Category: Gold

(Updates prices) * Silver up 1.5% this week * Dollar set to fall about 1% for the week * Interactive graphic tracking global spread of coronavirus: here By Asha Sistla Oct 23 (Reuters) – Gold eased on Friday as the dollar recouped some losses, but uncertainty going into the Nov. 3 U.S. elections limited bullion’s losses. Spot gold fell 0.1% to $1,903.07 per ounce by 2:06 p.m. EDT (1806 GMT). U.S. gold futures settled unchanged at $1,905.20. "Gold’s moves are really mirroring the dollar at this point," said Tai Wong, head of base and precious metals derivatives trading at BMO. Gold is in a "restive" $1,890-$1,930 range with any dips to the bottom being lapped up, he added. "The initial pop in gold (and slightly lower dollar) was due to the results of the last presidential debate not likely to make a difference in the election outcome, with (Democratic […]

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Summary

Gold Road Resources released its Q3 results last week with a disappointing quarter for quarterly gold production due to unplanned downtime related to a ball mill motor bearing failure.

Unfortunately, this has pared back FY2020 production guidance at Gruyere to 260,000 ounces at the mid-point from 268,000 ounces previously.

The good news is that the company continues to improve its balance sheet, ending the quarter with over $100 million in cash and no debt.I see this recent pullback as a low-risk buying opportunity, but I believe there are more attractive opportunities among the more growth-focused Australian producers.We’ve finally begun the Q3 Earnings Season for the Gold Miners Index ( GDX ), and one of the first companies to report its results is Gold Road Resources ( OTCPK:ELKMF ). While the mid-tier Australian gold producer started off the year strong and was tracking in line with guidance, Q3 was a tough quarter […]

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Oct 26 (Reuters) – Gold prices eased to an over one-week low on Monday in early Asia trade as the dollar firmed and talks over the new U.S. coronavirus aid package showed no signs of progress. FUNDAMENTALS * Spot gold fell 0.1% to $1,899.41 per ounce by 0053 GMT, after hitting $1,890.19, its lowest since Oct. 15. * U.S. gold futures were down 0.2% at $1,900. * The dollar index was up 0.1% against a basket of currencies. * U.S. House Speaker Nancy Pelosi said on Sunday the Trump administration was reviewing the latest plan for more COVID-19 relief over the weekend and that she expected a response on Monday, adding that she was still optimistic a deal could be reached. * U.S. reported 79,852 new infections on Saturday, close to the previous day’s record of 84,244 new cases. Hospitalizations are also rising and have hit a two-month high […]

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Adult chinchillas are pictured in France. (Getty images/slowmotiongli) (Newser) – An effort to pull 3.5 million ounces of gold from a site high in the mountains of northern Chile is expected to cost $860 million—$400,000 of which has already been spent on rodents. A colony of 25 endangered short-haired chinchillas has made a home at the site now under development by Gold Fields, as Ed Stoddard writes at Undark . To secure the deal, the South African-based gold mining company had to agree to trap and move the 25 animals previously hunted to near-extinction, which are protected under Chilean law. The project is seen as a test of how mining companies will respond to increasing pressure to limit environmental impacts, and it will be both pricey and time-consuming, stretching on for nine months from August. Some $400,000 has already been spent on non-lethal traps and population surveys. Then again, […]

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The peak in gold prices at $2,067 coincided with the weakness in the dollar against the currency majors but there has been some revival, though not significant, in the exchange rates, in the last one month. The correction in the gold prices to $1,850 an ounce, too, was in alignment with the currency strength. It seems gold has taken support at the $1,850/1,860 levels after its downward movement.

Interest rates have been low and may continue to be so for some more time due to the slow economic growth and recovery due to the pandemic. Lower interest rates reduce the opportunity cost substantially and help gold prices to stay up. The inference that can be drawn from the Federal Reserve notes, as also those of other central banks, is that of a prolonged period of lower rates.

Apart from this, inflation, too, is showing a tendency to edge higher. The Fed […]

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Manchester United’s form has been erratic on the pitch of late, and times are tough off the field too.

The Red Devils suffered a net loss of £23.2million in the year to June 30 as the pandemic sucker-punched ticket and broadcast revenues.

Man Utd shares, listed in the US, are down from almost $20 to $14.20 so far this year. Off form: Manchester United shares have slumped this year That’s bad news for Nick Train, manager of the Finsbury Growth & Income Trust, who holds the stock.

