Central banks shifted to net sellers of gold during the September quarter for the first time in nearly a decade Gold And Silver > Gold-and-silver-news

Staff Reporter

Central banks shifted to net selling during the period for the first time in nearly a decade.

Net sales were estimated at just under 13t.An absence of purchases from Russia and China drove the shift, along with increased gross sales by some countries battling the economic effects of COVID-19.Refinitiv’s analysis suggests banks are taking advantage of high gold prices."It is in the near term that we are likely to see increased volatility, choppy trading and fluctuations in the stock markets and the gold price, particularly in the run-up to US presidential elections," said precious metals director Cameron Alexander."While we may see gold consolidating or caught up in a broader sell-off in the short term, gold should benefit from growing risks revolving around […]

Click here to view original web page at www.mining-journal.com

Welcome to Thomas Insights — every day, we publish the latest news and analysis to keep our readers up to date on what’s happening in industry. Sign up here to get the day’s top stories delivered straight to your inbox. As time passes, especially in 2020, a lot changes. But one thing that hasn’t changed much is the value of gold.

Perhaps best known for its use in bars, coins, and jewelry, gold is immune to rust, decay, and corrosion. But these physical aspects are not what makes the metal so special. (Consider that silver also shares some of gold’s valuable qualities, but doesn’t hold nearly as much value.)

Let’s take a deeper look at how gold holds value, and why it’s seemingly immune to nearly any financial crisis. The Rich History of Gold

In order to understand why today’s gold retains high value, we’ll need to take a look back […]

Click here to view original web page at www.thomasnet.com

News of the discovery of approximately 40 million troy ounces of gold in Russia’s Siberian region is likely to boost the profitability of the country’s biggest gold producer, while adding to the supply of the “scarce” resource. Reports say the Polyus owned the Sukhoi Log contains 540 million tonnes of ore, which translates to an average of 2.3 grams per ton. The reserves, which will account for a quarter of Russia’s gold stocks, are likely to generate $76 billion in revenues for Polyus when using current prices. How Bitcoin Compares to Gold

Although the Sukhoi Log announcement adds to the proven reserves and stocks of gold, it is unclear how this will affect the metal’s price in the immediate to short term. However, gold which has traditionally been used as a hedge against inflation is likely to grow in value as the money supply increases. The precious metal behavior […]

Click here to view original web page at news.bitcoin.com

Golden Star Theaters, a family-owned movie theater chain based in New Castle, Pa., recently expanded to the Mahoning Valley with the opening of Golden Star Theaters Austintown Cinema. (Photo provided) [EDITOR’S NOTE — Each week, this feature section, “Movers and Makers,” will feature the stories of the movers, launchers, entrepreneurs and makers who contribute to the vitality of the Mahoning Valley. This section is supported by our first community partner, Farmers National Bank.]

AUSTINTOWN — Golden Star Theaters, a family-owned movie theater chain based in New Castle, Pa., recently expanded to the Mahoning Valley with the opening of Golden Star Theaters Austintown Cinema.

Golden Star Theaters Austintown Cinema, 6020 Mahoning Ave., was previously Regal Cinemas in the Austintown Plaza.

Joe Rethage, operations manager of Golden Star Theaters, told Mahoning Matters the building underwent a $2.5 million dollar overhaul which included:• Remodeling the front of the building with repairs to all neon […]

Click here to view original web page at www.mahoningmatters.com

Editorial Note: Forbes may earn a commission on sales made from partner links on this page, but that doesn’t affect our editors’ opinions or evaluations. In the midst of economic volatility, some investors are flocking to gold and silver as an alternative to stocks, bonds, mutual funds and ETFs. In fact, some precious metals dealers are struggling to keep up with demand for bars and coins, and buyers are paying record-setting prices for rare coins.

The Gold and Silver Rush of 2020 is in full swing.

But as investors (including some who are new to the precious metals market) scoop up gold and silver bars and coins, they might be wondering about insuring their newly acquired treasure. Perhaps the most important thing to know about insuring investment-grade gold and silver—not the coins you collected as a kid that merely hold sentimental value—is that homeowners insurance typically doesn’t go very far in […]

Click here to view original web page at www.forbes.com

Billionaire investor Michael Novogratz. Bitcoin is a store of value, like "digital gold," and will unlikely be used as traditional currency for the next five years, the former Goldman Sachs partner and hedge fund manager Mike Novogratz told Bloomberg.

The Bitcoin bull expects the digital currency’s price to keep rising as more people pile into the idea of adding it to their portfolios.

He expects several banks and credit-card companies to catch up to PayPal’s recent decision to allow customers to transact in cryptocurrencies.

