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  • Friday’s dramatic $66 price decline took gold prices below their 200-day moving average for the first time since December 1, 2020. Even more alarming was the fact that after trading to a low of $1828, gold futures traded off the low closing at $1,836 which is four dollars below its 200-day moving average. Today we have seen an increase in volatility and an exaggerated range with gold opening at $1849, a mere $9 above the 200-day moving average, and then trading to an intraday low during the even

  • As bitcoin price fell by 20% on Monday, some traders are anxious to know if now is the time to buy. Todd Horwitz of BubbaTrading.com is waiting for this pullback to continue some more. “I would wait. If I were going to step in and buy bitcoin today I’d be looking for more like $25,000 for me. Right now it’s in almost a freefall from the $43,000 we saw over the weekend,” Horwitz said. Bitcoin’s recent rise can be attributed to financial institutions buying, but also to the overall frothiness of t

  • Kitco’s silver survey results are in, and the average response to “where do you see silver prices at the end of 2021” was $38 an ounce, while the most popular response was $50 an ounce. Out of the 1,770 responses received by Kitco News, one number stood out as the most popular, with 226 votes cast for silver to reach $50 an ounce by the end of 2021. Breaking down the results further, the most popular range for silver at the end 2021 was between $30 and $39, with a total of 936

  • Gold and silver futures prices are moderately higher in midday U.S. trading Monday. The safe-haven metals are catching a bid to start the trading week as there are now more cross-currents in the marketplace than seen recently. Some perceived bargain hunting is also featured in gold and silver after their prices scored sharp declines last Friday. February gold futures were last up $13.50 at $1,848.90 and March Comex silver was last up $0.563 at $25.205 an ounce. Global stock markets were mostly w

  • Share this article: 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) Central banks around the world became net sellers of gold in November as they sold more than they bought, said the World Gold Council (WGC). This is not the first time this happened in 2020. Central banks were also net sellers in August and September. The month of Augu

  •   Endeavour Mining (TSX: EDV) today announced that its first dividend will be paid on February 5, 2021 to shareholders of record at the close of business on January 22, 2021. President and CEO Sébastien de Montessus commented, “Following a strong performance in Q4-2020, this first dividend payment coincides with Endeavour having achieved its strategic goal of reaching a net cash position by year-end. Our goal now is to quickly build a net cash position of US$250 million, at which point we w

  •   Equinox Gold (TSX, NYSE: EQX) announced today that it exceeded 2020 revised guidance of 425,000 to 465,000 oz with total production of 477,200 oz of gold. Production for Q4 2020 totalled 136,400 oz of gold, including gold poured during commissioning and ramp-up at Castle Mountain. The company said that its RDM mine “significantly outperformed” expectations, with the Mesquite, Aurizona and Pilar mines exceeding “the top end” of their guidance range. All-in-sustaining costs for the full yea

  • On Friday, we mentioned Gold could be in trouble, and although we were long and in an uptrend, we were looking for proof that Gold could hold support. We also mentioned that a lower close would trigger and reversal, and it has. We are now short Gold and Silver, while long Platinum. The bigger story for the week was the cryptocurrency world, which saw Bitcoin trade to $42,000 and was joined in the big rally by Ethereum and many of the others. It appears that Bitcoin may be replacing Gold as the p

  •   Central Asia Metals (AIM: CAML) today provided a Q4 and full year 2020 operations update for the Kounrad dump leach, solvent extraction and electro-winning copper recovery project in Kazakhstan and the Sasa zinc-lead mine in North Macedonia. The company reports that Kounrad’s Q4 2020 copper production of 3,365 tonnes brings output for 2020 to 13,855 tonnes, compared to 13,771 tonnes mined in 2019. Total Kounrad copper production since operations commenced in 2012 is now 110,100 tonnes. CA

  • Precious metals investors were taken for a ride Friday when gold and silver plunged 4% and nearly 10%, respectively. The increases in the U.S. Treasury yields and the U.S. dollar were the main reasons behind this massive selloff, analysts told Kitco News on Friday. Gold saw a daily loss of $80 at one point, with February Comex gold futures last trading at $1,836.60, down 4.02%. At the time of writing, the 10-year Treasury yield climbed above 1.1%. Despite massive daily losses, the move lower mig

  • Investors are dumping lower yielding assets like gold to buy higher volatility securities like Tesla shares and bitcoin, said Gareth Soloway, chief market strategist at In The Money Stocks, but Soloway is not selling his gold yet. “The one thing I would say to investors that are into gold is stick with it. This to me is a classic retrace, it’s had a great move up, it’s seeing a sell-off,” Soloway said. “The shorter term investors are saying, why am I in gold when bi

  • “Been dazed and confused for so long, it’s not true … Lotsa people talkin’, few of them know” – Led Zeppelin, Songwriters: Page, James, Patrick. Many traders and market participants are quite frankly bewildered at the extent of today’s selloff in all the precious metals. You could even say that it is left many gold investors dazed and confused. Market commentators and analysts cited today’s dramatic $66 price drop in gold as a result of U.S. government bonds extending their yie

  • While gold was flashing yellow, gold miners made a number of aggressive deals this week. Ron Macdonald, CEO of Zinc8 Energy Solutions (CSE:ZAIR), joined correspondent Paul Harris and Mining Audiences Manager Michael McCrae to record Kitco Roundtable podcast on Friday. Today gold tumbled around 4% as investors sold off the precious metal. February Comex gold futures were last trading at $1,839.40, down 3.88% on the day after breaching a key $1,850 an ounce level. The fall is being blamed on a ris

  • Comex silver futures prices got hammered to the tune of a more-than-10% decline on Friday, which did produce near-term technical damage, including soundly negating a price uptrend on the daily bar chart for March futures. Prices also closed at a technically bearish weekly low close Friday. Friday’s mammoth daily losses in silver are not a rarity for the metal. An examination of the daily chart for March futures shows huge daily declines occurred in August, September and November. Those previous

  • With lockdowns resuming in Europe, concerns rise that London, a major vaulting center, will face logistical challenges in transporting and servicing gold and silver bullion, similar to what happened in March that led to shortages of the physical precious metals markets. Ruth Crowell, chief executive of the London Bullion Market Association (LBMA), said that vaults and service providers are more prepared this time around. “This is something we talk about in terms of potential market disruptions,

  • Gold tumbled around 4% on Friday as investors sold off the precious metal amid a rise in the U.S. Treasury yields market. February Comex gold futures were last trading at $1,839.40, down 3.88% on the day after breaching a key $1,850 an ounce level. “There are two catalysts right now that are causing gold to sell-off. Rise in bond yields and the economy looking in trouble. This is causing liquidation and flight to cash,” said Kitco Metals global trading director Peter Hug. “The 10-year bond yield

  • As a young markets reporter I worked right on the exchange trading floors in New York and Chicago many years ago, including covering the massive U.S. Treasury bond futures trading pit at the Chicago Board of Trade. I was told many times during my reporting days, both by bond traders and traders of many other markets, that the bond market traders were the smartest traders around—meaning that they are very good at forecasting upcoming events and at discounting events as they play out. A feature in

  • After posting its best annual performance in a decade during a turbulent 2020, gold rang in the new year with a $125 roller coaster ride this week. The price of bullion rallied significantly to kick off the year on Monday, rising over $50 higher above its down trend line as a weak U.S. dollar slipped to 2018 lows. However, this huge gain in the safe-haven metal to begin 2021 was short-lived. Once the Georgia runoff election results showed a Democrat sweep being imminent, risk-on in the marketpla

  • Battered by the pandemic, global gold production fell by 12% in Q2 2020, to the lowest level since 2013. Carlin operation in the United States was the world’s largest gold mine by production. The world’s gold mining industry faced unprecedented challenges this year caused by Covid-19 related suspensions that were major factors behind a noticeable production drop recorded in several regions. North America, South America and Africa felt the greatest impact. Kitco previously reported that Canada pr

  • Kitco MEDIA · The Metals, Money, and Markets Weekly by Mickey Fulp – January 8, 2021 Join The Mercenary Geologist Mickey Fulp and Trevor Hall of Mining Stock Daily every Friday afternoon for a recap of metals, money, and markets. Each episode provides commentary on performances and a look ahead to next week’s markets. You can listen to the weekly wrap exclusively at Kitco.com. We trust you will find our podcast of value and hope it becomes a part of your weekly due diligence and rese

  • Eight days into the new year, and we are off to an explosive start! One bitcoin is worth both of my cars, and interest rates are blasting off. Seriously, what could go wrong? The answer is nothing. Some of our clients have six-figure gains on bitcoin futures, and others have been short treasuries and caught the move on rising interest rates. I have been writing that interest rates will continue to increase until the second quarter of 2021, and at that point, you want to shift into gold. That is

  • While gold was flashing yellow, gold miners made a number of aggressive deals this week. Ron Macdonald, CEO of Zinc8 Energy Solutions (CSE:ZAIR), joined correspondent Paul Harris and Mining Audiences Manager Michael McCrae to record Kitco Roundtable podcast on Friday. Today gold tumbled around 4% as investors sold off the precious metal. February Comex gold futures were last trading at $1,839.40, down 3.88% on the day after breaching a key $1,850 an ounce level. The fall is being blamed on a ris

  • Investors are dumping lower yielding assets like gold to buy higher volatility securities like Tesla shares and bitcoin, said Gareth Soloway, chief market strategist at In The Money Stocks, but Soloway is not selling his gold yet. “The one thing I would say to investors that are into gold is stick with it. This to me is a classic retrace, it’s had a great move up, it’s seeing a sell-off,” Soloway said. “The shorter term investors are saying, why am I in gold when bi

  • Precious metals investors were taken for a ride Friday when gold and silver plunged 4% and nearly 10%, respectively. The increases in the U.S. Treasury yields and the U.S. dollar were the main reasons behind this massive selloff, analysts told Kitco News on Friday. Gold saw a daily loss of $80 at one point, with February Comex gold futures last trading at $1,836.60, down 4.02%. At the time of writing, the 10-year Treasury yield climbed above 1.1%. Despite massive daily losses, the move lower mig

  • “Been dazed and confused for so long, it’s not true … Lotsa people talkin’, few of them know” – Led Zeppelin, Songwriters: Page, James, Patrick. Many traders and market participants are quite frankly bewildered at the extent of today’s selloff in all the precious metals. You could even say that it is left many gold investors dazed and confused. Market commentators and analysts cited today’s dramatic $66 price drop in gold as a result of U.S. government bonds extending their yie

