Category: Gold

The gold futures contract lost 0.14% on Tuesday, as it extended its short-term consolidation following last week’s Monday’s 5% sell-off. Gold sold off after global financial markets’ euphoria rally in reaction to Covid-19 Pfizer ’s vaccine news release. The yellow metal has retraced all of its previous advance. It came back down to $1,850 price level, as we can see on the daily chart ( the chart includes today’s intraday data ):

Gold is 0.4% lower this morning, as it continues to trade within the mentioned short-term consolidation. What about the other precious metals? Silver lost 0.61% on Tuesday and today it is 0.5% lower. Platinum gained 1.04% and today it is 0.5% lower. Palladium lost 0.79% yesterday and today it’s 0.4% higher. So precious metals are generally lower this morning .

Yesterday’s Retail Sales release has been slightly lower than expected at +0.3%. The Industrial Production number has been as […]

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GOLD PRICES slipped against a falling US Dollar on Wednesday, rallying $10 from a re-test of Monday’s low at $1865 per ounce as further positive news on Covid vaccines was offset by this winter’s worsening second wave.

After competitor Moderna (NYSE: MRNA) said Monday that its Covid vaccine shows 94.5% efficacy – and with much simpler and cheaper distribution – Pfizer (NYSE: PFE) today updated last week’s figure of 90% for its product to 95%, with "observed efficacy in adults over 65 years of age" now over 94%.

World stock markets recovered yesterday’s dip and major government bond yields held unchanged, but data collated by Johns Hopkins University today said the virus’s global death toll has passed 1.3 million with a total of 55.7m infections.

"The psychological relief and a shift in risk sentiment may still weigh on gold in the immediate term," says a note from London bullion market-making and clearing […]

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OUTSIDE MARKET DEVELOPMENTS: Global equity markets were evenly mixed overnight, waffling around both sides of unchanged. Overnight economic news included negative Japanese imports and exports for October, softer than expected wage readings from Australia, and hotter than expected UK consumer and producer price readings. However, overall Euro zone pricing showed mostly as expected, benign inflation readings. The North American session will start out with a weekly private survey of mortgage applications, followed by October housing starts, which are expected to have a modest uptick from September’s 1.415 million annualized rate. October building permits are forecast to have a minimal uptick from September’s 1.553 million annualized rate. October Canadian CPI is expected to have a minimal downtick from September’s 0.5% year-over-year rate. Chicago Fed President Evans will speak during morning US trading hours, and New York Fed President Williams, St. Louis Fed President Bullard, Dallas Fed President Kaplan and Atlanta […]

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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) – The gold market will remain sensitive to further vaccine news, but that doesn’t mean the rally is over just yet, according to one Dutch bank.

In a report released Wednesday, Georgette Boele, currency and precious metals strategist at ABN AMRO, said that gold’s direction could all depend on how expectations for a potential vaccine could impact economic growth going forward.

The comments come as gold prices continue to struggle below $1,900 an ounce. December gold futures last traded at $1,876.30 an ounce, down 0.47% on the day.

Boele noted that since 2019 gold has been an attractive safe-haven asset, protecting investors in case of a collapse of the financial system as well as a hedge against rising inflation; however, […]

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Gold erased losses as a slumping dollar and widening lockdowns to curtail the coronavirus bolstered demand for the metal as a haven.

Bullion fell as much as 0.9 per cent earlier after Pfizer Inc. said it plans to apply for the first U.S. regulatory authorization for a coronavirus shot within days. Gold investors took advantage of the price decline, buying as the greenback extended losses and expectations mounted for further virus lockdowns.

The new Pfizer announcement “triggered a couple of waves of liquidation in gold to session lows, but buy programs are pushing it back up,” said Tai Wong, head of metal derivatives trading at BMO Capital Markets. “Gold seems to have found short-term equilibrium.”

Spot gold rose less than 0.1 per cent to US$1,880.70 an ounce at 11:59 a.m. in New York.The US$1,895-US$1,900 range is becoming an important short-term hurdle for gold, Wong said. Even with effective vaccines in the pipeline, […]

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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) – The gold market continues to struggle below $1,900 an ounce as investor sentiment is weight down by further news of potential vaccines for the COVID-19 pandemic; however, one fund manager doesn’t think this will keep gold prices down for very long.

