The gold futures contract lost 1.71% on Wednesday, as it broke below $1,900 price level. It has also broken below its multi-week consolidation. In September the market was retracing a rally from around $1,800 to August 7 record high of $2,089.20 in reaction to U.S. dollar advance. Then gold has bounced from the support level marked by mid-August local low of around $1,875, as we can see on the daily chart ( the chart includes today’s intraday data ):

Gold is unchanged this morning, as it is trading along yesterday’s daily close. What about the other precious metals? Silver lost 4.93% on Wednesday and today it is 0.4% lower. Platinum lost 1.33% and today it is 0.8% lower. Palladium lost 4.39% yesterday and today it is 1.0% lower. So precious metals’ prices are mixed this morning .

Yesterday’s Wholesale Inventories release has been slightly lower than expected at -0.1%. Today we […]

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I previously wrote that practically nothing happened on the gold market , which is bearish since gold should be rallying or trading at higher levels, given the pre-election uncertainty. However, gold didn’t wait for the elections to begin with its decline – it plunged yesterday, taking silver and mining stocks along with it.

To be more precise, it was the mining stocks sector that brought down the rest. Miners moved and closed the day below their previous September and October lows, and therefore anyone who joined us recently is now gaining profits.

But, is every factor truly bearish for the miners? It is not the case!

Miners have been undermining gold, which is bearish, and they have also broken below the recent lows, which is also bearish. Moreover, miners have just declined on strong volume after opening the day with a price gap, which at first sight, is bearish.The theory is that […]

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We witnessed a panic sell-off on equities, grains, and Metals Wednesday. Gold and silver broke hard, violating and closing below significant support. Our new targets are no longer in play and all rallies are meant to be sold. Platinum has been weak but has not violated the critical support level yet.

The selling should continue; there will be sharp rallies, which will be an opportunity to sell more. Based on the current price action, we could see gold and silver could accelerate through our next targets: $1,850 December Gold and $23.00 December Silver. January Platinum remains in a range between $860 and $900.

Many will be trying to bottom pick these markets, which is a fool’s game. Until the trend changes, there is no reason to be long the metals as a trader. Remember, investors should not worry day to day and understand that the selling will eventually end, and the […]

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( Kitco News ) – Gold futures prices are lower in midday U.S. trading Thursday. The precious metals have been hit by a stronger U.S. dollar index this week, and now the slumping crude oil market is also working against the metals market bulls, as well as most of the raw commodity sector. December gold futures were last down $9.00 at $1,870.20 and December Comex silver was last up $0.126 at $23.49 an ounce.

There was important U.S. economic data due for release Thursday morning, including the weekly jobless claims report that was a big more upbeat as expected, and the advance third-quarter GDP estimate that was up a record 33.1% from the second quarter.

Global stock markets were […]

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Image courtesy of the Federal Reserve Bank of Atlanta. Gold has been on the rise in 2020, catching widespread attention as it rallied to a record-breaking $2,000 per ounce earlier this year.

Though its price has since pulled back to around $1,900, it has remained at historically high levels amid low to negative interest rates and economic uncertainty related to the ongoing covid-19 pandemic, the analysts wrote in a note.

Making a bull case, Haywood analysts pointed to a “fragile” US economy and ongoing central bank “money printing” to lift expectations for inflation and put pressure on the US dollar. With that in mind, they suggested investors buy dips in both gold and silver equities.

Analysts at UBS took a similar view in a recent note outlining their thoughts on factors supporting gold and how it may trade into 2021. One clear driver has been investment demand, UBS analysts said, with cash […]

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Golden Sibanda and Africa Moyo

TREASURY is working on measures to ensure Fidelity Printers and Refiners (FPR), the country’s sole authorised gold buyer, gets adequately funded with US dollars for timely payment of gold deliveries to curtail smuggling, a Cabinet Minister has said.

Gold is Zimbabwe’s single largest foreign currency earner and at about US$1,3 billion (2018) accounts for over 60 percent of the annual inflows from the mining sector, which earns 50 percent of the hard currency the country generates.

There have been reports of rampant smuggling of gold, especially among small scale and artisanal miners, largely due to delays by Fidelity Printers in making payments for deliveries and low prices compared to other markets.Cumulatively, gold deliveries fell 16 percent to 27,6 tonnes in 2019 from 33,3 tonnes in 2018 on account of suspected widespread smuggling due to miners’ concerns over previous foreign currency retention thresholds.FPR earlier this year, however, […]

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Today the U.S. Bureau of Economic Analysis (BEA) released its latest numbers which reflect the 3rd quarter GDP numbers. According to the BEA the data concluded that the real gross domestic product (GDP) increased at an annual rate of 33.1% in the 3rd quarter of 2020. The report went on to say that this increase occurred “as efforts continued to reopen businesses and resume activities that were postponed or restricted due to COVID-19. In the second quarter of 2020, real GDP decreased 31.4 percent.” However, when paired with the GDP numbers for the second quarter of 2020 the net change is enormous. In the second quarter of 2020, the real GDP contracted approximately 25% when compared to the preceding quarter.

