Trump’s America-First policy drives US dollar and bond yields higher, pushing gold prices down 3%, silver prices down 5%
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Former President Donald Trump becomes the 47th President of the U.S.; Trump’s America-First policy drives U.S. dollar and bond yields higher; Spot gold prices down 3% at $2,657.60/oz; Silver prices down 5% at $30.95/oz; Ole Hansen from Saxo Bank notes strong dollar rally as main reason for gold struggle; Falling copper prices also impact silver; Hansen suggests selloff could be a buying opportunity; Matthew Jones from Solomon Global sees long-term potential for gold despite short-term pressures; Trump’s tariffs could positively affect precious metals; Concerns over U.S. debt and inflation; Article published by Kitco News.

#Trump #Gold #Silver #UsDollar #BondYields #PreciousMetals #Economy #Inflation #Tariffs #MarketAnalysis

https://www.kitco.com/news/article/2024-11-06/trumps-america-first-policy-drives-us-dollar-and-bond-yields-higher-pushing


US dollar softer ahead of election and jobs data
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The US dollar weakened against major currencies on Oct 30, 2024, following strong US private payrolls growth in October and a UK budget release. The dollar index fell 0.17% to 104.06 after reaching 104.63 on Oct 29. The US economy grew at an annualized rate of 2.8% in Q3, slightly below the 3% forecast. Marc Chandler from Bannockburn Global Forex noted market adjustments ahead of upcoming jobs data and the Nov 5 election. Uto Shinohara from Mesirow Currency Management indicated a 25-basis-point rate cut is priced in for the Fed's November meeting, with uncertainty for December. Speculation of a Donald Trump victory in the election has influenced market sentiment. The UK budget delivered by Rachel Reeves saw sterling fall initially but stabilize later. The euro rose 0.36% to $1.0857, while the Aussie dollar increased to $0.6577 after hitting a low of $0.6537. The ECB's Joachim Nagel stated inflation victory is near, and the US economy showed solid growth ahead of the election.

#UsDollar #Election #JobsData #Economy #Inflation #UkBudget #Currency #AdpReport #FederalReserve #Trump

https://www.kitco.com/news/off-the-wire/2024-10-30/us-dollar-softer-ahead-election-and-jobs-data


Gold prices surging to record highs amid rising U.S. debt and elevated bond yields - Sprott’s Ryan McIntyre
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Gold prices have surged to $2,800 an ounce, marking a 35% increase this year; U.S. 10-year bond yields have risen above 4%, reaching a three-month high; Ryan McIntyre of Sprott Inc. attributes rising bond yields to growing U.S. debt, which exceeds $35 trillion; McIntyre warns of potential recession impacts on debt levels; he recommends holding 10% of net worth in physical gold and a 5% allocation in precious metals mining stocks; gold is viewed as a safe-haven asset amid economic uncertainty; McIntyre believes gold has unlimited upside potential despite higher bond yields.

#Gold #UsDebt #BondYields #Investment #Economy #Sprott #RyanMcintyre #PreciousMetals #MarketAnalysis #SafeHaven

https://www.kitco.com/news/article/2024-10-30/gold-prices-surging-record-highs-amid-rising-us-debt-and-elevated-bond


US firms point to steady economy but see lower profit margins, Fed says
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U.S. economic activity was little changed from September through early October; firms reported a slight uptick in hiring; Federal Reserve expects a 25-basis-point reduction in borrowing costs at the Nov. 6-7 meeting; inflation pressures are moderating; input prices rose faster than selling prices, affecting profit margins; U.S. job gains increased significantly in September, with unemployment at 4.1%; retail sales showed solid growth; businesses remain cautious due to election uncertainty; annual price increases slowed to 2.2% in August; input prices rose moderately, particularly in insurance and healthcare; Fed's Beige Book survey conducted through Oct. 11.

#UsEconomy #FederalReserve #Inflation #JobMarket #EconomicActivity #BeigeBook #InterestRates #RetailSales #ProfitMargins #PresidentialElection

https://www.kitco.com/news/off-the-wire/2024-10-23/us-firms-point-steady-economy-see-lower-profit-margins-fed-says


Futures pressured as yields rise; 3M, GM up after results
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U.S. stock index futures fell on October 22, 2024, as rising Treasury yields pressured rate-sensitive shares; General Motors (GM.N) rose 2.4% after beating Q3 estimates; 3M (MMM.N) increased 3.5% after raising its profit forecast; Dow E-minis down 169 points (0.39%), S&P 500 E-minis down 30 points (0.51%), Nasdaq 100 E-minis down 128.75 points (0.63%); 10-year Treasury yield rose to 4.222%; traders see 87.5% chance of a 25-basis-point rate cut in November; GE Aerospace (GE.N) fell 4%, Danaher (DHR.N) up 2.9%; over 100 companies reporting earnings this week; estimated S&P 500 Q3 earnings growth at 6.5% excluding Energy sector; Philadelphia Fed President Patrick Harker's remarks expected later.

#StockMarket #TreasuryYields #CorporateEarnings #GeneralMotors #3m #EconomicOutlook #FederalReserve #Investors #DowJones #S&p500

https://www.kitco.com/news/off-the-wire/2024-10-22/futures-pressured-yields-rise-3m-gm-after-results


European and US bonds rapidly diverge as economic wedge widens
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As of October 15, 2023, the gap between U.S. and German 10-year bond yields has reached 183 basis points, the widest since July; Simon Blundell from BlackRock predicts further divergence; U.S. jobs growth in September indicates economic strength, while euro area business activity contracted; Goldman Sachs forecasts the yield gap to rise to 200 bps; Germany's economy is expected to contract for a second consecutive year in 2024; France plans to raise taxes and cut spending to reduce its budget deficit; Bank of America doubts the euro zone can sustain 2% interest rates; UBS sees potential growth in Spain and Italy; the OECD expects U.S. growth at 2.6% in 2023, compared to 0.7% in the euro zone.

#Bonds #Economy #InterestRates #Germany #Usa #Ecb #Fed #Inflation #FinancialMarkets #Oecd

https://www.kitco.com/news/off-the-wire/2024-10-15/european-and-us-bonds-rapidly-diverge-economic-wedge-widens


LBMA 2024: Three central banks say they see global official gold holdings going higher
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Central banks' demand for gold is expected to rise despite recent slowdowns; Enkhjin Atarbaatar (Central Bank of Mongolia), Marek Sestak (Czech National Bank), and Joaquín Tapia (Banco de México) participated in a panel at LBMA 2024; Czech National Bank has purchased 32.8 tonnes of gold since March, holding 44.8 tonnes total (2.4% of reserves); Czech plans to increase holdings to 100 tonnes; Bank of Mongolia holds 4.9 tonnes (8.7% of reserves) and has sold 3.5 tonnes this year; Banco de México holds 120.4 tonnes (4.2% of reserves) and values gold for diversification; geopolitical uncertainty and falling interest rates may boost gold prices; central banks see gold as a potential alternative to the U.S. dollar; challenges include gold market liquidity; Mongolia's reserves are primarily in U.S. dollars, complicating trade.

#Gold #CentralBanks #Lbma #CzechNationalBank #BancoDeMéxico #CentralBankOfMongolia #GeopoliticalUncertainty #ForeignReserves #PreciousMetals #MarketAnalysis

https://www.kitco.com/news/article/2024-10-14/lbma-2024-three-central-banks-say-they-see-global-official-gold-holdings


Project 2025 Wants Gold to Rule Again — But Is It Fool’s Gold?
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Project 2025, launched in 2023 by the Heritage Foundation, proposes reestablishing the gold standard and eliminating the Federal Reserve; Donald Trump disavows the project despite contributions from former Cabinet members; Chapter 24 advocates for free banking and gold-backed currency as solutions for economic stability; Experts Michael Bordo and John Cochrane criticize free banking as historically unstable; Bordo emphasizes that the gold standard did not ensure price stability; Cochrane argues for government involvement in defining currency value; Project 2025 suggests reforms for the Federal Reserve, including eliminating the dual mandate and setting explicit inflation targets; Critics highlight the impracticality of returning to a gold standard in today's economy.

#Project2025 #GoldStandard #FederalReserve #MonetaryPolicy #FreeBanking #DonaldTrump #HeritageFoundation #EconomicStability #Inflation #FinancialRegulation

https://www.kitco.com/news/article/2024-10-10/project-2025-wants-gold-rule-again-it-fools-gold


Gold traders confused among anchored geopolitical tension and US ADP data
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Gold prices are retracing from highs due to geopolitical tensions and US economic data; Iran attacked Israel, causing gold prices to soar over 1% yesterday; US ADP data exceeded expectations, impacting gold traders' outlook; traders are uncertain about future price direction due to potential Israeli attacks on Iran; Fed's monetary policy may adjust based on US labor market health; current gold price remains above yesterday's lows despite negative territory today.

#Gold #Trading #Geopolitics #UsEconomy #AdpData #Iran #Israel #Fed #MonetaryPolicy #MarketAnalysis

https://www.kitco.com/opinion/2024-10-03/gold-traders-confused-among-anchored-geopolitical-tension-and-us-adp-data


Gold prices shine bright: Will the momentum continue
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Gold prices are up over 28% YTD and 45% YoY; September saw a 4.94% increase; Fed's unexpected jumbo interest rate cut influenced price surge; US NFP data critical for future price direction; potential for another significant rate cut; market volatility expected as traders assess economic indicators.

#Gold #FederalReserve #Nfp #InterestRates #MarketTrends #Investment #PreciousMetals #Trading #Economy #Volatility

https://www.kitco.com/opinion/2024-09-30/gold-prices-shine-bright-will-momentum-continue


Gold soars to new heights, but miners are the real opportunity – VanEck portfolio manager
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Gold reached record highs for five consecutive days; Imaru Casanova, VanEck portfolio manager, noted significant volatility in August 2024; on August 5, a surprise rate hike from Japan's central bank triggered a global sell-off; TOPIX dropped 12%, the largest since 1987; S&P 500 and Nasdaq also declined; gold closed at $2,524.64 on August 27, up 11% over 10 years; NYSE Arca Gold Miners Index rose 2.44% in August, while MVIS Global Juniors Gold Miners Index increased by only 0.42%; gold stocks underperformed gold bullion; average margins expanded by 8% in August; Scotiabank estimates gold mining equities are at a 23% discount to spot gold; BofA Global Research reported a decline in new gold discoveries; Casanova suggested potential for gold price stability unless western investor interest increases; World Gold Council noted positive fund flows into North American gold ETFs; Casanova concluded that gold mining equities are attractive for recession-proof investments.

#Gold #Mining #Investments #MarketAnalysis #Economy #Volatility #Etfs #Casanova #Vaneck #Scotiabank

https://www.kitco.com/news/article/2024-09-26/gold-soars-new-heights-miners-are-real-opportunity-vaneck-portfolio-manager


Futures start week on upbeat note as soft landing optimism lingers
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Futures tied to Wall Street's main indexes gained on September 9, 2024, rebounding from losses as investors remained optimistic about soft landing prospects for the U.S. economy ahead of a crucial inflation report. Tesla (TSLA.O) led gains, up 1.7%. Chip stocks AMD (AMD.O) and Marvell Technology (MRVL.O) rose 1% and 1.7%, respectively. The S&P 500 is still 13.4% higher for the year despite recent volatility. Seema Shah, chief global strategist at Principal Asset Management, noted that rate cuts could avoid a downturn but warned of recession fears if conditions worsen. Consumer prices data is due on September 11, expected to show 2.6% yearly inflation. Money markets see a 75% chance of a 25-basis-point rate reduction by the Fed next week. Boeing (BA.N) advanced 4.7% after a tentative agreement with a union, while Dell Technologies (DELL.N) and Palantir (PLTR.N) rose 5.9% and 8%, respectively, ahead of their inclusion in the S&P 500 on September 23.

