Category: Gold

Baker Steel’s shares have been rising steadily over the past five years “At the beginning of the COVID crisis we decided that we should put some more money into precious metals,” says Trevor Steel of Baker Steel Resources Trust Ltd ( LON:BSRT ).

Back then that was a bolder decision than hindsight makes it seem now. But sometimes you just need to hold your nerve.

Baker Steel had ready cash to hand, and new stakes were acquired in several major gold and silver companies.

“It was quite well timed,” says Steel simply. “We continue to hold these companies in our portfolio, and they account for around five or six per cent of the fund.”But they do more than that: they also help underpin the market’s confidence in Baker Steel as a steady hand in troubled times.It’s no coincidence that although Baker Steel’s share price took a hit in March during the worst […]

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LONDON (Reuters) – The flow of gold from east to west triggered by the coronavirus pandemic eased in October as Switzerland’s imports of bullion from Asia fell and it exported more to India than in any month since May 2019, Swiss customs data showed on Thursday.

Switzerland’s exports of gold to China remained at rock bottom, however, suggesting that demand in Asia is far from a full recovery.

Switzerland is the world’s biggest gold refining centre and a transit hub, and its trade data illustrate global market trends.

China and India, the biggest jewellery markets, have for years been its biggest export destinations.But coronavirus lockdowns collapsed demand and Switzerland began instead to import gold from Asia to send to the United States and Britain, where investors stockpiled bullion to keep their wealth safe through the turmoil of the pandemic.Swiss gold exports https://fingfx.thomsonreuters.com/gfx/ce/xegpbqlwdvq/SWISS%20GOLD%20EXPORTS%20OCT.JPG This stockpiling pushed gold prices to record highs around […]

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The yellow metal was down at the fourth trading session in London. The selling pressure seen lately in the gold market is coming on macros revealing Pfizer’s safety data to advance its COVID-19 vaccine to the U.S. Food and Drug Administration for approval, coupled with the U.S dollar rebounding up.

At about 6.15 am West African time, Gold futures lost about 0.41% to trade at $1866.20/ounce.

What this means

The rebound seen lately in the U.S dollar has helped diminish appetite for the precious metal with the U.S dollar rising, as global investors move from stocks to the more risk-averse asset. A stronger U.S dollar makes the yellow metal more expensive for holders in other major currencies.Adding more woes to gold bulls include reports from Pfizer/BioNTechvaccine team that they have enough safety data to advance their COVID-19 vaccine candidate to the U.S. Food and Drug Administration for approval within days. […]

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Crude inventories saves oil’s blushes

Oil would probably have finished the overnight session lower as well but can thank a lower than expected rise in official US Crude Inventories . The 768,000-barrel print was well below market expectations of a 1.65-million-barrel increase. That was enough to lift Brent crude and WTI to a positive close. Brent crude rose 0.78% to USD44.15 a barrel. WTI finishing 0.56% higher at USD41.60 a barrel.

Both contracts have eased by 10 cents in Asian trading, in line with a slightly stronger US dollar today in Asia. Trading remains directionless for the most part, though, with both contracts content to consolidate their recent monthly gains near to the top of their current ranges.

OPEC’s meeting at the end of the month looms as the next major risk event for oil. More positive vaccine news will probably lift prices again, but after Moderna’s announcement, seem to be […]

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Jewellery retailers have reopened all their showrooms and footfalls across stores have improved in the last 2-3 months despite the continuing pandemic-related uncertainties. The coronavirus pandemic has further enhanced consumers’ interest in online shopping across various product categories; however, the retail jewellery market is still being driven by the touch-and-feel factor. While online sales have increased, its share of revenues remains insignificant at less than 5 per cent in the retail jewellery market, said a report by rating agency ICRA. Unlike other retail products, customers prefer to see jewellery designs in person as the touch-and-feel factor took prevalence, the report added. The survey conducted to assess the impact of Covid-19 on business, consumer sentiments post-lockdown, and their expectations on gold prices, festive / wedding demand, etc post-lockdown revealed that retailers have reopened all their showrooms and footfalls across stores have improved in the last 2-3 months despite the continuing […]

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Traders remain nervous as two starkly different narratives on the coronavirus continue to play out, keeping the sentiment around gold (XAU/USD) undermined. The risk sentiment seesaws amid the covid vaccine optimism and rapid rise in infections and new shutdowns in the US.

