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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 61 to 80 of 50766
Apr 8, 2024 - 16:31:57 EDT

Nasdaq: Where are Precious Metals Prices Heading in Q2?

In the first quarter of 2024, the precious metals market showed significant movements with gold hitting new record highs, silver rallying, and platinum and palladium experiencing declines. As we enter the second quarter, the trend appears to be on an upward trajectory, especially for gold and silver, which are leading the bullish momentum. The focus now shifts to the potential directions gold and silver prices could take for the remainder of the year, suggesting continued interest and speculation in these markets.

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Apr 8, 2024 - 16:35:58 EDT

President Biden Announces Plans for Student Debt Relief for Over 30 Million Americans

The Biden-Harris Administration is set to announce new initiatives aimed at canceling student debt for tens of millions of Americans. These latest plans, alongside previous efforts, aim to deliver relief to over 30 million individuals, marking a significant step in the Administration's commitment to addressing student debt.

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Apr 8, 2024 - 16:26:09 EDT

Jamie Dimon Predicts Sustained High Interest Rates Amid Economic Challenges

Jamie Dimon, CEO of JPMorgan Chase, has issued a cautionary note on the U.S. economic outlook, suggesting that inflation and interest rates may remain higher than currently anticipated by the markets. In his annual letter to shareholders, Dimon highlighted the impact of significant government deficit spending and past stimulus measures on the economy. He underscored the potential for increased expenditure due to transitions towards a greener economy, the restructuring of global supply chains, heightened military spending, and rising healthcare costs. These factors, according to Dimon, could contribute to persistently high inflation and interest rates, challenging the prevailing market expectations which have recently leaned towards anticipating rate cuts by the U.S. Federal Reserve.

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Apr 8, 2024 - 16:22:37 EDT

Gary Shilling: The U.S. Economy Still Faces a Recession Risk

Gary Shilling, a well-known financial analyst, has highlighted that while the U.S. economy has managed to stave off a recession thus far, the threat of an economic downturn remains. Shilling points to U.S. small businesses, traditionally sensitive to economic shifts due to their lower capitalization, as showing signs of strain by reducing employment and other activities. Despite these warning signals, a surprisingly robust labor market has played a crucial role in preventing a recession. The competition for workers during a labor shortage has led businesses to retain staff, thereby sustaining labor market strength. Shilling suggests that this resilience in the labor market has delayed, but not eliminated, the potential for a recession.

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Apr 8, 2024 - 15:37:35 EDT

Gold Prices Forecasted to Reach $2,500 in 2024, UBS Says

UBS analysts have revised their gold price forecasts upward, anticipating a surge to $2,500 per ounce by the end of 2024, following a significant rally that has already seen prices reach new highs. The 13% increase in gold prices this year is attributed to geopolitical tensions and inflation concerns, which are influencing the Federal Reserve's interest rate expectations. UBS predicts that gold ETF holdings will grow as the Fed begins to lower rates around mid-year, aligning with past trends where gold demand increases with ETF purchases during periods of rate adjustments. Consequently, UBS now expects gold to hit $2,300 per ounce in June before reaching $2,500 by year-end.

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Apr 8, 2024 - 10:35:43 EDT

Investors Eye Fed's Next Moves as Gold Prices Soar to New Heights

Gold prices reached a new record high above $2,350 an ounce but later pared gains, with investors' attention turning towards the upcoming U.S. inflation data set to be released on Wednesday. The anticipation revolves around the Federal Reserve's stance on interest rates, as higher rates generally have a negative impact on gold, which doesn’t yield interest. Despite the lack of a clear catalyst for gold's rally since mid-February, the precious metal has surged over 18%, partly driven by expectations that the Fed might soon reduce borrowing costs and by consistent demand from central banks, notably the People’s Bank of China, which added gold to its reserves for the 17th consecutive month in March.

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Apr 8, 2024 - 10:05:39 EDT

Gold's Glitter May Fade: Expert Cautions on Gold's Vulnerability Post-Rally

Despite reaching new all-time highs amid strong U.S. economic data and ongoing geopolitical tensions, gold's future rally may not be guaranteed, according to veteran advisor Bob Parker of the International Capital Markets Association. Parker points out a "catch-up effect" as a significant driver behind the recent surge. This effect refers to gold's attempt to match its past underperformance relative to global equity markets. Additionally, Parker highlights the debated but acknowledged correlation between gold and Bitcoin as influencing gold's appeal. However, Parker also notes the obscure yet impactful role of central bank purchases, especially from Asia, as a key factor in gold's current standing, suggesting a mixed outlook for the metal's future.

