$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
More solid price pressure on gold, silver; bulls need to step up
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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
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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
Gold prices may have peaked for 2024 - Capital Economics
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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
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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
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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
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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
Gold price modestly up amid safe-haven demand, bullish charts
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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
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
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
Gold price hits new all-time high; more upside likely
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Gold prices hit another record high overnight, with June Comex gold reaching $2,384.50. Silver prices also hit a two-year high overnight, with May Comex futures hitting $28.29. Traders are increasingly bullish on gold and silver, suggesting more upside potential. Gold is outperforming the S&P 500 this year. Asian and European stock indexes were mostly higher, and U.S. stock indexes are expected to open steady to higher. U.S. economic data due for release includes the consumer price index and the minutes of the last FOMC meeting. The key outside markets see the U.S. dollar index slightly lower, crude oil prices slightly up, and the yield on the 10-year U.S. Treasury note at 4.4%. The gold futures bulls have the strong overall near-term technical advantage, with a six-week-old uptrend in place. The next upside price objective for gold is to close above solid resistance at $2,400.00. The silver bulls also have the strong overall near-term technical advantage, with prices in an accelerating seven-week-old uptrend. The next upside price objective for silver is to close above solid resistance at $30.00. The author of the article believes that the gold rally has legs to run higher, as Western investors are no longer actively getting in the way of higher prices. China's central bank added gold to its reserves for the 17th straight month in March. Hedge funds continue to pile into gold and silver, and some analysts believe that the precious metals still have room to move higher. However, gold appears overbought and due for a correction, while silver is seeing support from both the investment community and industrial demand. The article concludes by stating that gold and silver prices are higher on safe-haven demand and bullish charts.
#Gold #Silver #Commodities #StockMarkets #Trading #Investing
https://www.kitco.com/news/article/2024-04-09/gold-price-hits-new-all-time-high-more-upside-likely
S&P 500, Nasdaq choppy as higher bond yields weigh
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The benchmark S&P 500 and Nasdaq struggled for direction in early trading on Monday as Treasury yields gained on rising bets that the U.S. Federal Reserve could delay interest-rate cuts this year. Last week, hawkish commentary from central bank officials and stronger-than-expected manufacturing and jobs reports pointed to a resilient U.S. economy, easing the pressure on the Fed to cut interest rates quickly. U.S. stocks recorded weekly losses on Friday as traders scaled back expectations on the timing of rate cuts. The market now sees a 51% chance of the Fed announcing its first rate cut in June, down from about 58% at the beginning of last week. The yield on 10-year Treasury notes rose to its highest level since last November, pressuring equities. Market focus now shifts to the March reading of the U.S. Consumer Price Index (CPI) and the release of minutes from the Fed's latest meeting. Wells Fargo raised its year-end target for the S&P 500 index to 5,535. Tesla rose 4.6% after CEO Elon Musk said the company would unveil the Robotaxi on Aug. 8. At 9:49 a.m. ET, the Dow Jones Industrial Average was up 72.78 points, the S&P 500 was up 0.83 points, and the Nasdaq Composite was up 14.24 points. Eight of the 11 S&P 500 sectors advanced, with consumer discretionary leading gains, while information technology led declines. Cryptocurrency-related stocks advanced. Advancing issues outnumbered decliners on the NYSE and Nasdaq. The S&P index recorded 15 new 52-week highs and one new low, while the Nasdaq recorded 46 new highs and 33 new lows.
#S&p500 #Nasdaq #BondYields #InterestRates #FederalReserve #TreasuryYields #RateCuts #EconomicData #StockMarket #ConsumerPriceIndex #FedMeeting #WellsFargo #Tesla #DowJonesIndustrialAverage #Cryptocurrency #Nyse #NasdaqComposite
https://www.kitco.com/news/off-the-wire/2024-04-08/sp-500-nasdaq-choppy-higher-bond-yields-weigh
Canadian dollar edges higher ahead of domestic GDP data
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The Canadian dollar strengthened against the U.S. dollar as investors awaited domestic gross domestic product (GDP) data. The loonie was trading 0.1% higher at 1.3575 to the U.S. dollar. Canadian GDP data, due on Thursday, is expected to show the economy growing 0.4% in January from December. Money markets expect the Bank of Canada to leave its benchmark interest rate on hold at 5% at a policy decision on April 10 but to then begin a rate cutting campaign in June.
#CanadianDollar #GdpData #BankOfCanada
Gold price firmer as key U.S. inflation report on deck
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Gold and silver prices are moderately higher in early U.S. trading Tuesday. April gold was last up $9.00 at $2,042.00. March silver was last up $0.188 at $22.955. The U.S. economic data point of the day Tuesday is the consumer price index report for January, seen coming in at up 2.9%, year-on-year, compared to a rise of 3.4% in the December report. Asian and European stock markets were mixed to weaker in overnight trading. U.S. stock index futures are set to open lower today on profit taking after hitting record highs Monday. The key outside markets today see the U.S. dollar index slightly lower. Nymex crude oil prices are higher and trading around $77.50 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently fetching 4.166%. Technically, the gold futures bulls have the slight overall near-term technical advantage. The silver bears have the overall near-term technical advantage.
