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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.

Displaying 41 to 60 of 51203
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 - 15:43:51 EDT
video

"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 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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Jun 12, 2024 - 10:42:02 EDT

Think Tank Expert Recommends Measures to Halt De-Dollarization

To counter de-dollarization, the US should maintain domestic stability, pursue strong trade partnerships, and promote technological solutions, according to Carla Norrlöf, a think tank expert. Although the move away from the US dollar by countries like Russia, China, and other BRICS states has accelerated, Norrlöf believes that with strategic actions, the US can keep the dollar dominant. While de-dollarization has gained attention, its impact remains uncertain.

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Jun 12, 2024 - 10:35:19 EDT

Bond Market's Recession Alarm Continues, Stock Market Impact Uncertain

A bond-market indicator signaling a recession has been flashing since 2022, the longest on record, but it doesn't always predict immediate stock market trouble. Verdad Advisers analysts suggest this time might be different. Typically, equity investors react negatively when an inverted yield curve steepens, as it often signals a Fed response to economic downturns. However, the Fed's planned rate cuts aim to achieve a soft landing amidst ongoing economic growth, potentially leading to a prolonged inverted yield curve without immediate adverse effects.

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Jun 12, 2024 - 10:31:18 EDT

Consumer Price Growth Slows, Potential Relief for Fed Rate Decisions

The Consumer Price Index (CPI) showed a slight and unexpected dip in May, suggesting potential price relief for consumers and raising questions about the timing of Federal Reserve interest rate cuts. Annual inflation eased to 3.3% from 3.4% in April, below expectations. Monthly inflation was flat, the lowest since July 2022, and core CPI, excluding food and energy, increased by 0.2%, the lowest since October. These figures indicate a possible normalization of inflation, which could influence the Fed's future rate decisions, though rates are expected to remain unchanged for now.

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Jun 12, 2024 - 10:28:06 EDT

Dollar Tumbles as Traders Anticipate Fed Rate Cuts Following Inflation Data

The dollar fell on Wednesday after data showed May's consumer prices rose less than expected, fueling speculation that the Federal Reserve might cut interest rates as soon as September. Headline inflation was flat, and core prices increased by 0.2%, both below forecasts. This has boosted the probability of a September rate cut to 73%, up from 53% the previous day, and increased expectations of a second rate cut by year-end.

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Jun 12, 2024 - 09:57:24 EDT

U.S. Crude Oil Tops $79 as DOE Predicts Supply Deficit

U.S. crude oil prices rose above $79 per barrel on Wednesday, extending gains as the Department of Energy (DOE) and OPEC projected a supply deficit due to increased demand. The DOE raised its global oil consumption growth forecast to 1.1 million barrels per day (bpd) for this year, up from 900,000 bpd, while OPEC maintained its forecast of 2.2 million bpd. These optimistic projections contrast with the International Energy Agency's bearish outlook on demand. Current energy prices show significant gains in oil and gasoline, while natural gas has also seen a substantial year-to-date increase.

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Jun 12, 2024 - 09:50:56 EDT

Gold Prices Rangebound Ahead of Key U.S. Inflation Data, Fed Decision

Gold prices remained stable within a narrow range on Wednesday as investors awaited U.S. consumer inflation data and the Federal Reserve's interest rate policy announcement. Spot gold slightly dipped to $2,314.56 per ounce, while U.S. gold futures rose to $2,331.10. The market is focused on the Fed's stance on rate cuts, influenced by persistent inflation and strong job market data. Additionally, recent strong U.S. job reports and China pausing gold purchases led to gold's biggest daily drop since November 2020. Despite high prices, Asian demand for gold continues to rise.

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Jun 12, 2024 - 09:44:03 EDT

Asian Gold Demand Surges Despite Near-Record Prices

Despite near-record prices, gold demand in Asia is soaring as buyers seek a hedge against geopolitical and economic uncertainties. Spot gold is trading above $2,300 per ounce, up 12% year-to-date and close to its all-time high. Reduced confidence in real estate and equities is driving this demand. Analysts suggest that once economic conditions stabilize, interest in these other investments may return. In Japan and China, investors are particularly bullish on gold, with Chinese gold coin and bar purchases rising 27% in the first quarter.

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Jun 12, 2024 - 09:20:13 EDT

Japan's May Wholesale Inflation Surges, Challenging BOJ Rate Hike Plans

Japan's wholesale inflation surged in May at the fastest annual rate in nine months, driven by a weak yen that increased import costs. This rise complicates the Bank of Japan's decision on raising interest rates, as higher prices from cost pressures could reduce consumption and hinder demand-driven inflation. Analysts note that with energy prices expected to rise and government utility subsidies ending in June, the BOJ may need to wait for wage growth to boost consumption before considering rate hikes.

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