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 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 

 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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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