In a recent telephone interview with Kitco News, Steve Land, vice-president and portfolio manager for Franklin Templeton’s Franklin Gold and Precious Metals Fund, said that although the vaccine is good for economic growth, governments and central banks still have to deal with the economic devastation that the COVID-19 pandemic has already created.

"We can now see a path forward, but there are still a lot of questions unanswered," he said. "There’s still … a lot of work […]

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Stock image. Spot gold declined 0.3% to $1,873.08/oz by 1:50 p.m. ET Wednesday. US gold futures were down 0.6% to $1,872.60/oz in New York.

In the near term, gold doesn’t have a clear catalyst to lift or drag on prices, analysts Mikhail Sprogis and Jeffrey Currie said. Yet, the precious metal is poised to break out in 2021 as inflation concerns take center stage, they added.

Goldman has set a $2,300/oz price target for gold, which equates to a 22% rally from current levels over the next 12 months and another all-time high. Long-term inflation

Gold prices typically fall when interest rates climb, but the 2008 recession showed the market focusing more on short-term rates. Even as longer-term rates moved higher, gold rose in the wake of the financial crisis as concerns around policy-fueled inflation lifted demand, according to Goldman.The metal will follow the same path next year, Goldman analysts said. […]

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Gold prices traded sideways despite rising US yields. The US dollar moved lower but this failed to buoy the yellow metal, which has become uncorrelated to riskier assets. It appears that Bitcoin has taken the mantel from gold as an alternative asset that is buoyed by risk-on news.

Trade gold with FXTM Technical analysis

Gold prices edged lower sandwiched between resistance near the 10-day moving average at 1,891. The weekly chart of gold is forming a bull flag continuation pattern which is a pause that refreshes higher. Support is seen near the October lows at 1,850. Short-term momentum has turned negative as the fast stochastic generated a crossover sell signal. Medium-term momentum is neutral to negative as the MACD (moving average convergence divergence) histogram prints in the red with a declining trajectory which points to consolidation. US Housing Start Rise More than Expected

US housing starts rose more than expected […]

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VANCOUVER, BC, Nov. 18, 2020 /PRNewswire/ – Western Copper and Gold Corporation ("Western" or the "Company) (TSX: WRN) (NYSE American: WRN) has today filed a preliminary prospectus supplement in connection with an over-night marketed public offering (the "Offering") of common shares of the Company (the "Common Shares"). The definitive price shall be determined in the context of the market and the size of the Offering is not to be less than $20,000,000. It is expected that Cormark Securities Inc. (the "Lead Underwriter") and a syndicate of underwriters (collectively the "Underwriters") will enter into a definitive underwriting agreement with the Company on the successful marketing of the Offering. The Company has granted the Underwriters an over-allotment option to purchase up to that number of additional Common Shares equal to 15% of the Common Shares sold pursuant to the Offering, exercisable at any time up to 30 days from the closing […]

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A new tactical rotation strategy ETF based on the behavior of lumber relative to gold began trading on the New York Stock Exchange on Wednesday.

The ATAC US Rotation ETF (NYSEArca: RORO) is the brainchild of Michael A. Gayed, CFA, Portfolio Manager of Toroso Investments, an investment management company specializing in ETF focused research, investment strategies, and services designed for financial advisors.

The ETF will track the ATAC Risk-On/Risk-Off Domestic Index (RORO.Index), designed to be a tactical US stock/Treasury rotation strategy based on the behavior of lumber relative to gold.

“We could not ask for a better ticker,” notes Gayed. “Historically, when lumber is outperforming gold, that tends to suggest we’re in a risk-on period of lower stock market volatility, on average.”He continues, “When lumber is outperforming gold, the average volatility for the S&P is about 13.5%. When gold outperforms lumber, the average stock market volatility rises to about 19.4%, making for […]

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( Kitco News ) – Gold and silver futures prices are lower in early U.S. trading Wednesday, as global equity markets were mostly up, despite the pandemic that continues to rage in the U.S. and much of Europe. December gold futures were last down $16.50 at $1,868.30 and December Comex silver was last down $0.271 at $24.38 an ounce.