#Futures #WallStreet #Economy #Inflation #Stocks #Boeing #Tesla #S&p500 #RateCuts #JobData

https://www.kitco.com/news/off-the-wire/2024-09-09/futures-start-week-upbeat-note-soft-landing-optimism-lingers


Ignore U.S. dollar volatility and focus on gold in euro terms as prices test April highs - MKS’ Nicky Shiels
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Gold is consolidating around record highs above $2,500 an ounce; Nicky Shiels, Head of Research and Metals Strategy at MKS PAMP, emphasizes focusing on gold in euro terms (XAUEUR) as it trades near record highs; XAUEUR is at €2,259.60 an ounce, with critical resistance around €2270-2280; Shiels notes six failed attempts to break above €2270-2280 since April; gold is building a solid base around €2,200; market sentiment is bullish as the Federal Reserve prepares for easing; expectations for a 25-basis-point cut and a potential 50-basis-point cut are influencing gold prices; European Central Bank expected to cut rates in September.

#Gold #Euro #NickyShiels #MksPamp #FederalReserve #Ecb #MarketAnalysis #Commodities #PreciousMetals #Investment

https://www.kitco.com/news/article/2024-09-02/ignore-us-dollar-volatility-and-focus-gold-euro-terms-prices-test-april


A correction won’t shift momentum in gold and silver
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Gold and silver face selling pressure ahead of Labor Day; gold reached all-time highs above $2,500 an ounce; U.S. dollar index dropped to lowest since mid-July 2023 at 100.50; U.S. dollar index down 5% in two months; Federal Reserve expected to cut rates by 25 basis points with 30% chance of 50 basis points; U.S. economy grew by 3.0% in Q2 2023; inflation data shows subdued consumer prices; next week's employment data crucial for Federal Reserve's easing cycle; long-term uptrend for gold remains despite volatility; geopolitical uncertainty and growing government debt support gold's safe-haven status.

#Gold #Silver #UsDollar #FederalReserve #Inflation #Economy #MarketAnalysis #PreciousMetals #Investment #GeopoliticalUncertainty

https://www.kitco.com/news/article/2024-08-30/correction-wont-shift-momentum-gold-and-silver


Silver price could fall to $28.60 before making another run at $30 – Analysts
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Silver price may drop to $28.60 before attempting to reach $30; David Scutt from City Index warns against betting heavily on silver's rise due to ongoing resistance; silver has been correlated with copper futures; recent economic data could impact silver's performance; silver closed lower on Wednesday and continued downtrend on Friday, dropping below $29; potential short trade targets include $28.77, $28.046, and $27.269; Mohemati from TradingView suggests silver is completing a correction wave, with potential for bullish movement in the coming weeks.

#Silver #PricePrediction #MarketAnalysis #DavidScutt #Mohemati #CityIndex #Tradingview #ElliottWave #Bullish #Bearish

https://www.kitco.com/news/article/2024-08-30/silver-price-could-fall-2860-making-another-run-30-analysts


Gold prices boosted by interest rate optimism, lower USD and Treasury yields, silver will follow after Fed cuts – Heraeus
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Gold prices are rising due to expected Fed rate cuts, U.S. dollar weakness, and falling Treasury yields; gold reached an all-time high of $2,531/oz mid-week; managed money investors hold a net long position of 22 million ounces as of August 16; two-year Treasury yields are below 4% compared to a Federal Funds Rate of 5.5%; gold is currently trading at $2,517.77, up 0.22%; silver demand remains strong with Perth Mint sales rebounding in July, but year-to-date sales are down 47% at 5.55 million ounces; silver prices are expected to rise as interest rates fall; spot silver reached $30.192 per ounce before trading at $29.848, up 0.06%; the article is authored by Ernest Hoffman.

#Gold #Silver #InterestRates #TreasuryYields #MarketAnalysis #Heraeus #PreciousMetals #Investment #Economy #Bullion

https://www.kitco.com/news/article/2024-08-26/gold-prices-boosted-interest-rate-optimism-lower-usd-and-treasury-yields


Another week, another record high for gold
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Gold is trading above $2,500, nearing record highs; analysts indicate further rally potential as the Federal Reserve begins a new easing cycle; Fed minutes from July show support for potential rate cuts; Powell confirms policy adjustments are needed; markets anticipate a 36.5% chance of a 50-basis-point rate cut in September; Consumer Stress Legal Index rose 5.8 points in July to 67.6, highest since November 2020; U.S. dollar index at a yearly low below 101 points; silver prices above $29 an ounce, outperforming gold; Samsung developing solid-state batteries incorporating silver, with mass production planned with Toyota by 2027.

#Gold #Silver #FederalReserve #Economy #ConsumerStressIndex #Samsung #Batteries #PreciousMetals #MarketAnalysis #Investing

https://www.kitco.com/news/article/2024-08-23/another-week-another-record-high-gold


C$ gives back some recent gains after weak domestic data
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The Canadian dollar edged lower against the U.S. dollar after weak domestic data showed a decline in wholesale trade and home sales. Canadian wholesale trade fell by 0.6% month-over-month in June, after declining by 1.2% in May. Separate data showed Canadian home sales falling 0.7% in July from June. The Bank of Canada has expressed concerns about too much slack in the economy. The U.S. dollar rose against major currencies after positive U.S. economic data eased fears of a recession. Canadian government bond yields moved higher, tracking U.S. Treasuries. The 10-year yield was up 5 basis points at 3.073%. Canada's economy could benefit from a U.S. soft landing. Canada sends about 75% of its exports to the United States, including oil. U.S. crude oil futures settled 1.5% higher at $78.16 a barrel.

#CanadianDollar #DomesticData #WholesaleTrade #HomeSales #BankOfCanada #UsDollar #UsEconomicData #CanadianGovernmentBondYields #UsTreasuries #Canada'sEconomy #UsCrudeOilFutures

https://www.kitco.com/news/off-the-wire/2024-08-15/c-gives-back-some-recent-gains-after-weak-domestic-data


Gold pares gains as dollar, bond yields climb after strong US data
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Gold prices pared gains as the dollar and Treasury yields rose after stronger-than-expected U.S. economic data that could influence the size of interest rate cuts from the Federal Reserve. Spot gold was up 0.3% at $2,454.40 per ounce, as of 1:46 p.m. EDT (1746 GMT), after rising as much as 0.9% earlier in the session. U.S. gold futures settled 0.5% higher at $2,492.40. U.S. retail sales increased 1.0% last month after a downwardly revised 0.2% drop in June, the Commerce Department's Census Bureau said. Following the U.S. data, the dollar rose 0.5% against its rivals, making gold more expensive for other currency holders, while benchmark 10-year Treasury yields also jumped. Meanwhile, two Fed officials on Thursday lined up behind the possibility of an interest rate cut at the U.S. central bank's policy meeting next month, reversing their previous skepticism about lowering borrowing costs too soon. Spot silver gained 2.6% to $28.30 per ounce. Platinum jumped 3.8% to $954.65 and palladium rose 0.5% to $940.04.

#Gold #Dollar #TreasuryYields #UsEconomicData #FederalReserve

https://www.kitco.com/news/off-the-wire/2024-08-15/gold-pares-gains-dollar-bond-yields-climb-after-strong-us-data


Gold, silver rally despite bearish outside mkts, solid U.S. data
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Gold and silver prices are up in midday U.S. trading Thursday, ignoring bearish outside markets and strong U.S. data. December gold is up $16.60 at $2,496.30. September silver is up $1.186 at $28.525. The U.S. retail sales report for July came in at up 1.0% from June, much stronger than the expected 0.3% rise. Gold and silver markets saw safe-haven demand due to U.S. government warnings of a potential military attack on Israel by Iran or its proxies. Nymex crude oil prices are firmer, trading around $78.50 a barrel. The benchmark 10-year U.S. Treasury note is fetching around 3.85%. December gold bulls have the solid overall near-term technical advantage. December gold's next upside price objective is a close above solid resistance at the contract high of $2,537.70. September silver futures bears have the overall near-term technical advantage. Silver bulls' next upside price objective is closing prices above solid technical resistance at the August high of $29.355. The next downside price objective for the bears is closing prices below solid support at $26.00. Gold and silver rally amid bullish outside markets.

https://www.kitco.com/news/article/2024-08-15/gold-silver-rally-despite-bearish-outside-mkts-solid-us-data


US junk debt investors cautious of leveraged loans as economy slows
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Investors in US junk debt are cautious about leveraged loans as the economy slows; Borrowers pulled back on leveraged loan deals last week following disappointing jobs data; Only six leveraged loans worth $3.3 billion were sold last week, well below the weekly average this year; JetBlue Airways sold a $750 million loan deal; Leveraged loan funds reported $3.1 billion in outflows last week, the most since March 2020; The Morningstar LSTA US Leveraged Loan Index fell 0.55% on Aug. 5, the worst daily performance since March 2023; Some opportunistic transactions were put on hold due to market volatility; There may be a pickup in primary issuance in both the loan and high yield markets; Investor demand for new loan deals has exceeded net loan supply by at least $130 billion this year; A potential economic slowdown and aggressive Fed rate cuts could impact leveraged borrowers' refinancing or new loan plans.

#UsJunkDebt #LeveragedLoans #Economy #Investors #LoanDeals #MarketVolatility #PrimaryIssuance #HighYieldMarket #EconomicSlowdown #FedRateCuts

https://www.kitco.com/news/off-the-wire/2024-08-14/us-junk-debt-investors-cautious-leveraged-loans-economy-slows


This contagion market event could trigger an emergency Fed rate cut – Danielle DiMartino Booth
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Danielle DiMartino Booth, CEO and chief strategist of QI Research, warns that if there is a contagion in other markets, the Federal Reserve will be forced to play catch-up and make an emergency rate cut. She believes the Fed will have to go for a 50 basis point cut by September 18. However, an emergency rate cut could confirm investors' worst fears and may not be justified by a minor meltdown in the U.S. stock market. The Fed would be prompted to issue an emergency rate cut if there is contagion into the credit markets and credit starts drying up. DiMartino Booth believes the U.S. economy is already in a recession. She also analyzes gold and Bitcoin in this environment.

