflation remains subdued, we expect this discount to persist and see just a modest upside to gold, driven by only a small increase in real rates and a continued improvement in EM wealth." Read More
Will the gold price struggle at this technical level
Gold is having another stellar session on Thursday and is currently trading just over half a percent higher leading into the U.S. open. This could mark the seventh straight day of price increases since the yellow metal hit the wave low of $1750.78/oz on 29th June. Read More
Gold, silver see price advances amid keener risk aversion
Gold and silver prices are higher in early U.S. trading Thursday, on some safe-haven buying amid a more uncertain marketplace late this week. Gold notched a three-week high overnight. August gold futures were last up $10.90 at $1,813.10 and September Comex silver was last up $0.021 at $26.155 an ounce. Read More
Mother of all bubbles will pop, no fast recovery in sight; Gold to hit $4,000 – Peter Grandich
The U.S. stock market is likely experienced what Japan did in the 1990s; an implosion and then stagnation before a recovery, said financial advisor and market commentator Peter Grandich of Peter Grandich & Company.
“I’m going to own more cash than anything else between now and the end of the year,” Grandich told David Lin, anchor for Kitco News.
Grandich discusses why we are currently in the “financial bubble to end all bubbles.” Read More
Video - Mother of all bubbles will pop, no fast recovery in sight; Gold to hit $4k? – Peter Grandich
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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.