Meanwhile, if the risk aversion deepens amid resurfacing global economic concerns over the covid growth, the safe-haven US dollar is likely to draw bids and weigh negatively on gold. Let’s see if the charts also back gold’s bearish narrative?

Gold: Key resistances and supports

The Technical Confluences Indicator shows that the XAU/USD pair remains exposed to the additional downside amid a lack of health support levels.Therefore, the next relevant cushion for the gold bulls is seen at $1860, the previous month low.A failure to defend the latter could threaten the critical support at $1849, which is the convergence of the September low and pivot point one-month R1.Alternatively, the […]

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Tuesday, gold had a volatile session, swinging from $10 higher to $10 and then lower, closing around the midrange. Gold has been in a downtrend for months and finally looks to be totally breaking down. This morning about 3:00 am EST, gold suddenly fell about $12. That by itself is not proof; however, it looks like the start of a much bigger down move.

Silver, in the same downtrend, has not met the same fate as gold; however, that could be just around the corner. Silver has held up better than gold, but that could be changing this morning as well. We remain short and will stay there until the algorithm changes. For now, that day appears a long way away. Remember, conditions can change at any time without warning.

Platinum has begun moving in the exact opposite direction. The price action looks like gold and silver turned upside down. We […]

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* Curbs tighten in many U.S. Midwest states after virus cases rise * Interactive graphic tracking global spread of coronavirus: tmsnrt.rs/3mvcUoa (Adds comments, updates prices) By Eileen Soreng Nov 11 (Reuters) – Gold edged up on Wednesday, buoyed by a softer dollar as investors weighed the logistical challenges surrounding the mass roll-out of a potential COVID-19 vaccine, with a surge in new infections boosting bets of further economic support. Spot gold rose 0.1% to $1,878.54 per ounce by 0721 GMT. U.S. gold futures were little changed at $1,876.40. The dollar index was down 0.1%, making gold more attractive to holders of other currencies. "Coronavirus cases continue to rise in U.S. and Europe and we will require further monetary and fiscal measures… In that sense, the overall backdrop for gold has not turned negative," said Harshal Barot, senior research consultant for South Asia at Metals Focus. "But since risk sentiment […]

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Gold faces an uphill task in its recovery from the $1850 support area.

Rising covid cases overshadow vaccine optimism, boost stimulus hopes.

Downside more compelling while XAU/USD stays below $1900.

Gold’s (XAU/USD) rebound from six-week lows of $1850 faltered near the $1891 barrier on Tuesday, although the spot managed to hold on to the recovery gains. The bright metal settled the day around $1878 levels. Pfizer Inc’s vaccine progress led euphoria in the global markets subsided, as investors re-thought about its implications on the global economic recovery and prospects for further stimulus, limiting the downside in gold. However, the US dollar remained relatively stronger amid mixed sentiment on Wall Street, which capped the gains in XAU/USD.Amid a partial US market holiday this Wednesday, gold wavers in familiar ranges below the $1891 critical resistance, underpinned by renewed hopes of additional fiscal and monetary policy stimulus to spur […]

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Bailouts and stimulus are not the best solution to the Covid pandemic.

What is? Possibly…insurance.

I know it’s far from perfect, but I think it could still be the best overall option.

On some level, it’s surprising that the role of insurance has gotten so little attention in this crisis.After all, us and future generations will have to pay for all these massive bailouts.Of course, most of that responsibility has fallen on government so far.Some have resorted to printing, while others have turned to selling a portion of their gold reserves.In my view, that points to the ultimate solution; we should all be aiming to self-insure.And gold promises to be a top choice to that end. Pandemic Insurance: Underrated? In its latest report, the Global Preparedness Monitoring Board (GPMB), a joint effort by the world Health Organization (WHO) and the World Bank Group, said the pandemic has cost over $11 trillion so […]

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(Bloomberg Opinion) — Investors don’t really have a handle on what gold is or what it represents. Many erroneously believe gold is some sort of inflation hedge, because of our experience in the 1970s. It’s also not a hedge against stock market crashes, as we discovered in March. Gold is a hedge on government authorities making poor economic choices. Inflation is usually the result of those poor decisions, but people confuse cause and effect here. Gold is a hedge on policy makers screwing up, and there has been a lot of screwing up in the last 20 years.