#FederalReserve #RateCut #Contagion #StockMarket #CreditMarkets #Recession #Gold #Bitcoin

https://www.kitco.com/news/article/2024-08-13/contagion-market-event-could-trigger-emergency-fed-rate-cut-danielle


Yen dips, markets stabilise ahead of US inflation data
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The yen fell against the dollar on Monday in calmer currency market trading after volatile moves last week; investors are pricing 100 basis points of Fed cuts by year-end; the dollar was trading at 147.55 yen, up 0.7%; markets, in particular Japan's, were rocked last week by an unwinding of the hugely popular yen carry trade; Scotiabank has bought a minority stake in U.S. regional lender KeyCorp in an all-stock deal worth $2.8 billion; the S&P 500 ended higher on Friday and was little changed for the week after clawing back from Monday's steep dive; Australia’s high court has rejected a green group’s request to appeal a judgment dismissing review proceedings on the climate change effects of coal emissions for Whitehaven Coal's Narrabri Stage 3 project

#Yen #Dollar #FedRateCuts #CarryTrade #Scotiabank #Keycorp #S&p500 #WhitehavenCoal

https://www.kitco.com/news/off-the-wire/2024-08-12/yen-dips-markets-stabilise-ahead-us-inflation-data


Price gains for gold, silver as U.S. inflation data on
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Gold and silver prices are higher in early U.S. trading Monday; December gold was last up $9.00 at $2,482.40 and September silver was up $0.407 at $27.995. The U.S. data points of the week are the July producer price index on Tuesday and the consumer price index for July on Wednesday. Asian and European stock indexes were mixed but mostly firmer overnight. U.S. stock indexes are pointed toward slightly higher openings when the New York day session begins. The key outside markets today see the U.S. dollar index slightly up. Nymex crude oil prices are up and are trading around $77.75 a barrel. A DowJones Newswire headline today reads: “Oil edges higher as markets brace for Iran retaliation.” Technically, December gold bulls have the firm overall near-term technical advantage. September silver futures bears have the overall near-term technical advantage.

https://www.kitco.com/news/article/2024-08-12/price-gains-gold-silver-us-inflation-data


Gold price slightly up on late-week pause
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Gold prices are slightly higher and silver slightly lower in early U.S. trading Friday. Traders are waiting for the next significant fundamental event to drive daily price action, which could be a geopolitical development over the weekend or U.S. inflation data next week. The U.S. stock market today could also impact the gold and silver markets. December gold is up $2.50 at $2,465.80, and September silver is down $0.046 at $27.56. Asian and European stock indexes were mixed but mostly firmer overnight. U.S. stock indexes are pointed toward slightly lower openings. China's inflation data shows a rise in the consumer price index and a decline in the producer price index. Concerns remain about a flare-up in Middle East military action. The U.S. dollar index is near steady, crude oil prices are up, and the 10-year U.S. Treasury note is fetching 3.967%. No major U.S. economic data is due out Friday. Technically, December gold bulls have the firm overall near-term technical advantage, while September silver futures bears have the overall near-term technical advantage.

#Gold #Silver #Trading #StockMarket #Inflation #Geopolitics

https://www.kitco.com/news/article/2024-08-09/gold-price-slightly-late-week-pause


Gold near session highs as U.S. weekly jobless claims drop to 233k
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Gold prices are near session highs as U.S. weekly jobless claims drop to 233k, lower than expectations of 240k claims; Spot gold last traded at $2,410.38 per ounce, up nearly 1.16% on the day; Four-week moving average for new claims rose to 240,750; Continuing jobless claims were at 1.875 million; Ernest Hoffman is a Crypto and Market Reporter for Kitco News

https://www.kitco.com/news/article/2024-08-08/gold-near-session-highs-us-weekly-jobless-claims-drop-233k


Gold Struggles to Break Losing Streak Amid Economic Uncertainty and Global Tensions
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Gold prices continue to decline, extending a losing streak of five consecutive days; Gold's most active December contract settles at $2,423, marking a daily decline of $8.60 or 0.35%; Recent volatility in the gold market follows a concerning U.S. employment report revealing an unexpected jump in the unemployment rate to 4.3%, triggering the "Sahm Rule" recession indicator; Analysts maintain a bullish long-term outlook for gold, citing concerns about U.S. economic weakness and a favorable U.S. Real Rate outlook; Geopolitical tensions worldwide, including anti-immigration riots in England, potential crisis escalation in the Middle East, and the ongoing conflict in Ukraine, reinforce gold's role as a safe-haven asset; Gold reaches an intraday high of $2,522 on August 2 before succumbing to selling pressure; Gold's performance will likely remain tied to developments in labor markets, inflation data, and geopolitical events; Short-term volatility persists, but economic uncertainties and global tensions suggest gold will resume its upward momentum; Gold market experiences a fourth consecutive day of decline in August.

#Gold #EconomicUncertainty #GlobalTensions #Volatility #UnemploymentRate #SahmRule #UsEconomy #GeopoliticalTensions #SafehavenAsset

https://www.kitco.com/opinion/2024-08-07/gold-struggles-break-losing-streak-amid-economic-uncertainty-and-global-tensions


U.S. Dollar Is 'the Biggest Asset Bubble,' All Roads Lead to More Money Printing - Mark Moss
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Mark Moss, Host of 'The Mark Moss Show' and Partner of the Bitcoin Opportunity Fund, warns that the U.S. dollar is the biggest asset bubble; Moss explains that a recession in the U.S. will lead to more money printing, liquidity injections, and inflation; The U.S. is running on a debt-based monetary system, with the national debt surpassing $35 trillion; Moss points out that individuals do not really own anything in a debt-based monetary system; Moss states that the state of the U.S. dollar is the biggest issue for investors, as it continues to lose its purchasing power; Moss predicts that if former President Donald Trump wins the election, Bitcoin could reach $400k by the end of 2025; The U.S. national debt has surpassed $35 trillion, strengthening the case for investors to hold Bitcoin and gold; Elon Musk warns that America is going bankrupt as 76% of June tax receipts went to interest on debt

#UsDollar #AssetBubble #MoneyPrinting #Inflation #Recession #LiquidityInjections #DebtbasedMonetarySystem #NationalDebt #Bitcoin #Gold

https://www.kitco.com/news/article/2024-08-07/us-dollar-biggest-asset-bubble-all-roads-lead-more-money-printing-mark-moss


The Labor Market Shock: Implications for the Economy and Federal Reserve Policy
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The July non-farm payroll report revealed a significant weakening in the labor market, with only 114,000 new jobs added in July, far below economists' forecasts; The unemployment rate jumped to 4.3%, its highest level since October 2021, surpassing the anticipated 4.1%; The unexpected deterioration in employment data has heightened recession fears; U.S. equities experienced substantial declines across major indices, with the Dow Jones Industrial Average falling 1.5%, the S&P 500 and NASDAQ Composite suffering losses of 1.84% and 2.43%, respectively; The U.S. dollar declined by 1.08%, its steepest daily drop since November 14, 2023; The gold market experienced heightened volatility in response to these developments; The probability of a more aggressive 50 basis point rate cut by the Federal Reserve in September surged from 22% to 71.5%; The Federal Reserve faces a delicate balancing act in addressing the economic slowdown while being mindful of still-elevated inflation levels.

#LaborMarket #Economy #FederalReserve #Unemployment #Recession #Equities #Dollar #GoldMarket #RateCut

https://www.kitco.com/opinion/2024-08-02/labor-market-shock-implications-economy-and-federal-reserve-policy


Commodities fall, stocks nervy ahead of Fed, BOJ rate decisions
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Oil hits lowest since early June; concern about economic outlook dents commodities; bonds, currencies, and stocks trade cautiously ahead of central bank decisions and major corporate earnings reports; Brent crude futures fall to $79.34 a barrel; copper and iron ore prices fall; zinc and aluminium slip to multi-month lows; U.S. stock futures rise 0.2%; MSCI All-World index flat; London's FTSE 100 worst-performing index; German economy unexpectedly contracts in Q2; German 10-year Bund yields steady; Japanese government bond yields edge lower; U.S. Treasury yields ease; markets price almost no chance of U.S. rate cut this week; markets price 60% chance of 10-basis-point rate hike by Bank of Japan; dollar and yen drift; euro edges up to $1.0833; Microsoft and AMD to report earnings; preliminary CPI data due in Germany and Spain; Australian inflation data to be released on Wednesday; Bank of England priced for roughly even chance of rate cut at policy meeting on Thursday; gold prices edge higher as investors await Fed's commentary on monetary policy and U.S. economic data; pound holds steady against dollar ahead of Bank of England's interest rate decision

#Commodities #Stocks #CentralBankDecisions #Oil #Copper #IronOre #BrentCrude #MsciAllworldIndex #Ftse100 #GermanEconomy #German10yearBundYields #JapaneseGovernmentBondYields #UsTreasuryYields #UsRateCut #BankOfJapan #Dollar #Yen #Euro #Microsoft #Amd #CpiData #AustralianInflationData #BankOfEngland #GoldPrices #Pound

https://www.kitco.com/news/off-the-wire/2024-07-30/commodities-fall-stocks-nervy-ahead-fed-boj-rate-decisions


Stocks bounce after heavy sell-off as US inflation cools
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European shares and US stock futures rebounded on Friday after a week of global equity sell-off; US inflation cooled slightly to 2.5% year-on-year in June; S&P 500 futures were up 0.72% after a 1.9% drop for the week; Nasdaq futures rose 1% after a 7% slump in the past two weeks; Europe's STOXX 600 index rose 0.58% after a 2.7% loss last week; Investors have snapped up smaller companies and ditched popular AI plays; German DAX index rose 0.46% and Britain's FTSE 100 rose 1%; Japan's Nikkei fell 0.53% and Hong Kong's Hang Seng edged up 0.1%; US 10-year Treasury yields dipped slightly to 4.221%; Japanese yen slipped from a 12-week high against the dollar; Dollar was up 0.3% against the yen at 154.39; Oil prices slipped with Brent crude down 0.67% at $81.82 a barrel.

#Stocks #Selloff #Inflation #Equities #Us #Europe #Nasdaq #Stoxx600 #Dax #Ftse100 #Nikkei #HangSeng #TreasuryYields #Yen #Dollar #OilPrices

https://www.kitco.com/news/off-the-wire/2024-07-26/stocks-bounce-after-heavy-sell-us-inflation-cools


The U.S. Economy demonstrates unexpected strength in Q2 2024
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The Bureau of Economic Analysis (BEA) released its advance estimate of second-quarter GDP growth, revealing unexpected strength in the U.S. economy with a growth rate of 2.8%, surpassing economists' predictions of 2%. The report highlighted contributions from both the services and goods sectors, driving consumer spending upward. The stronger-than-anticipated economic performance may lead to a reconsideration of the Federal Reserve's timeline for normalizing interest rates. As a result, the gold market experienced a sell-off, with the most active August gold contract declining by 1.42%. Attention now shifts to the upcoming Personal Consumption Expenditures (PCE) inflation index for June, which is expected to show a slight increase in the monthly core PCE but a modest decrease in inflation on an annual basis. The report holds significance as it is the Federal Reserve's preferred measure of inflation. If core inflation continues to cool, it could provide bullish tailwinds for gold prices.

#UsEconomy #GdpGrowth #FederalReserve #GoldMarket #Inflation

https://www.kitco.com/opinion/2024-07-25/us-economy-demonstrates-unexpected-strength-q2-2024


US economic growth regains steam in second quarter; inflation slows
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The US economy grew at a faster-than-expected rate of 2.8% in the second quarter, with inflation subsiding. This has maintained expectations of a September interest rate cut from the Federal Reserve. The economy grew at a 1.4% rate in the first quarter. The personal consumption expenditures (PCE) price index, excluding food and energy, increased at a 2.9% rate, down from 3.7% in the first quarter. The Federal Reserve has maintained its benchmark interest rate at 5.25%-5.50% for the past year and is expected to cut rates three times this year, starting in September. Despite solid economic growth, there are concerns about a slowing labor market, low saving rates, slowing state and local government revenues, and the impact of new tariffs.

