The yellow metal gave a massive 40 per cent return this year in just six months supported by strong fundamentals. Gold this year has touched an all-time high on both Comex as well as the domestic market. The yellow metal consolidated after touching an all-time high although the overall uncertainties are providing a strong floor for the metal at the lower levels.

The yellow metal gave a massive 40 per cent return this year in just six months supported by strong fundamentals. Prices gained at the start of the year as investors were worried about the impact of the trade war between the US and China. The accommodative stance of the central banks, stimulus measures, excess liquidity, the Covid-19 relief bill and lower bond yields were the other concerns among investors. However, the far reaching impact of the pandemic and the elections in the US forced market participants to take […]

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Weakness in the dollar is bucking up gold this week A global surge in the spread of the novel strain of coronavirus that causes COVID-19 also has provided support for bullion and its sister metal silver, commodity experts said.

The global tally for confirmed cases of COVID-19 climbed to 48.8 million on Friday, according to data aggregated by Johns Hopkins University , while the death toll rose above 1.2 million. The U.S. has the highest case tally in the world at 9.6 million and highest death toll at 234,944, or about a fifth of the global totals.

“The metals markets have been lifted this week due in part to a slumping U.S. dollar index that hit a nine-week low overnight,” wrote Jim Wyckoff, senior analyst at Kitco.com. “Safe-haven demand is also featured in the gold and silver markets Friday morning, heading into an uncertain weekend,” the commodity strategist wrote.

Indeed, the […]

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Gold (XAU/USD) is looking for a clear direction while holding above $1900. The metal witnessed wild swings in choppy trading on Wednesday, in light of the chaotic and long US election. As it stands, Democrat Joe Biden is closer towards the US Presidency following a tighter race but the Trump campaign has filed a legal battle to contest the elections.

Meanwhile, prospects of Republicans taking over the Senate point towards a continued stimulus deadlock on a Biden win and keep markets unnerved. The risk-off flows amid election and policy uncertainty will likely keep a floor under gold prices, as attention turns towards the FOMC decision and US NFP report.

How is gold positioned technically? Gold: Key resistances and supports

The Technical Confluences Indicator shows that the yellow metal is holding firmer so far this session, looking to test immediate resistance at $1912, the confluence of the previous week high and Bollinger […]

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Gold Price Analysis: XAU/USD buyers await fresh clues around mid-$1,900s

Gold prices seesaw around $1,951/52 during the initial hour of Monday’s Asian session. The yellow metal began the week’s trading near $1,953.50 while keeping the late Friday’s range between $1,950 and $1,955. The bullion’s recent inactivity could be traced to the uncertainty over the US polity as Donald Trump challenges Joe Biden’s victory in the latest elections. Also, the Republicans’ hold in the Senate offers additional troubles for the recently elected Democratic leader. Further, the coronavirus (COVID-19) and Brexit are additional hurdles for the precious metal buyers.

Read more … The Chart of the Week: Gold bugs awaiting their discount

The price of gold has been supported on the US election outcomes as the US dollar slides into the hands of the bear’s on what most would describe as an inevitable outcome.In so much as the dollar […]

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While the world’s top 10 gold producers may have reportedly experienced a decline in reserves between 2010 and 2019, Australia is well positioned to continue a surge in gold exploration. Nickolas Zakharia explains.

Australia’s gold exploration expenditure increased to $304.4 million in the June quarter of 2020, according to the Australian Bureau of Statistics.

The prospect of discovering another project the quality of Fosterville in Victoria is part of what has led to an exploration revival as prices for the commodity have also risen.

