Barrick Gold Corporation GOLD recorded net earnings (on a reported basis) of $882 million or 50 cents per share in third-quarter 2020, down from $2,277 million or $1.30 in the year-ago quarter.

Barring one-time items, adjusted earnings per share surged 173.3% year over year to 41 cents. The figure also beat the Zacks Consensus Estimate of 32 cents.

Barrick recorded total sales of $3,540 million, up 32.2% year over year. The figure topped the Zacks Consensus Estimate of $3,353.3 million. Barrick Gold Corporation Price, Consensus and EPS Surprise

Barrick Gold Corporation Price, Consensus and EPS Surprise Barrick Gold Corporation price-consensus-eps-surprise-chart | Barrick Gold Corporation Quote Operational Highlights Total gold production amounted to around 1.16 million ounces in the third quarter, down 11.6% year over year from 1.3 million ounces. Average realized price of gold was $1,926 per ounce in the quarter, up 30.5% year over year.Cost of sales remained unchanged year […]

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Gold is on the verge of a rally to 2,000, especially if the US election tension spills into next week.

Support at 1,950 is key to ensuring that buyers keep their eyes on the ultimate prize, 2,000.

Gold rallied significantly this week amid tension regarding the United States 2020 presidential election. The precious metal closed the week at 1,952, the highest level since September. Price action above 1,900 was attributed to the market’s anxiety as investors took positions to hedge against the expected volatility in the stock market. Most analysts believed that if Biden wins, the stock market was bound to crash.

At the moment, the election is leaning towards Biden, who proclaimed earlier on Saturday that the Democrats would ace this race. However, it is too soon to call the election in his favor, as several states are yet to release the final results. On the other […]

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The Reserve Bank of India has said that the issue price for the Sovereign Gold Bond is fixed at Rs 5,177 per gram of gold. The eighth tranche of sovereign gold bonds of this fiscal will be opened for subscription from November 9 to 13, 2020.

In a statement the central bank on Friday said that the “nominal value of the bond based on the simple average closing price [published by the India Bullion and Jewellers Association Ltd (IBJA)] for gold of 999 purity … works out to Rs 5,177 per gram of gold.”

It further said the government, in consultation with the RBI, has decided to offer a discount of Rs 50 per gram less than the nominal value to those investors applying online and the payment against the application is made through digital mode.

“For such investors, the issue price of Gold Bond will be Rs 5,127 per gram of […]

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The price of gold is up 24.2% year-to-date in one of the most tumultuous years in history so far.

With the possibility of a contested U.S. presidential election and a worsening pandemic in the coming weeks, things could become even more volatile on Wall Street, leading some investors to consider buying gold as a potential hedge against stock market weakness.

There are plenty of reasons to invest in gold heading into the final two months of 2020 — and plenty of reasons not to. Here’s an overview of the bull and bear cases.

Bull Case For Gold: The bull case for gold is that it’s considered a stable hedge against inflation. The U.S. government has already issued more than $2 trillion in economic stimulus this year, and a potential blue wave on Tuesday would likely open the door for trillions more in Democratic stimulus in the first quarter of 2021.Inflation rates […]

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After peaking in August, gold began a multi-month correction into a 6-month low. The bottom appears in, and gold could be starting a new multi-month advance. If silver and miners confirm, we think gold could reach $2300 by January 2021.

-GOLD DAILY- Gold closed above the intermediate trendline as well its October high ($1939.40) on Thursday. This development supports a divergent low in late October at $1859.20 and a new multi-month advance.

Note- A divergent low occurs when one asset reaches its cycle targets while other, like assets, do not. In this case, both mining ETFs (GDX and GDXJ) made lower lows in October, meeting our minimum targets, but the metals (gold, silver, platinum, etc.) did not – thus creating a divergence.