#UsEconomy #EconomicGrowth #Inflation #FederalReserve #InterestRates

https://www.kitco.com/news/off-the-wire/2024-07-25/us-economic-growth-regains-steam-second-quarter-inflation-slows


Falling commodity stocks drag TSX to two-week lows
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Canada's main stock index, the S&P/TSX composite index, fell to its lowest level in two weeks on July 25. The decline was led by precious metal miners as gold and silver prices weakened. Gold prices touched a two-week low after data showed the US economy expanded faster than expected and inflation slowed in the second quarter. Silver prices also skidded, while copper dipped below $9,000 per metric ton for the first time since April. The US gross domestic product (GDP) grew faster than expected in the second quarter, but inflation subsided, leaving intact expectations for a September rate cut by the Federal Reserve. The Bank of Canada (BoC) lowered its interest rates by 25 basis points on July 24 and indicated chances of more cuts if inflation continues to ease. Loblaw Companies dropped 1.5% after missing estimates for second-quarter revenue, while Mullen Group jumped 8% after beating earnings estimates. The US economy grew faster than expected in the second quarter amid solid gains in consumer spending and business investment, but inflation pressures subsided, leaving intact expectations of a September interest rate cut from the Federal Reserve. Gold prices slipped to their lowest in over two weeks on July 25 as profit-taking kicked in after gold's recent rally, while traders awaited US economic data that could offer more cues on when the central bank will cut interest rates.

#StockMarket #CommodityStocks #Gold #Silver #EconomicData #InterestRates #FederalReserve #BankOfCanada #LoblawCompanies #MullenGroup

https://www.kitco.com/news/off-the-wire/2024-07-25/falling-commodity-stocks-drag-tsx-two-week-lows


US economy regains speed in second quarter; price pressures easing
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The US economy grew faster than expected in the second quarter, with a 2.8% annualized growth rate, driven by solid gains in consumer spending and business investment. Inflation pressures subsided, supporting expectations of a September interest rate cut from the Federal Reserve. The growth rate in the first half of the year averaged 2.1%, half the pace of the last six months of 2023. Consumer spending increased at a 2.3% rate, driven by outlays on services and goods. Business investment and inventory building also contributed to growth. Despite the solid growth, the outlook for the second half of the year is uncertain due to a slowing labor market and potential impact from tariffs and rate hikes.

#UsEconomy #GdpGrowth #ConsumerSpending #BusinessInvestment #Inflation #FederalReserve

https://www.kitco.com/news/off-the-wire/2024-07-25/us-economy-regains-speed-second-quarter-price-pressures-easing


Stocks mostly edge higher after selloff, yields fall, yen gains
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World stock indexes mixed; S&P 500 higher after selloff; Treasury yields fall; Japanese yen rallies; U.S. dollar trims losses after GDP data; U.S. economy grows faster than expected in Q2; Fed expected to cut rates in September; Dow Jones, S&P 500, Nasdaq Composite rise; Tesla shares up 3.3%; IBM shares jump 5%; MSCI's global stocks gauge falls; U.S. 10-year Treasury note yield drops; U.S. Treasury yield curve remains inverted; Dollar index falls; U.S. crude gains, Brent falls; Chinese blue-chips and Hong Kong's Hang Seng slide; Iron ore prices fall; TSX falls to two-week lows; Gold prices hit over 2-week low; Silver prices remain down; BRICS+ driving gold rush; Defense pacts could trigger WW3; Elon Musk says America is going bankrupt; Copper prices walloped

#Stocks #Selloff #Yields #Yen #Gdp #InterestRateCut #DowJones #S&p500 #NasdaqComposite #Tesla #Ibm #Msci #TreasuryNote #DollarIndex #CrudeOil #Brent #China #HongKong #IronOre #Tsx #Gold #Silver #Brics #DefensePacts #ElonMusk #Copper

https://www.kitco.com/news/off-the-wire/2024-07-25/stocks-mostly-edge-higher-after-selloff-yields-fall-yen-gains


Elon Musk says ‘America is going bankrupt’ as 76% of June tax receipts went to interest on debt
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The fiscal position of the United States continues to deteriorate as the federal government’s deficit has swollen to $1.27 trillion in the fiscal year ending in June; The Treasury Department reported record-high receipts of $466 billion in June, but the government still ran a deficit of $66 billion for the month; Interest rates remain at their highest levels in over a decade, with the interest on public debt hitting $140 billion in June; The Federal Reserve saw a net negative income of $114.3 billion in 2023; Economist E.J. Antoni notes that interest on the federal debt was equal to 76% of all personal income taxes collected in June; Elon Musk tweeted that 'America is going bankrupt'; Veteran trader Peter Brandt said the 'U.S. Dollar is being destroyed' and predicted an entirely new system of payments and store of value will evolve in the next decade.

#ElonMusk #UsFiscalDeficit #NationalDebt #InterestRates #FederalReserve

https://www.kitco.com/news/article/2024-07-24/elon-musk-says-america-going-bankrupt-76-june-tax-receipts-went-interest


Gold price holding steady gains against the Canadian dollar as BoC cuts rates by 25 basis points
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The Bank of Canada (BoC) has cut its target for the overnight rate to 4.50%, with the Bank Rate at 4.75% and the deposit rate at 4.50%. The rate cut is not impacting the gold market as it maintains its gains against the Canadian dollar. Spot gold last traded at $3,343.85 an ounce, up 0.71% on the day. The BoC expects that inflation pressure will continue to ease, providing more room for additional rate cuts this year. Stephen Brown, Deputy Chief North America Economist at Capital Economics, expects the BoC to cut rates again in September as inflation and economic growth slow. Neils Christensen is the author of the article.

#Gold #BankOfCanada #InterestRates #Inflation #Economy

https://www.kitco.com/news/article/2024-07-24/gold-price-holding-steady-gains-against-canadian-dollar-boc-cuts-rates-25


Gold rallies on bullish outside-market forces
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Gold prices are trading higher due to bullish outside-market forces, including a lower U.S. dollar index, lower U.S. stock index prices, higher crude oil prices, and stabilized U.S. Treasury yields. Silver prices are also slightly up. The stock market's decline is seen as a bullish development for the precious metals market. Traders are looking ahead to important U.S. economic data later in the week. August gold is up $14.80 at $2,422.00, and September silver is up $0.064 at $29.39. The U.S. dollar index is down, crude oil prices are higher, and the 10-year U.S. Treasury note yield is 4.233%. Gold bulls have the near-term technical advantage, with the next upside price objective at $2,488.40. Silver bulls have the slight overall near-term technical advantage, with the next upside price objective at $31.00.

#Gold #Silver #PreciousMetals #UsDollar #StockMarket #CrudeOil #UsTreasury #EconomicData

https://www.kitco.com/news/article/2024-07-24/gold-rallies-bullish-outside-market-forces


Gold prices should benefit from near-term political uncertainty, silver’s technical picture deteriorates – StoneX Bullion’s O'Connell
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Gold prices are expected to benefit from near-term political uncertainty, while silver's technical indicators show a deteriorating picture, according to Rhona O'Connell, Head of Market Analysis at StoneX Bullion. The rally in gold prices is attributed to professional buying interest and the expectation of a rate cut in September. The market is likely to experience an extended period of uncertainty as the Democrats transition from Biden's candidacy to Vice President Kamala Harris as the frontrunner. O'Connell believes that if Trump remains in the White House, gold will be more favorable in the longer term due to potential inflation and geopolitical tensions. Gold ETFs have seen net creation days and an overall positive outlook due to geopolitics and economic uncertainty. However, silver has lost 24t this month and its technical indicators are looking bearish. Gold is currently trading near the $2,400 support level, while silver continues to underperform. The article also includes other news and analysis related to the precious metals market.

#Gold #Silver #PoliticalUncertainty #TechnicalAnalysis #MarketOutlook

https://www.kitco.com/news/article/2024-07-23/gold-prices-should-benefit-near-term-political-uncertainty-silvers


Gold firmer as price charts remain overall bullish
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Gold prices are trading moderately higher in midday U.S. trading Tuesday, as the overall technical posture for the yellow metal remains bullish. Silver prices are slightly down and hit a five-week low overnight. August gold was last up $9.80 at $2,405.00. September silver was down $0.066 at $29.255. The marketplace fallout from the semi-surprising weekend announcement from President Biden that he is pulling out of the U.S. presidential race, with the presumptive new Democratic candidate now being Kamala Harris, has not been severe. Traders and investors are looking ahead to late-week important U.S. economic data that includes the GDP report on Thursday and the personal income and outlays report, including its inflation indicators, on Friday morning. The key outside markets today see the U.S. dollar index firmer. Nymex crude oil prices are down, hit a six-week low and trading around $76.75 a barrel. The benchmark 10-year U.S. Treasury note yield is presently 4.23%. Technically, August gold bulls still have the firm overall near-term technical advantage. Bulls’ next upside price objective is to produce a close above solid resistance at the record high of $2,488.40. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $2,300.00. First resistance is seen at this week’s high of $2,414.40 and then at $2,425.00. First support is seen at $2,400.00 and then at this week’s low of $2,385.20. Wyckoff's Market Rating: 7.0. September silver futures bulls have the slight overall near-term technical advantage but have faded badly recently. Silver bulls' next upside price objective is closing prices above solid technical resistance at $31.00. The next downside price objective for the bears is closing prices below solid support at $28.00. First resistance is seen at this week’s high of $29.615 and then at $30.00. Next support is seen at the overnight low of $28.825 and then at $28.50.

https://www.kitco.com/news/article/2024-07-23/gold-firmer-price-charts-remain-overall-bullish


Gold price up as overall technicals remain friendly
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Gold prices are trading higher as the overall technical posture for the yellow metal remains bullish. Silver prices are down and hit a five-week low overnight. Asian and European stock indexes were mixed but mostly lower overnight. U.S. stock indexes are pointed toward mixed openings. The marketplace fallout from President Biden's withdrawal from the U.S. presidential race and Kamala Harris stepping in has been orderly. Traders and investors are looking ahead to late-week important U.S. economic data. The U.S. dollar index is a bit firmer. Nymex crude oil prices are slightly down. The benchmark 10-year U.S. Treasury note yield is presently 4.243%. U.S. economic reports out Tuesday include the weekly Johnson Redbook weekly retail sales report, the Richmond Fed business survey, and existing home sales. Technically, August gold bulls still have the firm overall near-term technical advantage. September silver futures bulls have the slight overall near-term technical advantage but have faded badly recently.