U.S. stock indexes are pointed toward firmer openings when the New York day session begins. The marketplace is presently grappling with the specter of a Covid-19 vaccine coming to the public in the coming months that will likely give economies a strong boost, while at the same time realizing it’s going to be a grim winter as the pandemic […]

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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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UNDERGROUND STOPE GRADE INCREASED BY 23% RELATIVE TO PRIOR QUARTER

STRONG CASH POSITION SUBSEQUENT TO EQUITY FINANCING IN OCTOBER

(In U.S. Dollars unless otherwise stated)

TORONTO, Nov. 18, 2020 /PRNewswire/ – Superior Gold Inc. ("Superior Gold" or the "Company") (TSXV: SGI) today announced its financial and operating results for the third quarter ended September 30, 2020. Third Quarter Highlights: Produced 15,699 ounces of gold and sold 15,492 ounces of gold Record realized gold price 1 of $1,756 per ounce sold Total cash costs 1 of $1,471 per ounce sold and all-in sustaining costs 1 ("AISC") of $1,617 per ounce sold, both negatively impacted by strengthening of the Australian dollar – AISC impacted by approximately $130 per ounce relative to the second quarter of 2020 Stope grade increased by 23% relative to the second quarter as the Company focuses on higher margin ounces Development […]

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Image Source : PTI Gold falls Rs 357, silver declines Rs 532 Gold prices fell Rs 357 to Rs 50,253 per 10 gram in the national capital 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 […]

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Following the historic American elections between Joe Biden and Donald Trump, Caviar has designed a Limited Edition smartphone of the iPhone 12 Pro and iPhone 12 Pro Max , dedicated to the two politicians and the power struggle between the Republicans and the Democrats. This addition is called “Sands of Time”, referring to the new era that is ushering in.

Caviar is a Russian company specializing in enriching and decorating Apple and Samsung smartphones with luxurious materials, such as gold, titanium, leather and gemstones. This time the iPhone 12 Pro (Max) is used as the basis. Caviar has provided two bas-relief portraits of President-elect Joe Biden and President Donald Trump on the back of the device. An hourglass indicates that the old era is passing and new hopes and plans are emerging. iPhone 12 Pro Max with golden hourglass

The phone’s cover also features an image of the […]

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Traders added around 3.2K contracts to their open interest positions on Tuesday, in light of advanced figures from CME Group. On the other hand, volume resumed the downside and shrunk by around 70.1K contracts. Gold could slip back to $1,850/oz

Tuesday’s negative price action in gold prices was in tandem with rising open interest, opening the door to further retracements in the short-term. That said, the next support of note emerges at the monthly low at $1,850 per ounce (November 9). Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, […]

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GOLD is still bearish. We can see a strong resistance around 1915 zone and next retracement might be good for sellers. Gold has been rejecting off the 1900 zone quite lot. We should see another drop if the price gets within the POC 1904-1911. Additonally, we can spot a double top / W H3 camarilla pivot at 1916. In case of rejection watch for 1880 followed by 1860 and 1855. Bears are still winning and GOLD can be bullish only if the market moves above 1920 on intraday timeframe. The analysis has been done with the CAMMACD.Core System .

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(Bloomberg) — Gold fell after Pfizer Inc. announced plans to file for an emergency authorization after a final analysis showed its shot had no significant safety issues. The U.S. drugmaker and partner BioNTech SE said their Covid-19 vaccine was 95% effective, paving the way for them to file for authorization in the U.S. “within days.” Bullion has carved out a trading range below $1,900 an ounce since Pfizer announced an initial readout on the vaccine’s effectiveness last Monday, blunting demand for the haven.

Even with effective vaccines in the pipeline, the U.S. faces an uphill battle to bring the pandemic under control. While states including California and Illinois have extended restrictions to combat rising case numbers, an aid package from Congress could take time. Speaker Nancy Pelosi and Senate Minority Leader Chuck Schumer on Tuesday asked Senate Majority Leader Mitch McConnell to resume talks for further fiscal stimulus, though McConnell […]

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