Category: Gold

Paypal’s endorsement of bitcoin is another step towards wider corporate acceptance of the cryptocurrency

Dan Kitwood/Getty Images Cryptocurrency bitcoin could start to compete with gold as an alternative currency as millennials start to age, according to a note from JPMorgan analysts.

Payment company Paypal’s decision last week to allow customers to buy and sell bitcoin using their Paypal accounts is “another big step towards corporate support for bitcoin”, the client note from JPMorgan managing director for global market strategy Nikolaos Panigirtzoglou said.

Sufficient corporate backing for bitcoin would help “facilitate and enhance over time millennials’ usage of bitcoin as an ‘alternative’ currency”, the note said.Older investors still look to gold as an alternative currency, whereas younger investors prefer bitcoin. Both gold and bitcoin exchange-traded funds have experienced strong inflows this year as young and old investors alike see the case for an alternative currency, Panigirtzoglou wrote.As millennials age, bitcoin could become […]

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Mining Stocks Likely To Endure 20% – 40% Plunge

Since June 2019 (the past 16 months), 8 gold and silver companies that have enjoyed triple-digit gains have been featured in these pages. Among them, one company has even rallied over 1,000% — companies that we’ve been following for 3-4 years have seen 600% and 700% appreciations, while others have been up-listed to the NYSE. Truly, in the past 16 months, we could do no wrong.

Those who were brave enough to look the devil in the eye in March and April and capitalize on the panic – when TV screens the world over were broadcasting people dropping dead on the streets of China – have been able to enjoy generationally-high returns in just 6-8 months — buying the crash was, as it always is, the best opportunity to make sensational returns.

Key lessons in the importance of trading […]

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Comex gold futures moved higher on Tuesday, boosted by a weaker U.S. Dollar and concerns over a second surge in coronavirus cases, although the volume and the trading range were so tight, it was hard to tell if we were witnessing actual buying or just short-covering.

At 20:46 GMT, December Comex gold is trading $1909.00, up $3.30 or +0.17%.

The narrow trading range was also caused by investors shifting their focus on next week’s U.S. presidential election. Democratic challenger Joe Biden leads President Donald Trump in national polls but the race is much tighter in battleground states that determine the election outcome.

The consensus among traders is that a win by Biden will mean massive stimulus on coronavirus relief and infrastructure spending. This should weaken the U.S. Dollar and drive gold prices higher. Longer-term, the market is expected to be well-supported by accommodative central banks.Daily December Comex Gold Daily Swing Chart Technical […]

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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 ) – Consumer prices may be showing muted inflation pressures as the world continues to feels the effects of the COVID-19 pandemic but a major inflation threat is looming on the horizon according to one chief economist. Thorsten Polleit, chief economist at Degussa In a telephone interview with Kitco News, Thorsten Polleit, chief economist at Degussa, said that instead of focusing on consumer inflation, investors need to pay more attention to the growing money supply as this is what is going to general higher inflation for years to come.

Polleit’s comments come as governments and central banks around the world continue to flood capital into financial markets to support the beleaguer global economy. In a […]

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Warren Buffett’s aversion to gold has been well documented. Over the last few decades, he has steered Berkshire Hathaway Inc (NYSE: BRK.A) (NYSE: BRK.B) away from any direct or indirect investments in gold. In 2011, he explained to CNBC’s Squawk Box talk program that “gold is a way of going long on fear”.

This is what The Oracle of Omaha actually said during the talk show program: Basically gold is a way of going long on fear, and it’s been a pretty good way of going long on fear from time to time. But you really have to hope people become more afraid in the year or two years than they are now. And if they become more afraid you make money, if they become less afraid you lose money. But the gold itself doesn’t produce anything. Buffett then made a shocking move

In August 2020, Buffett shocked the investing […]

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* Palladium to test $2,600/oz by mid-2021 -UBS * Interactive graphic tracking global spread of coronavirus: here (Updates prices) By Eileen Soreng Oct 27 (Reuters) – Gold prices rose on Tuesday as a weaker dollar and a fresh wave of coronavirus infections threatened to further slow down a global economic recovery from the COVID-19 pandemic, bolstering bullion’s safe-haven appeal. Spot gold was 0.1% higher at $1,903.16 per ounce by 0801 GMT. U.S. gold futures were steady at $1,906.50. "The resurgence of COVID-19 is leading to a broader risk-off sentiment in global markets and this is supportive of safe-haven assets," said Harshal Barot, senior research consultant for South Asia at Metals Focus. "Investors are clearly not bearish on gold at the moment… Long-term investors continue to hold gold amid the broader uncertainty, be it the U.S. elections or the pandemic," Barot added. Many countries, including the United States, Russia and […]