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Apr 8, 2024 - 09:57:20 EDT

Central Banks' Gold Rush Propels Prices to Unprecedented Levels

Gold prices have surged to new highs, fueled largely by significant purchases from central banks. On the New York Mercantile Exchange, June futures rose 0.5% to $2,357 per troy ounce, reaching an all-time peak of $2,372.5. This uptick represents a 4.4% gain in the past week and nearly 11% over the past year. A significant factor behind this rally is the consistent increase in gold reserves by central banks, with China's central bank boosting its gold reserves for the 17th consecutive month in March.

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Apr 8, 2024 - 09:49:56 EDT

Oil Dips as Tensions Rise: Market Braces for Iran's Next Move Against Israel

Oil prices experienced a decline, with U.S. crude futures dropping as the market anticipates Iran's response to Israel following a missile attack on Iran's consulate in Damascus. West Texas Intermediate (WTI) for May delivery decreased by 60 cents, marking a 0.69% fall, settling at $86.31 a barrel, while June Brent contract dipped by 68 cents, or 0.71%, to $90.96 a barrel. This market movement comes amid warnings from a senior Iranian military advisor to Israel, hinting at possible retaliatory actions against Israeli embassies in response to the attack that resulted in the death of Iranian commander Mohammad Reza Zahedi, for which Tehran holds Israel responsible.

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Apr 8, 2024 - 09:38:59 EDT

Yellen Puts China on Notice: U.S. Industries Must Be Protected

U.S. Treasury Secretary Janet Yellen has issued a stern warning to China, signaling that the U.S. will not tolerate the destruction of its emerging industries due to an influx of Chinese imports. During her four-day visit aimed at discussions on excessive industrial capacity, Yellen emphasized that the U.S. aims to prevent a scenario akin to the "China shock" of the early 2000s, which resulted in the loss of approximately 2 million American manufacturing jobs. While she stopped short of proposing new tariffs or trade measures against China's substantial state support for sectors like electric vehicles and solar panels, Yellen criticized China's overproduction and its impact on global markets. Her visit underscores a significant concern over China's export practices and their potential threat to U.S. and other nations' industries.

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Apr 8, 2024 - 09:25:52 EDT

Barron's: Gold Prices Are About to Shoot Even Higher

Gold has been experiencing a notable uptrend, now trading at record levels with predictions suggesting it could reach $4,000 per ounce. This optimistic forecast comes after gold demonstrated a solid bullish reversal, notably overcoming the $1,940 mark without dipping below $1,900, which signaled a buying opportunity. Despite a period of stagnation following an inability to sustain a close above $2,100, a bullish reversal in late February marked a significant improvement in gold's technical outlook. The close above $2,200 has further solidified projections that gold prices could soar to between $3,600 and $4,000, backed by its long-term bullish base and higher high-level consolidations.

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Apr 5, 2024 - 16:24:46 EDT

Russia's Central Bank Adapts Gold Buying Strategy Amid Rouble's Rise

Russia's central bank has announced a shift from its previous stance of purchasing gold at a fixed price, moving to negotiate prices with commercial banks starting April 8, due to significant market changes. This decision alters the March 25 declaration of buying gold at a fixed rate of 5,000 roubles per gram through June 30. The adjustment comes as the rouble has appreciated notably against the dollar, increasing the fixed price's value from about $52 to $63, despite stable international gold prices around $60 a gram ($1,900 an ounce). This change is noteworthy for Russia, a leading gold producer, especially since the country's gold refiners have been excluded from the London market, the global hub for gold trading, following military actions in Ukraine.

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Apr 5, 2024 - 16:21:46 EDT

Incrementum Monthly Gold Compass Report

Incremenum shares the company's monthly gold compass report.