  • Comex silver futures prices got hammered to the tune of a more-than-10% decline on Friday, which did produce near-term technical damage, including soundly negating a price uptrend on the daily bar chart for March futures. Prices also closed at a technically bearish weekly low close Friday. Friday’s mammoth daily losses in silver are not a rarity for the metal. An examination of the daily chart for March futures shows huge daily declines occurred in August, September and November. Those previous

  • With lockdowns resuming in Europe, concerns rise that London, a major vaulting center, will face logistical challenges in transporting and servicing gold and silver bullion, similar to what happened in March that led to shortages of the physical precious metals markets. Ruth Crowell, chief executive of the London Bullion Market Association (LBMA), said that vaults and service providers are more prepared this time around. “This is something we talk about in terms of potential market disruptions,

  • Gold tumbled around 4% on Friday as investors sold off the precious metal amid a rise in the U.S. Treasury yields market. February Comex gold futures were last trading at $1,839.40, down 3.88% on the day after breaching a key $1,850 an ounce level. “There are two catalysts right now that are causing gold to sell-off. Rise in bond yields and the economy looking in trouble. This is causing liquidation and flight to cash,” said Kitco Metals global trading director Peter Hug. “The 10-year bond yield

  • As a young markets reporter I worked right on the exchange trading floors in New York and Chicago many years ago, including covering the massive U.S. Treasury bond futures trading pit at the Chicago Board of Trade. I was told many times during my reporting days, both by bond traders and traders of many other markets, that the bond market traders were the smartest traders around—meaning that they are very good at forecasting upcoming events and at discounting events as they play out. A feature in

  • After posting its best annual performance in a decade during a turbulent 2020, gold rang in the new year with a $125 roller coaster ride this week. The price of bullion rallied significantly to kick off the year on Monday, rising over $50 higher above its down trend line as a weak U.S. dollar slipped to 2018 lows. However, this huge gain in the safe-haven metal to begin 2021 was short-lived. Once the Georgia runoff election results showed a Democrat sweep being imminent, risk-on in the marketpla

  • Battered by the pandemic, global gold production fell by 12% in Q2 2020, to the lowest level since 2013. Carlin operation in the United States was the world’s largest gold mine by production. The world’s gold mining industry faced unprecedented challenges this year caused by Covid-19 related suspensions that were major factors behind a noticeable production drop recorded in several regions. North America, South America and Africa felt the greatest impact. Kitco previously reported that Canada pr

  • Kitco MEDIA · The Metals, Money, and Markets Weekly by Mickey Fulp – January 8, 2021 Join The Mercenary Geologist Mickey Fulp and Trevor Hall of Mining Stock Daily every Friday afternoon for a recap of metals, money, and markets. Each episode provides commentary on performances and a look ahead to next week’s markets. You can listen to the weekly wrap exclusively at Kitco.com. We trust you will find our podcast of value and hope it becomes a part of your weekly due diligence and rese

  • NEW YORK (Reuters) – A global equities rally pushed Japan’s Nikkei to a more than three-decade high and the Nasdaq Composite Index to a new record on Friday while safe havens such as Treasuries and gold sold off as investors looked past political unrest in the United States and focused on further stimulus to mend the economic damage of the coronavirus pandemic. Risky assets, including oil, emerging market stocks and bitcoin, jumped, while a sell-off in 10-year U.S. Treasuries pushed their

  • Considering yesterday’s sharp decline and rapid recovery in gold prices, today’s trading activity exhibited follow-through strength resulting in moderate gains for gold futures. As of 4:00 PM EST, the most active February 2021 Comex contract is currently up by $6.30 and fixed at $1914.90. This is a net gain of approximately 3/10 of a percent with a high of $1929.60, and a low of $1970.50. There were two major factors that limited gains in gold futures. The first of which was dollar strength, wit

  • America is not headed for another Civil War, but what investors can expect is an appreciation of commodity prices in the wake of major economic changes, said E.B. Tucker, director of Metalla Royalty and author of “Why Gold, Why Now.” “We have an opportunity with gold because what we’re going to see is that companies are going to run into some trouble when costs are rising, labor costs are rising…commodities are all going up,” Tucker said. “If I told you [after] you woke up today from being aslee

  • Hong Fang, CEO of OKCoin, doubles down on her $100,000 price call for bitcoin in 2021 owing to adoption from institutional investors and the growing acceptance of bitcoin as a viable store of value. Fang’s comments come as bitcoin hit $40,000 on Thursday. “I’m still very bullish on bitcoin for the mid to long-term and I do think that for the next 12 months that $100,000 price point is still achievable,” Fang said.

  • Gold had a stellar year, rising more than 25% in 2020, but its best days are likely behind it when it comes to the outlook for 2021, said Capital Economics in its latest commodities update. Gold ended the year on a very positive note, with prices comfortably breaching the key psychological $1,900 an ounce level on the first days of 2021. Earlier in the year, gold set a new all-time high of above $2,060 an ounce in August. “The depreciation of the U.S. dollar coupled with a slight decline i

  • Gold and silver futures prices are mildly higher in midday U.S. trading Thursday, on a rebound from the strong selling pressure seen on Wednesday. Gains in the two precious metals are tepid, however, as the U.S. and global stock markets continue to power higher. February gold futures were last up $5.70 at $1,914.30 and March Comex silver was last up $0.218 at $27.255 an ounce. Global stock markets were mostly up overnight. U.S. stock indexes are pointed higher and at or near record highs at midd

  • Gold will be the asset to beat in 2021, according to Bloomberg Intelligence, which sees the precious metal outperforming U.S. stocks. “Gold may gain increasing reference as the performance benchmark to beat,” said Bloomberg Intelligence senior commodity strategist Mike McGlone. Gold’s price advance of 2020 appears to be sustainable, McGlone said on Tuesday, noting that the current resistance of $2,000 an ounce will become the metal’s support. “In an investment lands

  • For many market players, 2020 will go down in the history books as the year of unprecedented stimulus measures. According to the International Monetary Fund (IMF), $12 trillion has been pumped into global financial markets as governments and central banks worldwide have tried to stabilize the economy that was devastated by the COVID-19 pandemic. Simultaneously, the Federal Reserve, which has led the way in central bank stimulus, has seen its balance sheet balloon to record highs above $7 trillio

  • Gold ticked up slightly as momentum in the service sector was stronger-than-expected in December, according to the latest data from the Institute of Supply Management (ISM). The Non-Manufacturing Purchasing Managers Index was at a reading of 57.2% last month, up from November’s 55.9%. The 1.3 percentage-point increase surprised the markets, with consensus expectations calling for the index to come in at 54.6%. Readings above 50 are seen as a sign of economic growth – the farther an indicator is

  • The initial weekly jobless claims dropped by 3,000 to 787,000 in the week to Saturday, slightly beating market expectations. Economists’ consensus called for initial claims to come in at 800,000 million following the revised level of 790,000 reported in the previous week. The four-week moving average for new claims – often viewed as a more reliable measure of the labor market since it flattens week-to-week volatility – declined to 818,750, from last week’s revised average of 837,500, the U.S. La

  • A Democrat lead in the Georgia Runoffs election should be positive for gold, as more stimulus can be expected from a Democrat-controlled Senate, but instead, gold prices fell today. Gary Wagner, editor of theGoldForecast.com, said that markets have taken a more risk-on sentiment following the news. “I believe the Dow had a lot to do [with it], putting a risk-on market environment and taking away that safe-haven sentiment, and that’s one of the reasons we saw such a brisk sell-off, Wagner said. T

  • Twitter today removed three of Donald Trump’s tweets due to “…severe violations of our Civic Integrity policy.” Trump’s access to Twitter will be locked for 12 hours. Twitter warns continued violation could result in permanent suspension. Trump has over 88.7 million followers and has been a big user of the platform. Trump’s video calling for calm was also removed by Facebook. In the video calling for protestors to go home, he also expressed sympathy for the pe

  • Gold edged up from daily lows as crowds of pro-Trump supporters stormed the U.S. Capitol, where lawmakers were debating the certification of President-elect Joe Biden’s win over President Donald Trump. The U.S. Capitol was put on lockdown as pro-Trump demonstrators breached security barricades with the U.S. lawmakers inside. February Comex gold futures were trading at $1,923.80, down 1.57% on the day, after hitting a low of $1,902.60 earlier in the session. A crowd of protesters clashed with pol

  • Gold remained near daily lows after the Federal Reserve released the December meeting minutes, which showed broad support for the central bank’s current bond-buying program. During the December meeting the Fed kept rates unchanged near zero, while Chair Jerome Powell stressed that the central bank will continue its asset purchases until “the job is well and truly done.” The minutes from the meeting revealed that all Fed officials backed the current bond-buying pace. “All participants

  • Gold and silver futures prices are sharply lower in midday U.S. trading Wednesday, on some routine profit taking from the shorter-term futures traders and some chart consolidation after gold hit a two-month high overnight and silver scored a four-month high. No significant chart damage was inflicted upon either metal today. February gold futures were last down $46.60 at $1,907.80 and March Comex silver was last down $0.515 at $27.125 an ounce. U.S. stock indexes are mixed to higher at midday. Tu

  • Gold was trading near daily lows after the U.S. Census Bureau reported that U.S. factory orders rose 1% to $487.2 billion in November. Consensus expectations compiled by various news organizations called for orders to be up 0.7%. October’s advance in orders was revised up to 1.3% from a 1% increase. Orders for non-defense capital goods excluding aircraft, which is a gauge used to forecast business spending plans on equipment, were up 0.5%. Also, November’s shipments were up 0.7% at $492.9 billio

  • Gold climbed up from daily lows after private-payrolls processor ADP reported a decrease in jobs in December instead of expected growth. Private payrolls declined 123,000 during the previous month, which marked the first decrease since April, ADP said on Wednesday. Market consensus was calling for an advance of 88,000. November’s data was downwardly revised to an increase of 304,000 jobs. In an initial reaction to the data, gold ticked up from daily lows but remained in negative territory. Febru

  • NEW YORK (Reuters) -The Dow and the S&P 500 ended higher, soaring to all-time highs on Wednesday, as investors piled into financial and industrial stocks on bets a Democratic sweep in Georgia would lead to more fiscal stimulus and infrastructure spending. But Wall Street pared gains and the Nasdaq index closed lower after swarms of protesters stormed the U.S. Capitol on Wednesday as they sought to force Congress to undo President Donald Trump’s election loss to Joe Biden. Police in the U.S.

