News Headlines

  •   (Kitco News) A major rebound in gold is just around the corner as prices look ready to surge on massive global monetary policy stimulus and unprecedented fiscal policies, UOB said in its latest commodities strategy report. “Our forecast is for gold to rebound significantly in the quarters ahead to USD $1,650 in 2Q20, $1,700 in 3Q20, $1,750 in 4Q20 and $1,800 in 1Q21,” said United Overseas Bank (UOB) head of markets strategy Heng Koon. March was a very volatile month for all assets, includ

  • Due to “personal portfolio considerations”, Barrick Gold’s chair, John Thornton, sold 2.6 million shares. Barrick is currently trading at $18.61 on the NYSE, putting the total sale’s value at over $48 million. “Barrick Gold Corporation (NYSE:GOLD) said today that, due to personal portfolio considerations, executive chairman John Thornton had sold 2,632,153 shares in the company during the permitted open period following the publication of its 2019 year-end results.

  •   David Erfle with Junior Mining Junky is picking carefully during the recent gold market gyrations. Erfle spoke to Kitco yesterday. In the past 60 days spot gold has swung from a low of $1,452 oz to a high of $1,700 oz as markets respond to the latest COVID-19 news. When choosing what company to invest in, Erfle said cash is key. The business should be well funded. “I’ve got core positions in royalty companies; growth-oriented, low cost producers and some development plays that

  • The gold and silver market saw healthy trading activity in February, but the London Bullion Market Association (LBMA) says the latest data have little meaning as the global economy and precious metals markets have been significantly impacted by the COVID-19 pandemic. “The numbers were buoyant for February although given that they relate to the period before global markets moved to lock down it is perhaps premature to be able to assess the impact of the Coronavirus pandemic,” the LBMA said in its

  • Gold prices are trading modestly down in midday U.S. trading Wednesday, as the U.S. stock indexes sharply lower. Trader and investor attitudes have become more downbeat at mid-week. June gold futures were last down $1.60 an ounce at $1,595.30. May Comex silver prices were last down $0.076 at $14.08 an ounce.   Important for many markets, including gold, the yield on the benchmark U.S. 10-year Treasury note has dropped to just below 0.6% this week, after trading above 1.0% early last week. T

  •   (Kitco News) – Gold remains the commodity to own, and investors should expect to see prices hit new all-time highs driven by unprecedented monetary stimulus and deficit spending, according to one market analyst. In a report Tuesday, Mike McGlone, senior market analyst at Bloomberg Intelligence, said that the price action in the gold market continues to resemble what happened during the 2008 financial crisis. Although gold prices suffered from a more than 20% decline in the midst of

  •   (Kitco News) With gold back on the radar for a lot of investors, attention is now turning to silver but can it deliver alluring returns this year? Prior to the March sell-off, silver was doing well as a precious metals hedge, but its industrial component has been weighing it down. “Both gold and silver have monetary safe-haven qualities, unlike most commodities, which historically sell-off during periods of equity market weakness and/or heightened concerns regarding the health of th

  •   (Kitco News) As the erratic Q1 wraps up with the Dow looking at the worst quarter since 1987, how is gold stacking up? The COVID-19 outbreak is the defining driver behind all news headlines and all major trading decisions during the first quarter. Fears surrounding the fallout from the coronavirus has triggered a massive global equities sell-off in March. Even the safe-havens like gold got caught up in the storm, temporarily losing ground on the dash-for-cash trend. But as the Dow and the

  •   Gold miners are favored by lower costs and higher metal prices, said Sean Roosen, chair and CEO of Osisko Gold Royalties, who spoke with Kitco via video conference today. Oil prices, a major input cost for miners, are hitting multi-year lows. “A significant component of fuel costs comes from both your explosives and your haul trucks, so it definitely helps the numbers,” Roosen said. Roosen also noted that Canadian and Australian miners are being helped by soft currencies. He notes t