#Gold #Silver #StockIndexes #UsEconomicData #UsDollar #CrudeOil #TreasuryNoteYield #UsEconomicReports

https://www.kitco.com/news/article/2024-07-23/gold-price-overall-technicals-remain-friendly


Cryptos decouple from stocks as digital asset funds saw inflows of $1.35 billion last week
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Last week, a total of $1.35 billion flowed into globally listed digital asset investment products, bringing the 3-week run of inflows to $3.2 billion. The U.S. dominated the flow front, with U.S.-listed ETFs seeing an increase of $1.3 billion in assets under management. Switzerland and Canada also recorded inflows of $66 million and $7.8 million, respectively. Bitcoin saw $1.27 billion of inflows, while short-bitcoin ETPs saw outflows of $1.9 million. Ethereum had $45 million flow into Ethereum ETPs, making it the altcoin with the most inflows year to date at $103 million. Solana saw inflows of $9.6 million, but now lags behind Ethereum with $71 million inflows year to date. Litecoin saw inflows of $2.2 million. Blockchain equities suffered outflows of $8.5 million. Sentiment in the cryptocurrency ecosystem is rising, with cryptoassets decoupling from traditional financial assets due to a global IT infrastructure outage caused by a faulty software update. The outage led to disruptions in transportation and financial sector operations, weighing on traditional financial markets but buoying crypto market sentiment. Bitcoin and other digital assets may offer a hedge against cyber attacks and single-point-of-failure risks. Sentiment is expected to improve following the official trading launch of Ethereum spot ETFs in the U.S. Overall, sentiment in the crypto market is rising, with the Cryptoasset Sentiment Index signaling a slightly bullish sentiment. Altcoin outperformance compared to Bitcoin has declined, indicating decreasing risk appetite. Increasing altcoin outperformance tends to signal increasing risk appetite within cryptoasset markets. The Crypto Fear & Greed Index has reversed sharply and currently signals a 'Greed' level of sentiment. ETC Group expects a promising second half of the year for the crypto market.

#Cryptocurrencies #DigitalAssets #Inflows #Bitcoin #Ethereum #Altcoins #BlockchainEquities #Sentiment #Etfs

https://www.kitco.com/news/article/2024-07-22/cryptos-decouple-stocks-digital-asset-funds-saw-inflows-135-billion-last


Gold price near steady as market pauses, awaiting fresh data
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Gold prices are trading near steady and silver prices are weaker in early U.S. trading Monday; August gold was last up $1.00 at $2,400.10, September silver was down $0.309 at $28.99; U.S. President Joe Biden is dropping out of the presidential election race, endorsing Vice-President Kamala Harris; China’s central bank unexpectedly cut its interest rates amid disappointment from a lack of short-term stimulus from the Third Plenum meeting; Asian and European stock indexes were mostly lower overnight, U.S. stock indexes are pointed toward higher openings; U.S. economic reports out Monday include the Chicago Fed national activity index; Technically, August gold bulls still have the solid overall near-term technical advantage; September silver futures bulls have the slight overall near-term technical advantage but have faded badly recently.

#Gold #Silver #Market #Economy #Politics #China #Stocks #UsDollar #Oil #Treasury #Commodities

https://www.kitco.com/news/article/2024-07-22/gold-price-near-steady-market-pauses-awaiting-fresh-data


Bitcoin July 22 daily chart alert - Prices hit five-week high
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Bitcoin futures prices hit a five-week high overnight. The bulls still have the overall near-term technical advantage as a price uptrend is in place on the daily bar chart. The path of least resistance for prices remains sideways to higher in the near term. Jim Wyckoff has spent over 25 years involved with the stock, financial, and commodity markets. He was a financial journalist with the FWN newswire service for many years. The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc.

#Bitcoin #Cryptocurrencies #Price #TechnicalAnalysis

https://www.kitco.com/news/article/2024-07-22/bitcoin-july-22-daily-chart-alert-prices-hit-five-week-high


‘The time to lower the policy rate is drawing closer’ – Fed’s Waller
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The article discusses the views of Fed's Waller on lowering the policy rate. Waller believes that the time to lower the policy rate is drawing closer. The article also mentions that the author is a Crypto and Market Reporter for Kitco News. The author has over 15 years of experience in the industry. The article includes a disclaimer stating that the views expressed are those of the author and may not reflect those of Kitco Metals Inc. The article concludes with links to other news articles related to gold prices and the upcoming rate cut by the Fed.

#FederalReserve #PolicyRate #InterestRates

https://www.kitco.com/news/article/2024-07-17/time-lower-policy-rate-drawing-closer-feds-waller


Gold price powers to record peak; more upside probable
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Gold prices have reached a new all-time high, sparking excitement and fear across markets. The price of gold is currently holding at $2,400. A Yukon miner has warned that there is 'no assurance' it can reopen due to the high gold prices. Defense pacts that could trigger World War 3 and drag the U.S. into conflict are not being covered by mainstream media. Analysts predict that gold will continue to gain from increased volatility and risk, especially after the recent shooting of Trump. A Trump victory could weaken the USD and boost bullion prices. The article is strictly for informational purposes and not a solicitation to make any exchange in commodities or securities.

#Gold #RecordPeak #MarketAnalysis

https://www.kitco.com/news/article/2024-07-17/gold-price-powers-record-peak-more-upside-probable


Dow rally drives Wall St higher as rate-cut hopes stay strong
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The Dow led Wall Street's main indexes higher on Tuesday, boosted by UnitedHealth's strong results and as unexpectedly robust retail sales data signaled a still-resilient U.S. economy. UnitedHealth Group jumped 4.3% following a second-quarter profit beat, lifting the blue-chip Dow and the S&P 500 Health Care index to all-time highs. Bank of America jumped 3.6% after an upbeat net interest-income forecast and better-than-expected second-quarter profit, steering the S&P 500 Financials index to a record high. However, traders are fully pricing in a rate reduction by September, with the odds of a 25-basis-point cut standing at 93%. The small-cap Russell 2000 index jumped 2% to its highest level since January 2022. Strong bets on a rate cut by the U.S. Federal Reserve in September and a second term for presidential candidate Donald Trump following an assassination attempt had prompted an upbeat start to the week for Wall Street. At 9:56 a.m. ET, the Dow Jones Industrial Average was up 388.12 points, or 0.97%, at 40,599.84, the S&P 500 was up 20.10 points, or 0.36%, at 5,651.32, and the Nasdaq Composite was up 33.73 points, or 0.18%, at 18,506.29. The S&P 500 Communication Services index jumped 1%, led by an 8.3% rise in Tinder-owner Match, after a report that activist investor Starboard has a stake of over 6.5% in the company and was pushing for a possible sale if a turnaround wasn't successful.

#DowJones #WallStreet #Ratecut #Unitedhealth #RetailSales #BankOfAmerica #Russell2000 #FederalReserve #DonaldTrump #S&p500

https://www.kitco.com/news/off-the-wire/2024-07-16/dow-rally-drives-wall-st-higher-rate-cut-hopes-stay-strong


US banks signal economic trouble: declining deposits, loan risks hit profits
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US banks are signaling economic trouble as declining deposits and loan risks hit profits. The article highlights the challenges faced by US banks, including declining deposits and increasing risks associated with loans. The declining deposits indicate a lack of confidence in the economy, while the loan risks pose a threat to the banks' profitability. The author, Jordan Finneseth, discusses the impact of these factors on the overall economic situation. The article also mentions that gold prices could benefit from increased volatility and risk, and that a Trump victory could weaken the USD and boost bullion prices. The author emphasizes that the views expressed are his own and may not reflect those of Kitco Metals Inc. The article concludes by stating that it is strictly for informational purposes and not a solicitation to make any financial exchanges.

#UsBanks #EconomicTrouble #DecliningDeposits #LoanRisks #Profits

https://www.kitco.com/news/article/2024-07-15/us-banks-signal-economic-trouble-declining-deposits-loan-risks-hit-profits


Gold price near steady ahead of Powell speech at midday
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The gold price remains steady ahead of a speech by Powell at midday. Jim Wyckoff, a journalist with experience in the stock, financial, and commodity markets, provides daily market roundups and technical analysis on Kitco.com. The article emphasizes that the views expressed are those of the author and may not reflect those of Kitco Metals Inc. The author also mentions that the article is strictly for informational purposes and not a solicitation to make any exchange in commodities or securities. The article includes links to other news articles on Kitco.com, covering topics such as the gold price reaching all-time highs, the potential market reaction if Biden is replaced as the Democratic nominee, and a shooting incident at a Pennsylvania rally attended by Trump.

https://www.kitco.com/news/article/2024-07-15/gold-price-near-steady-ahead-powell-speech-midday


Gold prices holding steady as New York Fed's Empire State Survey drops to -6.6
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Gold prices are holding steady as the New York Fed's Empire State Survey drops to -6.6. The survey is an indicator of manufacturing activity in the region. The drop in the survey suggests a slowdown in manufacturing. The article also mentions that gold is holding at $2,400. The author, Neils Christensen, has a diploma in journalism and has more than a decade of reporting experience. The article is from Kitco News, a leading news source in precious metals. The views expressed in the article are those of the author and may not reflect those of Kitco Metals Inc. The article is strictly for informational purposes only and is not a solicitation to make any exchange in commodities or securities. The article was published on July 15, 2024.

#GoldPrices #NewYorkFed #EmpireStateSurvey #ManufacturingActivity

https://www.kitco.com/news/article/2024-07-15/gold-prices-holding-steady-new-york-feds-empire-state-survey-drops-66


Gold headed for third straight weekly gain, new ATH within reach by year-end – FX Empire’s Hyerczyk
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Gold is heading for its third straight weekly gain and is expected to reach a new all-time high by the end of the year, according to FX Empire’s Hyerczyk. The article highlights that gold prices have been consolidating and advises focusing on the bigger trend rather than worrying about small fluctuations. Analyst David Brady emphasizes the importance of the bigger trend and suggests not to worry about small price movements. Another analyst, Andy Schectman, warns that the expiry of the petrodollar deal could have catastrophic consequences for the US dollar. He argues that if the 'petro' is taken out of the 'dollar,' the USD will be backed by 'nothing.' On the other hand, FxPro’s Kuptsikevich believes that gold prices are more likely to fall below $2,300 than rally to a new all-time high at the moment. The article also mentions that gold prices rallied to a six-week high after tamer US inflation data and broke above $2,400 as US CPI beat expectations in June. Overall, the article provides different viewpoints on the future of gold prices and highlights recent price movements.

#Gold #Price #Market #Trends #Inflation #UsDollar

https://www.kitco.com/news/article/2024-07-12/gold-headed-third-straight-weekly-gain-new-ath-within-reach-year-end-fx


Gold price weaker ahead of critical data points; Powell comments
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The gold price is weaker ahead of critical data points and comments from Powell. The U.S. ISM PMI dropped to 48.5, causing the gold price to fall. However, there was a short covering that led to an increase in the gold price. Wall Street will be on the sidelines next week, while Main Street is divided on gold's price prospects. Gold was the winner in the 2024 Presidential Debates, according to MarketGauge.com's Schneider. The gold miners' price moves are considered unusual, as stated by Sprott's Ryan McIntyre.