-SILVER- Silver rallied strongly on Thursday but needs to close above $26.00 to establish a breakout. -GDX- Miners made new lows in October and reached our minimum […]

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Canvassers process mail-in ballots in a warehouse at the Anne Arundel County Board of Elections headquarters Oct. 7, 2020, in Glen Burnie, Md. Mail-in ballots have become a point of contention in the U.S. presidential election as President Donald Trump has sought to contest ballots received for processing after Election Day.
Source: Drew Angerer/Getty Images News via Getty Images What was already a turbulent period in metals markets due to the coronavirus pandemic could become even more topsy-turvy if the U.S. presidential election becomes mired in a prolonged attempt by President Donald Trump to discredit the results.

Up to and after Nov. 3, commodity prices appeared to be driven by not only who would win the U.S. presidential election but also the potential for public uncertainty over the legitimacy of that win. In interviews and email correspondence with S&P Global Market Intelligence, analysts said metals markets have begun to […]

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Stock image. It’s a funny thing but – our first primary use for gold was turning it into expensive trinkets like jewellery, iconography, and burial adornments. By 3000 BC we were beginning to use it for trading, and by the 600’s BC it was a significant component in our first currencies. Over six and a half thousand years later, more than 90% of the gold mined annually is (still) destined for jewellery, bullion, and coins – collector’s items of considerable value in other words.

Statista informs us that the actual global breakdown of gold use in 2019: jewellery: 48.5%,

investment: 29.19%,

central banks: 14.84%, technology: 7.48% Very little gold is used for industrial purposes, although this use will likely grow as technology finds new ways to use it. Nevertheless, gold remains at base an investment rather than an industrial commodity. We produce enough of it each year to create investment […]

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The gold price spent the first part of election week trading close to $1,900 per ounce but spiked to around the $1,950 level mid-week. Speaking to the Investing News Network, Frank Holmes, CEO and CIO at U.S. Global Investors, said the price move from the yellow metal didn’t surprise him. In fact, he expects gold to rise much higher, largely due to global money printing.

“It’s not just America, but the G20 countries are really implementing and practicing in many different ways this MMT — Modern Monetary Theory — of giving out money, sending out money … this is unprecedented,” Holmes explained.

He continued, “This is a brand new world and we’re seeing it all over. So I think that gold will have a secular bull market … and I think today this is a sign of that.”

When asked if gold could break $2,000 again before the end of 2020, Holmes […]

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Gold futures rose on Friday as the U.S. Dollar fell against a basket of currencies on uncertainty surrounding the U.S. election outcome, with bets increasing for continued pandemic-led stimulus and accommodative monetary policy.

Democrat candidate Joe Biden edged closer to the White House as several close races flipped in his direction throughout the day. Traders also saw the prospects of a prompt stimulus package fading because of a divided Congress, driving expectations that the U.S. Federal Reserve might need to fill the gap.

On Friday, December Comex gold settled at $1951.70, up $4.90 or +0.25%

Friday’s price action suggests that the current macro environment is supportive for gold regardless of the outcome of the election. Investors seem to feel that fiscal stimulus is coming over the short-run, but more importantly, monetary policy is likely to remain supportive because of the fragile economy.Daily December Comex Gold Daily Swing Chart Technical Analysis The main […]

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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.

Trade gold with FXTM 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 […]

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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) The gold market is reaping the benefits of a lower U.S. dollar in an uncertain environment, where markets are betting on a Biden win.

The precious metal began its rally Thursday with prices rising more than $50 amid uncertainty and weaker U.S. dollar as Democratic candidate Joe Biden maintained his lead against U.S. President Donald Trump.

Based on the latest Electoral College count, Biden has 264 votes versus Trump’s 214. Ballots from swing states, such as Nevada, Georgia, and Pennsylvania, are still being counted as of Friday afternoon.

At the time of writing, December Comex gold futures were trading at $1,954.80, up 0.41% on the day, seeing their best weekly gains since late-July."Gold has been really following the dollar, the […]

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Gold Souq 1 Image Credit: Virendra Saklani/Gulf News Also in this package

COVID-19: NRIs to remit less money to India in 2020 and 2021, but pace picking up

Dubai: Gold prices are seen going back and forth in the coming days, even as more clarity surfaces surrounding the top US economy and its governance. But analysts remain optimistic that any fluctuation will be short-lived and prices will continue to move higher in the months ahead.