  • Wall Street’s three major indexes tumbled on Tuesday, with the Dow registering its biggest quarterly decline since 1987 and the S&P 500 suffering its deepest quarterly drop since the financial crisis on growing evidence of massive economic damage from the coronavirus pandemic.   The Dow Jones Industrial Average .DJI fell 410.32 points, or 1.84%, to 21,917.16, the S&P 500 .SPX lost 42.06 points, or 1.60%, to 2,584.59 and the Nasdaq Composite .IXIC dropped 74.05 points, or 0.95%, to 7

  • Gold prices edged up on Monday as the U.S dollar hovered near a two-week low touched in the previous session, while coronavirus lockdowns tightened across the world and stoked fears of economic damage, lifting demand for safe-haven bullion.   FUNDAMENTALS   * Spot gold was up 0.3% at $1,621.85 per ounce, as of 0029 GMT. U.S. gold futures rose 1% to $1,641.80.   * The dollar was holding close to its lowest since March 17, touched on Friday, making gold cheaper for investors holding

  • Asian shares slid on Monday and oil prices took another tumble as fears mounted that the global shutdown for the coronavirus could last for months, doing untold harm to economies.   “We continue to mark down 1H20 global GDP forecasts as our assessment of both the global pandemic’s reach and the damage related to necessary containment policies has increased,” said JPMorgan economist Bruce Kasman.   They now predict global GDP could fall at a 10.5% annualized rate in the first half of th

  • I know a lot of people are scared. I know a lot of people are worried about minor things such as running out of toilet paper to major issues as staying healthy, keeping their job, putting food on the table for their family… and basically, staying alive. Over 3 million Americans filed for unemployment this week alone, setting a new grim record for the highest number in history. I believe – as Shark Tank Star Daymond John summed up perfectly this week – the terrifying aspect was It – t

  • (Kitco News) A massive three-day bounce in stocks has proven to be only temporary as equities tumbled Friday, once again dragging gold down with it. One of the biggest news to drive markets next week will be that the U.S. has become the new epicenter for the COVID-19 outbreak, surpassing China and Italy with the number of people infected. The number of cases in the U.S. surged to more than 100,000, with at least 1,500 deaths. Worldwide there are now more than 590,000 cases and at least 26,900 de

  • Seventy-one percent of the Wall Street and Main Street respondents in the weekly Kitco gold price survey look for the precious metal to build on its gains next week. Just before 11 a.m. EDT on Friday, Comex April gold was trading at $1618.10 an ounce. Even though that was down $33.10 for the day, the metal had still posted a gain of 9% for the week so far. Analysts pointed out that the metal posted its biggest weekly gain since 2008, with the biggest impetus an early-week announcement of open-en

  • (Kitco News) – Season factors like quieter summer months could weigh on gold prices in the short-term, but one Asian trading firm sees long-term potential for the yellow metal. Despite gold ’s sharp selloff earlier in the month, analysts at WingCapital Investments said in a recent commentary on Seeking Alpha, that prices have remained in their bullish uptrend with gold’s critical support at its 50-week moving average. While many analysts are bullish on gold after the Federal Reserve announ

  • To comply with Brazilian government authorities to restrict non-essential business, AngloGold Ashanti said today its Mineração Serra Grande S.A. will temporarily suspend its operations.   Earlier this week the company lost production at Mponeng after the South African government announced a 21-day nationwide lockdown.   The company said it is also withdrawing its guidance for 2020.   “The company had a good start to the year, and – notwithstanding an anticipated impact of 30

  •   Petra Diamonds said today that it is withdrawing guidance after scaling down its mines to operate at a minimum level. The miner is complying with South Africa’s directive, a nationwide lockdown to control the spread of COVID-19. Petra also withdrew from a tender after poor attendance, deteriorating market conditions and opportunistic bids. “Petra’s fifth diamond sale of FY 2020, with tenders in both South Africa and Antwerp, commenced on Thursday 19 March and was due to close

  • (KiShould you have bought gold six months ago before the world even heard of the coronavirus, which has triggered surging physical demand for gold and could drive prices to new historic highs? Challenging times like these always draw new people into the gold market, said The Perth Mint global gold market advisor Kevin Rich. “Gold is attracting more volume from existing gold investors—[But] times like these also always bring new people in,” Rich told Kitco News on Wednesday. Even though some inve