#Gold #Price #DataPoints #Powell #IsmPmi #ShortCovering #WallStreet #MainStreet #PresidentialDebates #GoldMiners

https://www.kitco.com/news/article/2024-07-02/gold-price-weaker-ahead-critical-data-points-powell-comments


US weekly jobless claims, equipment spending data point to slowing economy
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First-time applications for U.S. unemployment benefits drifted lower last week, but the number of people on jobless rolls jumped to a 2-1/2 year high in mid-June. Business spending on equipment declined in May, while a slump in exports pushed up the goods trade deficit. The stream of softer data on the heels of a sharp slowdown in economic growth in the first quarter increases the probability of the Federal Reserve cutting interest rates in September. Retail sales were tepid in May and inflation pressures subsided considerably. The U.S. economy is on track for a soft landing. Initial claims for state unemployment benefits dropped 6,000 to a seasonally adjusted 233,000 for the week ended June 22. Claims have risen to the upper end of their 194,000-243,000 range of this year. The number of people receiving benefits after an initial week of aid increased 18,000 to a seasonally adjusted 1.839 million during the week ending June 15, the highest level since late November 2021. The unadjusted continuing claims for Minnesota increased 8,834 during the period under review. The overall continuing claims data covered the period during which the government surveyed households for June's unemployment rate. Non-defense capital goods orders excluding aircraft, a proxy for business spending plans, dropped 0.6% last month. Core capital goods shipments dropped 0.5% after rising 0.4% in April. Non-defense capital goods orders decreased 0.9%, falling for a second straight month. Shipments of these goods tumbled 1.5% after increasing 2.1% in April. The goods trade deficit widened 2.7% to $100.6 billion last month as exports declined 2.7%. The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc.

#UsEconomy #JoblessClaims #EquipmentSpending #FederalReserve #InterestRates #UnemploymentBenefits #TradeDeficit #EconomicGrowth

https://www.kitco.com/news/off-the-wire/2024-06-27/us-weekly-jobless-claims-equipment-spending-data-point-slowing-economy


Gold price holding support above $2,300 for now as silver price struggles around $29
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Gold price is currently holding support above $2,300 while silver price is struggling around $29. The article discusses the current state of gold and silver prices. The author, Neils Christensen, has a diploma in journalism and more than a decade of reporting experience. The views expressed in the article are those of the author and may not reflect those of Kitco Metals Inc. The article is strictly for informational purposes and not a solicitation to make any exchange in commodities or securities. The article also mentions other news related to gold and silver prices, including the next new all-time high targets for gold and Bitcoin prices, a warning from the NY Fed about risks to major U.S. banks, and predictions from Bank of America and TD Securities about the future of gold prices. The article concludes by mentioning that gold and silver prices benefit from a weaker U.S. dollar.

https://www.kitco.com/news/article/2024-06-26/gold-price-holding-support-above-2300-now-silver-price-struggles-around-29


Gold price sidelined as silver drops sharply, unable to hold 50-day moving average
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Silver drops sharply, unable to hold 50-day moving average. Gold price remains sidelined. The drop in silver is attributed to its inability to hold the 50-day moving average. The gold price is not affected by this drop. The article does not provide specific names, numbers, or dates.

#Gold #Silver #Commodities #Preciousmetals #Investing

https://www.kitco.com/news/article/2024-06-25/gold-price-sidelined-silver-drops-sharply-unable-hold-50-day-moving-average


Gold and silver caught in prolonged consolidation but prices will head higher - Saxo Bank
==========

Gold and silver are currently in a prolonged consolidation phase, but Saxo Bank predicts that prices will head higher. The article highlights the views of Saxo Bank and mentions that the author, Neils Christensen, has a diploma in journalism and over a decade of reporting experience. The article also includes a disclaimer stating that the views expressed are those of the author and may not reflect those of Kitco Metals Inc. The author has made efforts to ensure accuracy but cannot guarantee it. The article provides links to other related articles on topics such as the potential price target of gold, Saudi Arabia ending the petrodollar agreement, central banks increasing their gold reserves, and the performance of gold and silver in the face of Fed hawkishness. The article is published on the Kitco News website.

#Gold #Silver #Consolidation #Prices #SaxoBank

https://www.kitco.com/news/article/2024-06-19/gold-and-silver-caught-prolonged-consolidation-prices-will-head-higher-saxo


Gold looks good again next week as both Wall Street and Main Street turn bullish
==========

Gold is expected to perform well next week as both Wall Street and Main Street show bullish sentiment. The article highlights that gold prices have been influenced by factors such as the U.S. CPI cooling more than expected and the strength of the U.S. dollar after cuts by the ECB and BoC. The author emphasizes that the views expressed are their own and not necessarily reflective of Kitco Metals Inc. or guaranteed for accuracy. The article is strictly for informational purposes and not a solicitation for financial exchanges. The author of the article is Ernest Scheyder, a Crypto and Market Reporter for Kitco News with over 15 years of experience in the industry.

#Gold #WallStreet #MainStreet #BullishSentiment

https://www.kitco.com/news/article/2024-06-14/gold-looks-good-again-next-week-both-wall-street-and-main-street-turn


Analysts react to Fed policymakers scaling back rate-cut projections
==========

The Federal Reserve held interest rates steady and pushed out the start of rate cuts to perhaps as late as December, with officials projecting only a single quarter-percentage-point reduction for the year. The mark down in the outlook for rate cuts, from three quarter-percentage-point reductions seen in the Fed's March projections, was made despite the central bank's acknowledgement of 'modest further progress' towards its 2% inflation target. Federal Reserve Chairman Jerome Powell said that a single quarter-percentage-point rate cut by itself wouldn’t have a big impact on the U.S. economy. Analysts have reacted to the Fed's decision, with some suggesting that the dot plot doesn't necessarily reflect how the FOMC will vote between now and the end of the year. Others believe that the Fed is acting like a CEO sandbagging rate cut expectations down to one or two cuts, but likely going to beat them later this year with two or more. The market cares more than the economy does about whether there are two cuts this year or only one. The increase in the 'neutral' federal funds rate—the longer-run projection—is notable. Instead of thinking cash yields will move below 3%, now maybe people should start planning on cash earning more than 3%. The real yields from cash could be higher than originally thought.

#FederalReserve #InterestRates #RateCuts #Inflation #EconomicProjections

https://www.kitco.com/news/off-the-wire/2024-06-12/analysts-react-fed-policymakers-scaling-back-rate-cut-projections


Heightened geopolitical uncertainty has supported gold, but Crisis24’s Chad Lesch sees opportunities to ease global tensions
==========

Heightened geopolitical uncertainty has supported gold, according to Crisis24’s Chad Lesch. Lesch sees opportunities to ease global tensions and believes that the current geopolitical landscape is not sustainable in the long term. The article mentions the Americas’ Montreal Conference, where Lesch spoke about the need for dialogue and cooperation among nations. The author emphasizes that the views expressed in the article are those of the author and may not reflect those of Kitco Metals Inc. The article concludes by stating that it is strictly for informational purposes and not a solicitation to make any exchange in commodities or securities.

#Gold #GeopoliticalUncertainty #GlobalTensions #Dialogue #Cooperation

https://www.kitco.com/news/article/2024-06-11/heightened-geopolitical-uncertainty-has-supported-gold-crisis24s-chad-lesch


Global stock index falls with euro, Treasury yields rise
==========

MSCI's global equities index was lower on Monday and U.S. Treasury yields rose ahead of key inflation data and central bank policy meetings. The euro fell after French President Emmanuel Macron called a snap election, causing political uncertainty in the euro zone. The euro fell to a one-month low against the dollar, while European stocks slipped. The Dow Jones Industrial Average was down 0.10%, the S&P 500 was 0.08% lower, and the Nasdaq Composite was down 0.02%. U.S. Treasury yields rose, with the 10-year note yield at 4.457% and the 30-year bond yield at 4.5881%. The dollar index gained 0.2% to 105.28. Oil prices rose, with U.S. crude at $76.46 a barrel and Brent at $80.45 per barrel. Gold prices regained some ground, with spot gold at $2,304.49 an ounce.

#StockIndex #Euro #TreasuryYields #InflationData #CentralBankPolicyMeetings #FrenchPresidentEmmanuelMacron #SnapElection #PoliticalUncertainty #DowJonesIndustrialAverage #S&p500 #NasdaqComposite #UsTreasuryYields #DollarIndex #OilPrices #GoldPrices

https://www.kitco.com/news/off-the-wire/2024-06-10/global-stock-index-falls-euro-treasury-yields-rise


$4,800 gold by 2030 ‘sounds pretty realistic’ - Ronnie Stoeferle
==========

Ronnie Stoeferle believes that the price of gold reaching $4,800 by 2030 is a realistic possibility. Stoeferle is a fund manager and author of the annual 'In Gold We Trust' report. He cites factors such as loose monetary policy, rising inflation, and increasing demand for gold as reasons for the potential price increase. Stoeferle's views are his own and do not necessarily reflect those of Kitco Metals Inc., the publisher of the article. The article also mentions other news related to gold, such as India repatriating over 100 tonnes of gold from the Bank of England to RBI vaults and the impact of crude oil prices on gold and silver.

#Gold #RonnieStoeferle #PriceForecast #MonetaryPolicy #Inflation #Demand #India #BankOfEngland #Rbi #CrudeOil

https://www.kitco.com/news/article/2024-06-05/4800-gold-2030-sounds-pretty-realistic-ronnie-stoeferle


The goldilocks scenarios for gold prices
==========

Gold prices are retracing from their previous level today as traders take highly calculated risks ahead of the most important economic event, which will unfold later this week. Gold prices are down nearly 1% today, giving up most of their gains from yesterday as investors continue to digest mixed messages from the Fed members. The Chairman of the Federal Reserve hasn’t indicated that there is a serious need for another interest rate hike. On Friday, the most important economic report, the US NFP data, will be released. Traders are eagerly waiting for this report, with expectations set at 189K. The goldilocks scenario for the yellow metal will be if the report comes in much softer than anticipated, as it would suggest the Fed will initiate the rate-cutting process sooner rather than later. In all scenarios, traders need to monitor the 100 and 50-day simple moving averages in relation to the price action. If the price continues to trade above them, that would be a highly bullish signal, implying that the price is more than likely to move higher towards the resistance zone. However, if the price falls below the 100 and 50-day simple moving averages, then we are more than likely to see a correction, which could push the price towards the support zone.

https://www.kitco.com/opinion/2024-06-04/goldilocks-scenarios-gold-prices


Modest price pressure on gold, silver, amid bearish outside mkts
==========

Gold and silver prices are weaker again in early U.S. trading Wednesday, on routine corrective pullbacks and some profit taking following recent solid gains that saw gold hit a record high of $2,454.20 an ounce, basis June Comex futures on Monday, and silver hit an 11-year high of $32.75 an ounce, basis July Comex futures. Bearish daily “outside market” forces are also squelching the precious metals market bulls at mid-week. The U.S. dollar index is higher and crude oil prices are lower. Meantime, U.S. Treasury yields have up-ticked today. June gold was last down $11.20 at $2,414.80. July silver was last down $0.263 at $31.815.

#Gold #Silver #PricePressure #BearishMarkets

https://www.kitco.com/news/article/2024-05-22/modest-price-pressure-gold-silver-amid-bearish-outside-mkts


Fed to cut rates in September, say nearly two-thirds of economists
==========

Nearly two-thirds of economists surveyed predict that the U.S. Federal Reserve will cut its key interest rate in September, according to a Reuters poll. The economists raised their inflation forecasts for a second consecutive month, indicating that the Fed will cut rates twice this year. However, some economists have doubts about whether the Fed will move at all this year due to insufficient progress in bringing down inflation. The majority of economists surveyed also predict two quarter-point cuts this year, with a smaller number expecting more than two rate reductions. The U.S. economy is forecast to expand 2.4% this year, faster than the non-inflationary growth rate of 1.8%.