"It’s no longer a debate if crypto is a thing, if Bitcoin is an asset, if the blockchain is going to be part of the financial infrastructure," Novogratz said. "It’s not ‘if’, it’s ‘when’, and so every single company has to have a plan now." Bitcoin is like "digital gold" and won’t be used in the same way as traditional currency for at least the […]

Click here to view original web page at markets.businessinsider.com

For representational purposes. (Photo | EPS) CHENNAI: Indians are fascinated with gold, and during festive season, the love for the yellow metal takes centre stage for many.

The pandemic has also not acted as a deterrent against gold investors, and industry experts say that many jewelers have begun breaching their pre-Covid sales figures.

If you are also planning to buy gold during the festive season, experts say there are few things you should keep in mind.

Purity —It is always better to buy hallmarked and BIS certified jewellery which indicates the purity of gold. Gold that does not carry certification may not be a good deal. Making charges and other charges —Whenever you buy jewellery, you have to pay for making charges or wastage along with the gold. Making charges is usually a percentage of the current gold price. Hence, experts advise you to choose classic and simple pieces, since these […]

Click here to view original web page at www.newindianexpress.com

Gold Price Analysis: XAU/USD pressured to break below $1,900

XAU/USD is open to start the week lower by some 0.10% despite a slide in the greenback on Friday by 0.20%. The market is range bound and trendless with election and stimulus uncertainty whipsawing prices from day-to-day.

A second wave of the coronavirus gathering pace is also problematic for investor sentiment, although the recent news of an FDA approval for remdesivir gave a hint of positive news as do the prospects of the Johnson Johnson trials getting back on track.

Read more … Gold Weekly Forecast: XAU/USD (mostly) hinges on Trump´s electoral chances " Putting pen to paper " – such commentary from Washington about a fiscal stimulus deal has been pushing gold prices higher, while pessimism about a deal held it back. With time running out toward Election Day, the next bout of cash to fuel gold prices […]

Click here to view original web page at www.fxstreet.com

The Gruyere site. Image: Gold Road Resources. Joint venture (JV) partners Gold Road Resources and Gold Fields are on track to meet their 2020 production guidance at the Gruyere mine in Western Australia despite downtime due to a ball mill failure.

The JV worked to re-configure the milling circuit as the plant transitioned to fresh rock processing, following a previous failure relating to a ball mill motor late in the quarter.

This occurred during a restart of the processing facility after a scheduled maintenance shutdown late in the quarter.

The failure meant Gruyere’s plant utilisation was below target, at 97 per cent, due to the additional downtime.Despite this, the JV processed 1.9 million tonnes of ore at a head grade of 1.03 grams per tonne of gold and a recovery of 91.5 per cent for 55,919 ounces of gold produced during the September quarter.Gold Road Resources anticipates a stronger quarter during December […]

Click here to view original web page at www.australianmining.com.au

Getty Images Gold prices ended with a loss on Friday to log their first weekly decline in three weeks, as overall strength in U.S. currency weighed on dollar-pegged metals.

Gold is down for the week “thanks to an appreciating U.S. dollar,” said Lukman Otunuga, senior research analyst at FXTM. Overall, “it has been another range-bound week for gold thanks to fluctuating expectations over the U.S. fiscal stimulus, rising coronavirus cases across the world and jitters ahead of the U.S. elections.”

“The precious metal is clearly waiting for a fresh directional catalyst to make the next major move either up or down,” he told MarketWatch.

December gold GOLD, -0.29% GCZ20, -0.23% rose $2.50, or 0.1%, to settle at $1906.40 an ounce after rising less than 0.1% on Thursday. Prices Thursday had touched an intraday low of $1,892.70, highlighting fitful trade for bullion on the week.“Should $1,890 prove to be reliable support, prices may […]

Click here to view original web page at www.marketwatch.com

(Updates prices) * Silver up 1.5% this week * Dollar set to fall about 1% for the week * Interactive graphic tracking global spread of coronavirus: here By Asha Sistla Oct 23 (Reuters) – Gold eased on Friday as the dollar recouped some losses, but uncertainty going into the Nov. 3 U.S. elections limited bullion’s losses. Spot gold fell 0.1% to $1,903.07 per ounce by 2:06 p.m. EDT (1806 GMT). U.S. gold futures settled unchanged at $1,905.20. "Gold’s moves are really mirroring the dollar at this point," said Tai Wong, head of base and precious metals derivatives trading at BMO. Gold is in a "restive" $1,890-$1,930 range with any dips to the bottom being lapped up, he added. "The initial pop in gold (and slightly lower dollar) was due to the results of the last presidential debate not likely to make a difference in the election outcome, with (Democratic […]

Click here to view original web page at www.reuters.com

Summary

Gold Road Resources released its Q3 results last week with a disappointing quarter for quarterly gold production due to unplanned downtime related to a ball mill motor bearing failure.