  • (K Another bullish gold price update comes from TD Securities, which is now projecting a move to $1,800 an ounce and then a jump to $2,000 near year-end. Gold prices rallied along with risk assets this week. At one point, gold even neared $1,700 an ounce. At the time of writing, April Comex gold futures were trading at $1,636.40, up 0.18% on the day. There are many drivers supporting gold at the moment and once the COVID-19 outbreak peaks, constructive price conditions will remain, said TD Secur

  • Gold prices are trading solidly up in midday U.S. trading Thursday, on some safe-haven demand and some chart-based buying despite strong gains in the U.S. stock market. Reason: The gold bulls are this week more confident to get out of some cash and do some buying of the safe-haven metal, still reckoning there will be rough seas ahead in the marketplace in the coming weeks, or longer. April gold futures were last up $15.50 an ounce at $1,648.70. May Comex silver prices were last down $0.163 at $1

  • The COVID-19 panic triggered a resurgence of physical gold and silver buying, but can this surge in sales last as mints and refineries across the world are temporarily shutting down production in an attempt to fight the spread of the virus?   As gold and silver prices plunged along with equities about two weeks ago, many investors started to take advantage of lower prices to replenish their precious metals stashes. COVID-19 panic also helped with demand as a possibility of a deep recession

  • Gold prices are trading solidly down in midday U.S. trading Wednesday, as the yellow metal is feeling the pressure of a strong two-day rally in the U.S. stock market, at least as of this writing. Strong closes in the U.S. stock indexes today would provide one early clue that the indexes have put in market bottoms. Such a scenario may or may not be bullish for gold. The bearish case would be that an uptick in trader/investor risk appetite would pull money away from safe-haven gold. The bullish ca

  • A continued uptrend in gold prices and healthy balance sheets will help mining companies weather the economic storm created by the spreading coronavirus, according to market analysts. In a report Wednesday, mining analysts at CIBC said that signs of stability are starting to show in equity markets and now could be a good time to buy underpriced mining companies that were beat up as investors sold everything. The analysts said that the mining sector looks attractive as gold and silver prices are

  •   – The fear and economic impact of the spreading coronavirus has been compared to both the Sept. 11, 2001 terrorist attacks on the U.S. and the 2008 financial crisis; however, one economist says that the latest emergency has elements of both and it even resembles the sentiment from the Y2K scare at the start of the new millennium.     Tim Shaler, chief economist at iTrustCapital Investor sentiment has significantly improved this week after the Federal Reserve announced an u

  •     – The market crashes from the pandemic has shown that some assets are “fake” said best-selling author Robert Kiyosaki, as “manipulated” assets are finally showing the American public how corrupt the capitalist system is.   “The good thing is, people as they sit in quarantine, as they lose their jobs, their homes, their pensions, their businesses and all this, I think they’re waking up at [the fact that] they’re being screwed,” Kiyosaki told Kitco News.     He a

  •   Massive gold price revisions are hitting the market this week as analysts estimate the impact of the COVID-19 crisis, with one investment bank upping its Q3 and Q4 gold price forecasts to an impressive $2,500 an ounce. Citing unprecedented fiscal and monetary policy stimulus, B. Riley FBR analysts said on Tuesday that they expect gold to surge to $2,500 an ounce in Q3 and continue to trade at those levels in Q4. “It has not been our practice to forecast gold price,” wrote B. Riley FBR’s a

  • Increasing pressure from market players and significant liquidity issues in the gold market are prompting CME Group to make some changes in how it delivers its physical gold. Tuesday evening, the futures exchange announced the launch of a new gold futures contract with expanded delivery options that include 100-troy ounce, 400-troy ounce and 1-kilo gold bars. The new contract is expected to launch with the first expiration of April 2020, pending regulatory approval, the exchange said. “Thi

  • Gold and silver prices are trading sharply up in midday U.S. trading Tuesday, but still off the daily highs scored just ahead of the U.S. futures opening. April gold futures were last up $92.50 an ounce at $1,660.20. May Comex silver prices were last up $0.984 at $14.265 an ounce. It was a wild and wooly trading day Tuesday—especially in the early hours of the morning and just before the Comex futures market opened its day session. In very early morning trading, April Comex gold futures shot to