#FederalReserve #InterestRates #Economists #Inflation #EconomicGrowth

https://www.kitco.com/news/off-the-wire/2024-05-13/fed-cut-rates-september-say-nearly-two-thirds-economists


China's exports and imports return to growth, signalling demand recovery
==========

China's exports and imports returned to growth in April after contracting in the previous month. Shipments from China grew 1.5% year-on-year last month, in line with expectations, while imports increased 8.4%, beating expectations. The data suggests that policy support measures implemented by Beijing are helping to stabilize investor and consumer confidence. However, analysts are unsure if the trade bounce is sustainable. China's trade surplus grew to $72.35 billion in April. The weak domestic demand and overcapacity in China's manufacturing sector continue to pose challenges for the economy. Beijing has set an economic growth target of around 5% for 2024 and may need to implement more stimulus to achieve it. The Bank of England is considering lowering interest rates, with Governor Andrew Bailey expressing optimism about the direction of the economy. The pound fell and gilt yields dropped after the announcement. The dollar gained against the yen for the third consecutive day. Gold prices may test support but are expected to end the year higher. Analysts recommend switching from the S&P 500 to gold. Overall, there is better risk appetite in the market, leading to good price gains for gold and silver. Surprising job numbers in the US could prompt the Federal Reserve to cut rates early. Modest downside corrections are expected for gold and silver.

#China #Exports #Imports #DemandRecovery #PolicySupport #InvestorConfidence #ConsumerConfidence #TradeSurplus #DomesticDemand #Overcapacity #EconomicGrowthTarget #BankOfEngland #InterestRates #Dollar #Yen #GoldPrices #RiskAppetite #JobNumbers #FederalReserve

https://www.kitco.com/news/off-the-wire/2024-05-09/chinas-exports-and-imports-return-growth-signalling-demand-recovery


Gold prices holding steady as U.S. weekly jobless claims jump to six-month high
==========

The U.S. Labor Department reported that weekly jobless claims came in at 231,000 during the week ending April 20, a jump of 22,000 from last week’s revised level of 209,000 claims. Claims have risen to their highest level since November. Despite the disappointing labor market data, gold prices continue to hold gains early in the session, with June gold futures last traded at $2,334.60 an ounce, up 0.53% on the day.

https://www.kitco.com/news/article/2024-05-09/gold-prices-holding-steady-us-weekly-jobless-claims-jump-six-month-high


Wall Street joins Main Street in the bear cave for next week as gold’s price momentum wanes
==========

The gold market had a volatile week, with prices fluctuating due to various factors such as manufacturing and services sector data, nonfarm payrolls, and the FOMC rate decision. Despite a boost from the Fed's decision to rule out a rate hike and leave room for a cut in Q2, gold's overall trajectory was down. Asian demand cooled and Mideast tensions fell off the front pages, causing gold to slide to a weekly low below $2,283. Experts in the Kitco News Weekly Gold Survey are pessimistic about gold's near-term prospects, while most retail traders expect prices to fall or trade sideways. Analysts believe that bearish signals are present for bullion in the coming days, with expectations of a decline in Asian demand and a slowdown in Chinese retail demand for gold. However, some analysts still believe in gold's resilience and see it as a hedge against global uncertainties. The long-term outlook for gold remains positive, with factors such as inflation and potential interest rate cuts supporting demand. The technical picture also supports high gold prices. Overall, the gold market is caught in a stalemate and may experience profit-taking and price pressure in the near term.

#Gold #PreciousMetals #Commodities #Investing

https://www.kitco.com/news/article/2024-05-03/wall-street-joins-main-street-bear-cave-next-week-golds-price-momentum


Gold prices jump higher after U.S. economy created 175K jobs in April, missing expectations
==========

Gold prices jumped higher after the U.S. economy created 175,000 jobs in April, falling short of expectations of 238,000 jobs. The unemployment rate increased to 3.9% from the expected 3.8%. The gold market saw a significant increase in prices following the report, with June gold futures trading at $2,326.10 an ounce, up 0.71% on the day. The U.S. labor market lost momentum, leading to the bullish energy in the gold market. The article also mentions the author, Neils Christensen, who has a diploma in journalism and over a decade of reporting experience. The article is from Kitco News, a leading news source in precious metals. The article is strictly for informational purposes and not a solicitation to make any exchange in commodities or securities. The author's views may not reflect those of Kitco Metals Inc.

https://www.kitco.com/news/article/2024-05-03/gold-prices-jump-higher-after-us-economy-created-175k-jobs-april-missing


Bitcoin price climbs above $59k as dip-buyers position for a potential uptrend
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Bitcoin and the broader crypto market have seen a slight rebound in prices from Wednesday’s lows in early trading on Thursday as risk-tolerant dip buyers slowly reenter the market. Yesterday’s BTC low of $56,525 marked a 23.5% drawdown from the record high set on March 14. On-chain analyst Ali Martinez noted that one technical indicator is flashing a “buy the dip” sign. The last three times the 30-day MVRV dropped below -9% in the last two years, the price of Bitcoin surged by 64%, 63%, and 99%, respectively. Another factor emboldening traders is the fact that the average entry price for spot Bitcoin exchange-traded fund (ETF) holders is approximately $57,300, according to analysts at Matrixport. ARK Invest CEO Cathie Wood predicts that once institutions start buying en masse, Bitcoin’s price could climb to $3.8 million by 2030.

#Bitcoin #Cryptocurrency #Market #Price #Rebound #DipBuyers #TechnicalIndicator #Mvrv #ExchangetradedFund #Etf #InstitutionalInvestors #CathieWood

https://www.kitco.com/news/article/2024-05-02/bitcoin-price-climbs-above-59k-dip-buyers-position-potential-uptrend


FOMC increasingly irrelevant in the ‘wonderland’ economy
==========

The article discusses the increasing irrelevance of the Federal Open Market Committee (FOMC) in the current US economy. The author compares the state of the economy to the fantasy world of Alice in Wonderland, where nothing is what it seems. The author emphasizes the need for active risk management in the current 'everything bubble' and highlights the absurdity of FOMC meetings. The article also mentions the mountain of debt that the economy is built upon and the role of both fiscal and monetary policy in capitalizing on this debt. The author references an article by John Rubino that discusses the theme of debt leverage and the ticking clock of the economy. The article concludes by stating that the bond market is rebelling against debt excess and warns about the dangers of Ponzi schemes. The author is Gary Tanashian, proprietor of the financial market website biiwii.com and a contrarian investor. The article was published on Kitco News.

#Fomc #UsEconomy #Debt #RiskManagement #MonetaryPolicy

https://www.kitco.com/opinion/2024-05-02/fomc-increasingly-irrelevant-wonderland-economy


Yellen to warn that eroding US democracy, Fed, threatens economic growth
==========

U.S. Treasury Secretary Janet Yellen will argue that strong democratic institutions, including an independent Federal Reserve, are crucial for sustained and shared economic growth. In a speech at the McCain Institute's Sedona Forum, Yellen will highlight the threat to democracy posed by the January 6 Capitol riot and emphasize the importance of maintaining Fed independence. The speech is significant as it deviates from promoting President Joe Biden's economic policies and aligns with the campaign's argument against Republican rival Donald Trump. Trump allies are reportedly drafting proposals to erode the Federal Reserve's independence. Yellen's speech aims to emphasize that central bank independence is associated with price stability and long-term growth.

#JanetYellen #UsTreasury #FederalReserve #Democracy #EconomicGrowth #CapitolRiot #DonaldTrump #FedIndependence

https://www.kitco.com/news/off-the-wire/2024-05-01/yellen-warn-eroding-us-democracy-fed-threatens-economic-growth


Gold price near session lows even as U.S. consumer confidence drops to 97
==========

The gold market is not able to attract a safe-haven bid, with prices hovering near session lows even as consumer optimism continues to fade. The U.S. Conference Board said its Consumer Confidence Index dropped to 97 in April, down sharply from March’s revised reading of 103.1. This is the third consecutive month that the sentiment has disappointed. Gold prices are close to testing a critical support level and need to hold above $2,300 to avoid signaling more weakness. Rising prices for food and gas continue to dominate consumer concerns.

https://www.kitco.com/news/article/2024-04-30/gold-price-near-session-lows-even-us-consumer-confidence-drops-97


Bitcoin down, stocks up as investors eye this week’s Fed meeting
==========

Bitcoin continues to trade below $63,000 as investors await the Fed meeting. Stocks saw a volatile day of trading, with major indices dipping into the red. The U.S. Treasury increased its federal borrowing estimate by $41 billion. The yield on the 10-year Treasury rallied back to 4.65%. The S&P, Dow, and Nasdaq all finished higher. Bitcoin broke below support at $63,600 and slid to a low of $61,750 before a relief rally. Bitcoin ETFs saw significant outflows, totaling $83.6 million. Altcoins took a beating amid Bitcoin's weakness. Gold and silver prices are slightly higher ahead of major U.S. data. The industrial demand for iridium and ruthenium is outstripping supply. Canada proposes raising capital gains tax to 67% on income over $250k. Crypto funds saw $435 million in outflows last week. The mining sector is experiencing a turnaround. Peter Brandt warns the Bitcoin bull cycle may be over.

#Bitcoin #Stocks #FedMeeting #Cryptocurrency #Yield #Etfs #Altcoins #Gold #Silver #CapitalGainsTax #CryptoFunds #MiningSector

https://www.kitco.com/news/article/2024-04-29/bitcoin-down-stocks-investors-eye-weeks-fed-meeting


Cryptos end week with a whimper, stocks rally despite another hot inflation reading
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The cryptocurrency market ended the week on a flat note as Bitcoin continued to consolidate near support at $64,000 while most altcoins recorded slight losses. The Federal Reserve's preferred inflation gauge, the core Personal Consumption Expenditures (PCE) index, showed that inflation remains higher than preferred, rising 2.8% over the prior year in March. Stocks rallied despite the inflation reading, with the S&P, Dow, and Nasdaq finishing higher. Bitcoin traded in a range between $63,300 and $64,825. Market analysts have mixed opinions on the future of the crypto market, with some expecting it to go down and others expecting it to go up. Altcoins in the top 200 recorded losses, except for BinaryX, Helium, and Neo. The overall cryptocurrency market cap stands at $2.36 trillion, with Bitcoin's dominance rate at 53.4%. Gold and silver prices experienced significant selling pressure, with gold falling more than 4%. The PCE data shows that inflation remains entrenched in the U.S. economy. The president of the central bank of Germany expects the approval of a digital euro by 2028 or 2029. India's gold market saw dramatic price spikes, falling imports, and weak consumer demand in March. Miners are expected to engage in more M&A activity.

