Gold jumped about $30 higher after the release of this morning’s jobs data and remained near that level for the rest of the day. Silver surged to as high as $16.441 and ended with a gain of 2.5%. Full Story
Overall, this series of communications for the LBMA leaves a lot to be desired, and undermines trust in LBMA issued data. It will be interesting to see whether the LBMA will surreptitiously alter its press release and brochure, or issue a correction and clarification, or leave the errors as is in the respective documents. Full Story
- China and India both have massive solar energy programs for each country – which requires, literally, tons of silver - China alone will produce over 100GW (gigawatts) of solar power by 2020 (they are currently way ahead of this deadline and may increase the amount of solar power they produce) – this will power some 300 million homes (100 million U.S. equivalent) - Morocco has plans to energize over 1 million households with solar power by 2018 Full Story
Momentum is bearish for gold and silver. Traders are of the view that the Federal Reserve will raise interest rates irrespective of the outcome of the US employment situation. All parameters of the US economy (other than employment) have exceeded expectation in April and May. Hence the need to raise interest rates. In my view, the chances of an interest rates hike will reduce considerably if the US may nonfarm payrolls comes in at or below 160,000. Full Story
Gold edged up to $1217.62 in Asia before it chopped back down to $1209.83 by late morning in New York and then rebounded, but it still ended with a loss of 0.21%. Silver slipped to $15.936 in early New York trade, but it then bounced back higher into the close and ended with a gain of 0.13%. Full Story
Gold output across the globe hit an all-time high in 2015, climbing 1.8 percent to 3,211 tonnes. Much of this growth was led by Mexico, whose output increased double digits (18 percent) from 112 tonnes in 2014 to 133 tonnes last year. Indonesia grew 20 percent, Kazakhstan 29 percent. This year, global production is expected to level out as project development budgets were slashed during the three-year gold bear market. But with gold prices rebounding, miners are in a good position to be much more profitable. Read to explore and discover the world’s top 10 gold producing mines. Full Story
The silver price is set to surge 800% or “ninefold” in the coming years due to global industrial and technological demand, the “gadget boom” and tight supplies according to a leading mining executive, of First Majestic Silver Corporation. Full Story
Gold needs to fall below $1206 or break and trade over $1234 for direction. Either gold breaks and trade over $1234 by Friday or else it will breakdown to $1197 and $1174. Gold is now at cross roads. Silver is looking mildly bearish and needs to trade over $1588 to prevent a big crash. Crude oil needs to trade over $48.30 to continue its bullish run. I prefer to wait and watch before going long in copper. Full Story
Gold fell almost 1% to $1200.31 in Asia on Monday, but it then bounced back to as high as $1218.21 in New York today and ended with a gain of 0.40% from Friday’s close. Silver dropped to as low as $15.871 in holiday thinned trade yesterday before it climbed back towards unchanged in Asia today, but it then drifted back lower in London and New York and ended with a loss of 1.36%. Full Story
The smart money, large institutional money, who understands diversification and gold’s function as a store of value continues to diversify into gold. There is an awareness of gold’s benefit as a hedging instrument and safe haven asset but also an awareness that the outlook for prices at these still depressed levels is very positive. Full Story
The dollar moved up, though most people would say gold fell about $40, and silver 32 cents. In the mainstream view, the value of the dollar is 1/N (N is the quantity). So how could the dollar go up? Certainly, the quantity keeps on increasing. Full Story
Citi said that despite the recent gold pullback, now is an “opportune moment” for buyers and now is the time to invest in gold:
“While prices have fallen 3% (month to date) in May, we believe this may in fact prove to be an opportune moment to ‘buy the dip,’” strategists wrote in a note issued Tuesday, titled “Let the Sunshine in as Commodities Enter New Age of Aquarius.” Full Story
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