  •   – Gold should benefit not only from loose monetary policy but the likelihood that interest rates will remain low for a long time even when the economy starts to recover, said Adrian Day, chairman and chief executive officer of Adrian Day Asset Management. Further, banks may be more willing to lend money than after the 2008 financial crisis, which is yet another factor that fuels inflation and thus interest in gold, Day said. Meanwhile, when it comes to mining stocks, Day said he wou

  •   – Huge spreads are occurring in the gold market Tuesday with pricing for futures contracts far above spot prices. Also, earlier in the day, nearby futures were more expensive than deferred, a sign of strong demand in any commodity market. Just before noon EDT, one price vendor was showing spot metal was trading at $1,612.10 an ounce while at the same time showing the Comex April futures were at $1,654.10 an ounce – a spread of $42 an ounce. It was much wider earlier in the day. “I’v

  • Bowing to provincial authorities, Agnico Eagle Mines (NYSE:AEM) said today that it is ramping down operations in the Abitibi region of Quebec, which include the LaRonde Complex, the Goldex mine and the Canadian Malartic mine. The three Abitibi operations accounted for 876,000 ounces of payable gold production in 2019. Agnico Eagle’s total production in 2019 was 1.78 million ounces of payable gold production. The company said that each of the Abitibi operations are to be placed on care and

  • Gold prices rose on Tuesday, following a near 4% jump in the previous session after the U.S. Federal Reserve announced unprecedented measures to support an economy which is reeling from the coronavirus pandemic. FUNDAMENTALS * Spot gold climbed 1.7% to $1,578.83 per ounce by 0116 GMT. The metal rose 3.7% on Monday, its highest percentage gain since June 2016. * U.S. gold futures rose 1.6% to $1,592.20 per ounce. * For the first time, the Fed will back purchases of corporate bonds, backstop direc

  • Gold and silver prices are trading sharply up in midday U.S. futures trading Monday. Prices shot from modestly higher levels overnight to sharp gains following an early-morning announcement from the Federal Reserve that the U.S. central bank is very aggressively buying more securities, including mortgage-backed, and also will open up a “main street” lending facility. The Fed used the term “unlimited” on amounts it will spend. U.S. stock indexes initially shot higher on the news but quickly sold

  • A far-reaching coronavirus economic stimulus package remained stalled in the U.S. Senate on Monday as Democrats said it contained too little money for states and hospitals and not enough restrictions on a fund to help big businesses. A 49-46 vote left the $2 trillion measure short of the 60 votes needed to advance, as the chamber remained deadlocked for a second day. Only one Democrat, Senator Doug Jones, voted with Republicans to advance the bill. Congress has already passed legislation to blun

  • While Wall Street still finished lower, investors in Asia were encouraged enough to lift E-Mini futures for the S&P 500 ESc1 by 2%. MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS added 0.5% in early trade, while Nikkei futures NKc1 traded at 18,115 compared to a cash close of 16,887. In its latest drastic step, the Fed offered to buy unlimited amounts of assets to steady markets and expanded its mandate to corporate and muni bonds. The numbers were certainly large,

  • Glencore’s Kamoto Copper Company (KCC) mine, a copper and cobalt project in Democratic Republic of Congo, repatriated 26 foreign workers on Monday in response to the country’s coronavirus outbreak, a union official told Reuters. Charles Kumbi, a regional programme director with the IndustriALL union, which has an affiliate at KCC, said the workers had been sent home on technical leave but would resume work once the situation got back to normal. A Glencore spokesman could not immediat

  • Gold has done its job during the COVID-19 crisis and will continue to do its job going forward, including posting “superior” performance for the next three years, according to Sprott Asset Management. “Gold and precious metals mining shares are casualties of panic selling across all financial markets,” wrote the firm’s senior portfolio manager John Hathaway. The March sell-off in precious metal is looking very similar to what happened during the 2008 financial crisis, which eventuall