The result of these latest numbers shows that “The increase in real GDP reflected increases in personal consumption expenditures (PCE), private inventory investment, exports, nonresidential fixed investment, and residential fixed […]

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Eldorado Gold (NYSE:ELD) said today gold production totalled 136,922 ounces in Q3 2020, an increase of 35% from production of 101,596 ounces in Q3 2019.

The company is maintaining its 2020 annual guidance of 520,000-550,000 ounces of gold at an all-in sustaining cost of $850-950 per ounce sold.

Net cash generated from operating activities of $165.4 million in Q3 2020 increased significantly from $51.2 million in Q3 2019 primarily as a result of higher sales volumes, a higher average realized gold price, and the timing of certain payments.

Free cash flow of $117.2 million in Q3 2020 increased significantly from $16.7 million in Q3 2019 as a result of increased cash from operations, and was partly offset by higher capital expenditure, which is expected to continue into Q4 2020. Free cash flow year-to-date totalled $187.7 million. Disclaimer: The views expressed in this article are those of the author and may not reflect […]

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Summary

There’s uncertainty about the US presidential election next week, doubts about any possible US stimulus package, tensions with China, and increasing COVID-19 cases with unemployment rates high and businesses closing.

Gold and silver are bullish in the mid to long term.

Europe is locking down again, which will further harm their economies.Whoever wins the US election next week is going to face the economic necessity of a larger stimulus package, which will further pump up stocks, while also being bullish for gold and silver as fears of inflation will increase. Looking for a portfolio of ideas like this one? Members of Mean Reversion Trading get exclusive access to our model portfolio. Get started today » Fundamentals The fundamentals for gold and silver remain strong, even as both have high volatility, which is great for day traders. With uncertainty about the US presidential election next week, doubts about any possible US […]

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Gold is continuing to run to the downside, but there could be strong demand in $1,850’s.

Volume profile analysis puts the key POCs at $1,720 and $1,840 as targets.

Following the recent analysis , Gold Price Analysis: Bears finally catch a break , where the price melted, as expected, below the trend line resistance, bears remain on track for a run towards $1,840.

A fresh low of $1,860.08 was made in the London afternoon session following a break of $1,875 in late Asia.From a volume profile perspective, a break of $1,857 could be significant and lead to a run through a low volume area between there and $1,820.In doing so, it then stretches the imagination of a retracement all the way to the 2019-YTD point of control (POC) down at $1,720.This likely means that $1,850 is going to be a strong area of demand and troublesome for the […]

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Taking advantage of the near-record high prices in order to cushion the economic shock from the coronavirus pandemic, central banks have turned into gold sellers for the first time in a decade, Bloomberg cites a report published by the World Gold Council (WGC). Key takeaways

“Net sales totaled 12.1 tons of bullion in the third quarter, compared with purchases of 141.9 tons a year earlier.”

“Selling was driven by Uzbekistan and Turkey, while Russia’s central bank posted its first quarterly sale in 13 years”.

“It’s not surprising that in the circumstances banks might look to their gold reserves. Virtually all of the selling is from banks who buy from domestic sources taking advantage of the high gold price at a time when they are fiscally stretched.”“The central banks of Turkey and Uzbekistan sold 22.3 tons and 34.9 tons of gold, respectively, in the third quarter.” Information on these pages contains forward-looking […]

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This photo shows gold bars stacked in rows.

Ktsdesign | Science Photo Library

Gold prices lingered near the one-month low hit in the previous session on Friday, as the dollar strengthened and hopes of an immediate U.S. coronavirus aid package waned. Fundamentals

Spot gold was flat at $1,867.30 per ounce by 0108 GMT and was on track to post its worst week in over a month.U.S. gold futures were down 0.1% at $1,866.20.The dollar index was steady near a one-month peak touched on Thursday and is on track for it best week since late September.President Donald Trump ’s chief economic adviser said on Thursday that any deal on coronavirus relief legislation would have to wait for now.The U.S. economy grew at a historic pace in the third quarter as the government injected more than $3 trillion worth of pandemic relief which fueled consumer spending, but the effects of the Covid-19 recession […]

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Prices are now collapsing into what should become the final cycle low. The terminal breakdown phase usually lasts about a week. We are very bullish on precious metals and miners long-term. GDX DAILY

Gold miners are approaching our preferred cycle target. Prices could find a low within the next few trading days. I think we will see a tag of the lower trend channel or the 200-day MA. With gold trading at new all-time highs, the future for gold miners is bright. We expect much higher prices long-term. GDXJ DAILY

The junior mining ETF is also approaching our preferred cycle target. We think juniors will outperform their senior counterpart (GDX) moving forward as they are more leveraged to silver and higher gold.