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LONDON, Oct. 27, 2020 /PRNewswire/ — The biggest banks in the world are eyeing gold prices of around $3,000 in just over a year. Former Citigroup billionaire Thomas Kaplan predicts $5,000 gold . And even without those predictions, the gold rush is on. Miners are stampeding this single gold rush territory that’s already produced over 40 million ounces of gold. And still has an estimated 68 million+ ounces in the ground, ripe for the taking. Mentioned in today’s commentary includes: Barrick Gold Corporation (NYSE: GOLD ), Franco-Nevada Corporation (NYSE: FNV ), Royal Gold, Inc. (NASDAQ: RGLD ), Eldorado Gold Corporation (NYSE: EGO ), Seabridge Gold Inc. (NYSE: SA ).

Three miners have already descended on the territory, and their success has by now reduced the upside. But the fourth miner in the stampede has seen its shares surge 600%, perhaps because it’s surrounded by major success stories, and there’s a […]

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Getty Images Gold futures early Tuesday were holding steady with U.S. equities seen recovering partially from Monday’s rout, partly caused by worries that rising coronavirus cases globally are resulting in renewed restrictions on business and consumer activity.

Some commodity experts attributed the buoyancy for gold and other precious metals in recent days to the prospects of uncertainty around the 2020 presidential election set for Nov. 3. Expectations that the U.S. may further increase its fiscal deficits, if the elections in America lead to a sweeping victory for Democrats, are viewed as a potential longer-term boost for gold and silver prices.

“The precious metals are pausing ahead of what is arguably the most important event of the trading year—the U.S. elections in one week,” wrote Jim Wyckoff, analyst at Kitco.com.

“Many markets could pause until after the election results are in. Many traders will want to step away from the markets, or take […]

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Turkish demonstrators stand near a barricade made with barbed wires and tree branches during a protest in a bid to block construction work of a goldmine project in an ecologically pristine area in the Black Sea region, on Feb. 17, 2016, in the northern Turkish city of Artvin. Photo by YASIN AKGUL/AFP via Getty Images). The economic uncertainties sparked by the COVID-19 pandemic have led to the global rise of gold as a financial safe haven. In Turkey, where the demand for gold has been traditionally high, the gold rush has reached jaw-dropping levels, fueled also by the nosedive of the Turkish lira.

Amid rising gold prices, gold-mining companies are eager to expand their activities in Turkey, and the ruling Justice and Development (AKP) is ready to grant them new favors — although the environmental damage caused by the industry has given rise to one the country’s most vigorous environmentalist […]

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The continuing growth in demand from gold Exchange Trade Products helped gold reach record levels in the three months to September, offsetting a sharp slide in consumption and higher stocks from rising scrap availability and weakening demand from central banks.

The three months to September saw a major shift in the gold market, according to the latest outlook and market summary from Refinitiv (formerly part of Reuters).

Central bank purchases fell, moving to being net sellers for the first time in nearly a decade. Refinitiv estimated their net sales at just under 13 tonnes for the for the third quarter. That is forecast to continue into 2021.

That easing in buying from one of the most reliable sources of demand compounded a sharp slide in global consumption (especially from many consumers made nervy by COVID-19) thanks to the huge rise in gold prices in the quarter to record levels above $US2,000 […]

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An employee arranges one kilogram gold bars for a photograph at the YLG Bullion International headquarters in Bangkok, Thailand, on Jan. 13, 2016.