  • On the second trading day of the year gold futures most active, February 2021 Comex contract is fixed at $1952.60. Although today’s gains were meager when compared to yesterday’s dramatic $50 price advance, the importance of today’s gains has to do more with follow-through buying after a stellar performance yesterday, rather than traders moving in to quickly take profits. When the daily gains in gold are extremely strong, typically professionals and money managers use that opportunity to take pr

  • When something goes straight up, it usually comes straight back down said Chris Vermeulen, chief market strategist at The Technical Traders, referring to bitcoin’s recent parabolic move upwards. “Typically when [you have] a multi-year base, typically you’re going to see two to three times that rally to the upside. We’re almost at two times that level, $36,000 is pretty much the upside target. The more something goes straight up, the more likely it is to come straight back down,” Vermeulen

  • Gold and silver futures prices are higher in midday U.S. trading Tuesday, on important follow-through strength after big gains posted Monday, which suggests still more upside is coming in the near term. Gold hit a seven-week high today. The metals are seeing support from a seriously depreciating U.S. dollar on the foreign exchange market that saw the dollar index hit a 2.5-year low Monday. The specter of rising and possibly problematic price inflation on the horizon is also bullish for the metal

  • Ethereum co-founder Vitalik Buterin has called gold “lame” in his 2020 endnote published on Tuesday while stressing that cryptocurrencies are underrated. Buterin looked at economics’ changing role and asked the question: “How should we re-evaluate our models of the world?” One of his key messages is that cryptocurrencies and the technology behind them have an important role to play going forward. “It’s a world where blockchains and cryptocurrencies are w

  • Even after breaching $30,000, bitcoin’s price peak is still miles away, according to JPMorgan, which does not rule out an advance to $146,000 in the long-term as the cryptocurrency competes with gold. “Considering how big the financial investment into gold is, a crowding out of gold as an ‘alternative’ currency implies big upside for bitcoin over the long term,” the strategists led by Nikolaos Panigirtzoglou wrote in a note on Monday. JPMorgan’s $146,000 targe

  • Gold is starting the new year on a strong note, with further political turmoil in the U.S. pushing prices well above $1,900 an ounce. Not only is the gold market shining bright in the new year, with growing expectations that it is only a matter of time before prices push past their all-time highs above $2,000 an ounce, but one fund manager says that he expects mining equities to attract a lot of new investor interest. In a recent interview with Kitco News, John Hathaway, senior portfolio manager

  •   The drama surrounding TMAC Resources and its Hope Bay mine appears to be coming to a close as Agnico Eagle Mines announced its plans to acquire the company. In a press release Tuesday, Agnico Eagle said that it was offering to buy all outstanding TMAC shares for C$2.20 per share in cash, representing an increase of C$0.45 per share, compared to the offer price of C$1.75 offered by Shandong Gold Mining. The deal is valued at approximately C$286.6 million. “The Offer Price represents

  • DAKAR, Jan 5 (Reuters) – A company led by American-Senegalese R&B singer Akon has signed a deal to finance a copper and cobalt mine in the Democratic Republic of Congo in a joint venture with a state miner, according to a contract published by the mines ministry. The Grammy-nominated singer, known for hit songs like "Don't Matter" and "Smack That," has launched a number of business and philanthropic ventures across Africa in recent years

  • By Maria Cervantes LIMA, Jan 5 (Reuters) – A three-week-long roadblock protest by locals has prevented Las Bambas mine in Peru, run by Australia-based MMG Ltd , from exporting 189,000 tonnes of copper concentrate, a mining association leader said on Tuesday. Pablo de la Flor, executive director of the National Society of Mining, Oil and Energy, said the blockade of a road in Cusco region, 200 kilometers (124.3 miles)from the mine, had lasted for 24 days so far and prevented the export of c

  • The first day of trading which began yesterday in Australia has resulted in exponential growth of bullish market sentiment in regards to gold pricing. Although the factors that moved gold pricing just over $50 on the first trading day in 2021 have been in existence for quite some time. However, real concern regarding the eradication of the coronavirus through vaccinations and the timeline that would take, coupled with the enormous capital that the U.S. Treasury has already allocated for fiscal s

  • The new year will bring in more uncertainty, and gold prices will thrive on more stimulus, inflation risk, and bitcoin’s bubble bursting, according to OANDA senior market analyst Edward Moya. “2021 is going to be a very strong year for gold. I am very bullish. $2,300 will be a key level,” Moya told Kitco News in December. “This pandemic has done tremendous economic scarring to the U.S., and what you are probably going to see is unprecedented fiscal and monetary stimulus c

  • Investment demand for gold and silver fired on all cylinders in 2020 as the U.S. Mint data shows that demand for bullion gold and silver coin reached its highest level in four years. According to its latest sales numbers, the U.S. Mint sold 884,000 ounces of gold in various denominations of its American Eagle gold coins. Physical gold demand saw a more than five-fold increase, up 455% compared to 152,000 ounces sold in 2019. Sales of gold coins reached their highest level since 2016 when the min

  • Taking a look at everything from the mine site to end user products and services, mining legend Robert Friedland filed a blank check company or SPAC in late December focused on new energy technology. A special-purpose acquisition company or SPAC is a shell corporation that side steps the need to take a company public and run through the traditional IPO process. Axios writes that there has been an avalanche of SPACs, with 248 SPACs listed in 2020, raising over $83 billion, and plenty more planned

  • Lucapa Diamond (ASX:LOM) said today its 17th +100 carat white diamond from its Lulo alluvial mine in Angola. Lucapa said that the 113 carat gem-quality white stone is the 1 st +100ct diamond recovered from Mining Block 46, immediately downstream of the Canguige river.” <p”it is=”” particularly=”” significant,=”” as=”” it=”” shows=”” that=”” these=”” large=”” and=”̶

  • Gold and silver futures prices are trading sharply up in midday U.S. action Monday, with gold hitting a seven-week high and silver a 3.5-month high. The metals are being boosted by a very anemic U.S. dollar on the foreign exchange market that saw the dollar index hit a 2.5-year low overnight. Safe-haven demand is also seen as the U.S. stock market sold off Monday, and also amid surging Covid-19 cases in the U.S., Europe and other parts of the world. The specter of rising and possibly problematic

  • The economy will not recover at a rapid pace in 2021, said David Morgan of The Morgan Report, leading investors to flock to safe haven assets. “I don’t think we’re going to see much of a recovery next year. We could, but I don’t think we’re going to see the risk-on type of situation, I think a lot of people are going to be looking for safe havens,” Morgan said. However, certain sectors that require silver will not go out of business any time soon, Morgan noted. “Next year you’re going to have a

  • Gold is ready for new highs in the new year as some analysts say the consolidation period in gold is over and risk is back on the table. On Monday, gold surged more than $50, trading well above the $1,900 mark. The February Comex gold futures were last at $1,944.30, up 2.60% on the day, after almost hitting $1,950 an ounce earlier in the session. “The consolidation in gold has run its course, with political risk back on the agenda to start the New Year. The upcoming Georgia Senate runoffs

  • SilverCrest Metals announced today that its Canadian subsidiary has entered into a credit agreement with an affiliate of RK Mine Finance to provide a secured project financing facility for a total of US$120 million for the purpose of funding the construction of the Las Chispas project in Mexico. Concurrently, one of the company’s Mexican subsidiaries has entered into a fixed price engineering, procurement and construction contract (the “EPC contract”) with Ausenco Engineering Canada for construc

  • McEwen Mining (NYSE: MUX) (TSX: MUX) reported today its consolidated production for Q4 2020 and for the full year of 2020. In 2020, the company produced 92,100 gold ounces, a 31% decline over 2019 (134,300 ounces). Silver output dropped by 40%, from 3,365,800 ounces in 2019 to 2,020,000 ounces in 2020. Total gold equivalent ounces produced amounted to 115,600, a 34% decrease compared to 2019 (174,400 ounces). According to the company, in Q4 2020, McEwen Mining’s attributable production from San

  • Great Western Mining Corporation has announced that it has poured first gold and silver and produced a doré bar as a pilot exercise using material from test spoil heaps on its Mineral Jackpot property in Mineral County, Nevada.  The success of the trial proves the concept of being able to extract gold and silver from up to 12,000 tons of material available from 38 spoil heaps on the property. The operation was carried out at a facility in Mineral County where an initial load of approximately 4 t

  • Lucara Diamond announced on Monday that the application for the renewal of mining licence for its Karowe mine has been approved by Botswana’s Minister of Mineral Resources, Green Technology and Energy Security. According to the company’s statement, the renewal is effective January 4, 2021 for a period of 25 years, securing Lucara’s mining rights to 2046 and marks a “critical step” in the formal sanction of the Karowe underground expansion project. President and CEO Eira Thomas

  • The National Institute of Statistics and Informatics of Peru (INEI) has announced that the domestic metallic mining production fell by 3.06% in November 2020. According to INEI, the mining and hydrocarbons sector contracted by 4.75% due to the lower activity in the metallic mining subsector (-3.06%). INEI said that Peru faced a decline in the output of gold (-20.8%), molybdenum (-13.1%), silver (-11.8%), lead (-9.3%) and copper (-1.9%). On the contrary, the country registered higher production o

  • Caledonia Mining Corporation today announced that the Board of Directors has declared an increased quarterly dividend of eleven United States cents (US$0.11) on each of the Company’s shares. This represents a 10% increase from the previous quarterly dividend of 10 cents that was paid in October 2020 and a 60% cumulative increase from the level of 6.875 cents since October 2019. The firm went on to say that they have a target production of 61,000 to 67,000 ounces of gold in 2021; target pro

  • (Updates prices) * Dollar slips to multi-year lows * Platinum hits highest level since August 2016 * Silver hits over three-month peak * Silver set to shine in 2021 * Interactive graphic tracking global spread of coronavirus: By Shreyansi Singh Jan 4 (Reuters) – Gold prices rose more than 2% on Monday to their highest level in nearly two months, bolstered by the dollar’s slide ahead of runoff elections for both U.S. Senate seats from Georgia. Spot gold was up 2.4% at $1,943.13 an oun