  • (Kitco News) – Gold prices are seeing some strong gains Monday as the market reacts to the Federal Reserve ’s unlimited quantitative easing plan; however, one market analyst warns that despite gold ’s performance the market will continue to remain volatile. In a telephone interview with Kitco News, Juan Carlos Artigas, director of investment research at the World Gold Council (WGC), said that gold prices will remain sensitive to market volatility as economists still don ’t know the full im

  •   –  Money managers slashed their net-bullish positioning in gold futures to the lowest level since last summer during the most recent reporting week for data compiled by the Commodity Futures Trading Commission (CFTC). Analysts said last week that they expected this decline since many traders have had to liquidate positions to raise cash or offset losses in other markets as so-called risk assets plunged amid the COVID-19 outbreak. Selling in gold was exacerbated when pre-placed sell

  •   Growth outlooks for the U.S. are becoming gloomier by the day with anticipated surging unemployment making things even more uncertain. The latest forecasts from the big investment banks warn investors that the impact from the COVID-19 outbreak might be more significant than previously expected, with Q2 estimated be hit with massive U.S. output drop and a global recession. “U.S. economic growth estimates from the biggest investment banks are becoming increasingly dire,” said FXTM chief mar

  • Britain may need to impose curfews and travel restrictions to halt the spread of the coronavirus if people do not heed the government’s advice on social distancing, Prime Minister Boris Johnson warned on Sunday. Pubs, clubs and gyms have already closed, but social media on Sunday was awash with pictures of people congregating in parks and food markets, apparently ignoring advice to stay two metres apart. Parks in London are already closing down as authorities struggle to slow the advance o

  • Ecuador said on Sunday that its largest gold and copper mines would reduce the number of workers and scale back operations to a minimum as the country registers a rapid growth of coronavirus infections. The Fruta del Norte gold mine, operated by Canadian company Lundin Gold Inc (LUG.TO), and the Mirador copper mine, in the hands of Chinese consortium CRCC-Tongguan, began exporting minerals at the end of last year, income with which Ecuador projected significant revenues for its weak economy. “Wh

  • Oil prices fell more than $1 a barrel at the start of the trading session on Sunday, as more governments ordered lockdowns to curb the spread of the global coronavirus pandemic that has slashed the demand outlook for crude. Brent crude LCOc1 futures fell $1.84, or 6.8%, to $25.14 a barrel by 2215 GMT. West Texas Intermediate (WTI) crude CLc1 futures fell $1.26, or 5.6%, to $21.37 a barrel. Oil prices have fallen for four straight weeks and have lost about 60% since the start of the year. The cor

  •   Markets continue to be extremely volatile, keeping gold prices on edge. But analysts are not ruling out a temporary course reversal from recent losses. Major U.S. stock indexes kept jumping from green to red on Friday as gold struggled to retain its daily gains with prices remaining below $1,500 an ounce. April Comex gold futures were last at $1,494.00, looking to close down on the week. Significant uncertainty remains going into next week as COVID-19 outbreak continues to spread in the U

  •    – September 11 is seen as the day that changed the world, it changed the travel industry, safety screenings, everything ….and we would now need to add that the coronavirus pandemic has changed it once again, the way we interact, move, breathe, everything. I have been working from home and only going out for essential errands, every time I step out now, I stop, breathe and take it all in for one minute. All of a sudden I have a new found appreciation for fresh air, for going for a w

  • Gold and silver prices are trading up at midday Thursday. There are now some early clues that a severely battered global marketplace may be stabilizing. The U.S. stock indexes were higher as of this writing, crude oil prices were sharply higher, and many other raw commodity markets were posting solid rebounds. A more solid clue that the bleeding in most markets has stopped would be good rallies in the global stock markets on Friday, to end a bruising trading week. April gold futures were last up

  •  – The threat of a global recession and low inflationary pressures will continue to drag gold prices lower, with the precious metal already vulnerable as volatility continues to roil financial markets, according to one precious metals analyst. In a telephone interview with Kitco News, said KC Chang, precious-metals analyst at IHS Markit, said that he sees gold prices falling to $1,300 an ounce as the global economy succumbs to the impact of the spreading corona virus. “Our outlook for gold