AG Thorson is a registered CMT and expert in technical analysis. He believes we are in the final stages of a global debt super-cycle. For more information, visit […]

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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) Gold is attempting to make up some of the lost ground after the U.S. pending home sales miss expectations in September, showing that fewer consumers committed to buying a home.

The U.S. pending home sales declined 2.2% in September, the National Association of Realtors (NAR) said on Thursday. Consensus forecasts were calling for an increase of 3.4%.

The pending home sales index came in at 130.0 in September. August’s reading was upwardly revised to 132.9.

On an annual basis, pending home sales are still up 20.5% as low mortgage rates continue to drive demand."The demand for home buying remains super strong, even with a slight monthly pullback in September, and we’re still likely to end the year with more homes […]

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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) – Gold prices remain under pressure, but well off their session lows after the European Central Bank (ECB) signaled it would unleash new monetary policy stimulus measures in December as the European economy continues to feel the devastating effects of the COVID-19 pandemic.

ECB president Christine Lagarde said in a press conference following the ECB ’s monetary policy decision that it is clear the European economy will need further support as a second wave of the coronavirus forces countries to institute new lockdown measures.

“We have little doubt that circumstances will warrant a recalibration and implementation of monetary policy,” she said.

The dovish outlook is helping gold prices recover from Wednesday sharp selloff. Panic selling has swept through financial markets […]

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Gold markets initially fell during the trading session on Thursday but then turned around to show signs of life again. By doing so, the market looks as if it is trying to defend the $1850 level, an area that recently had been supported. If we can break down below there, then the market is likely to go looking towards the $1800 level underneath, which of course is a large, round, psychologically significant figure and the scene of a very explosive move to the upside that had seen the gold market break above the $2000 handle. Gold Price Predictions Video 30.10.20

Because of this, I think that we may get an opportunity to pick up a bit of value in that lower level. With that being said, I like the idea of getting a bit more aggressive it down at the $1800 level, because it is not only a large, […]

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Newmont Mining ( NYSE:NEM ) reported the best quarter in its history today, thanks to a 30% increase in its realized gold price. Overall, the gold mining giant generated $1.7 billion of adjusted EBITDA and $1.3 billion of free cash flow, record levels for the company. Meanwhile, its adjusted net income more than doubled to $697 million, or $0.86 per share, which beat analysts’ expectations by $0.03 per share.

Those strong financial results came even though attributable gold production declined by 6% to 1.54 million ounces. Holding down output were some coronavirus-related impacts at three mines and the sale of two others, which the company partly offset with higher production from two other locations. Because of that lower output, the company’s costs rose 3% on a per-ounce basis. But it more than offset that thanks to a 30% increase in its realized gold price, which averaged $1,913 an ounce during […]

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Gold prices moved lower as the dollar gained traction and the Euro sold off. This followed an announcement from the European Central Bank that they would keep rates unchanged but hinted that further policy change was in the cards. The US reported stronger than expected GDP data as well as a smaller than expected rise in jobless claims.

Trade gold with FXTM Technical analysis

Gold prices moved lower and are poised to test support is seen near the September lows at 1,848. Prices made a new low for the month of October. Resistance is seen near the 10-day moving average at 1,904. Short-term momentum is negative as the fast stochastic recently generated a crossover sell signal on the upper end of the neutral range. Medium-term momentum has turned negative as the MACD (moving average convergence divergence) index generated a crossover sell signal. This occurs as the MACD line (the 12-day […]

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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 ) – The gold market is struggling to find direction. However, with prices trading below $2,000 an ounce, one market analyst still thinks there is plenty of value in the precious metal markets. Michael Howell, managing director at CrossBorder Capitale In a telephone interview with Kitco News, Michael Howell, managing director at CrossBorder Capital, said that he expects it is only a matter of time before gold prices continue to push higher as governments and central banks around the world continue to pursue aggressive stimulus policies that increase the money supply, balance sheets and deficits.

Howell’s bullish outlook on gold comments come after data from the Federal Reserve recently showed that its balance sheet rose […]

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