  • Gold and silver futures prices are trading sharply up in early U.S. action Monday, with gold hitting a seven-week high. The metals are being boosted by a very anemic U.S. dollar on the foreign exchange market that saw the dollar index hit a 2.5-year low overnight. Safe-haven demand amid surging Covid-19 cases in the U.S., Europe and other parts of the world are also supporting the precious metals. The specter of rising and possibly problematic price inflation appears to be gaining some steam and

  • Asiamet Resources (LON: ARS) announced on Monday that it has received a further key approval for the BKM copper project development, located in Central Kalimantan, Indonesia. Asiamet said that the company was granted approval for the company’s revised AMDAL, the environmental permit, that allows the project to proceed to the final step to secure a forestry borrow-to-use permit (“Pinjam Pakai”) from the Government of Indonesia. In order to achieve this permitting milestone, Asiamet has demonstrat

  • Rover Metals (TSXV: ROVR) (OTCQB: ROVMF) today announced that it has submitted a permit application for ice road access to its 100% owned Cabin Lake gold property, located in the Northwest Territories, Canada. The company said that the proposed route for the Cabin Lake ice road is directly off Hwy 3 at the town of Behchoko, NT, and 40 km north-northwest across Russell Lake to the property. Rover Metals added that ice road access to the property, if approved, will “materially decrease” the compan

  • LONDON (Reuters) – British Prime Minister Boris Johnson is set to announce later on Monday a new coronavirus lockdown for all of England similar to the one imposed when the pandemic hit the country in March, the BBC reported. The measures would include school closures for most pupils and people would be asked to work from home unless they are unable to do their jobs remotely or are key workers, the BBC said, adding the measures would come into effect from midnight. Johnson is due to delive

  • JAKARTA, Jan 4 (Reuters) – Operational activities at the nickel smelting hub in Morowali, on Indonesia&apos;s Sulawesi island were not affected by earthquakes that hit the area in the early hours of Monday, a company official said. Indonesia&apos;s meteorology agency BMKG&apos;s said at least three tremors were felt near Morowali on Monday with magnitudes of up to 4.9. Morowali is Indonesia&apos;s top nickel processing centre where companies such as Tsingshan Holding Group

  • On Thursday we wrote that gold, silver and platinum were attempting to breakout, overnight and this morning they are exploding higher. Gold is up over $40.00, silver over $1.00 and platinum higher by $38.00. This has all appearances of a runaway or the final blow off to the upside. We are long and have been so for most of this rally and will stay there with the algorithms we trade. Looking at it from a pure trader view this could be considered topping action. While we are thrilled to be long and

  • Argonaut Gold (TSX: AR) announced on Monday that it has executed a fixed bid engineering, procurement, construction and commissioning contract (the “EPC contract”) with Ausenco Engineering Canada, for the construction of the Magino processing facility and other parts of the Magino construction project. According to the company, the EPC contract totals approximately 40% of Magino’s initial capital estimate of between C$480 million and C$510 million. Ausenco is a leading engineer

  • WASHINGTON (Reuters) – U.S. construction spending rose to a record high in November, boosted by a robust housing market amid historically low mortgage rates, which could help blunt some of the hit on the economy from raging COVID-19 infections. The Commerce Department said on Monday that construction spending increased 0.9% to $1.459 trillion, the highest level since the government started tracking the series in 2002. Data for October was revised higher to show construction outlays acceler

  • The “future” is already happening now, and copper stands to benefit the most from the electrification of our economy, said Gianni Kovacevic, CEO of CopperBank.

  • Join The Mercenary Geologist Mickey Fulp and Trevor Hall of Mining Stock Daily every Friday afternoon for a recap of metals, money, and markets. Each episode provides commentary on performances and a look ahead to next week’s markets. You can listen to the weekly wrap exclusively at Kitco.com. We trust you will find our podcast of value and hope it becomes a part of your weekly due diligence and research. May all your trades be to the upside.

  • 2021 is not going to be the year of another market crash, said Frank Holmes, CEO of U.S. Global Investors. In fact, the economy is expected to see a substantial rebound, followed by a rally in gold, stocks, and bitcoin. Total stimulus, both monetary and fiscal, has now reached $10 trillion. “It’s ignited the PMI. The Purchasing Managers’ Index is a great leading indicator. When that turns for China and when that turns for America, we’re 40% of all global trade, copper, iron, all the metals

  • As we say goodbye to 2020 and tabulate all of its highs and lows, here is a look back at Kitco’s top stories from this very turbulent year. 1. The number one story from 2020 is about stocks being at risk of a massive selloff and gold’s potential boom. The cyclical bull market for equities is over, HS Dent founder Harry Dent told Kitco News in November. After December, stocks will begin a secular multi-year decline, starting with a 40% correction by April, Dent pointed out. “If

  • The last full trading day for 2020 has come to a close, now with only a shortened trading day left tomorrow, we can begin to look back at this year. There is no doubt that 2020 will be written about in history books as a year that billions of individuals will want to forget. For those individuals lucky enough to not contract the virus, the global pandemic overwhelmingly affected every component of their daily life creating a “new normal”. Sadly, the world has lost almost 1.8 million souls, as th

  • Gold and silver futures prices are moderately higher in midday trading Wednesday. A depreciating U.S. dollar on the foreign exchange market that saw the U.S. dollar index hit a new 2.5-year low today is bullish for the precious metals. However, gold and silver bulls are still being somewhat squelched by rallying U.S. and global equity markets that see the U.S. stock indexes near record highs. February gold futures were last up $7.10 at $1,890.00 and March Comex silver was last up $0.288 at $26.5

  • Results from a four-year-old discovery in the Yukon has been published in a leading scientific publication. In July 2016 Yukon by miner Neil Loveless discovered a mummified wolf pup at Last Chance Creek just outside Dawson, Yukon. Earlier this month Current Biology published its findings. Scientists said the discovery is extraordinary, calling the animal remains the best preserved and most complete mummy of an ancient wolf found to date. The female wolf lived approximately 57,000 years ago and d

  • If 2020 taught us anything it was to expect the unexpected. Analyst’s throughout in the world wrote their 2020 outlooks and in February 2020 they became worthless as soon as the coronavirus pandemic took hold. Gold has been one of the beneficiaries of the turn in risk sentiment. Although, one of the ways the yellow metal took a hit was as redemptions kicked in. There was a scramble for US dollars as stock markets plunged and precious metals took a dive. After the move lower in March, there

  • It’s been said the copper market can lead price trends in other markets due to the metal being such an important gauge of global economic health. Thus the nickname, “Dr. Copper.” The Comex copper futures market in late 2020 hit a nearly eight-year high of $3.6340 a pound. That’s a big gain from the March 2020 low of $2.0595, basis nearby futures. Copper prices are presently in a very steep uptrend on the longer-term charts, to suggest 2021 will see more price appreciation for t

  • SANTIAGO, Dec 30 (Reuters) – Chilean Finance Minister Ignacio Briones said in a television interview Wednesday that Julio Ponce, a principal shareholder of SQM, the world&apos;s second largest lithium producer, &quot;would be in jail&quot; had a case of illicit trading brought against him in Chile been conducted in the United States. Chile&apos;s stock market regulator in 2014 fined Ponce, then chairman of SQM and former son-in-law of late dictator Augusto Pinochet, nearly

  • Dec 30 (Reuters) – The pandemic aid and spending package signed by U.S. President Donald Trump last Sunday includes more than $800 million to fund rare earths and strategic minerals research, spending that mining companies say will help counteract China&apos;s dominance over the sector. The $2.3 trillion, 5,593-page bill essentially codifies Trump&apos;s executive orders on rare earths, a group of 17 minerals used to make magnets for electric vehicles, other green technologies and

  • Last week Almaden Minerals (TSX:AMM) announced that its initial environmental permit application for its Ixtaca project was denied. Almaden originally submitted its environmental permit application (MIA) in early 2019. The permitting authorities are the Secretaría de Medio Ambiente y Recursos Naturales (SEMARNAT). The company said the reasons for the denial were insufficient information regarding the impacts of open-pit mining on the environment, local and regional areas. “SEMARNAT appears

  • As bitcoin gets ready to tackle $30,000, analysts point to one serious risk that could potentially challenge the cryptocurrency’s phenomenal surge this year. Bitcoin saw an incredible comeback from the March low of $4,607 to its new record high above $28,300 in December. This is a more than 500% rise in just eight months. And analysts are confident that more gains are in store for bitcoin as it currently trades above $26,500. Bullish outlook What makes this rally different from the one in

  • Gold bullion and gold stocks are different asset classes that serve different purposes; the former is a currency that hedges against fiat currencies, while the latter is more risky and gives leverage to the metal, said Whitney George, president of Sprott Inc. “The metal represents a currency and a hedge against this country and others mismanaging their currencies. It’s almost a bond surrogate. Certainly, it performs and provides the kind of insurance that you would get in a bond portfolio partic

  • As of 3:20 PM EST gold futures basis, the most active February 2021 Comex contract, is fixed at $1883.40 after factoring in $3.00 (0.16%) of gains. While on the surface this could be interpreted as traders bidding the precious metal higher, in the case of today’s action it was 100% due to a weak U.S. dollar. The U.S. dollar traded under pressure today down 4/10 of a percent and after factoring in today’s decline of 37 points is currently fixed at 89.905. Simple math tells us that the 0.40% decli

  • Gold futures prices are firmer in midday U.S. trading Tuesday, on a boost from a depreciating U.S. dollar on the foreign exchange market. Still, the safe-haven gold and silver bulls are being constrained by rallying U.S. and global equity markets that see the U.S. stock indexes hitting record highs again today. However, the indexes have backed down from their daily highs and that’s also providing some support to gold and silver. February gold futures were last up $4.90 at $1,885.30 and March Com

  • A weaker U.S. dollar due to the global economic recovery after the COVID-19 pandemic won’t be enough to support gold prices, according to one French Bank. Bernard Dhadah, precious metals analyst at Natixis said in a recent interview with Kitco News that he expects gold and the U.S. dollar to both suffer from shifting investor interest as an economic recovery reduces the need for safe-have assets. “We expect that instead of sitting on cash, investors are going to put their money to wo

  •   Gold Resource (NYSE American: GORO) reported yesterday that an Arista mine employee was fatally injured Thursday, December 24, 2020 at its operations in Oaxaca, Mexico. According to the company, the incident involved a light vehicle in an unauthorized and inactive area of the Arista underground mine. The company immediately informed the relevant authorities, and an investigation of the incident is currently ongoing. The company’s mining operations continue in parallel with the investigati

  • Anglo Pacific Group (SPF:LSE) have confirmed that it is acquiring an approximately 2.1% equity stake in Brazilian Nickel Limited at an investment cost of $2 million (approximately £1.5 million). Each BRN share is valued at roughly £0.45. The investment is part of a wider $27.5 million funding led by TechMet Limited, with funds they have received as part of a significant equity investment from the U.S. International Development Finance Corporation, as part of the anticipated acceleration of the d

  • Bitcoin-U.S. dollar prices are pausing Tuesday in early U.S. trading, after hitting to a record high early this week. A powerful price uptrend remains firmly in place on the daily bar chart. Bulls have the strong technical advantage and there are no early clues that a market top is close at hand. Do expect higher volatility on the upside and downside in the near term. Stay tuned!