Dario Pignatelli | Bloomberg | Getty Images

Gold prices gained in early Asia trade on Tuesday, supported by a weaker dollar and concerns stemming from the surging coronavirus spread globally and its economic fallout. Fundamentals

Spot gold rose 0.3% to $1,907.77 per ounce by 0116 GMT.U.S. gold futures were up 0.2% at $1,909.20.The dollar index slipped 0.1% against a basket of currencies, making gold cheaper for holders of other currencies.The United States, Russia, France and many other countries are setting records for coronavirus infections as a tidal wave of cases washes over parts of the Northern Hemisphere, forcing some countries to impose new curbs.U.S. House of Representatives Speaker Nancy Pelosi is hopeful that congressional Democrats and the Trump administration can reach agreement on the coronavirus relief bill before […]

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Gold prices have stalled after their recent advance: Pic: Kelly’s Heroes with Clint Eastwood share

US election uncertainty saps momentum from gold market

‘Gold price action has stalled’ despite polls showing a lead for Joe Biden

ASX gold stocks guide : Everything you need to know The price of gold was hovering around $US1,900 per ounce ($2,665/oz) Tuesday as investor nervousness around the outcome of the November 3 US presidential election took some momentum out of the market.“Even though polls continue to indicate a Biden victory and a Democratic Senate, gold price action has stalled, despite this election scenario posing the greatest upside risk for the metal,” Standard Chartered precious metals analyst Suki Cooper told Kitco news.Several drivers of recent record gold prices – negative real interest rates, expectations of a weaker US dollar and governmental economic stimulus spending – continue to support higher gold prices, Cooper added.Physical gold […]

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BRW Staking Announcement Figure1_Claims BRW Staking Announcement Figure2_Geology (1) MONTREAL, Oct. 27, 2020 (GLOBE NEWSWIRE) — Brunswick Exploration Inc. (“ BRW ” or the “ Co mpany ”) is pleased to announce that is has acquired a district-scale gold-silver property, totaling 37,260 hectares (372.6 sq. km), in southern New Brunswick, collectively known as the Fundy Gold Project (“ Fundy Gold ” or the “ Project ”). The newly acquired terrain is located West of the City of Saint John and covers 40 kilometres of strike length of the Fundy Shear Zone, a regional, deep-rooted, sparsely-explored Appalachian fault system. The Fundy Gold Project includes new outstanding discoveries made in 2020 by prospector Rob Murray and 24 historical, gold-silver, polymetallic and base metal mineral occurrences. Concurrent to the staking, BRW has entered into an option agreement with Mr. Murray, through Geosearcher Inc., that includes the 2020 discoveries; see Figure 1 and […]

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Gold is not going down without a fight on the short-term time frames.

The broader bias remains in the hands of the bears.

Gold is under pressure on the weekly and daily chart , but the 4-hour time frame is proving problematic to the bearish case.

The following illustrates the bearish bias in a top-down analysis: Weekly chart There is an opportunity on the weekly chart to trade the next downside extension following the latest correction. Daily chart The daily chart shows that the price has already broken trendline support which is now expected to act as a counter trend line resistance.A break below the 21-day moving average would add more conviction to the bearish case. 4-hour chart However, the bearish outlook has not been an easy ride so far on the 4-hour time frame.The yellow metal remains coiled in a tight range.The price action has been unfavourable […]

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( Kitco News ) – The gold market continues to tread water around $1,900 an ounce even as the U.S. sees some slowing momentum in the housing sector.

Tuesday, the Commerce Department said that U.S. September housing starts rose by nearly 2% to a seasonally adjusted annual rate of 1.415 million units.

However, the data missed expectations as consensus forecasts compiled by most news organizations called for starts to be around 1.457 million units. August tally was revised to 1.388 million units.Gold is seeing little reaction to the latest housing sector data. December gold futures last traded at $1,906.50 an ounce, down 0.24% on the day.Meanwhile, the Commerce Department said the tally of building permits – important as an […]

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Gold prices moved sideways edging slightly higher closing up approximately 0.25% for the week. This came as the dollar moved lower and Treasury yields took a break from their recent climb. A stronger than expected US Markit PMI index failed to further lift treasury yields. Germany’s manufacturing PMI rose to 58.0 from 56.4, which was better than expected.

Trade gold with FXTM Technical analysis

Gold prices consolidated remaining below resistance near the 10-day moving average at 1,906. Support is seen near the October lows at 1,872. Short-term momentum has whipsawed and turned positive after recently turning negative as the fast stochastic generated a crossover buy signal on the upper end of the neutral range. Medium-term momentum remains neutral to positive as the MACD histogram prints in the black with an upward sloping trajectory that points to a slow trend higher. US Composite PMI Rises More than expected

The US Flash […]

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Multiple Prospects on License Alteration Map and High Grade Gold Occurrences Magnetic Map Highlights Structural Corridors with Coincident Magnetic Low Anomalies Section (A) 3D Magnetics – Looking NW Oblique HALIFAX, Nova Scotia, Oct. 26, 2020 (GLOBE NEWSWIRE) — Erdene Resource Development Corporation (TSX:ERD | MSE:ERDN) (“ Erdene ” or the “ Company ”) is pleased to provide exploration results for its Dark Horse gold prospect, as part of the first phase of its 18,000-metre Khundii Gold District drill program. To date, the Company has received assay results for approximately 3,600 metres of the 10,000 metres drilled in the first phase.