#Cryptocurrency #Stocks #Inflation #Bitcoin #Altcoins #Gold #Silver #Pce #DigitalEuro #IndiaGoldMarket #M&a

https://www.kitco.com/news/article/2024-04-26/cryptos-end-week-whimper-stocks-rally-despite-another-hot-inflation-reading


More solid price pressure on gold, silver; bulls need to step up
==========

Gold and silver prices are sharply lower and hit nearly three-week lows in early U.S. trading Tuesday. Profit-taking pressure and weak long liquidation in the futures markets are featured in both precious metals early this week. June gold was last down $30.50 at $2,316.20. May silver was last down $0.245 at $27.00. Shorter-term futures traders are being forced to liquidate their losing long positions, while fortunate futures traders that still hold a profit are taking those profits and getting out of the gold and silver futures markets. The gold and silver bulls have lost their upside momentum, but both markets remain overall firmly technically bullish. If the sharp selling pressure continues deeper into this week, near-term technical damage would likely be inflicted to suggest near-term market tops, if not major market tops, are in place. Asian and European stock indexes were mixed overnight. U.S. stock indexes are pointed to toward slightly higher openings when the New York day session begins. The Japanese yen continues to depreciate against the U.S. dollar. The U.S. dollar index is slightly up. Nymex crude oil prices are near steady and trading around $81.75 a barrel. The yield on the benchmark 10-year U.S. Treasury note is fetching 4.63%. U.S. economic data due for release Tuesday includes the Johnson Redbook retail sales report, the U.S. flash manufacturing and services purchasing managers indexes (PMI), the Richmond Fed business survey, and new residential sales. The gold futures bulls have the firm overall near-term technical advantage, with the next upside price objective at $2,400.00. The silver bulls have the firm overall near-term technical advantage, with the next upside price objective at $28.795. The gold market is seeing solid selling pressure after failing to hold its ground at $2,400 an ounce. The precious metal remains in a solid position to rally by year-end. Gold investors and traders witnessed the largest single-day drop in gold futures in over three years on Monday. Crypto prices trended higher on Monday after the Bitcoin halving was successfully implemented on Friday while stocks bounced back from their worst week in 2024. Mount Erebus produces 1,022 ounces of gold per year, worth over $121 million at current spot prices. U.S. presidential candidate Robert Kennedy Jr. told a crowd in Michigan that if elected president, he would put the entire U.S. budget on blockchain for all to see. Commodity analysts have been warning that gold’s rally to record highs above $2,400 created dangerously overbought market conditions. In the absence of strong demand outside of China, gold prices are due for a correction, but a strong rebound in Indian fabrication restocking should support silver prices this year. G Mining Ventures and Reunion Gold reached a definitive agreement to combine the two companies, creating an intermediate gold producer.

#Gold #Silver #PricePressure #FuturesMarkets #Bulls #SellingPressure #TechnicalAdvantage #Crypto #Stocks #BitcoinHalving #Blockchain #MarketConditions #IndianDemand #MergersAndAcquisitions

https://www.kitco.com/news/article/2024-04-23/more-solid-price-pressure-gold-silver-bulls-need-step


Sterling wavers as markets gauge reported Israeli attack on Iran
==========

The pound was little changed on Friday after falling to a five-month low against the dollar in Asian trading hours as investors responded to reports of an Israeli attack on Iran. Safe-haven currencies such as the Swiss franc, yen, and dollar initially spiked on the news, helping push down the pound and the euro. Sterling was last up very slightly at $1.2446, after dropping to $1.2388 in Asia. The pound is down marginally for the week but off by 1.5% for the month so far after a jump in the dollar caused by strong U.S. economic data. UK investors were also parsing data which showed retail sales stagnated in March despite inflation easing. Economists expect the Bank of England to lower interest rates once or twice this year, likely starting in August or September.

#Sterling #IsraeliAttackOnIran #CurrencyMarkets

https://www.kitco.com/news/off-the-wire/2024-04-19/sterling-wavers-markets-gauge-reported-israeli-attack-iran


Gold prices may have peaked for 2024 - Capital Economics
==========

Gold prices may have peaked for 2024, according to Caroline Bain, Chief Commodity Economist at Capital Economics. She believes that the recent surge in gold prices, which reached above $2,400, is out of line with the interest rate outlook and expects prices to fall back to earth by the end of the year. Bain maintains her year-end gold price target of $2,100 an ounce and predicts silver prices to end the year around $26 an ounce. The surge in gold prices has been driven by physical bullion demand in China, but Bain expects this demand to weaken through year-end. She also notes that geopolitical uncertainty in the Middle East has generated safe-haven demand for gold, but she does not believe it is a sustainable trend. Overall, Bain expects gold prices to decline as markets adjust to the expectation that the Federal Reserve will maintain its aggressive monetary policy longer than expected.

#Gold #Silver #CapitalEconomics #CarolineBain #FederalReserve #MonetaryPolicy #China

https://www.kitco.com/news/article/2024-04-15/gold-prices-may-have-peaked-2024-capital-economics


CPM Trade Signal - April 15, 2024
==========

CPM Trade Signal recommends selling gold with an initial target price of $2,300 and an initial timeframe of April 15, 2024, to April 29, 2024. Gold prices reached a record high of $2,448.80 on April 12 but have since retreated. CPM expects prices to decline further, potentially by $80 to $100 or more over the next week or two. The world economy remains in positive GDP territory, and inflation is at more manageable levels than last year. However, there is still potential for prices to move higher based on speculative buying and increased political tensions. CPM projects further price increases for the second half of 2024 and into 2025. CPM offers one-month, three-month, and quarterly price projections in their Precious Metals Advisory subscription service.

#Gold #Silver #TradeSignal #Recommendation #PriceProjection

https://www.kitco.com/opinion/2024-04-15/cpm-trade-signal-april-15-2024


Futures slip as traders parse U.S. big bank earnings
==========

U.S. stock index futures traded lower as investors assessed earnings reports from big U.S. banks. Wells Fargo's quarterly profit fell, JPMorgan Chase's profit rose but fell short of expectations. BlackRock posted a rise in first-quarter profit. Earnings are expected to grow 5% year-on-year. The Dow and the S&P 500 eye weekly losses. U.S. large-cap stocks suffered their largest weekly outflow since December 2022. Money market participants see about a 50% chance of the Fed bringing in the first interest-rate cut in July. Boston Fed President Susan Collins is eyeing a couple of interest-rate cuts this year. Focus now turns to comments from Kansas City Fed President Jeffrey Schmid, Atlanta Fed President Raphael Bostic, and their San Francisco counterpart Mary Daly. Preliminary reading of the University of Michigan's overall index of consumer sentiment for April is due. Dow e-minis were down 129 points, S&P 500 e-minis were down 26.25 points, and Nasdaq 100 e-minis were down 116 points. Applied Digital slumped in premarket trading after reporting a bigger-than-expected quarterly loss. Advanced Micro Devices and Intel dropped after a report that Chinese officials had told the country's largest telecom carriers to phase out foreign processors by 2027.

#UsStockIndexFutures #BigUsBanks #EarningsReports #WellsFargo #JpmorganChase #Blackrock #InterestRates #Dow #S&p500 #Nasdaq #FederalReserve #BostonFed #KansasCityFed #AtlantaFed #SanFranciscoFed #UniversityOfMichigan #AppliedDigital #AdvancedMicroDevices #Intel

https://www.kitco.com/news/off-the-wire/2024-04-12/futures-slip-traders-parse-us-big-bank-earnings


Stablecoins drive demand for Treasuries and are fundamental to the US economy – Cantor Fitzgerald CEO
==========

Howard Lutnick, CEO of Cantor Fitzgerald, spoke at the Chainalysis conference in New York and highlighted the benefits of stablecoins for the US economy. He expressed support for properly backed stablecoins like Tether and Circle, stating that they drive demand for US Treasuries and are fundamental to the US economy. Lutnick dismissed concerns that stablecoins pose a systemic risk and instead identified central bank digital currencies (CBDCs) as a potential danger due to government surveillance. He also predicted the tokenization of financial assets and the growth of the tokenization market. Tether CEO Paolo Ardoino echoed the sentiment that stablecoins, particularly the US dollar, have a place on the blockchain and can enhance transparency and reduce counterparty risk. The article also mentions recent developments in the stablecoin space, including Ripple's plan to launch a stablecoin and PayPal's use of its stablecoin for cross-border money transfers. Crypto investor Ryan Sean Adams believes that stablecoins will gain traction in the US due to the interest of financial giants like BlackRock and the banks. He predicts that stablecoins will be backed by banks and lobby for stablecoin legislation. The article concludes by noting the increasing popularity of stablecoins as a pathway to blockchain adoption.

#Stablecoins #Treasuries #UsEconomy #Blockchain #Tokenization

https://www.kitco.com/news/article/2024-04-11/stablecoins-drive-demand-treasuries-and-are-fundamental-us-economy-cantor


Gold price modestly up amid safe-haven demand, bullish charts
==========

Gold prices are slightly higher and silver is near steady in early U.S. trading. Both precious metals are supported by safe-haven demand and bullish technical factors. June gold is up $5.90 at $2,354.30, while May silver is down $0.012 at $28.04. Asian and European stock indexes were mixed overnight, and U.S. stock indexes are expected to open lower. The U.S. dollar index is slightly higher, crude oil prices are weaker, and the yield on the 10-year U.S. Treasury note is 4.57%. China's inflation data shows deflationary price pressures, which may lead to increased economic stimulus measures. There are concerns of a potential retaliatory military strike by Iran or its proxies against Israel. The European Central Bank is meeting on its monetary policy. U.S. economic data to be released includes the weekly jobless claims report, the producer price index report, and monthly U.S. chain store sales. Technically, gold and silver have strong overall near-term technical advantages.

#Gold #Silver #SafehavenDemand #TechnicalAnalysis #StockMarket #Inflation #EconomicData

https://www.kitco.com/news/article/2024-04-11/gold-price-modestly-amid-safe-haven-demand-bullish-charts


Top Bank of Canada officials speak after holding interest rate at 5%
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Bank of Canada Governor Tiff Macklem and Senior Deputy Governor Carolyn Rogers held a news conference after the central bank decided to keep the key interest rate at 5%. Macklem stated that inflation in Canada is still too high, but there is evidence of it moving down with downward momentum. He also mentioned that developments in the United States can impact Canada, but the concern is more on service price inflation rather than goods price inflation. Rogers emphasized the diversity of views within the Bank of Canada's Governing Council and stated that it leads to robust conversations and better decisions. Macklem discussed the Canadian dollar, stating that the flexible exchange rate allows monetary policy to be geared to what's happening in Canada. He also mentioned that the bank is focused on core inflation and expects further gradual easing. The officials agreed to hold the policy rate and wanted to see sustained progress before making any changes. Macklem stated that a rate cut in June is within the realm of possibilities if progress continues. The article also includes information about the impact of U.S. inflation data on global markets and the decline in Treasury yields.

#BankOfCanada #InterestRate #Inflation #DiversityOfViews #CanadianDollar

https://www.kitco.com/news/off-the-wire/2024-04-10/top-bank-canada-officials-speak-after-holding-interest-rate-5


US dollar struggles for direction ahead of data despite rise in yields
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The US dollar is struggling for direction as investors await inflation data and US Treasury yields rise. Traders are cautious ahead of the release of inflation data on Wednesday, while US Treasury yields have increased as markets scale back their bets on future Federal Reserve rate cuts. The yen remains near multi-decade lows, prompting traders to be on alert for signs of intervention. Traders in Fed fund futures are betting on a total of 62 basis points of Federal Reserve rate cuts, the lowest rate-cut expectation since October last year. The dollar index fell by 0.01% to 104.05. US consumer price inflation for March will provide further clues about the Fed policy path. Geopolitical risk may increase demand for safe-haven assets, including the US dollar. The euro rose 0.1% to $1.0869, while sterling was at $1.2687, up 0.26% on the day.

#UsDollar #InflationData #UsTreasuryYields #FederalReserveRateCuts #Yen #SafehavenAssets #Euro #Sterling

https://www.kitco.com/news/off-the-wire/2024-04-09/us-dollar-struggles-direction-ahead-data-despite-rise-yields