Gold prices worldwide have consistently risen every day of the week so far, but was declining on Wednesday, mirroring the price of the yellow metal on global markets. Even if prices move lower surrounding the wider uncertainty currently prevailing, it won’t be for long.However, the good news for those invested and maybe looking to sell – but bad for those looking to buy now – is that gold prices are still up about 25 […]

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Gold prices surged higher, rising 2.3%, as the dollar declined and yields consolidated. Gold had been viewed as a riskier asset and after a 3-day rally in stocks, gold prices finally moved higher. The dollar moved lower as yields remained subdued after the 10-year dropped from 92-basis points on Tuesday to 75-basis points on Thursday. The Fed kept rates unchanged while the BoE increased its bond purchase program by more than expected.

Trade gold with FXTM Technical analysis

Gold prices surged higher rising 2.3% on Thursday and broke out of a tight range. Support on the yellow metal is seen near the 50-day moving average at 1,914, and then the 10-day moving average at 1,896. 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 […]

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( Kitco News ) – Gold and silver futures prices are modestly up in early U.S. trading Friday, and did hit six-week highs overnight. 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. Safe-haven demand is also featured in the gold and silver markets Friday morning, heading into an uncertain weekend. December gold futures were last up $5.70 at $1,952.40 and December Comex silver was last up $0.569 at $25.76 an ounce.

The gold and silver markets have posted solid rallies in the wake of the U.S. elections, mostly boosted by the depreciating value of the U.S. dollar but also likely from safe-haven demand […]

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( Kitco News ) – Gold is still looking positive ahead of the US session and has risen 0.32% in the Asian and EU sessions respectively. Looking at the technicals the price is now stuck in the previous distribution between $1931.9 and $1983.8 per ounce. If the bull run is to continue today or next week then the next resistance at $1983.8 would need to be taken out. Beyond that, the psychological $2K level is next followed by the all-time high.

On the downside, the previous resistance is now the main support area. If this area is broken then the value area at the previous distribution could be support and that stands at $1907.2. Beyond that the consolidation […]

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2020 may go down as the year of magical thinking in economics. Modern Monetary Theory promised that governments could spend and borrow without limits or consequences. The idea was swatted down by outgoing Bank of Canada governor Steve Poloz, who dismissed it as neither monetary, since deficits reflect fiscal policy, nor modern, since the same snake oil has been sold many times before in different bottles.

Proponents of greater government spending now argue it could be financed by taxing illusory pots of gold, without negative impacts on ordinary people. The most commonly cited pots of gold are: higher taxes on high incomes, a wealth tax on the rich, and a tax on corporations. Joe Biden is running ads that explicitly say higher taxes on big corporations and people earning over $400,000 a year will pay for expanded spending on social programs, thus fanning the illusion that the average person can […]

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A man counting gold bars.

Akos Stiller | Bloomberg | Getty Images

Gold rose on Friday en route to its best week in more than three months as the dollar slid on uncertainty surrounding the U.S. election outcome, with bets for continued pandemic-led stimulus and accommodative monetary policy bolstering bullion’s appeal.

Spot gold rose 0.2% to $1,953.21 per ounce. Prices jumped by 2.4% on Thursday, setting them up for a 3.9% weekly gain, which would be gold’s best since late July.U.S. gold futures rose 0.4% to $1,954.20.“The outlook for gold is positive,” said Michael Hewson, chief market analyst at CMC Markets UK, citing the political uncertainty weighing on the dollar.“It could get messy … The U.S. Federal Reserve is likely to be much more interventionist as a result, because politicians will be too busy squabbling, and the dollar will continue to fall.”The dollar held near a two-month trough, making gold more attractive […]

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