Highlights 1 : Eleven hole, 1,574-metre reconnaissance diamond drill program completed at 100% owned Dark Horse prospect, discovered in Q4 2019, 3.5 kilometres north of the Bayan Khundii Gold Deposit

High-grade gold intersected in two holes at shallow depths, less than 30 metres vertically from surface:
○ AAD-48 – returned […]

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Strengths The best performing precious metal for the week was platinum, up 4.64 percent on perhaps sentiment that demand should pick up with more hydrogen research and production. Gold edged up on Friday as the U.S. dollar weakened on German data showing factories recovering solidly. The yellow metal finished the week positive after a steep drop last week.

Gold exports to the U.K. from Switzerland hit a one-year high in September, according to data from the Swiss customs authority. Bloomberg reports bullion bars are being sent to London vaults to meet requirements for physically backed ETFs.

Russia’s largest gold producer, Polyus PJSC, announced its Skuhoi Log deposit in Siberia holds the world’s biggest gold reserves, according to a new audit. Data shows the deposit has 40 million ounces of proven reserves with an average gold content of 2.3 grams per ton.

Weaknesses The worst performing precious metal for […]

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Stock image “Gold is facing a bit of a headwind from the recent slight rise in real yields,” Nicholas Frappell, global general manager at Sydney-based ABC Bullion, said in a Bloomberg interview .

“Some investors are optimistic over the prospects for US growth. Others are seeing positioning ahead of a Democratic win and assuming that the fiscal consequences will drive bond prices lower and yields higher,” he added.

“Gold has been trapped between $1,930 and $1,880. It is waiting to take cues from the election and there’s this resurgence of the pandemic,” Phillip Streible, chief market strategist at Blue Line Futures in Chicago, told Reuters .

The number of covid-19 cases in the US continues to spike with no signs of letting up. Over the past seven days, the country reported an average of about 68,767 new cases every day, the highest seven-day average recorded since the onset of the pandemic, an […]

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Some interesting and eyebrow-raising developments are in the making for the bull case in gold. Some developments are very short-term and some are longer-term structural developments.A large short-term catalyst for gold prices is the prospect of a contested election outcome that drags on for several weeks. There are multiple views being cast about by high-profile investing gurus as to what this scenario may look like.The most notable opinion rendered was that of global veteran investor Mark Mobius. Mobius is hailed by Bloomberg as one of the 50 most influential investors in the […]

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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 continuing to take its cues from the U.S. dollar as analysts focus more on the fiscal stimulus prospects rather than the election itself, according to Standard Chartered.

Even though the macro environment remains very supportive of higher gold prices, the precious metal is stuck at the $1,900 an ounce level, said Standard Chartered precious metals analyst Suki Cooper.

“Gold prices continue to oscillate around USD 1,900/oz, between the 50-day and 100-day moving averages, but continue to take their cues from macro drivers, predominantly the USD rather than real rates,” Cooper wrote on Friday. “We expect this to remain the case leading up to the U.S. presidential election.”

The amount of attention being given to stimulus seems to be […]

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Gold prices crumble below counter-trendline resistance despite bullish fundamentals.

Global coronavirus spread, US elections and stimulus uncertainty all in the mix.

The price of gold has been testing the bearish commitments above the $1,900 psychological level following a brief spell below it, printing a low of $1,891.50.

US election and stimulus news is dictating the flows in and out of the precious metal and has kept it coiled in a tight range of prior sessions.However, despite the bullish fundamentals, the price has been chipping away at lower lows below trendline resistance. Global stocks pressured on covid headlines European stocks ended the day sharply lower and the negative sentiment has fed through to Wall Street setting the Dow for its worst day in more than seven weeks.The major indexes are down Dow 2.7%, S&P 2.1%, Nasdaq 1.75%.New infections have touched record levels in both Europe and the United States […]

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