Gold, silver and platinum breaking down again

Gold, silver and platinum breaking down again

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 […]

Gold bulls can't escape grip of rallying USDX

Gold bulls can’t escape grip of rallying USDX

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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 […]

Gold price to climb regardless of election result, analysts say

Gold price to climb regardless of election result, analysts say

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 […]

FPR to get more forex for gold

FPR to get more forex for gold

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, […]

Solid economic data and dollar strength pressures gold lower

Solid economic data and dollar strength pressures gold lower

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 […]

Eldorado Gold increases gold production by one-third

Eldorado Gold increases gold production by one-third

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 […]

Gold: Global Economic Risk Is On Red Alert Due To Pandemic

Gold: Global Economic Risk Is On Red Alert Due To Pandemic

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 […]

Gold Price Analysis: Volume profile POC targets $1,720 / $1,840

Gold Price Analysis: Volume profile POC targets $1,720 / $1,840

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 […]

Gold: Central banks turn sellers for first time in a decade – WGC

Gold: Central banks turn sellers for first time in a decade – WGC

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 […]

Gold muted on firmer dollar, heads for worst week in over a month

Gold muted on firmer dollar, heads for worst week in over a month

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 […]

Small relief in gold prices overnight after yesterdays capitulation

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( Kitco News ) – Gold has paused for breath in Asian market hours following the move lower in yesterdays session. The precious metal trades 0.29% higher leading into the EU open but silver is lagging behind trading 0.13% in the red. It was a big risk-off session with all major indices closing in the red on Wednesday and the bearishness hit the Nikkei 225 (-0.37%) and ASX -(1.61%) overnight too. The Chinese bourses managed to hold up well as the Shanghai Composite rose 0.11%.

The major news from overnight came from Regeneron. In their latest study, the test showed that its antibody cocktail significantly lowered virus levels. There has been little reaction to this need but Dr […]

Gold price down as U.S. GDP expanded 33% in Q3

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( Kitco News ) – Gold prices remain under pressure as the U.S. economy saw a sharper than expected recovery in the third quarter, according to preliminary data.

Thursday, the U.S. Commerce Department said that the advance estimate of the second-quarter gross domestic product showed that the U.S. economy grew 33.1%, recovering from a 31.4% decline reported in the second quarter.

According to consensus estimates, economists were expecting to see GDP grow 32% in the third quarter.“The increase in third quarter GDP reflected continued efforts to reopen businesses and resume activities that were postponed or restricted due to COVID-19. The full economic effects of the COVID-19 pandemic cannot be quantified in the GDP estimate for the third quarter of […]

Gold Miners Approaching Cycle Target

Gold Miners Approaching Cycle Target

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 […]

Gold price climbs as U.S. pending home sales miss expectations in September

Gold price climbs as U.S. pending home sales miss expectations in September

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 […]

Gold price off its lows as ECB signals further stimulus in December

Gold price off its lows as ECB signals further stimulus in December

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 […]

Gold Price Forecast – Gold Markets Looking for Support

Gold Price Forecast – Gold Markets Looking for Support

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, […]

Strong Gold Prices Power Newmont Mining's Best-Ever Quarter

Strong Gold Prices Power Newmont Mining’s Best-Ever Quarter

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 […]

Gold Price Prediction – Prices Slide as the Dollar Strengthens Following ECB Decision

Gold Price Prediction – Prices Slide as the Dollar Strengthens Following ECB Decision

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 […]

Gold Price Analysis: XAU/USD attempting to bounce up from one-month lows at $1860

Gold recovery attempt from $1,860, capped below 1.875

XAU/USD remains weak with the USD coming up.

US dollar rallies ion COVID-19 fears and US elections uncertainty.

Gold futures are attempting to bounce up after having depreciated more than 2% over the last two days. The yellow metal has picked up after hitting one-month lows at $1,860 although the upside moves are finding sellers at the $1,875 region. Gold dives with the US dollar rallying XAU/USD’s bearish reversal from mid-October highs above $1,930 accelerated on Wednesday after breaking below the bottom of the last week’s trading rage, at $1,890 area. Gold prices have suffered amid the broad-based dollar strength. The combination of market concerns about the impact of the second COVID-19 wave, with Europe introducing new lockdowns and the uncertainty regarding the US elections less than a week ahead of the election day, has strengthened the safe-haven dollar against its […]

Gold should be at $2,500 as Fed balance sheet hits record highs – CrossBorder Capital

Gold should be at $2,500 as Fed balance sheet hits record highs – CrossBorder Capital

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 […]

Yamana Gold Reports Strong Third Quarter 2020 Financial Results; Highest Operating Cash Flows Since 2015 of $215.0 Million; Year-Over-Year Free Cash Flow Up More Than 300%; Net Debt Declines a Further $148.9 Million

TORONTO, Oct. 29, 2020 (GLOBE NEWSWIRE) — YAMANA GOLD INC. (TSX:YRI; NYSE:AUY; LSE:AUY) (“Yamana” or “the Company”) reports its financial and operational results for the third quarter of 2020. The Company posted strong quarterly production and impressive financial performance with increased earnings, EBITDA, cash flow and free cash flow (3) and continuing increases in cash balances.