Unfortunately, this has pared back FY2020 production guidance at Gruyere to 260,000 ounces at the mid-point from 268,000 ounces previously.

The good news is that the company continues to improve its balance sheet, ending the quarter with over $100 million in cash and no debt.I see this recent pullback as a low-risk buying opportunity, but I believe there are more attractive opportunities among the more growth-focused Australian producers.We’ve finally begun the Q3 Earnings Season for the Gold Miners Index ( GDX ), and one of the first companies to report its results is Gold Road Resources ( OTCPK:ELKMF ). While the mid-tier Australian gold producer started off the year strong and was tracking in line with guidance, Q3 was a tough quarter […]

Click here to view original web page at seekingalpha.com

Oct 26 (Reuters) – Gold prices eased to an over one-week low on Monday in early Asia trade as the dollar firmed and talks over the new U.S. coronavirus aid package showed no signs of progress. FUNDAMENTALS * Spot gold fell 0.1% to $1,899.41 per ounce by 0053 GMT, after hitting $1,890.19, its lowest since Oct. 15. * U.S. gold futures were down 0.2% at $1,900. * The dollar index was up 0.1% against a basket of currencies. * U.S. House Speaker Nancy Pelosi said on Sunday the Trump administration was reviewing the latest plan for more COVID-19 relief over the weekend and that she expected a response on Monday, adding that she was still optimistic a deal could be reached. * U.S. reported 79,852 new infections on Saturday, close to the previous day’s record of 84,244 new cases. Hospitalizations are also rising and have hit a two-month high […]

Click here to view original web page at uk.reuters.com

Adult chinchillas are pictured in France. (Getty images/slowmotiongli) (Newser) – An effort to pull 3.5 million ounces of gold from a site high in the mountains of northern Chile is expected to cost $860 million—$400,000 of which has already been spent on rodents. A colony of 25 endangered short-haired chinchillas has made a home at the site now under development by Gold Fields, as Ed Stoddard writes at Undark . To secure the deal, the South African-based gold mining company had to agree to trap and move the 25 animals previously hunted to near-extinction, which are protected under Chilean law. The project is seen as a test of how mining companies will respond to increasing pressure to limit environmental impacts, and it will be both pricey and time-consuming, stretching on for nine months from August. Some $400,000 has already been spent on non-lethal traps and population surveys. Then again, […]

Click here to view original web page at www.newser.com

The peak in gold prices at $2,067 coincided with the weakness in the dollar against the currency majors but there has been some revival, though not significant, in the exchange rates, in the last one month. The correction in the gold prices to $1,850 an ounce, too, was in alignment with the currency strength. It seems gold has taken support at the $1,850/1,860 levels after its downward movement.

Interest rates have been low and may continue to be so for some more time due to the slow economic growth and recovery due to the pandemic. Lower interest rates reduce the opportunity cost substantially and help gold prices to stay up. The inference that can be drawn from the Federal Reserve notes, as also those of other central banks, is that of a prolonged period of lower rates.

Apart from this, inflation, too, is showing a tendency to edge higher. The Fed […]

Click here to view original web page at www.moneycontrol.com

Manchester United’s form has been erratic on the pitch of late, and times are tough off the field too.

The Red Devils suffered a net loss of £23.2million in the year to June 30 as the pandemic sucker-punched ticket and broadcast revenues.

Man Utd shares, listed in the US, are down from almost $20 to $14.20 so far this year. Off form: Manchester United shares have slumped this year That’s bad news for Nick Train, manager of the Finsbury Growth & Income Trust, who holds the stock.

The floppy-haired funds star has seen the trust’s share price diminish by about 10 per cent this year, but tells me he’s sticking with Ole Gunnar Solskjaer’s men for the long haul.He says: ‘Perhaps contemplate the comparison between equity in Manchester United and gold. Both are rare and beautiful in the eyes of some. Both have eternal characteristics.’New gold cannot be created and no one […]

Click here to view original web page at www.thisismoney.co.uk

Editor’s Note: Get caught up in minutes with our speedy summary of today’s must-read news stories and expert opinions that moved the precious metals and financial markets. Sign up here!

(Kitco News) – Investors should not expect to see the gold market to get anywhere in a hurry as prices continue to consolidate around $1,900 in the near-term, according to the latest Kitco News Weekly Gold Survey.

The gold market continues to struggle for direction as sentiment among market analysts is decidedly mixed; meanwhile retail investors remain extremely bullish on gold next week; however, interest in the market remains at lows levels not seen since the start of the year.