  • All markets move under the same types of circumstances, they trend consolidate and glow off. Watching the metals over the last few days they are in the consolidation phase. This is common considering markets spend about 65% of the time in this phase. The trend is higher for Gold, Silver and Platinum, the fact that they are struggling to breakout to the next level coincides with common action before the next big move.  Our expectations are Gold Silver and Platinum will breakout to the upside cont

  • On Sunday President Trump signed off on the legislation to fund the government avoiding a shutdown that would have begun on Tuesday, coupled with a fiscal stimulus aid package. Collectively the expenditures contained in this bill amount to $2.3 trillion, of which $900 billion is allocated to fund the second stimulus package, and the remaining $1.4 trillion to be allocated to fund the government budget. According to CNN, “Congressional leaders announced Sunday night that they have secured a deal

  • Gold prices are struggling to push back above $1,900 an ounce ahead of the new year. According to one bank, the precious metal can generate enough momentum for one more push above $2,000 an ounce before the market runs out of gas by the second half of the year. In his year-end forecast, Harry Tchilinguirian, head of commodity research at BNP Paribas, said that he sees gold prices peaking in the second quarter next year, averaging $2,010 an ounce. The analyst is relatively neutral on gold for the

  • Gold futures prices are near steady in midday U.S. trading Monday and lost solid early gains. The U.S. stock indexes hitting record highs today and a rebound in the U.S. dollar index hit the gold market as the session progressed. Yet silver forged ahead and futures prices are poised to close at a 13-week-high close today. February gold futures were last down $2.40 at $1,880.90 and March Comex silver was last up $0.642 at $26.55 an ounce. Global stock markets were mostly up overnight. The marketp

  • In this year’s outlook survey, use the slider to cast your vote for where you think gold prices will be by the end of 2021. Kitco readers will have until 9 a.m. ET, Thursday to cast their vote. The results will be tabulated and released after noon (12 PM ET) Dec 31. Readers can also send any comments to newsfeedback@kitco.com and they could be featured in the story. For proper attribution, please include your full name, location and indicate whether or not you would like your comments publ

  • Last week the B.C. Supreme Court announced that it was siding with Teck (NYSE: B-TECK) over the province’s finance ministry in a dispute over tax payments. The dispute was over Teck claiming 50% or 100% of the exploration costs on its mineral tax return claimed from its partnership with Galore Creek Mine. Galore Creek is one of the world’s largest undeveloped copper-gold-silver deposits, according to Galore’s website. The project is located in northwestern British Columbia. COVID-19

  • The overnight session was highly active especially for the metals. Gold, silver and platinum were flying high. Gold was up over $20.00, silver over 1.00 and platinum up over $20.00. This morning they have calmed down and given back a large percentage of the gains. Pullbacks are a natural part of the trading cycle, although many may express some concern at the overnight retracement, but trend traders will look at it as another opportunity to buy. We are long across the board and see no reason for

  • LONDON, Dec 28 (Reuters) – Britain on Monday urged businesses to prepare for Brexit, just days before a transition period designed to smooth the UK’s departure from the European Union comes to an end. Britain and the EU clinched a trade deal on Thursday – one which preserves zero-tariff and zero-quota access to the bloc’s single market but which will still cause disruption. The transition period, under which Britain stayed aligned to the EU’s trading and regulatory

  • First, I want to say Happy Holidays and Merry Christmas to all of you; 2020 was a challenging year for all of us and completely unprecedented. This week started with a bang on December 21st, with silver having a $2.51/oz range and Platinum fluctuating $134.4/oz. One lesson I have learned in 2020 is that volatility can come out of nowhere and at any hour, day or night, and in any commodity. With futures trading nearly 23 hours a day, it might be wise to use resting good-’til-cancel orders t

  • Kevin O’Leary, chairman of O’Shares ETFs and star of Shark Tank, said that the digitization of America is here to stay, even if the economy opens up again. Some sectors will continue to outperform others, O’Leary said. “I think we [have recovered] in 80% of the cases. There are some sectors that are disadvantaged and will remain so, and also there has been some permanent change in consumer preferences and how they buy,” he said. Business travel, hospitality, and ent

  • If 2020 has taught investors anything, it is to expect the unexpected. Looking ahead to the new year, one bank thinks that silver could be the metal with the next big surprise. Earlier this month, Saxo Bank released its much-coveted annual Outrageous Prediction report. For commodity markets, silver made the list. In a headline-grabbing prediction, the bank sees silver prices pushing to the all-time highs around $50 next year. Saxo Bank’s renewed focus on silver comes as prices continue to outper

  • With the global economy recovering next year, the U.S. dollar will face more downward pressure as investors opt for riskier assets and the Federal Reserve keeps rates near zero, according to analysts. The U.S. dollar’s widely expected decline was put on hold at the beginning of 2020 as many embraced the greenback for its safe-haven qualities. In March, the U.S. dollar index (DXY) peaked above the 102 mark. However, since then, the DXY has been sliding and most recently trading near 2.5-yea

  • Interesting action in gold pricing today with a divergence of price between spot and futures pricing. As of 4:25 PM EST gold futures basis, the most active February 2020 Comex contract is currently up $6.70, which is a net gain of 0.34% and fixed at $1877. Dollar weakness today is the primary contributor to gains in gold futures. Currently, the dollar index is down 0.29 points which is a decline of 0.32%, and fixed at 90.255. That means that only an extremely fractional portion of today’s price

  • Gold and silver futures prices are moderately up in midday U.S. trading Wednesday. The precious metals are supported in part by bullish outside markets today that see the U.S. dollar index lower and crude oil prices higher. Gains have been limited, however, as global stock markets have stabilized at mid-week after being briefly roiled early Monday on new Covid-19 worries. February gold futures were last up $6.00 at $1,876.30 and March Comex silver was last up $0.23 at $25.765 an ounce. Global st

  • Dec 24 (Reuters) – Rio Tinto Ltd and Indigenous Australians said on Thursday they had taken initial steps towards rebuilding their relationship after the miner destroyed sacred Aboriginal caves in Western Australia in May.   The destruction of the 46,000-year-old Juukan Gorge rock shelters by Rio Tinto to make way for a mine expansion led to intense public criticism and an inquiry that eventually caused the departure of a number of top-level executives including its chief executive of

  • PALM BEACH, Fla. (Reuters) -U.S. President Donald Trump on Wednesday granted full pardons to former campaign manager Paul Manafort and former adviser Roger Stone, sweeping away the most important convictions made under the long-running Russia election probe. Trump also issued a full pardon for Charles Kushner, a real estate developer and the father of Trump’s son-in-law, Jared Kushner. It was the second wave of pardons Trump has issued in two days. The announcement came just after Trump arrived

  • BRUSSELS/LONDON, Dec 24 (Reuters) – Britain and the European Union were on the cusp of striking a narrow trade deal on Thursday, swerving away from a chaotic finale to the Brexit split that has dealt a blow to the 70-year attempt to forge European unity from the ruins of World War Two. While a last-minute deal would avoid the most acrimonious ending to the Brexit divorce, the United Kingdom is heading for a much more distant relationship with its biggest trade partner than almost anyone ex

  • Turquoise Hill is considering gold streaming, gold pre-sale and bond offering to fund development at Oyu Tolgoi. The Oyu Tolgoi deposit in south Mongolia is jointly owned by Rio Tinto-controlled Turquoise Hill and the Mongolian state. Rio Tinto describes the mine as one of the largest known copper and gold deposits in the world. The company faces a $3.0 billion projected base case funding requirement. The company said funding options could ‘…minimise or potentially eliminate the need

  •   Although prices are below $1,900, the gold market is ending the year in a good place, according to Peter Grosskopf, president, and CEO of Sprott Inc. In a recent telephone interview with Kitco News, he reiterated his stance that gold prices are in the early stages of a bull market. He added that he sees gold firmly in the $2,000 range in 2021; he said that price can easily go to $2,300 or $2,400 in a world where global debt is spiraling out of control. “There is a growing need for i

  • The equities markets have reached a top and are due for a pullback by about 15% – 20% in the New Year, said Gareth Soloway, chief market strategist at InTheMoneyStocks.com. “We’re now getting to a point where we have such inflated valuations that if you don’t get this monstrous beyond 35% earnings growth [that some analysts are forecast] then markets are going to sell-off pretty sharply,” Soloway said. While the S&P 500 has broken out above its multi-year trendline, history suggests th

  • Silver’s bull market is just beginning, said Bloomberg Intelligence, which sees silver as the “primary metal” benefitting from electrification and quantitative easing next year. The precious metal will follow in gold’s footsteps towards its own record high, said Bloomberg Intelligence senior commodity strategist Mike McGlone. “Silver may be a primary metal at the forefront of favorable trends in electrification and quantitative easing, with technicals pointing to a

  • Gary Wagner, editor of TheGoldForecast.com will join Kitco News for the channel’s first ever live-streamed interview on Tuesday, December 22, at 4:00 pm EST. The discussion will center around the outlook for the precious metals, with an introductory segment on technical analysis and chart reading. Wagner will combine historical cycle analysis for his long-term outlook, as well as the latest price action for short-term commentary.