Australian gold companies have also continued to stay the course in growing their portfolios.Leading Australian gold producer Northern Star Resources spent $288.7 million on its exploration and evaluation assets in the 2020 financial year. Saracen Mineral Holdings invested $273 million on growth projects and exploration in the same period to prepare its business for the future.In October 2020, the joint Super Pit owners agreed to a merger-of-equals […]

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(Bloomberg) — Oil rose toward $38 a barrel and gold climbed for a third day as President-elect Joe Biden prepared to transition into the White House even as Donald Trump rejected the outcome of the U.S. election. Crude futures in New York increased 1.9% after rising 3.8% last week. Spot gold added 0.4% and an indicator of the dollar was marginally lower. While Biden declared victory and prepared to navigate America’s pandemic-hit economy out of the crisis, the unresolved status of Senate control may dampen prospects for a major stimulus package before January. Meanwhile, Trump’s campaign team mounted lawsuits in key states after alleging election fraud. Biden inherits a divided country and an economy ravaged by the coronavirus as infections race toward 10 million. Already, a second wave of Covid-19 has led to lockdowns across Europe, fueling concerns over a slowdown in a global oil-demand recovery amid rising crude […]

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There’s a number of ways that investors can protect themselves from the worsening Covid-19 crisis. Buying UK shares of companies that produce gold remains a good idea as the threats to the global economic recovery rise. But this isn’t the only reason, as ongoing central bank money printing bolsters inflationary concerns as well.

Much has been made of gold’s sharp fall below August’s record highs around $2,070 per ounce. But this negative price action results from recent US dollar strength and strong profit booking.

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The election of Joe Biden as President with the first female, Black, and Asian American Vice President in Kamala Harris won’t have a direct impact on commodity markets this week except to switch attention away from Donald Trump and towards hopes for more rational policymaking in Washington.

Oil prices fell below $US40 a barrel on Friday as rising global coronavirus cases stoked fears about weak demand and the impact of a lengthy transition process in the US election race kept investors wary and on the edge.

Brent crude fell $US1.46, or 3.6%, to $US39.47. US West Texas Intermediate dropped $1.58, or 4.1% to $US37.21 a barrel.

France, Italy, and the US reported record coronavirus cases for Thursday and Friday, intensifying concerns that additional lockdowns in Europe could weigh on demand.Despite the slide on Friday, Brent was still up 4.6% for the week, and US WTI crude ahead by 4.3%.US coronavirus cases […]

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The GrayScale Bitcoin Trust is outperforming gold exchange-traded funds, a trend perhaps driven by institutional investors like family offices, according to a report by JPMorgan analysts that CoinDesk obtained. “This contract lends support to the idea that some investors that previously invested in gold ETFs such as family offices, may be looking at bitcoin (BTC, +4.27%) as an alternative to gold,” the analysts wrote in the Nov. 6 report.

The climb of the Grayscale Bitcoin Trust indicates it’s not just millennials driving demand for bitcoin, but institutional investors like family offices and asset managers, the analysts said. Grayscale is part of Digital Currency Group, CoinDesk’s parent company.

The analysts continued: “As we had highlighted in our previous [report] of October 23rd, the potential long-term upside for bitcoin is considerable if it competes more intensely with gold as an ‘alternative’ currency given that the market cap of bitcoin would have […]

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Summary

Barrick Gold has reported its Q3 2020 earnings.

The company reported an 80% rise in operating cash flow to $1.9billion and a 151% jump in free cash flow to $1.3 billion.

Barrick Gold surpassed my expectations and has more upside ahead.Barrick will likely increase its dividend next year and report even better earnings for Q4 2020. Looking for more investing ideas like this one? Get them exclusively at The Gold Bull Portfolio. Get started today » Barrick Gold Just Crushed My Earnings Estimates Senior gold miner Barrick Gold ( GOLD ) has reported its Q3 2020 earnings , and while I was expecting a great quarter due to higher gold prices (33% increase) and strong production, the miner surpassed my expectations as its all-in sustaining costs of $966/oz came in lower than expected.While production was actually down a bit, the company remains on track to meet its full-year guidance between 4.6-5.0 […]

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A few central banks have started selling tons of gold for the first time since 2010 in order to ease the financial suffering from the Covid-19 pandemic. At $1,875 per ounce, gold prices are down -9.63% since the commodity’s high of $2,075 on August 6.

Even though gold has dropped significantly in value in contrast to bitcoin (BTC) , gold bug Peter Schiff decided to use the opportunity to rag on bitcoin on Twitter. “If you measure the size of asset bubbles based on the level of conviction buyers have in their trade, the Bitcoin bubble is the biggest I’ve seen,” Schiff tweeted on October 28. “Bitcoin hodlers are more confident they’re right and sure they can’t lose than were dotcom or house buyers during those bubbles.”