The floppy-haired funds star has seen the trust’s share price diminish by about 10 per cent this year, but tells me he’s sticking with Ole Gunnar Solskjaer’s men for the long haul.He says: ‘Perhaps contemplate the comparison between equity in Manchester United and gold. Both are rare and beautiful in the eyes of some. Both have eternal characteristics.’New gold cannot be created and no one […]

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(Kitco News) – Investors should not expect to see the gold market to get anywhere in a hurry as prices continue to consolidate around $1,900 in the near-term, according to the latest Kitco News Weekly Gold Survey.

The gold market continues to struggle for direction as sentiment among market analysts is decidedly mixed; meanwhile retail investors remain extremely bullish on gold next week; however, interest in the market remains at lows levels not seen since the start of the year.

Adrian Day, president and CEO of Adrian Asset Management, described the price action and sentiment in the gold market as two-steps forward, one step back. He added that this volatility will continue until after the Nov. 3 U.S. General Election."Some […]

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Gold has been on a roll this year and every piece of bad news makes it look like a smarter investment.

That’s because gold comes into its own when times are hard – and they are particularly grim right now. Gold also does well when interest rates are low – and they are at record lows in most parts of the world today.

Buying gold outright or investing in Exchange Traded Funds offer direct exposure to the metal. But there is also the option of buying gold mining shares. Coining it: Chief executive Richard Gray in the mine which has already produced commemorative coins MIDAS UPDATE: There’s even more gold in them thar SCOTTISH hills!

Some investors may find gold alluring but would prefer to keep their cash close to home, supporting businesses and fostering employment on these shores. Scotgold is an intriguing option for anyone falling into this bracket.The company […]

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JP Morgan says bitcoin’s 2020 surge is set to continue as the digital cryptocurrency competes better against gold as an alternative currency. In a note, the financial institution says that with millennials set to become a more important market participant in the coming years, their preference for bitcoin to gold sets up the crypto for future success.

The financial institution’s assessment comes as the digital currency continues to see increasing adoption by institutional investors and an embrace by corporations like payments giant Paypal.

According to a report , JP Morgan estimates the “physical gold market is worth $2.6 trillion, which includes assets held within gold ETFs.” The financial giant deduces that for bitcoin to catch up with gold market value, “the cryptocurrency would have to surge 10x from current levels.”

At the time of writing, the bitcoin market capitalization was at $242.2 billion while the value of one BTC was just […]

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Gold markets have initially pulled back a bit during the trading session on Wednesday, only to turn around a break above the $1900 level. That being said, the market looks very likely to pay quite a bit of attention to the 50 day EMA which is flat and driving right through the middle of the recent trading action. With that being the case, the market is likely to continue to see a lot of interest in this area, and of course the US dollar is greatly influential on what happens in the gold market anyway. With the US dollar losing a little bit of a ground on the Wednesday session, that does drive gold up a bit. Gold Price Predictions Video 15.10.20

To the downside, I think that the $1850 level continues to be an area that will offer a bit of support, but I believe there is even […]

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Fears of a vaccine pushing the gold price down are overplayed, said Lobo Tiggre of the Independent Speculator.

“I think this is another one of these overblown things. Yes, we have seen gold move on vaccine headlines, I don’t deny that, but it’s a mistake to think that 2020 gold is all about the vaccine,” Tiggre told Kitco News.

The most important fundamental drivers of gold are still tied to monetary and fiscal policies, Tiggre said.

“We have been on a volatile upward trend since late 2015, well before COVID. But even the more recent and dramatic upturn started after the Powell pivot. This is really about monetary and fiscal policy, starting, first and foremost with monetary policy. It’s about negative real rates,” he said.Even if a vaccine were to be introduced, it would still take time for the economy to normalize, Tiggre noted, and the fundamentals behind the gold price would […]

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Gold prices on the rise as the U.S. dollar retreats Gold prices tallied a third straight gain on Wednesday, with prices for the precious metal marking their highest finish in over a month, as a rise in bond yields was overshadowed by weakness in the U.S. dollar.

Copper futures, meanwhile, logged another settlement at the highest since 2018 , buoyed by signs of strength in Chinese demand. On Wednesday, Reuters reported on the possibility that China will buy copper for its stockpiles ahead of a meeting of the nation’s leaders to discuss the next five-year economic plan.

Looking to gold, “concerns about a will-they, won’t they agree [to a U.S.] a stimulus deal is weighing on the U.S. dollar,” Ross Norman, chief executive officer of Metals Daily, told MarketWatch.

So “in short, gold is being seen as the go-to safe haven,” he said. “Gold has switched back to dollar watching and is […]

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( Kitco News ) – Gold and silver futures prices are moderately down in early U.S. trading Thursday, as both metals continue to trade in an inverse fashion with the daily movements of the U.S. dollar index , which is higher today on a corrective bounce after hitting a six-week low Wednesday. The safe-haven gold and silver bulls continue to be perplexed their metals can’t catch a bid when the U.S. stock indexes start to wobble a bit. December gold futures were last down $13.80 at $1,915.70 and December Comex silver was last down $0.326 at $24.91 an ounce.