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Apr 5, 2024 - 16:12:44 EDT

Russia Leads BRICS in Doubling Down on Gold to Dethrone the Dollar

The BRICS nations (Brazil, Russia, India, China, and South Africa) are significantly increasing their gold reserves, making them the leading gold buyers of 2023, according to the World Gold Council. China has added 225 tons of gold, with the other member countries also making substantial purchases. This accumulation is part of a strategy to potentially back a new BRICS currency with gold, challenging the dominance of the US dollar. Russia, in particular, has announced plans to double its gold and foreign currency reserves from April 5 to May 7, 2024, as confirmed by Finance Minister Anton Siluanov. This move aligns with BRICS' broader goal to shift away from using the US dollar for international transactions, a change that could have significant implications for the US economy.

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Apr 5, 2024 - 14:57:49 EDT

Major Breakout & New Bull Market Confirmed

Gold is currently entering the early phase of a bull market anticipated to extend into the 2030s, marking a significant turning point reminiscent of the breakout in 2005 that led to a six-year period of substantial growth. This optimistic forecast suggests that gold prices could soar to a long-term target of $8,000 to $10,000 by the end of the 2030s. This prediction underscores the strong momentum and positive outlook for gold as an investment, drawing parallels with past cycles of robust growth and investor interest in the precious metal.

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Apr 5, 2024 - 14:54:12 EDT

Zimbabwe Introduces ZiG: A New Currency Backed by Gold

Zimbabwe has announced the introduction of a new currency, the Zimbabwe Gold (ZiG), which will be backed by gold, other precious metals, and foreign currencies. This initiative, announced by Central Bank Governor John Mushayavanhu, aims to bring "simplicity, certainty, and predictability" to the nation's financial system. The transition to ZiG starts from April 5, with an initial interest rate set at 20%, a significant reduction from the previous rate of 130%. This change comes in response to the local dollar's drastic devaluation and soaring annual inflation, which reached 55% in March. The central bank's decision follows extensive discussions with the finance ministry, aiming to address the currency's sharp decline and the challenges in providing change in foreign currency transactions.

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Apr 5, 2024 - 13:11:16 EDT

Gold Prices Soar to New Heights Defying Critics

On Friday, gold prices soared, setting a new record high amidst a mix of factors, including anticipation of U.S. interest rate cuts, speculative purchases, and robust buying by central banks. Despite the strong job growth reported in March in the U.S., the momentum behind gold has propelled it to its third consecutive week of gains. The price of spot gold rose by 1.3% to $2,320.04 per ounce, peaking at $2,344.50 earlier in the day. This week alone, gold has increased by 3.8%, signaling a sustained upward trend.

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Apr 5, 2024 - 10:52:58 EDT

Jobs Report Shakes Up Fed Rate Cut Expectations, Bolsters Dollar

The U.S. economy added an impressive 303,000 jobs in March, substantially outpacing the predicted 200,000, leading to a reevaluation of the Federal Reserve's interest rate trajectory. This robust job growth, detailed in the Labor Department's report, has lessened expectations for an imminent rate cut, with the likelihood of a reduction in June now down to 54.4%. As a result, the dollar strengthened, and U.S. Treasury yields climbed, reflecting investor anticipation that the Fed may delay easing monetary policy due to the strong labor market indicators.

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Apr 5, 2024 - 10:48:20 EDT

March Jobs Surge Beats Forecasts, But Wage Growth Sparks Inflation Concerns

The latest March jobs report outperformed expectations, adding 303,000 jobs to the U.S. economy, significantly above the forecasted 214,000, and lowering the unemployment rate to 3.8%. In a discussion on Yahoo Finance, experts Dana Peterson and Brian Levitt analyze the implications for the Federal Reserve's interest rate decisions, emphasizing the double-edged sword of wage growth. While wages remain elevated at 4% compared to the pre-pandemic average of just under 3%, indicating potential inflationary pressures, there is a silver lining with the slowdown in housing inflation. Nonetheless, the persistent high wage growth poses challenges to controlling consumer inflation.

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Apr 5, 2024 - 10:10:30 EDT

Investors Flock to Gold During Commodity Boom

Nicky Shiels, the head of metals strategy at MKS PAMP, has revised the gold price forecast upward for 2024, sparking curious inquiries from the market on whether gold could mimic the recent explosive price surge seen in cocoa. Cocoa prices skyrocketed, doubling due to poor harvests in major producing countries, Ivory Coast and Ghana. This comparison arises as gold, despite its broader market and liquidity, achieved record highs in five consecutive trading sessions. Investors are increasingly drawn to gold, viewing it as a reliable asset for wealth preservation amidst uncertainties.

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