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Precious Metals News
- Silver Price Forecast: XAG/USD dips below 100-day SMA, eyes on $30.00 - FXStreet November 13, 2024
- MAG Silver price target raised to C$25 from C$24 at CIBC - TipRanks November 13, 2024
- Gold and Silver Rally Fades as Fed Rate-Cuts Rebound on CPI Inflation Data - BullionVault November 13, 2024
- Silver Price Outlook – Silver Continues to Look For Momentum to The Upside - FX Empire November 13, 2024
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Tag Archives: Golden State Mint
Can Gold Prices Surpass $2400/Oz? (Technical Analysis)
BrianAJackson/iStock via Getty ImagesBy Zain Vawda Gold prices found support at $2350 per ounce yesterday after a selloff erased Friday’s gains. On Friday, gold peaked at $2393 per ounce as the market assessed the impact of the US jobs report and adjusted their expectations for a rate cut. Last week, a series of weak US economic data led to significant downward revisions of last month’s Non-Farm Payroll (NFP) figures. This prompted market participants to increase their bets on a 25 basis points rate cut in September, with the probability rising to 77% from 60% at the start of the week. US Interest Rate Probabilities, July 9, 2024 Source: LSEG As markets grapple with medium- and long-term direction, gold remains a central focus. Based on Friday’s response, could a rate cut be the key catalyst for gold to break through the $2400 per ounce mark and maintain levels above it? Historically, gold prices tend to perform better when interest rates are low. Given the current rate environment, it is surprising that a deeper price correction has not occurred since the beginning of the year. This does stoke belief that gold could be preparing for a move above the $2400/oz mark once the Federal Reserve begins cutting rate. Central Banks Gold Buying Central banks had been on a buying spree this year, which many had attributed to the elevated prices. This is unlikely to stop based on the recent World Gold Council (WGC) survey which revealed that Central Banks are expected to keep buying this year. Many analysts are attributing the drop in gold yesterday on news that the People’s Bank of China (PBoC) had not bought gold in June, the second successive month. I attribute the fall more to profit-taking and repositioning ahead of the US CPI data later in the week, but it will be worth keeping an eye on when the PBoC returns to the market. The WGC survey suggests that central bank gold purchases will stay robust, with 29% of respondents planning to increase their gold reserves within the next 12 months – the highest percentage since the survey began in 2018. Another encouraging sign for gold prices is seen in gold ETF holdings. Despite a decline throughout much of 2024, spot gold prices have reached new highs, and global ETF flows turned positive in May. Gold ETF Flows in May After 12-Month Losing Streak Source: WGC, ING Think These factors indicate that the current bull run in gold may have plenty of momentum left. US Inflation and Fed Chair Powell Testifies Fed Chair Powell has started a two-day visit to Capitol Hill, where he will testify before Congress. The Fed Chair is expected to answer questions on the economy, rate cuts, and overall monetary policy. While this may cause short-term volatility, it is unlikely to provide direction for precious metals. Chair Powell’s testimony will conclude tomorrow, just in time for markets to brace for Thursday’s US CPI data release. This month’s report is particularly significant given the recent spate of weak economic data from the US. A further decline in inflation would heighten expectations for a September rate cut. For all market-moving economic releases and events (GMT-Time), see the MarketPulse Economic Calendar. Technical Analysis The H4 gold chart below illustrates a staircase pattern with higher highs and higher lows since bottoming out around $2293/oz. Gold approached the ascending trendline yesterday and made another attempt today. Counteracting a potential break lower is the golden cross pattern, which suggests bullish momentum. However, moving averages are lagging indicators, so the crossover might be reacting to last Friday’s upward impulse leg. A break below the trendline would need to navigate the moving averages before the $2300 level becomes relevant. There are also intraday support areas between $2350 and $2300 that could attract buying pressure. Support 2358 2350 2334 (200-day MA) Resistance 2370 2379 2390 2400 (psychological level) Gold H4 Chart, July 9, 2024 Source: TradingView.com Original Post Continue reading →
Posted in Investment, Precious Metals, Silver, silver-rounds
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Tagged Economy, gold bullion, gold prices, Golden State Mint, Investment, Precious Metals
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Precious Metals Weights: What Is A Troy Ounce?
Many people, even those who invest in precious metals, often fail to recognize that silver, gold and other precious metals … Continue reading →
Posted in Silver
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Tagged conversions, Golden State Mint, precious metals, Silver, silver bullion, Silver Bullion, troy ounce
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Caution is Advised When Cleaning Silver Items
Coins, rounds, jewelry and flatware are just a sampling of items found in silver accumulations of investors and collectors, worldwide. … Continue reading →
What Is The Safest Way To Store Silver Bullion?
Although small amounts of precious metals are easy to store, investors who hold large amounts of physical bullion may require … Continue reading →
Tagged bullion, Golden State Mint, Investment, precious metals, Silver, Silver Bullion, silver investment, storage
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Technological Innovation Derived from the Comstock Lode
The fabled Comstock Lode contained the biggest silver deposit in American history. Discovered in 1857, Comstock drew thousands of miners … Continue reading →
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Tagged Comstock Lode, Golden State Mint, mining, Silver
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The World’s Largest Silver Mine
Cannington is the world’s largest silver and lead mine. Located in northwest Queensland, Australia, the mine employs 600 workers and … Continue reading →
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Tagged Golden State Mint, mining, Precious Metals, Silver, Silver Bullion, silver mines
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Will Silver Continue To Shine Bright In 2012?
2011 saw extreme volatility in precious metals markets. Even greater magnitude price swings in silver were not out of character, … Continue reading →
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Tagged Buy Silver, Economy, Golden State Mint, Investment, Precious Metals, precious metals, Silver, Silver Bullion, silver bullion, silver prices, Silver Prices, Silver Rounds
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