  • Commodities, including gold, have been seeing initial signs of a long-term bull supercycle, said Steve Hanke, professor of applied economics at Johns Hopkins University. “Supply is very constrained, inventory is very low, and then as the economy starts kicking in and moving forward, commodity prices go way up and you do start a supercycle. I think we are seeing the initial signs that that might be in the wind,” Hanke said.

  • Kitco aficionados, as part of our 2021 outlook series, we’d like to know which metal do you think has the most potential in the new year? Will it be gold, silver, platinum, palladium, or copper? Kitco readers will have until 9 a.m. ET, Thursday to cast their vote. The results will be tabulated and released after noon (12 PM ET) Dec 24. Readers can also send any comments to newsfeedback@kitco.com and they could be featured in the story. For proper attribution, please include your full name,

  • After months of waiting, Congress has finally passed a new stimulus measure to help Americans who have seen their lives turned upside because of the COVID-19. The new liquidity flooding into markets should be positive for gold prices. However, many analysts have noted that the gold market was underwhelmed with the stimulus, which was well below initial expectations. After a brief push above $1,900 an ounce at the start of the week, gold prices are back under pressure. February gold futures last

  • Gold and silver futures prices lower in midday U.S. trading Tuesday, pressured by profit taking from recent gains by the shorter-term futures traders. Also, the key outside markets are bearish for the metals on this day—higher U.S. dollar index and lower crude oil prices. Also, global stock markets have somewhat stabilized Tuesday after hitting some fresh Covid turbulence on Monday—somewhat reducing risk aversion. February gold futures were last down $12.50 at $1,870.50 and March Comex silver wa

  • Gold price remained largely unchanged as U.S. existing home sales came in below expectations in November, falling for the first time in five months. Existing home sales dropped 2.5% last month to a seasonally adjusted and annualized rate of 6.69 million units, compared to October’s annualized rate of 6.86 million homes, the National Association of Realtors (NAR) said on Tuesday. The advance comes following an increase of 4.4% in October. Economists were expecting to see a decrease of 1% to 6.7 m

  • NEW YORK (Reuters) – The dollar rose on Tuesday in thin trading, as concerns about a coronavirus variant raging in Britain that has caused lockdowns and travel restrictions have dampened optimism about a U.S. stimulus bill that Congress passed overnight. Risk appetite took a hit, as U.S. stocks fell except for the Nasdaq, and U.S. Treasuries rallied. Currencies tied to higher risk appetite such as the Australian and New Zealand dollars were also weaker against the greenback. “Momentum, mar

  • Image credit: Golden Minerals. ZEN Graphene Solutions (TSXV:ZEN, OTC:ZENYF) announced today that it has developed a potential graphene-based antibiotic, antiviral and antifungal compound. According to the company’s statement, recently received testing results from the University Health Network/Mount Sinai Hospital Department of Microbiology in Toronto indicate that this patent pending formulation could be a “medical breakthrough in the treatment of numerous human-contracted pathogens including,

  • The gold market is struggling to attract some buying momentum with prices below $1,900 even as U.S. consumer sentiment falls in December ahead of the Christmas holidays. American consumer confidence index declined to 88.6 in December, down from November’s 92.9 the U.S. Conference Board reported Tuesday. Economists were expecting to see the index at a reading of 97.1. Gold prices remain roughly unchanged on the day seeing little reaction to the weaker than expected economic data. February gold fu

  • The gold market is seeing little reaction to stronger than expected third-quarter economic growth as prices remain below $1,900 an ounce. In the final reading of third quarter GDP, the U.S. Commerce Department said that the U.S. economy grew 33.4%. The data was slightly better than expected as consensus forecasts were calling for growth of 33.1%. “The upward revision primarily reflected larger increases in personal consumption expenditures (PCE) and nonresidential fixed investment,” the report s

  • Next year will be all about getting the coronavirus under control and igniting global economic growth after a year of shock and the deepest recession since the Great Depression. However, analysts warn that the real recovery can only begin in the middle of next year. This year’s unprecedented downturn was very different from the crisis of 2008-09, and the recovery will also be a very different one, said Goehring & Rozencwajg Associates managing partner Leigh Goehring. “This global

  • Guest(s): Gareth Soloway Chief Market Strategist, InTheMoneyStocks.com The equities markets have reached a top and are due for a pullback by about 15% – 20% in the New Year, said Gareth Soloway, chief market strategist at InTheMoneyStocks.com. “We’re now getting to a point where we have such inflated valuations that if you don’t get this monstrous beyond 35% earnings growth [that some analysts are forecast] then markets are going to sell-off pretty sharply,” Soloway said.

  • Based on the optimism that the House and Senate had reached an agreement in regards to the revised bipartisan fiscal stimulus bill on Sunday, gold futures traded to an intraday high of $1912 overseas last night in London. This price point is exactly $0.40 above gold’s current 100-day moving average which is currently fixed at $1911.60. However, at roughly 3:30 AM EST gold futures had already sold off from the intraday highs of $1912 and was trading just below $1900 before trading sharply lower.

  • Congress has finally passed much-needed stimulus measures to support the U.S. economy and residents whose lives have been devastated by the COVID-19 pandemic. The gold market has struggled to hold on to the critical psychological support above $1,900 as some disappointment creeps into the marketplace. The $900 billion stimulus package passed by Congress late Sunday is less than what some economists and market analysts have expected. However, one market analyst said that gold investors shouldn

  • Gold futures prices are near steady in midday U.S. trading Monday and have erased modest daily losses after hitting a six-week high overnight. Silver prices are seeing good gains and hit a three-month high overnight, but still well off its daily high. There is a stronger “risk-off” trader and investor mentality to start this holiday-shortened trading week, as Covid-19 concerns are back on the marketplace front burner. February gold futures were last down $1.30 at $1,887.60 and March Comex silver

  • Gold and silver are flying higher this morning. Thankfully, we were able to reverse our positions before this big rally began. We reversed April gold to long on Dec. 8 at $1872 and March Silver on Dec. 17 at $25.95. This morning April gold is trading 1906 and March silver is$ at 27.00. As we have written many times in the past, our trading positions have nothing to do with our long-term opinions of these metals or the fact that we are trying to capture most of the gains in anything we trade. We

  • Bitcoin-U.S. dollar prices are solidly lower in early U.S. trading Monday, on what is so far a normal downside correction in a strong existing uptrend after prices last week hit a record high. Bulls still have the solid technical advantage but do not want to see more strong price pressure this week, which would begin to suggest a market top is in place. Look for higher price volatility in the near term—possibly both on the upside and on the downside. Stay tuned!

  • WASHINGTON (Reuters) -U.S. congressional leaders have reached agreement on a $900 billion package to provide the first new aid in months to an economy hammered by the coronavirus pandemic, the Senate’s top Republican and Democrat said on Sunday, but it remained unclear when Congress would vote to seal the deal. “At long last, we have the bipartisan breakthrough the country has needed,” Republican Senate Majority Leader Mitch McConnell said on the Senate floor. The package would be the second-lar

  • The unusually strong magnets found in Buckyballs and other toys made from rare earths are not just a diversion, but a crucial material for transport, electronics and renewable energy. Rare earth elements are 17 metals with unique magnetic, fluorescent and chemical properties, according to a description by Canada Rare Earth. The magnetic properties of the select few rare earths, particularly neodymium, are much sought out and will underpin much of future technology being built. Professional inves

  • The economy could contract again in 2021, as many small business losses are permanent, and rising unemployment appears to be a trend, said Danielle DiMartino Booth, CEO of Quill Intelligence. “Between the retail sales report that was weak and the jobless claims…it’s clearly a trend. If you ask an economist, they need three prints of data for something to be established as a trend. We have a trend of rising unemployment claims in this country and we’re seeing more of the country shutting down inv

  • Sadly, the events that began in March when the Covid-19 epidemic officially became a global pandemic has led to the current state of the economy. Actions by the Federal Reserve and the U.S. Treasury have resulted in a perfect storm of events that have taken gold to its highest price ever in August 2020. The fundamental events that have led to the series of massive rallies in gold and silver are still very much with us. The announcement that multiple pharmaceutical companies have completed their

  • Gold‘s dismal performance in November had some investors seeing visions of 2013 when massive outflows in gold-backed exchange-traded products caused gold prices to see their biggest declines in 30 years. Last month SPDR Gold Shares (NYSE: GLD) saw more than 60 tonnes of gold flow out of its holdings in November as the gold market saw its worst monthly loss in four years. Globally, the World Gold Council said that more than 100 tonnes of gold flowed out of the ETF market, its second-biggest

  • The gold market has room to move higher in 2021, but one international bank notes that the marketplace will be plagued with uncertainty. Georgette Boele, senior precious metals strategist at ABN AMRO, said in a 2021 outlook report that gold will continue to garner support as a “new normal” is established throughout financial markets. Boele noted that gold saw unpreceded demand this past year as currencies around the world remain unattractive in an environment of “rock-bottom interest

  • Gold and silver futures prices are sharply higher in midday U.S. trading Wednesday. Gold prices scored a five-week high and silver a three-month high. The precious metals bulls are stoked by a reaffirmed easy money policy from the Federal Reserve and rising hopes of a new stimulus package for Americans. A meltdown in the U.S. dollar index is also working in favor of the precious metals market bulls. On this day the metals bulls also cast aside the better risk appetite in the marketplace. Februar

  • Gold’s best days are still ahead of it, according to the TD Securities outlook, which is looking for the precious metal to keep rising throughout 2021 and 2022. TD Securities is long gold and silver in its outlook, highlighting inflation expectations, Fed’s flexible average inflation targeting, currency debasement fears, weaker U.S. dollar, and lingering economic concerns as some of the main drivers. “Gold enthusiasts may not need to wait much longer for a convincing move highe

  • The U.S. housing sector continues to be a pillar of strength for the economy as construction of new homes remains relatively strong. U.S. housing starts rose 1.2% to a seasonally adjusted annual rate of 1.547 million units in November, the Commerce Department said on Thursday. The data were in line with expectations as consensus forecasts compiled by most news organizations called for starts to be around 1.53million. October’s data were revised 1.528 million units. For the year new home construc

  • The U.S. manufacturing sector continues to lose momentum with the Philadelphia Federal Reserve showing weaker sentiment in its regional manufacturing survey. The regional central bank said its manufacturing business outlook fell to a reading of 11.1 in December, down from November’s reading of 20.1. The data significantly missed expectations as consensus forecasts were calling for a reading around 22. “Manufacturing activity in the region continued to grow, but growth was less widespread,” the r