Global stock markets were mixed overnight, with Asian shares mostly weaker and European shares mostly firmer. U.S. stock indexes […]

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Ahmedabad: While stability in gold prices coupled with the auspicious muhurat of Dussehra are expected to infuse the much-needed optimism for gold demand, yellow metal sales are expected to take a major hit this festive season. Estimates by India Bullion and Jewellers’ Association (IBJA) suggest that gold sales are expected to decline at least by 50% against last year.
Gold price stood at Rs 52,800 per 10 gram on Saturday. Haresh Acharya, director, IBJA, said, “Gold sales will be at least half of that last year. However, it will be mostly driven by jewellery sales
“With the government announcing 100 persons permitted in wedding occasions, people are out to make purchases,” said Manoj Soni, an Ahmedabad-based jeweller.
“Pent-up demand will play a major role in driving jewellery purchases. Moreover, since it is a Sunday, people will come in to make purchases” said Jigar Soni, president, Jewellers’ […]

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Earlier this week, Bitcoin ( BTC ) advocate and Real Vision CEO Raoul Pal said gold is breaking down against BTC. If the dominant cryptocurrency continues to gain momentum against BTC, it could strengthen its perception as a store of value.

In the past month, the price of Bitcoin gained 30.36% against the U.S. dollar, from $10,136 to $13,217. In the same period, gold has gained about 2.25%, from $1,863 to $1,903. Gold slumps against Bitcoin. Source: Raoul Pal, Bloomberg Why is Bitcoin outperforming gold and stocks?

In the past two weeks, while the price of Bitcoin rallied strongly, both gold and the U.S. stock market steadily recovered.

The confluence of three major factors likely contributed to the upsurge of Bitcoin since early October.First, PayPal’s crypto integration announcement buoyed market sentiment. Second, the institutional demand for BTC has continuously increased following Square, MicroStrategy, and Stone Ridge’s investment. Third, Bitcoin’s favorable high […]

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A gold bar is wrapped in a financial newspaper.

GSO Images | Getty Images

Gold retreated 1% to near $1,900 an ounce on Thursday on better-than-expected U.S. jobs data, with appeal of the metal further weighed down by a stronger dollar and doubts over a U.S. stimulus package before the presidential elections.

Spot gold fell 1.1% to $1,903.06 per ounce, and U.S. gold futures slipped 1.3% to $1,905.20.“The jobless claims number, which is much better than expected,” was pressuring gold, said Edward Moya, senior market analyst at OANDA, adding that “an improving number kind of takes away some of the urgency for getting a stimulus deal done now.”Data showed initial claims for state unemployment benefits in the U.S. dropped 55,000 to a seasonally adjusted 787,000 last week, although the overall number was still relatively high.A Reuters survey had forecast 860,000 claims in the latest week.The dollar , meanwhile, bounced back from a […]

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(Reuters) – Freeport McMoRan Inc FCX.N beat analysts’ estimates for third-quarter profit on Thursday, as the miner benefited from higher gold prices due to the COVID-19 pandemic and cost cuts.

The Phoenix, Arizona-based company announced a major cost-cutting drive in April and has also lowered its capital expenditure.

Total costs and expenses fell about 7% to $2.97 billion in the third quarter ended Sept. 30.

The average price that Freeport received for its gold surged nearly 28% to 1,902 per ounce in the third quarter, with copper and gold sales nearly 7% higher than the company’s July estimates.Gold prices have surged this year as investors flocked to safe-haven investments due to the uncertainty fueled by the pandemic.Freeport said on Thursday plans to transition the giant Grasberg copper and gold project in Indonesia to underground operations from open pit mining were on schedule.The company reported net income attributable to shareholders of $329 million, […]

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First of all, I need to start off with a disclaimer. By no way am I endorsing either President Trump or former Vice President Biden in the following article. This is simply an attempt to forecast what market participants might see if Joe Biden is elected as the next president of the United States.

The last presidential debate has concluded, and the polls currently indicate that former Vice President Biden has a 10-point lead, which means that gold investors need to understand the possible impact of a Biden victory as it relates to gold pricing.

If history is any indication as to whether or not analysts can predict how gold prices will react, one simply needs to look at how gold prices moved in November 2016 when voters elected Donald Trump. Most analysts including myself believed a Trump victory in 2016 would be extremely bullish for gold and in the case […]

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Microsoft is set to announce its full Games with Gold November plans this week, with a new lineup of four Xbox One and Xbox 360 launching in a week.

