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Gold

By: De_Composed in 6TH POPE | Recommend this post (0)
Fri, 13 Sep 24 6:00 AM | 22 view(s)
Boardmark this board | 6th Edition Pope Board 		Msg. 58103 of 60008
(This msg. is a reply to 56911 by De_Composed)
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I'd hate to forget to post on gold's great day...

A rate cut is a really stupid move. It's purely political and will cause inflation to leap noticeably. I can tell this because of the way the debt has been surging. And gold has been surging. The printing presses are going gangbusters.

If the rates fall, they'll have to climb a LOT in November... after the election, of course.


September 12, 2024

Gold Hits Successive Record Highs Ahead of Expected Fed Rate Cut

by Sybilla Gross
finance.yahoo.com


(Bloomberg) -- Gold rose to a record high, building on a surge of nearly 2% on Thursday, as the dollar extended declines ahead of a widely expected Federal Reserve rate cut next week.

Bullion climbed as much as 0.4% to $2,568.06 an ounce on Friday, putting it on track for a weekly gain of almost 3%. The precious metal made a new high in the previous session after the euro rose against the greenback, as investors pared bets that the European Central Bank, which lowered rates on Thursday, would cut again next month.

Gold has surged by almost a quarter this year, supported by the Fed’s path to monetary easing. Central-bank buying and strong haven demand due to conflicts in the Middle East and Ukraine have helped the advance. Interest from retail investors is also picking up.

Traders were also weighing two US data points released Thursday that showed an uptick in applications for unemployment benefits, and a slight rise in August’s producer price index, although the categories that feed into the Fed’s preferred inflation gauge were muted.

The PPI data has left “some room for the Fed to consider more aggressive cuts ahead,” said Jun Rong Yeap, a market strategist with IG Asia Pte. “The push to yet another record high reinforces the broader upward trend in place for the yellow metal.” Gold’s breakout from its range leaves $2,670 an ounce as “the projected price target,” he said.

Investors closing out bearish wagers on gold may have also contributed to the metal’s ascent. Money managers’ gross short positions in Comex gold futures stood at the highest in four weeks in the week ending Sept. 3, according to the latest data.

“Gold’s being used more as a hedge in the portfolio right now,” said Chris Weston, head of research at Pepperstone Group Ltd. He pointed to Thursday’s weak labor market report as an indication that fund managers may view gold as a place to park money in case the US economy takes a turn for the worse, which would further boost prices.

Spot gold rose 0.2% to $2,564.05 at 10:38 a.m. in Singapore. The Bloomberg Dollar Spot Index fell 0.2%, adding to losses in the previous session. Silver, palladium and platinum all climbed.

http://finance.yahoo.com/news/dollar-weak-traders-add-wagers-012424764.html

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Gold price hits another record high on Chinese demand
By: De_Composed in 6TH POPE
Tue, 20 Aug 24 2:33 PM 		Msg. 56911 of 60008

August 20, 2024

Gold price hits another record high on Chinese demand

by Jim Wyckoff
Kitco.com


(Kitco News) - Gold prices are solidly up and hit another record high in early U.S. trading Tuesday. December Comex gold futures notched a record high of $2,564.60. Silver prices are also on the march higher and hit a four-week high overnight. Bullish charts and safe-haven demand, especially from China, are pushing the precious metals markets higher. December gold was last up $22.10 at $2,563.40. September silver was up $0.571 at $29.875.

Broker SP Angel said this morning in an email dispatch: “Chinese exporters and traders have been seen rushing to buy yuan and probably gold in anticipation of further U.S. dollar weakness. The metal has also been buoyed by Chinese buying after China’s central bank cracked down on local government bond buying. Troubles in the Chinese property sector have caused gold to become a preferred instrument for individual savings in China.”

China held its main interest rates steady Tuesday at the latest People’s Bank of China central bank meeting.

Asian and European stock indexes were mixed overnight. U.S. stock indexes are at four-week highs and pointed to steady to slightly higher openings when the New York day session begins. The marketplace has been more upbeat the past week, but traders and investors know the months of September and October can be extra turbulent for stock and financial markets.

Traders are awaiting the annual Jackson Hole Federal Reserve symposium that begins later this week. Past years have seen central bank officials make markets-moving pronouncements at the confab. Fed Chairman Powell is slated to speak at the symposium and will likely give some guidance on the timing of a U.S. interest rate cut.

The key outside markets today see the U.S. dollar index slightly lower. Nymex crude oil prices are near steady and are trading around $74.50 a barrel. The benchmark 10-year U.S. Treasury note is presently fetching 3.865%.

U.S. economic data due out Tuesday is light and includes the weekly Johnson Redbook retail sales report. The next significant U.S. data point is Wednesday afternoon’s FOMC minutes.


Technically, December gold bulls have the strong overall near-term technical advantage. Bulls’ next upside price objective is to produce a close above solid resistance at $2,600.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $2,450.00. First resistance is seen at the overnight contract/record high of $2,549.90 and then at $2,575.00. First support is seen at the overnight low of $2,524.40 and then at $2,500.00. Wyckoff's Market Rating: 8.5.

September silver futures bulls have the overall near-term technical advantage and have momentum on their side now. Silver bulls' next upside price objective is closing prices above solid technical resistance at $30.00. The next downside price objective for the bears is closing prices below solid support at $28.00. First resistance is seen at $30.00 and then at $30.50. Next support is seen at the overnight low of $29.255 and then at $29.00. Wyckoff's Market Rating: 6.0.

http://www.kitco.com/news/article/2024-08-20/gold-price-hits-another-record-high-chinese-demand

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