  •   Bitcoin was created out of the 2008 financial crisis and the COVID-19 pandemic is looking more and more like its first real test in a crisis scenario, according to one fintech CEO. Utility, which means being able to use bitcoin as a global currency, is key for the cryptocurrency’s survival long-term. If it is taken away, then why even hold bitcoin and not gold, said Interlapse Technologies CEO and Coincurve co-founder Wayne Chen. “If there is no utility, there is no reason to hold bitcoin

  •    – Shares of gold-mining companies have fallen with the broader stock market lately, but producers are likely to become more attractive over the next couple of months as investors take note of the revenue and free cash flow they are generating, said Frank Holmes, chief executive and investment officer with U.S. Global Investors. “You’re going to see these gold stocks all of a sudden looking extremely attractive coming into April and May [based on] their numbers,” Holmes told Kitco N

  •   (Kitco News) – For some investors, gold has been a disappointing safe-haven asset, but one market analysts said he is keeping an eye on mining stocks to signal a turnaround in the precious metal. In a report published Tuesday, Ole Hansen, head of commodity strategy at Saxo Bank, said that gold’s price action – a nearly 14% decline from the recent seven-year high – is reminiscent of the 2008 financial crisis, in which the precious metal declined by 20%. April gold last traded at $1,4

  •   – David Morgan, publisher of the Morgan Report, figures “opportunities will come” for investors to buy gold– and silver-mining stocks again, but favors waiting until there are strong signs they have put in a bottom. The longtime precious-metals and mining analyst also normally favors shares of companies that have multiple mines to avoid a “one-trick pony.” Meanwhile, he is bullish on gold itself. The precious metals, and stocks of the companies that produce them, started 2020

  • We are potentially entering an “Ice-9” situation where the entire world may “freeze” over economically, said Jim Rickards, best-selling author of “The Road to Ruin” and “Aftermath: Seven Secrets of Wealth Preservation in the Coming Chaos.” Rickards is using a metaphor, alluding to a Kurt Vonnegut book, “Cat’s Cradle.” In the book, a vial of “Ice-9”, a liquid that has a freezing point of room temperature, leaks into the streams and rivers and turns all water into ice, effectively covering the pla

  • (Kitco News) – Governments and central banks are throwing everything they can to shore up the global economy in the face of an impending recession; however, some analysts and economists are now looking at the staggering costs to fight spreading coronavirus. Last week, after nearly two years of unwinding its balance sheet the Federal Reserve managed to undo all that work in just a single afternoon after announcing a $1.5 trillion repo operation. Since then, in an emergency move, the Federal

  •   (Kitco News) – An economic downturn, the likes of which we’ve never seen before is coming, said Doug Casey, founder of Casey Research. Casey made this call in December 2019, before the outbreak of the coronavirus, and the subsequent stock market crash and response from the Federal Reserve. “I’ve been saying we’re going to have a Greater Depression for years. It’s going to be much worse, much different, and much longer lasting than the unpleasantness of 1929 to 1946,” Casey told Kitc

  • Gold and silver prices are trading sharply lower in midday U.S. trading Wednesday, as buyers of most markets stand on the trading sidelines, afraid to jump in, amid the spreading economic doom coming from the coronavirus outbreak. Silver prices slumped to an 11-year low today. April gold futures were last down $40.30 an ounce at $1,486.10. May Comex silver prices were last down $0.70 at $11.795 an ounce. U.S. stock index futures stood locked limit down at midday Wednesday. In a sign of the stres

  • The aviation industry has taken a hit with the outbreak of the coronavirus restricting travel, but investors are still putting money into airline ETFs, this according to Frank Holmes, CEO of U.S. Global Investors. “It’s amazing to me is that we’ve had this big correction, and we’ve had a quadrupling of assets. New money comes in every day, and it all started with the news of Buffett increasing his exposure to Delta, and this is the time that he deploys money,” Holmes told Kitco News. The U.S. Gl

  •     As the COVID-19 outbreak shifted from a Chinese epidemic to a global pandemic, Westpac has upped its gold forecast not only for this year but also for 2021, 2022 and 2023. Markets have shifted to trying to pinpoint just how much the U.S. and the European economies are going to suffer due to the coronavirus outbreak, Westpac senior economist Justin Smirk said in his March update. “As February ended the focus for the COVID-19 outbreak shifted from China to the rest of the world. In p