No precise date has been shared, but things will need to be revealed before Sunday, November 1, 2020.

This means that the next big Xbox Live Gold reveal will be dropping over the coming days. No leaks have surfaced suggesting what might be hitting Games with Gold next.

And it’s going to take something special to top the likes of the most recent additions made to Xbox Game Pass.Microsoft’s other big subscription service just Rainbow Six Siege made part of the official lineup. And while R6 might not be a new game, it’s still very popular and has built a huge following. eFootball PES 2021 Data Pack 2.0 update makes HUGE changes October’s Games with Gold lineup included Slayaway Camp: Butcher’s […]

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Summary

Gold stocks are still correcting. Their necessary selloff to work off overboughtness and rebalance sentiment after their latest upleg peak hasn’t finished its mission.

The major gold stocks have yet to revisit oversold levels and eradicate early August’s universal greed. And they haven’t yet fallen far enough to leverage gold’s own correction normally.

The depth and duration of this gold-stock correction is dependent on gold’s own. And that doesn’t look over yet either since gold remains so far above its 200-day-moving-average support zone.The gold miners’ stocks are still correcting, continuing to rebalance both technicals and sentiment. This sector’s huge surge into early August spawned extreme overboughtness and universal euphoria, which are gradually being bled away. This same necessary and healthy corrective process is underway in gold itself, which overwhelmingly drives gold-stock price levels. This is leading to great buying opportunities.Gold-stock speculators and investors are growing weary, wondering when miners’ next upleg […]

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Bitcoin has proven itself to be a risk asset, not a safe haven, with “considerable” potential upside, according to a Friday note from JPMorgan’s Global Quantitative and Derivatives Strategy team obtained by CoinDesk.

Writing to clients in “Flows & Liquidity,” one of JPMorgan’s flagship publications, the authors said that characterizing bitcoin as a “risk” asset rather than a “safe” asset is “more appropriate” based on the leading cryptocurrency’s increased positive correlation with the Standard & Poor’s 500 Index since March.

Bitcoin’s function as a risk asset is “likely more of a reflection of a need for an ‘alternative’ currency rather than a need for a ‘safe’ asset or ‘hedge’.”

“To some extent, this is also true with gold,” the authors add, although the yellow metal’s volatility is notably lower than bitcoin’s.How investors currently perceive bitcoin’s value implies that it could “compete more intensely” with gold as an “alternative” currency over the coming […]

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Even Warren Buffett, one of the greatest investors of our time, bought some gold for his portfolio. Specifically, in the second quarter, he invested approximately US$565 million in Barrick Gold (TSX:ABX) (NYSE:GOLD) through Berkshire Hathaway . Since then, the gold miner stock has only appreciated about 7%.

Usually, Buffett doesn’t trade in and out of stocks quickly. He would potentially sell his public stock holdings when they arrive at their intrinsic values. Often, that doesn’t happen overnight.

Gold miners don’t pay much of a dividend. Right now, Barrick Gold only yields 0.60%. So, he must expect to get meaningful returns from stock price appreciation. Rising gold prices

Barrick Gold stock has been in a renewed upward trend since late 2018. The growth of its profits really started coming through in 2019 when it boosted its revenue by 34% to US$9,717 million. The EBITDA margin also improved to 46.8% from 2018’s 41.7%. […]

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It’s been quite a week for Bitcoin, a week we’ve been waiting for. The coin is up nearly 13 percent and burst through the $13,000 barrier. Some of that support came from Paypal’s decision to enable cryptocurrency purchases, a move that sent its stock soaring . The company will need that kind of rise to stay ahead of the coin’s value. Bitcoin’s valuation is now just one behind the payments processor that lets people trade it.

Traders, though, expect that Bitcoin will slow down after that strong rally, which has allowed the coin to regain its cryptocurrency dominance . Some experts think that the new level might even be meaningless. They see prices falling unless it picks up some strong support from bulls.

One person who sees any fall as temporary is Raoul Pal. A former Goldman Sachs hedge fund manager, Pal has said that he thinks Bitcoin could reach a […]

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Gold is refined at a non-ferrous metals plant in Russia. (Bloomberg) Gold continues to make headlines daily with its roller coaster ride to new record highs. With all the mixed information and “expert” opinions, it is easy to become confused when considering it as a possible investment.

Given the current challenges the world and the United States face, the possibility to see yet higher gold prices does exist. The markets continue their volatile ways and seem to have rebounded in the face of the ongoing uncertainty created by the pandemic.

But is it a good investment for your portfolio?Of all the […]

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