However, unlike bitcoin which has been on a tear lately, gold prices per ounce have floundered. The precious metal did reach a high […]

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A wedge pattern on the 4-hour chart hints at a potential reversal to 1,900.

Gold sends mixed signals ahead of the new week’s trading; a rally to 2,000 is possible.

Gold spiked significantly this week and brushed shoulders with 1,960. The instability witnessed in the stock market saw the precious metal used as a hedging asset. The rally to 1,960 was a continuation of the uptrend started towards the end of October. The days heading to the US election shined a light on the gold, catapulting it to nee monthly levels.

XAU/USD closed the week changing hands at 1,952 after embracing support at 1,950. Gold’s immediate upside is capped by the seller congestion at 1,950. Consequently, the formation of a descending channel adds credulity to the bearish narrative. Therefore, it is likely for the precious metal to crumble in the coming week, especially if the wedge pattern support […]

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Gold prices continued to remain buoyed after rallying on Thursday following the Fed’s interest rates decision. For the week gold has increased by 3.9%. The dollar declined to 2-month lows and yields moved higher. US yields moved higher but this barely impacted gold following a stronger than expected US employment report. Technical analysis

Gold prices consolidated Thursday’s gains as gold finally broke out of a tight range. Support on the yellow metal is seen near the 50-day moving average at 1,913, and then the 10-day moving average at 1,904. The 10-day moving average is poised to cross above the 50-day moving average which would mean a short-term uptrend was in place. Short-term momentum is positive as the fast stochastic continued to accelerate higher. Medium-term momentum has turned positive as the MACD (moving average convergence divergence) index generated a crossover buy signal. This occurs as the MACD line (the 12-day […]

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The world’s most popular cryptocurrency has gained over 30 percent in value in almost three weeks Bitcoin’s rally above $15,000 has reignited debate over whether the cryptocurrency is so-called digital gold or a perilously risky bet as investors grapple with the coronavirus pandemic.

The world’s most popular virtual unit has gained over 30 percent in value in almost three weeks up to Friday, taking it close to its December 2017 peak when it reached nearly $20,000.

After a rollercoaster ride on markets since then, it began its latest meteoric rise on October 21, after US online payments provider PayPal announced that it would enable account holders to use cryptocurrency.

"It is the validation of a market which was still relatively uncertain a few years ago," said Simon Polrot, president of Paris-based crypto-assets association ADAN.Bitcoin was created in 2008 by the pseudonymous Satoshi Nakamoto, and marketed as an alternative to traditional currencies.Unregulated by […]

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Gold has been benefiting from a weak U.S. dollar and the uncertainty of the U.S. election outcome, with Democratic nominee Joe Biden in the lead but no election calls yet.

Gold made gains this week and was trading at $1,952.28 per ounce at last check Friday.

"While the potential election of Joe Biden means a lot to various segments of the capital markets, I think the cake was baked for gold long before the vote," said Fosterville South Exploration CEO Bryan Slusarchuk .

Bull Market For Gold: Regardless of who wins the election, the setup for a once-in-a-lifetime bull market in gold was in place due to bipartisan support for quantitative easing, unprecedented monetary and fiscal stimulus and a low-to-negative interest rate policy, said Slusarchuk."Gold is a currency, and right now it is the only currency in the world not being printed with reckless abandon in an effort to stave off […]

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It’s still unclear who won last night’s election, although former Vice-President Joe Biden is slightly favored based on current tallies and outstanding votes in swing states like Pennsylvania, Michigan, and Wisconsin.

If Biden can win two out of three, then he will emerge as the victor. There are still many votes left to count, and President Trump will likely challenge the validity of late-arriving ballots.

However, if Biden can sweep all three states, then the chances of a contended election dramatically plunge as President Trump would have to overturn the results of two states to win the election.

Congressional Elections While the Presidential race’s outcome remains unclear, what’s certain is that Republicans outperformed relative to expectations and are expected to retain control of the Senate. They also added between 5 and 10 seats in the House of Representatives.Both Georgia Senate races will likely go to a runoff, and Republicans will be […]

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