THIRD QUARTER HIGHLIGHTS

Strong Adjusted Net Earnings (1) and Cash Flows, Further Reduction in Net Debt (3) Adjusted net earnings (1) of $92.9 million or $0.10 per share basic and diluted compared to adjusted net earnings of $49.5 million or $0.05 per share basic and diluted a year earlier.

Net earnings were $55.6 million or $0.06 per share basic and diluted compared to net earnings of $201.3 million or $0.21 per share basic and diluted a year earlier. (1) Strong cash flows from operating activities of $215.0 million and cash flow […]

Gold firms on U.S. election, economic uncertainty; dollar strength caps gains

Gold firms on U.S. election, economic uncertainty; dollar strength caps gains

A gold bar is wrapped in a financial newspaper.

GSO Images | Getty Images

Gold edged up on Thursday after a plunge in the previous session as surging global coronavirus cases and fears of a contested U.S. presidential election spurred demand, although a strong dollar capped gains.

Spot gold rose 0.2% to $1,881.16 per ounce by 0413 GMT, after falling as much as 2% on Wednesday to a one-month low. U.S. gold futures were up 0.2% at $1,882.U.S. political uncertainty and low-interest rates are underpinning gold’s appeal, said Brian Lan, managing director at GoldSilver Central, adding investors were taking advantage of Wednesday’s fall to buy bullion.Ahead of the Nov. 3 election, Democratic challenger Joe Biden leads President Donald Trump nationally, but the competition is tighter in swing states which will decide the victor.“If Biden wins and that becomes a clear outcome that would be supportive (of gold), because the expectation would […]

Gold Prices Hold Steady, Track Dollar As US Election Caution Kicks In

Gold Prices Hold Steady, Track Dollar As US Election Caution Kicks In

The World Gold Council expects gold demand to improve into year-end in India Gold steadied in a tight range on Thursday after falling 2 per cent the previous day as caution crept in ahead of the US elections, with bullion also contending with the dollar as a refuge for investors hedging risks from mounting COVID-19 cases.

Spot gold was flat at $1,877.01 per ounce by 1028 GMT (3.58 pm in India). US gold futures slipped 0.1 per cent to $1,877.60.

"No one really wants to take any aggressive positions ahead of the election," said StoneX analyst Rhona O’Connell.

"Prior to that, there’s the stimulus talk, and obviously we’ve got the pandemic running in the background, but it’s all been centred on Washington over the last three, four weeks or so, and I very much doubt you’d get any volatility until after the election."Ahead of the November 3 election, Democratic challenger Joe Biden […]

Alamos Gold tallies record Q3 earnings, cash flow

Alamos Gold (NYSE: AGI ) +7.7% pre-market after realizing record Q3 earnings on a GAAP basis that topped expectations, highlighted by lower costs from its two mines in Canada and one mine in Mexico.

Alamos generated record free cash flow of $76M in the quarter, resulting in a 33% increase in the company’s dividend to $0.08/share.

The company says earnings were helped by a rising gold price, as well as the strengthening Canadian dollar and Mexican peso, which resulted in an $800K foreign exchange gain and a $9.9M foreign exchange gain recorded within deferred tax expenses.

Q3 gold production jumped 49% Q/Q to 117.1K oz., as operations began returning to normal levels following temporary suspensions of operations at Island Gold and Mulatos due to COVID-19.Alamos sold 116K oz. of gold in the quarter at an average realized price of $1,882/oz.; all-in sustaining costs of $949/oz. fell vs. H1 was lower than guidance.The […]

Gold miners: it's time to buy

Gold miners: it’s time to buy

> Both US political parties enjoy referring to their horrifying debt and money printing programs as “ economic stimulus ”. They sound like characters in a George Orwell novel, which is quite disturbing.

Of course, their insane actions are great news for gold. Double-click to enlarge this daily gold chart.

Basis “ Edwards and Magee ”, there’s now a breakout from a third fan line. It’s a solid technical green shoot.

The modest support zone defined by the mid-August low of about $1874 has held well. It’s fueled some decent rallies, including the current one.Double-click to enlarge. In the short-term, gold is struggling to break through the $1925 light resistance zone. That’s only a minor issue, as is the fact that Tuesdays are often a soft day for gold. The bottom line is that the medium and long-term charts look great. Double-click to enlarge this horrifying […]