  • WASHINGTON (Reuters) – As the coronavirus pandemic roared to new record highs across the United States, it lit a fire in the U.S. Congress, where Republicans and Democrats were scrambling to pass a new round of aid after months of partisan finger-pointing and inaction. Even as they contemplated passing a third stopgap measure to give them a few more days to agree on final amounts, lawmakers from both parties said that COVID-19’s worsening toll meant that failure to agree was no longer an o

  • (Reuters) -Technology shares lifted the S&P 500 and the Nasdaq to record highs on Thursday as investors grew more optimistic about a coronavirus stimulus bill, helping markets look past signs of economic strain brought on by the COVID-19 pandemic. The S&P 500 technology and consumer discretionary indexes also hit record highs, up 0.6% and 0.4%, respectively. A surge in technology outsourcing firm Accenture gave the S&P 500 its strongest lift. Top Republicans and Democrats grew closer

  • “There’s something happening here. But what it is ain’t exactly clear… There’s battle lines being drawn. Nobody’s right if everybody’s wrong.” Steven Stills Today the primary focus of market participants and investors was the release of the Federal Reserve statement, and the current negotiations to finalize the wording on the bipartisan proposal announced yesterday. This revision is a revamp of the original bipartisan proposal which was presented last week. Although

  •   Image courtsey of FIA: FIA President and CEO Walt Lukken (left) inducted George Gero (right) into the FIA Futures Hall of Fame in 2019. (Kitco News) – The gold industry and the entire financial world is mourning the loss of a Titan in the industry. George Gero, managing director for RBC Wealth Management and champion of the gold sector, passed away in his home on Dec. 12 at the age of 84, according to his obituary from the Levine Memorial Chapel. It is easy to see how Gero has touch

  • Fiat currencies have historically lost most of their value after de-pegging from gold, and the best way to protect against an inevitable decline of the U.S. dollar is to buy bitcoin or gold, says Alex Mashinsky, CEO of Celsius Network. “The history of fiat demonstrates that every fiat currency, over time, will lose all its value,” Mashinsky said. Even though the dollar has already lost 90% of its value since the end of the Bretton Woods, more devaluation could still occur. “We unpegged in 1971 a

  • Kitco aficionados, it is now time to have your say in where you think gold prices are heading in the short-term powered by Will gold prices go higher, lower or remain unchanged next week? Kitco readers will have until 9 a.m. ET, Friday to cast their vote. The results will be tabulated and released after noon (12 PM ET) along with the results from our market professional survey. Readers can also send any comments to newsfeedback@kitco.com and they could be featured in the story. For proper attrib

  • Gold prices are near unchanged in early-afternoon dealings Wednesday, and backed off just a bit following an as-expected FOMC statement. Silver prices remain higher and notched a five-week high today. Precious metals bulls at mid-week are focusing on the prospects of more liquidity in the global marketplace sparking better consumer demand for metals, including the specter of problematic price inflation from all the monetary stimulus. February gold futures were last down $0.50 at $1,854.10 and Ma

  • Gold price reversed losses and spiked during the Federal Reserve Chair Jerome Powell’s press conference, which stressed that the central bank will continue its asset purchases until “the job is well and truly done.” The Federal Reserve kept rates unchanged on Wednesday, while committing to buying bonds until the economy reaches full employment. “The Committee decided to keep the target range for the federal funds rate at 0 to 1/4 percent and expects it will be appropriate to ma

  • The crypto world is on fire, with bitcoin breaching $20,000 for the very first time on Wednesday and hitting new all-time highs. This is the highest the cryptocurrency has ever been after an already very stellar year, which saw gains of more than 170%. At the time of writing, bitcoin was trading at $20,672, up 6.23% on the day. Driving this rally is a wider acceptance of bitcoin and increased interest from larger investors, who are viewing bitcoin as a store of value amid massive money printing

  • The gold market is holding on to steady gains but continues to see little reaction to mixed economic data. Wednesday, IHS Markit said its preliminary PMI data for December showed mixed sentiment with steady optimism in U.S. manufacturing sector but dropping in service sector. The research firm said U.S. manufacturing Purchasing Managers Index for December dropped to a reading of 56.5, down from November’s reading of 56.7. However, the estimates slightly missed consensus forecasts; economists wer

  • The gold market is struggling to hold on to modest gains even as U.S. consumers bought fewer items last month at the start of the Christmas holiday shopping season. U.S. retail sales fell 1.1% in November following October’s 0.3% rise, according to the latest data from the U.S. Commerce Department, released Wednesday; the data significantly missed expectations as economists were forecasting an drop of 0.3%. Meanwhile, core sales, which strips out vehicle sales fell 0.9% last month, following Oct

  • Equinox Gold is solidifying its role as one of the top gold miners in the Americas, announcing a friendly acquisition of Premier Gold Mines Limited Wednesday. The all-stock deal is valued at C$611.7 million. According to some reports, the agreement is worth about C$2.57 per share, representing a 2% premium to Premier’s Tuesday close. Equinox said that it would undertake a C$75 million equity financing fully underwritten by its Chairman, Ross Beaty, to help fund the deal. Equinox said after

  • Gold‘s bull rally started in earnest in mid-2019, and even after its unprecedented drive this past year, the best is yet to come, according to commodity analysts at Commerzbank. After falling sharply from August’s all-time highs, the gold market has struggled to find new buying momentum; however, analysts at the German bank noted that prices had come a long way since the start of the year. They pointed out that even with gold trading around $1,850 an ounce, prices are still up more t

  • Precious metals reversed losses and rallied on Tuesday as the focus shifted to the U.S. fiscal stimulus progress, more lockdowns, and the last Federal Reserve meeting of the year. Gold has managed to trade slightly above its key resistance level of $1,850 an ounce. At the time of writing, February Comex gold futures were trading at $1,853.80, up 1.18% on the day. Silver doubled gold’s performance, rising more than 2% on the day, with March Comex futures last trading at $24.55. “Gold… recovered,

  • Orca Gold (TSX-V:ORG) said today that Sudan’s designation as a state sponsor of terrorism is rescinded. The company said it now can focus on advancing its project in the African country. “For Orca, the lifting of the terror designation from Sudan increases financing and development options for the company’s Block 14 Project in northern Sudan. With this strategic achievement realized, Orca management will now accelerate discussions with the Sudanese government towards a timeline for the con

  • BASF and Eramet announced today the two have signed an agreement to jointly assess building a nickel and cobalt hydrometallurgical refining complex. The complex would have a high-pressure acid leaching plant, which would be located in Weda Bay, Indonesia. The location of the base metal refinery (BMR) would depend upon the results of the feasibility study. “The HPAL plant will process locally secured mining ore from the Weda Bay deposit to produce a nickel and cobalt intermediate. Since the

  • Dec 16 (Reuters) – Gold prices inched lower on Wednesday as rapid progress in vaccine rollouts sparked hopes of a swift economic revival, with investors keeping a close watch on stimulus talks and the Federal Reserve’s policy statement. FUNDAMENTALS * Spot gold fell 0.1% to $1,852.01 per ounce by 0100 GMT after jumping 1.4% in the previous session. U.S. gold futures were little changed at $1,855.60. * Moderna Inc’s COVID-19 vaccine appears set for regulatory authorisation in th

  • Gold prices are trading at session highs after the New York Federal Reserve reported weaker than expected sentiment with the region’s manufacturing sector. Tuesday, the regional central bank said its Empire State manufacturing survey’s general business conditions index fell to a reading of 4.9 in December, down from November’s reading of 6.3.The data were much weaker than expected as consensus forecasts were calling for an unchanged reading. This is the third consecutive month that the Empire St

  • Today the bipartisan coalition which had originally presented an aid package of $908 billion announced a revision that has a much higher probability of being passed and implemented before the end of the year. The new comprehensive aid package was broken into two separate bills; the first bill will require $748 billion and contains only the components that both democrats and republicans have already agreed upon. The second bill will entail $160 billion to fund the components that cause negotiatio

  • While gold will continue to attract a lot of attention in 2021 as prices are expected to reach new all-time highs, analysts at Commerzbank are suggesting that investors keep their eyes on silver. In their 2021 precious metals outlook report, published last week, the analysts at the German bank expect that silver will continue to outperform gold as an improving global economy boosts the precious metals industrial demand. Looking at prices, Commerzbank sees silver averaging next year around $26.50

  • The broad equities index remains the only “threat” to gold and gold investors, said Rick Rule, president of Sprott U.S. “The bull market that we have experienced in equities and bonds going back to 1982, might lead to a circumstance where some investors and speculators believe that broad-based equity ETFs, like the S&P 500 ETf, are reasonable stores of value in terms of protecting one’s purchasing power. In other words, the broad equities markets, may develop in some people’s minds, as a com

  • Gold and silver futures prices are sharply higher in midday U.S. trading Tuesday. On this day the precious metals bulls appear to be focusing on the prospects of more U.S. liquidity in the marketplace and some upbeat economic news from China sparking better consumer demand for gold, and also the potential for problematic inflation down the road. The gains in gold and silver come despite keener risk appetite in the marketplace this week. February gold futures were last up $23.60 at $1,855.80 and 

  • The gold investors are losing a unique product that allowed them to redeem paper gold into bullion as Goldman Sachs completes its acquisition of Perth Mint Physical Gold ETF (NYSE: AAAU). The deal was announced earlier in October and represents Goldman Sachs’ first commodity-backed exchange-traded fund. The new ETF will be renamed the Goldman Sachs Physical Gold ETF, and the ticker will remain unchanged. The product fees will also remain unchanged at 0.18%. However, the big change in the E

  • MindMed (MMED.NE) has surpassed the $2 billion market cap on Monday when shares surged 35% by midday. Year-to-date, the company’s stock more than 10 times, from 53 cents in March to $5.60 by the end of the trading day. Institutional investors are starting to come into the psychedelic drug space because the danger of mental health issues is becoming a serious problem for society. Even though vaccines for COVID-19 are likely to break the lockdown restrictions, depression and mental health issues a

  • Capital Economics has released its outlook for next year, in which it sees gold trading at $1,900 an ounce with a risk of more selling. Gold is up around 20% on the year, a stellar performance, but most of that price action took place in the spring and summer months. Since September, gold has been consolidating towards the $1,850 an ounce level. At the time of writing, February Comex gold futures were trading at $1,831.70, down 0.65% on the day. Capital Economics describes its outlook as positiv

