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Gold and Silver Industry & Investing News

Today’s gold and silver market news, curated from the best of GoldSilver's team and around the web. Everything precious metals investors need to know including updates on big price swings, macro analysis, and breaking stories. Check back often or subscribe to get the highlights in your inbox. Monitor live spot prices on our charts page.

TOP NEWS"Buy Gold and BURY IT" - Chris Martenson w/ Mike Maloney

 See full story: "Buy Gold and BURY IT" - Chris Martenson w/ Mike Maloney Join Mike Maloney and Chris Martenson in this eye-opening interview as they delve into the crucial importance of tangible assets...

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Jun 11, 2024 - 11:19:28 EDT
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"I Believe There's Another Banking Crisis, Probably Before the Election" Mike Maloney

In this eye-opening video, financial expert Mike Maloney discusses the imminent threat of another banking crisis, potentially hitting before...

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Jun 14, 2024 - 10:30:15 EDT

Navigating Uncertainty: The Case for Gold and Bitcoin

Investing in anti-fragile assets like gold and Bitcoin is becoming increasingly attractive as we face an era of rising inflation, economic volatility, and geopolitical unrest. Despite political uncertainties and potential tax increases in the UK, particularly affecting pensions and capital gains, gold and Bitcoin offer resilience. Experts from Ruffer and ByteTree highlight that after decades of stability, the coming years will demand investments that can withstand economic and political turmoil.

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Jun 14, 2024 - 10:29:31 EDT

Treasury Yields Drop as Inflation Data Bolsters Rate Cut Hopes

U.S. Treasury yields fell on Friday, reflecting easing inflation indicated by recent data. The 10-year Treasury yield dropped to around 4.225%, while the 2-year yield was slightly higher at 4.694%. This decline follows lower-than-expected producer price index (PPI) data, which showed a 0.2% decrease in May, and other indicators like high jobless claims and flat consumer prices. Investors are increasingly confident about potential interest rate cuts by the Federal Reserve, further boosting Treasury prices.

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Jun 14, 2024 - 10:01:53 EDT

Fed's Mester Awaits Further Inflation Drops Before Lowering Rates

Federal Reserve Bank of Cleveland President Loretta Mester finds the recent softer inflation data encouraging but wants to see a few more months of similar data before considering interest rate cuts. Mester emphasizes the need to observe declining inflation and short-run inflation expectations alongside labor market conditions before deciding on rate reductions. The Fed has projected only one rate cut this year, maintaining the current rate range of 5.25% to 5.5%. Mester is set to retire at the end of the month and will be succeeded by Beth Hammack from Goldman Sachs.

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Jun 14, 2024 - 09:54:36 EDT

Thailand Pension Fund Bets on Gold and Commodities to Offset Weak Stocks

Thailand's Government Pension Fund (GPF) anticipates gains from gold, commodities, and private equity to offset weak domestic stocks, expecting a portfolio return of over 3% in 2024, up from 1.5% in 2023. The fund has increased its holdings in these assets to hedge against inflation and geopolitical instability, while also expanding investments in overseas bonds, stocks, and property to improve performance amid low local returns.

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Jun 14, 2024 - 09:43:08 EDT

Gold Prices Stable Amid High Rates and Dollar Resurgence

Gold prices remained stable in Asian trade on Friday, as a stronger dollar, driven by the prospect of fewer U.S. interest rate cuts, countered optimism from easing inflation. Spot gold and gold futures each saw a slight rise of 0.1%, but the yellow metal is still recovering from recent declines due to high interest rates. The Federal Reserve's projection of only one rate cut in 2024, versus the previously anticipated three, has pressured gold and other metal prices, which were trading within narrow ranges.

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Jun 14, 2024 - 09:39:32 EDT

China Seeks to Avoid Trade War in Response to EU Car Tariffs

China is expected to respond cautiously to the EU's new tariffs on Chinese electric cars, wary of provoking a trade war. The EU's move to impose tariffs of up to 48% on Chinese vehicles aligns with similar actions by the US and other countries. Beijing aims to avoid aggressive retaliation that could unify Western nations against it and hinder President Xi Jinping's efforts to promote strategic autonomy in Europe. Analysts predict China will target specific agricultural products in its retaliation, such as cheese and pork, to avoid broader economic conflict.

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Jun 14, 2024 - 09:34:16 EDT

Fuel Demand Bolsters Oil Prices Despite Mixed Market Outlook

Oil prices are set for their strongest weekly gain in months, driven by rising demand for key fuels like gasoline and diesel. Brent crude futures have increased by 0.5% in London, with a weekly gain of 4.4%. Despite a robust fuel market, the overall crude outlook is clouded by reduced consumption growth forecasts from the International Energy Agency and concerns over China's economic slowdown and potential oversupply from the US and Americas.

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Jun 13, 2024 - 13:14:55 EDT

Bank of America Predicts Silver Prices to Hit $35/oz by 2026

Bank of America forecasts a bullish outlook for silver prices, predicting an increase to an average of $35/oz by 2026 due to expected cessation of central bank rate hikes and rising investment in precious metals. Despite current price strength, further growth is anticipated, driven by positive trends in the gold market. However, pure silver mining equities are hard to find as silver is often mined alongside other metals. BofA recommends Pan American Silver and Wheaton Precious Metals for North American investors seeking silver exposure.