  • George Milling-Stanley, chief gold strategist at State Street Global Advisors (Kitco News) – Gold prices are back above $1,500 an ounce and the question some analysts are asking is if investors finally understand gold ’s role as a safe-haven asset. Investors have been disappointed with gold ’s performance, falling alongside equity markets; however, George Milling-Stanley, chief gold strategist at State Street Global Advisors, said that investors have the wrong perspective on gold. “The ben

  • Gold prices are trading sharply higher in midday U.S. trading Tuesday, as the panic selling pressure seen across most markets Monday appears to be letting up–at least for now. Ironically, that’s been bullish for safe-haven gold. The “sell what you can” attitudes experienced just recently (and which put strong selling pressure into the gold and silver markets) appear to have been replaced by “sell what you want.” The less panic in the marketplace Tuesday is actually prompting fresh safe-hav

  • his article: 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) Banks have slashed their global and U.S.-specific growth forecasts due to the COVID-19 outbreak, stating that recession is on its way. From the heavyweights like Morgan Stanley and Goldman Sachs to smaller banks, the consensus is clear. The question now is just how bad it could

  • article: 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) – Goldman Sachs remained bullish on gold for the long haul due to potential of a “shock to the global economy” following the COVID-19 outbreak. Nevertheless, it trimmed the forecast for the next half year as a result of potentially less central-bank buying. In particular, Gol

  • Investors stormed out of bonds, equities and every other major asset class this week and piled a record $136.9 billion into cash, according to BofA’s weekly flow data, as panic about the spreading coronavirus wiped trillions of dollars off the value of global markets. From stocks to precious metals, oil to bitcoin, positions across all these sectors were liquidated as panicky investors rushed to raise cash – seen as the safest option at a time when a global economic recession threatens and

  • Gold tumbled as much as 4.5% on Friday, headed for its biggest weekly loss since 1983 as investors embarked on a selling spree to hoard cash and meet margin calls across other markets which have been battered by the impact of the coronavirus outbreak. Palladium slid nearly 11%, a day after a 28% plunge, headed for its biggest weekly percentage decline on record. Spot gold slid 4% to $1,513.11 per ounce at 2:54 p.m. EDT (1854 GMT). For the week, it was down more than 9%, the most since 1983. U.S.

  • Normally, I would ask for an ice-cold Corona after a week like this, but I will refrain… I know, there’s a fury of emotions running rampant this week, we’re up one day, drastically down the next and then THIS…. We are not going to mince words, gold and silver prices were getting hammered at midday Friday. Gold is down over $75.00 an ounce as of this writing, giving up its gains for the year. The metal is down 9% for the week. As our senior market analyst Jim Wyckoff perfectly described, the yell

  • (Kitco News) – The coronavirus has forced Italy to quarantine the entire country of more than 60 million people, and and this may expedite an already slowing economy, said Ivo Pezzuto, professor of global economics at the International School of Management. “Last year, Italy was already teetering on the edge, 0.2% growth, really no growth at all,” Pezzuto told Kitco News, noting that a shock like the coronavirus is enough to bring growth into negative territory. Pezzuto’s comments come as

  • – The coronavirus was overhyped when it first broke out earlier in the year, and is now even more overhyped, said Gerald Celente, publisher of the Trends Journal. Covid-19, also known as the coronavirus, still pales in comparison to the common flu, Celente told Kitco News. “This thing, to me, is being blown way out of proportion,” he said, noting that in the U.S. this year, 18,000 people have died of the flu while only 25 deaths occurred as a result of the coronavirus. “Where did most of t

  • (Kitco News) – The U.S. Mint announced Thursday that it has temporarily sold out of American Eagle Silver Eagle Bullion coins. “Our rate of sale in just the first part of March exceeds 300% of what was sold last month,” the Mint said in a press release Thursday. “West Point is working diligently to produce additional inventory and once additional inventory is produced, we will again begin allocations.” Data from the U.S. Mint shows that it has sold 2.32 million one-ounce silver coins so fa