  • Gold investors are prone to making common mistakes that can be detrimental to a portfolio, including excessive diversification, picking companies that don’t adhere to an investment objective, and not sticking with management teams with proven track records, said Rick Rule, president of Sprott U.S. “If I had just hung out with the Ross Beatys, the Bob Quartermains, the Robert Friedlands, the Lukas Lundins, all of them I’ve done business with, by the time I was 35 and not bothered with the rest of

  • LANSING, Mich. (Reuters) – Democrat Joe Biden on Monday won the state-by-state Electoral College vote that formally determines the U.S. presidency, all but ending President Donald Trump’s floundering campaign to overturn his loss in the Nov. 3 election. California, the most populous state, delivered its 55 electoral votes to Biden on Monday afternoon, officially putting the former vice president over the 270 votes needed to secure the White House. Based on November’s results, Biden earned

  • The precious metal is lacking momentum at the start of the week. However, investor interest might still return to gold as markets focus on the last Federal Reserve meeting of the year, according to analysts. Aside from ongoing fiscal stimulus negotiations, all eyes are on Wednesday’s Fed announcement along with the Chair Jerome Powell’s press conference. Markets might see an introduction of new forward guidance language at the December meeting, TD Securities strategists said. “

  • Gold and silver futures prices are lower in midday U.S. trading Monday. Moderate selling pressure comes from a “risk-on” trader and investor mentality in the market place, on a few fronts. Somewhat limiting selling pressure in the precious metals markets today is a continued slump in the U.S. dollar index, which hit another 2.5-year low today. February gold futures were last down $13.60 at $1,830.00 and March Comex silver was last down $0.077 at $24.02 an ounce. Global stock markets were mostly

  • The gold market will need more than just investment demand to drive prices higher next year, according to analysts at BMO Capital Markets. In a report published last week, precious metals analysts at the Canadian bank said that gold investment demand will remain a critical theme in 2021; however, they added that they will be watching to see how this sector of the precious metal holds up, especially when it comes to demand for gold-backed exchange-traded product. Heading into year-end, demand for

  • Kore Potash said today it received correspondence from the Minister of Mines of the RoC expressing disappointment at the speed of progress on the development of the projects in the Sintoukola Basin and questioning compliance with the company’s obligations to the Government. “The company is progressing the development of the DX and Kola projects towards production, continues to comply with its obligations to the Government of the RoC and has kept the Minister of Mines briefed on the company

  • BCI Minerals (ASX:BCI) said today that the Northern Australia Infrastructure Facility Board approved a loan facility for the Mardie Salt & Potash Project. The NAIF loan facility is for a total of A$450M to be used for construction and ramp-up of the Mardie Project and associated financing fees and costs. The facility will have an overall tenor of 15 years from financial close. Described as a a potential Tier 1 project, the planned mine site is located on the West Pilbara coast in the centre

  • Bluejay Mining (LON:JAY) said today it received its exploitation licence for the Dundas ilmenite project from the Government of Greenland. The environmental impact assessment and social impact assessment are included within the licensing. A signing ceremony is planned. In a prefeasibility study released last year Bluejay said annual production is estimated at 440,000 tonnes of ilmenite concentrate, a titanium-iron oxide mineral. The company said that its Dundas ilmenite project is the highest-gr

  • Starting with the daily chart and it seems gold futures are rejecting the consolidation low of $1851 per ounce once again. After a brief break above the area last week the bulls could not sustain the buying pressure to keep the bull run going. The daily chart is still making lower highs and lower lows but the wave low marked by the green support level at $1761 will now become more important as the price edges lower. The chart below is the close up of the 4-hour chart. There is a head and shoulde

  • Kirkland Lake Gold has lowered the forecast for the bottom range of its 2021 production on this year’s guidance after revealing it could see lower output from the Fosterville gold mine in Victoria. The production could be lower than levels seen in 2019 and 2020 as the high-grade components of Fosterville’s existing mineral reserve involved a short production life. Kirkland Lake is now looking to produce 1.3 to 1.4 million ounces of gold next year, representing a slight downgrade from its bottom

  • Gold is facing strong resistance right at the $1,850 mark. Can it breach it and move to $1,925 an ounce next week? Analysts are not ruling it out, but everything seems to depend on the U.S. fiscal stimulus, which is still up in the air. Gold is largely unchanged on the week, but the important thing is that the metal is not letting go of its previous long-time support of $1,850 an ounce just yet. Seasonality will start to favor gold next week. Based on historical trading patterns, one of the best

  • Although the European Central Bank (ECB) meeting on Thursday disappointed gold investors looking for a larger stimulus boost, the ECB expanded its debt purchase program and agreed to provide banks with ever more ultra-cheap liquidity, as long as they keep passing the cash onto companies. The ECB also said it is monitoring the euro’s exchange rate with regard to its possible implications for their medium-term inflation outlook. Gold remained under pressure following this announcement yesterday, w

  • LONDON/DUBAI (Reuters) – Eleven gold trading hubs including the United Arab Emirates have declared their support for an initiative by the world’s most influential bullion market authority to improve regulation on issues such as money laundering and unethical sourcing of gold. The London Bullion Market Association (LBMA) said on Friday authorities in the eleven hubs had responded positively to a letter it sent last month laying out regulatory standards. The letter, reported by Reuters, said

  • Wheaton Precious Metals is putting its money to work once again announced a new streaming agreement with Capstone Mining Corp. Friday, the precious metals streaming company said that it would pay Capstone $150 million for 50% of its silver production up to 10 million ounces. The agreement then falls to 33% of production for the rest of the mine life, the company said. The company said that it will use its $2 billion revolving credit facility to fund the transaction. “With trailing four-qua

  • Investing in gold and silver mining companies is challenging but offers substantial rewards for investors with an edge. Of all the sectors I have covered, it is hands-down the toughest area in which toperform. Nevertheless, astute investors have been able to amass substantial wealth by owning and trading gold mining equities. The reasons why the gold equities sector is challenging are numerous. It is a small sector by any standard. We estimate that the aggregate market capitalization of the worl

  • NEW YORK (Reuters) – The U.S. Department of Labor on Friday finalized a rule requiring pension funds to vote on shareholder proposals only when there is an economic reason, a change that would curb investors from casting their ballots on many corporate proxies. The new rule is the latest from the Trump administration targeting investments focusing on environmental, social and governance (ESG) factors. Last month, the Department of Labor finalized a rule clarifying that pensions must put re

  • Gold is facing strong resistance right at the $1,850 mark. Can it breach it and move to $1,925 an ounce next week? Analysts are not ruling it out, but everything seems to depend on the U.S. fiscal stimulus, which is still up in the air. Gold is largely unchanged on the week, but the important thing is that the metal is not letting go of its previous long-time support of $1,850 an ounce just yet. Seasonality will start to favor gold next week. Based on historical trading patterns, one of the best

  • Gold has bounced back from its support level of the low $1,800s, and is on track to touch $1,920 by Christmas time, said Peter Hug, global trading director of Kitco News. “I would anticipate $1,850 gets taken out next week and it’s still possible in my opinion to see, before Christmas, the $1,925 level tested,” Hug said. Even though fiscal stimulus may not come before the New Year, monetary policy remains constructive for gold. “The stimulus is obviously very important to the general population

  • Gold is in recovery mode but is this a start of another bull run or just a reaction to an oversold drop in November? This is exactly what Kitco News asked the analysts this week and the optimists prevailed. Just a bit of background here, gold rose back above $1,800 an ounce in December and even attempted to hit a key level of $1,850 several times. Analysts say that once that level is breached, gold could be ready to approach $1,900. After that, the key resistance level becomes $1,925, which woul

  • (Kitco News) – Silver may be Thomas Kaplan’s first love as he sees the potential for the precious metal to eventually push to $100; however, he is also not giving up on gold as he sees the yellow metal in the third-wave of a secular bull market that will take it “way past new highs.” Many investors turned bullish on gold in mid-2020 as central banks and governments flooded financial markets with massive liquidity to support the besieged global economy, devastated by the C

  • Although the gold prices have managed to bounce off November’s four-month lows, the sentiment is starting to shift in the marketplace again, and there is this growing feeling of apathy. The market sentiment feels odd as traditionally, this has been an exciting time in the marketplace. Seasonally, gold has done really well in the final weeks of the year and the first half of the first quarter. Next week is the final full trading week of 2020, and gold prices are struggling to push above res

  • There was a noticeable uptick in the number of deals in the junior space this week despite wobbly precious metals prices. George Salamis, president and CEO of Integra Resources (CVE:ITR), joined correspondent Paul Harris, editor Neil Christensen and Mining Audiences Manager Michael McCrae to record Kitco Roundtable podcast on Friday. Gold’s momentum has slowed. The near-term sentiment in the gold market is mixed as the price runs out of momentum, testing critical resistance around $1,850 a

  • Gold futures scored moderate gains in trading today, with the February 2021 Comex contract trading to a low of $1826.80 before recovering and closing with gains for the day, and a fractional gain for the week. As of 4:20 PM EST gold futures are currently fixed at $1842.90 after factoring in a net gain of $5.60 (+0.29%). On Thursday, December 10, the U.S. Food & Drug Administration’s panel of experts voted on the emergency use of the Pfizer-BioNTech coronavirus vaccine. The FDA’s advisory pan

  • Kitco MEDIA · The Metals, Money, and Markets Weekly by Mickey Fulp – December 11, 2020 Join The Mercenary Geologist Mickey Fulp and Trevor Hall of Mining Stock Daily every Friday afternoon for a recap of metals, money, and markets. Each episode provides commentary on performances and a look ahead to next week’s markets. You can listen to the weekly wrap exclusively at Kitco.com. We trust you will find our podcast of value and hope it becomes a part of your weekly due diligence and re

  • Near-term sentiment in the gold market is mixed as the price runs out of momentum testing critical resistance around $1,850 an ounce according to the latest results of the Kitco News. Some analysts warn that the gold market is quickly heading into the holiday trading season, which means lower trading volume and wilder price swings. “I think investors should just close their books and come back in January,” said Ole Hansen, head of commodity strategy at Saxo Bank. There was a fairly tight race am