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Jun 13, 2024 - 13:11:37 EDT

Report: Singapore Positioned to Emerge as Major Global Gold Hub

Singapore is set to become a leading gold hub as the gold market shifts eastward, driven by rising gold consumption in Asia and the proximity to central banks that are actively increasing their gold reserves. The World Gold Council's Shaokai Fan highlighted Singapore's strategic position and stability, predicting it could rival London and New York as a central bank gold vaulting hub. Factors include Singapore's political stability and tax incentives on investment gold.

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Jun 13, 2024 - 13:03:23 EDT

Citi Forecasts Gold Prices Could Hit $3,000 Within a Year

Citi analysts predict that gold prices could reach $3,000 per ounce within the next 12 months due to strong physical demand, central bank purchases, and favorable macroeconomic factors. Despite potential fluctuations, prices are expected to stay above $2,000-2,200 per ounce, with significant increases anticipated in 2025. Factors supporting this forecast include resilience amid a strong US dollar and high interest rates, potential US economic slowdown, and sustained central bank demand.

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Jun 13, 2024 - 12:56:07 EDT

U.S. May Budget Deficit Soars to $347 Billion

The U.S. government reported a $347 billion budget deficit for May, significantly higher than the $240 billion deficit a year earlier. This increase is attributed to pre-payment of some June benefits and higher expenses for interest, Social Security, and defense. May's outlays rose 22% from last year to $671 billion, partially due to early benefit payments. Receipts for the month were $324 billion, up 5% from May 2023. The fiscal year deficit now stands at $1.202 trillion, a 3% increase from the previous year.

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Jun 13, 2024 - 11:00:20 EDT

Fed Leaves Rates Steady, Projects Fewer Cuts in 2024 Amid Slower Inflation

The Federal Reserve announced it is keeping its key interest rate unchanged to combat high inflation, which, while easing, remains elevated. The economy continues to grow, with strong job gains and low unemployment. The Fed now forecasts only one rate cut in 2024, revising previous expectations of multiple cuts, as it aims to reduce consumer demand and control price growth.

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Jun 13, 2024 - 10:54:23 EDT

Treasury Secretary Yellen: Debt Burden Sustainable at Current Levels

Treasury Secretary Janet Yellen stated that the U.S. national debt, currently at $34.7 trillion, is manageable if it remains stable relative to the economy. Despite high interest rates increasing the burden, Yellen emphasized the importance of focusing on the real interest cost of the debt. With net interest costs reaching $601 billion in the 2024 fiscal year, concerns remain about rising debt levels. Yellen supports President Biden's plans to address these challenges.

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Jun 13, 2024 - 10:08:23 EDT

Inflation Cools, But Debt Troubles Persist for Lower-Income Americans

Despite the Federal Reserve holding interest rates steady and inflation showing signs of cooling, debt-burdened Americans, particularly those with lower incomes, find no relief. Prices remain 3% higher than a year ago, and the Fed only projects one rate cut this year, down from an earlier expectation of three. As a result, many maxed-out credit card borrowers are struggling with delinquency, exacerbating financial pressures for lower-income households.

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Jun 13, 2024 - 09:42:40 EDT

Unemployment Claims Reach 10-Month Peak as Economy Slows

U.S. weekly jobless claims rose to 242,000 for the week ending June 8, the highest level in 10 months, indicating a cooling labor market. This increase, surpassing economists' forecasts of 225,000 claims, reflects the delayed impact of the Federal Reserve's interest rate hikes. The unemployment rate also rose to 4% in May, while economic growth slowed in the first quarter.

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Jun 13, 2024 - 09:17:41 EDT

Wholesale prices unexpectedly fell 0.2% in May

In May, the producer price index (PPI), which measures prices producers receive for goods and services, unexpectedly fell by 0.2% instead of rising by the anticipated 0.1%. This decline, driven by a significant 0.8% drop in final demand goods prices, suggests a pullback in inflation. Additionally, initial unemployment claims rose to 242,000, the highest since August 2023. Stock futures gained modestly, while Treasury yields declined following the report.

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Jun 13, 2024 - 09:13:14 EDT

Gold Dips as Fed Signals Only One Rate Cut for 2024

Gold prices declined slightly after the Federal Reserve indicated only one interest rate cut for 2024, disappointing investors who hoped for two cuts. Despite a cooler-than-expected inflation report limiting the drop, spot gold fell 0.2% to $2,317.38 per ounce, and U.S. gold futures declined 0.9% to $2,333.10. Analysts suggest that gold's fundamental support remains strong, but surpassing $3,000 per ounce is unlikely.

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Jun 13, 2024 - 09:09:49 EDT

Gold Prices to Stay Strong Through 2024, Some Say $3,000 is a Stretch

Gold's surge to record highs is expected to continue throughout 2024, fueled by central bank purchases, particularly from China, along with geopolitical tensions and economic uncertainties. Despite the strong fundamentals supporting gold, analysts believe reaching $3,000 per ounce is unlikely. Currently, spot gold trades around $2,300 per ounce after hitting a record $2,449.89 on May 20, with expectations of reaching $2,600-$2,700 by year's end.

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Jun 12, 2024 - 10:48:06 EDT

Fed Unlikely to Cut Interest Rates Soon Despite Earlier Projections

Americans should not expect interest rate cuts soon, as the Federal Open Market Committee is likely to keep rates steady in its upcoming decision, influenced by a strong jobs report. The CME FedWatch Tool indicates a 99.4% chance of unchanged rates. Despite initial projections for three rate cuts this year, Fed Chair Jerome Powell has emphasized that the central bank will maintain current rates until the economy shows sufficient signs of cooling.

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