#Gold #Silver #U.s.Inflation #StockMarkets #CrudeOil #TreasuryNote
https://www.kitco.com/news/article/2024-02-13/gold-price-firmer-key-us-inflation-report-deck
Gold price lower following downbeat China data
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Gold prices are down and silver prices near steady in early U.S. trading Thursday, following a deflationary report from China. April gold was last down $10.40 at $2,041.30. March silver was last up $0.015 at $22.375. China reported its consumer price index fell 0.8% YoY in January, the fourth consecutive month of declines and the biggest contraction since 2009. Nigel Green, CEO of deVere Group, said prolonged deflation in China poses a threat to its manufacturing and export sectors. Asian and European stock markets were mixed in overnight trading. U.S. stock index futures are set to open modestly down today. The U.S. dollar index is firmer, Nymex crude oil prices are higher, and the yield on the 10-year U.S. Treasury note is 4.125%. U.S. economic data due for release includes the weekly jobless claims report, monthly wholesale trade, and monthly retail chain store sales. Gold futures bulls have the slight overall near-term technical advantage, with resistance at $2,100.00 and support at $2,000.00. Silver bears have the overall near-term technical advantage, with resistance at $23.72 and support at $21.17.
#Gold #Silver #China #Deflation #StockMarkets #EconomicData
https://www.kitco.com/news/article/2024-02-08/gold-price-lower-following-downbeat-china-data
Investors yearn for insight into the Fed's upcoming monetary pivot
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The Federal Reserve is expected to pivot from its restrictive monetary policy to an accommodating stance based on rate cuts. However, no concrete timeline has been provided. Recent data shows that the Fed's restrictive policy has impacted inflation, which has moved from above 9% in June 2022. Multiple Federal Reserve officials are scheduled to speak this week, but they are known for speaking articulately without providing definitive information. Chairman Powell has indicated that a rate cut in March is unlikely. The lack of clarity has paused any rally in gold. Gold futures are trading slightly lower. Gold has been trading within a pennant pattern and could break above the upper-level resistance trend line, with a potential upside target of $2080. The author, Gary S. Wagner, is a technical market analyst and the executive producer of "The Gold Forecast."
#FederalReserve #MonetaryPolicy #RateCuts #Inflation #Gold #PennantPattern
https://www.kitco.com/opinion/2024-02-07/investors-yearn-insight-feds-upcoming-monetary-pivot
Investors yearn for insight into the Fed's upcoming monetary pivot
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The Federal Reserve is expected to pivot from its restrictive monetary policy to an accommodating stance based on rate cuts. However, no concrete timeline has been provided. Recent data shows that the Fed's restrictive policy has impacted inflation, which has moved from above 9% in June 2022. Multiple Federal Reserve officials are scheduled to speak this week, but they are known for speaking articulately without providing definitive information. Chairman Powell has indicated that a rate cut in March is unlikely. The lack of clarity has paused any rally in gold. Gold futures are trading slightly lower. Gold has been trading within a pennant pattern and could break above the upper-level resistance trend line, with a potential upside target of $2080. The author, Gary S. Wagner, is a technical market analyst and the executive producer of "The Gold Forecast."
#FederalReserve #MonetaryPolicy #RateCuts #Inflation #Gold #PennantPattern
https://www.kitco.com/opinion/2024-02-07/investors-yearn-insight-feds-upcoming-monetary-pivot
Gold never fails to impress and surprise investors
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Gold continues to defy the odds and hold critical support levels despite a restrictive monetary policy by the Federal Reserve. The U.S. economy created 353,000 jobs last month, beating expectations, and wages increased by 0.6%. Despite these positive economic indicators, gold futures are ending the week with a nearly 1% gain. The World Gold Council's year-end report shows that gold demand in 2023 reached a record high of 4,899 tonnes, driven by central bank purchases and activity in over-the-counter markets. Central banks purchased 1,037 tonnes of gold last year, nearly doubling the average of the last ten years. Leading market analysts predict that gold prices will hit new record highs this year, with an average price of $2,059 per ounce. Despite the potential for a banking crisis, gold is expected to continue its rally. The long-term outlook for gold remains positive, and analysts believe that gold's price chart still looks beautiful. The LBMA annual price forecast predicts that gold and silver will lead 2024, with average prices expected to rise more than 6%. Young investors are also pivoting towards gold as an alternative asset, and the surprising shift is gaining momentum. Overall, gold continues to impress and surprise investors with its resilience and potential for growth.
#Gold #Investors #FederalReserve #Economy #Jobs #Wages #CentralBanks #MarketAnalysis
https://www.kitco.com/news/article/2024-02-02/gold-never-fails-impress-and-surprise-investors
Gold survives robust growth in US labor market and a hawkish Fed, a banking crisis could spark the next rally
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Gold prices dropped roughly $20 after the US Bureau of Labor Statistics reported that 353,000 jobs were created in January, beating expectations. However, the growing turmoil in the US banking sector could continue to provide support for gold. Despite the selloff, gold managed to hold critical support levels and closed the week in positive territory. Some analysts see potential for gold to rally, while others expect lower prices in the near term. Gold will be sensitive to the threat of another banking crisis. Jim Rogers, Chairman of Rogers Holdings, predicts the worst crash of our lifetimes is coming. Donald Trump said he will not reappoint Jerome Powell as Chair of the Federal Reserve if he is re-elected as President.
#Gold #UsLaborMarket #FederalReserve #BankingCrisis