Gold has significantly outperformed stocks this century, gaining about 555% versus 79% for the MSCI All-Country World Index of stocks and 146% for the S&P 500 Index. This is a direct result of significantly looser financial conditions, and no constraints on monetary and fiscal policy . From a financial perspective, the global […]

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Gold futures are drifting lower on Thursday, pressured by a slightly stronger U.S. Dollar as progress toward a COVID-19 vaccine offset worries over spiking coronavirus cases in the United States and hopes of more stimulus.

COVID-19 vaccines from Pfizer Inc and Moderna Inc could be ready for U.S. authorization and distribution within weeks, setting the stage for inoculation to begin as soon as this year, U.S. Health and Human Services Secretary Alex Azar said on Wednesday.

Daily December Comex Gold Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart. A trade through $1848.00 will signal a resumption of the downtrend. The main trend will change to up on a move through $1966.10. This is highly unlikely but there is room for a short-covering rally on a breakout over $1907.10.The main range is $1690.10 to $2089.20. The market is currently trading inside its retracement zone […]

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Pier Marco Tacca/Getty Images

A mechanical timepiece is powered by clean kinetic energy and can run, at least theoretically, forever and a day.

To support that image of inherent sustainability, many Swiss watchmakers over the past decade have partnered with conservation groups, implemented energy-saving measures at their factories and, more recently, experimented with recycled materials for things like packaging and straps.

When it comes to the gold and gemstones used to make watches, however, the industry lags behind other sectors such as electronics in understanding and communicating how its materials are obtained and ensuring their extraction has not harmed people and the environment.“We always compare the watch industry here in Switzerland to the textile industry 20 years ago,” said Dario Grünenfelder, a consultant to WWF Switzerland and lead author of the WWF Watch and Jewellery Report 2018 . “They’re not really tackling the big issues: the raw materials that go into their […]

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(Bloomberg Opinion) — Investors don’t really have a handle on what gold is or what it represents. Many erroneously believe gold is some sort of inflation hedge, because of our experience in the 1970s. It’s also not a hedge against stock market crashes, as we discovered in March. Gold is a hedge on government authorities making poor economic choices. Inflation is usually the result of those poor decisions, but people confuse cause and effect here. Gold is a hedge on policy makers screwing up, and there has been a lot of screwing up in the last 20 years.

Gold has significantly outperformed stocks this century, gaining about 555% versus 79% for the MSCI All-Country World Index of stocks and 146% for the S&P 500 Index. This is a direct result of significantly looser financial conditions, and no constraints on monetary and fiscal policy . From a financial perspective, the global […]

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Representative image. Credit: iStock Gold prices fell Rs 357 to Rs 50,253 per 10 gram in Delhi on Wednesday on rupee appreciation and muted demand by investors, according to HDFC Securities.

The yellow metal had closed at Rs 50,610 per 10 gram in the previous trade.

Silver prices also declined Rs 532 to Rs 62,639 per kilogram from Rs 63,171 per kilogram on Tuesday.

"Spot gold prices for 24 karat gold in Delhi fell by Rs 357, pressured by sharp rupee appreciation on central bank interventions despite firm global prices," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.He added that the rupee was trading around 32 paise stronger against the dollar during the day.Gold prices were muted as investors turned cautious about safe-haven buying on two positive announcements about COVID-19 vaccines in a month, Patel said."Gold prices are expected to trade sideways to down in absence of any major triggers from economic […]

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Highlights: Initial drill results 1 within 100 metres of the surface have intersected new high grade gold intercepts at the Spargos Project. These include: SPRC0026: 29.8 g/t over 19.0 metres, including 99.5 g/t over 5.0 metres

SPRC0012: 27.3 g/t over 15.0 metres, including 168.0 g/t over 1.3 metres

SPRC0019: 8.0 g/t over 19.0 metres, including 20.6 g/t over 2.0 metres

SPRC0028: 29.8 g/t over 3.0 metres SPRC0032: 8.7g/t over 16.0 metres 1. Downhole intervals. Estimated true widths are approximately 70% of the downhole interval. Two RC drill rigs now actively drilling at Spargos A new Spargos Mineral Resource is expected to be included in the upcoming fourth quarter mineral resource and reserve update Paul Andre Huet, Chairman & CEO, commented: "Our exploration drilling program at Spargos is off to a tremendous start. I am thrilled to share our new drill results with […]

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