Adrian Day, president and CEO of Adrian Asset Management, described the price action and sentiment in the gold market as two-steps forward, one step back. He added that this volatility will continue until after the Nov. 3 U.S. General Election."Some […]

Click here to view original web page at www.kitco.com

Gold has been on a roll this year and every piece of bad news makes it look like a smarter investment.

That’s because gold comes into its own when times are hard – and they are particularly grim right now. Gold also does well when interest rates are low – and they are at record lows in most parts of the world today.

Buying gold outright or investing in Exchange Traded Funds offer direct exposure to the metal. But there is also the option of buying gold mining shares. Coining it: Chief executive Richard Gray in the mine which has already produced commemorative coins MIDAS UPDATE: There’s even more gold in them thar SCOTTISH hills!

Some investors may find gold alluring but would prefer to keep their cash close to home, supporting businesses and fostering employment on these shores. Scotgold is an intriguing option for anyone falling into this bracket.The company […]

Click here to view original web page at www.thisismoney.co.uk

JP Morgan says bitcoin’s 2020 surge is set to continue as the digital cryptocurrency competes better against gold as an alternative currency. In a note, the financial institution says that with millennials set to become a more important market participant in the coming years, their preference for bitcoin to gold sets up the crypto for future success.

The financial institution’s assessment comes as the digital currency continues to see increasing adoption by institutional investors and an embrace by corporations like payments giant Paypal.

According to a report , JP Morgan estimates the “physical gold market is worth $2.6 trillion, which includes assets held within gold ETFs.” The financial giant deduces that for bitcoin to catch up with gold market value, “the cryptocurrency would have to surge 10x from current levels.”

At the time of writing, the bitcoin market capitalization was at $242.2 billion while the value of one BTC was just […]

Click here to view original web page at news.bitcoin.com

Gold markets have initially pulled back a bit during the trading session on Wednesday, only to turn around a break above the $1900 level. That being said, the market looks very likely to pay quite a bit of attention to the 50 day EMA which is flat and driving right through the middle of the recent trading action. With that being the case, the market is likely to continue to see a lot of interest in this area, and of course the US dollar is greatly influential on what happens in the gold market anyway. With the US dollar losing a little bit of a ground on the Wednesday session, that does drive gold up a bit. Gold Price Predictions Video 15.10.20

To the downside, I think that the $1850 level continues to be an area that will offer a bit of support, but I believe there is even […]

Click here to view original web page at www.fxempire.com

Fears of a vaccine pushing the gold price down are overplayed, said Lobo Tiggre of the Independent Speculator.

“I think this is another one of these overblown things. Yes, we have seen gold move on vaccine headlines, I don’t deny that, but it’s a mistake to think that 2020 gold is all about the vaccine,” Tiggre told Kitco News.

The most important fundamental drivers of gold are still tied to monetary and fiscal policies, Tiggre said.

“We have been on a volatile upward trend since late 2015, well before COVID. But even the more recent and dramatic upturn started after the Powell pivot. This is really about monetary and fiscal policy, starting, first and foremost with monetary policy. It’s about negative real rates,” he said.Even if a vaccine were to be introduced, it would still take time for the economy to normalize, Tiggre noted, and the fundamentals behind the gold price would […]

Click here to view original web page at www.kitco.com

Gold prices on the rise as the U.S. dollar retreats Gold prices tallied a third straight gain on Wednesday, with prices for the precious metal marking their highest finish in over a month, as a rise in bond yields was overshadowed by weakness in the U.S. dollar.

Copper futures, meanwhile, logged another settlement at the highest since 2018 , buoyed by signs of strength in Chinese demand. On Wednesday, Reuters reported on the possibility that China will buy copper for its stockpiles ahead of a meeting of the nation’s leaders to discuss the next five-year economic plan.

Looking to gold, “concerns about a will-they, won’t they agree [to a U.S.] a stimulus deal is weighing on the U.S. dollar,” Ross Norman, chief executive officer of Metals Daily, told MarketWatch.

So “in short, gold is being seen as the go-to safe haven,” he said. “Gold has switched back to dollar watching and is […]

Click here to view original web page at www.marketwatch.com

Editor’s Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today’s must-read news and expert opinions. Sign up here!

( Kitco News ) – Gold and silver futures prices are moderately down in early U.S. trading Thursday, as both metals continue to trade in an inverse fashion with the daily movements of the U.S. dollar index , which is higher today on a corrective bounce after hitting a six-week low Wednesday. The safe-haven gold and silver bulls continue to be perplexed their metals can’t catch a bid when the U.S. stock indexes start to wobble a bit. December gold futures were last down $13.80 at $1,915.70 and December Comex silver was last down $0.326 at $24.91 an ounce.

Global stock markets were mixed overnight, with Asian shares mostly weaker and European shares mostly firmer. U.S. stock indexes […]

Click here to view original web page at www.kitco.com