Gold and silver both trade higher leading into the European open

Gold and silver have moved higher overnight paring some of the losses that were seen during Monda's session. The yellow metal is back at $1817/oz while silver is trading at $24.15/oz. In the rest of the commodities complex, copper is another 0.15% higher and spot WTI has pushed up 0.11%.

Risk sentiment was pretty good overnight as the Nikkei 225 (1.08%), ASX (0.41%) and Shanghai Composite (0.23%) all closed higher. Futures markets in Europe are pointing towards a positive cash open too.

In FX markets, the dollar index has dropped 0.25%. The best performer overnight is NZD/USD which has risen nearly 1%. In the crypto space, BTC/USD is marginally higher (0.20%).

Looking at the news stories from overnight, Chinese manufacturing PMI (Aug) reached 50.1 vs expected 50.2 (prev 50.4).

Australian PM Morrison says will get 0.5m vaccine doses from Singapore.

The Pentagon announces the completion of U.S. withdrawal from Afghanistan.

ECB's Holzmann says expects inflation to fall this year and the next.

More curbs in China as the securities regulator is looking to impose more controls on private equity funds.

Fed's Mester says inflation criteria have not been made yet to support a hike. Mester also added the U.S. employment levels are not yet at full capacity.

Looking ahead to the rest of the session highlights include German employment numbers, EU CPI, Canadian GDP, U.S. CB consumer confidence and comments from Germany's Mauderer and ECB's Lane. ECB members Robert Holzmann and Klaas Knot are among the speakers at a conference in Alpbach, Austria.

 

By Rajan Dhall

For Kitco News

 

Kinesis Money the cheapest place to buy/sell Gold and Silver with Free secure storage

 

David

Kootenay Silver CEO on price cycles, M&A, and AI in mining

Silver is on track to make a comeback after being stuck in a range for so long, said Jim McDonald, CEO of Kootenay Silver, who said that the long-term bull cycle is not yet over.

“We’re expecting another breakout to come here in the silver price pretty soon. It’s a very interesting action on the gold market there a few weeks ago, when overnight in the Asian markets it spiked down to $1,690 [an ounce] very briefly, that was a real technical hold. The whole market scenario is very strong for the precious metals going forward,” McDonald told David Lin, anchor for Kitco News.

McDonald cited higher investment demand for silver as a potential catalyst for higher prices.

“I’m referring to investment demand here that has been set up due to the massive amount of currency injections that have been done around the world over the last year and a half, approximately. It’s never happened on this scale before and that creates debasement of purchasing power of those currencies all around the world,” he said. “That creates a very strong demand for bullion silver and bullion gold.”

While gold has breached new all-time highs, silver has struggled to touch its 2011 highs. This is because the long-term bull cycle has not finished yet, McDonald said.

“We think that silver is going to break out over that $30 [an ounce] mark pretty strongly and make a run on that $50 number, and probably surpass it this time, due to the backdrop that it’s against,” he said.

For updates on Kootenay Silver’s latest drill results and long-term plans, watch the video above. Follow David Lin on Twitter: @davidlin_TV.
 

By David Lin

For Kitco News

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David

Why the fall could finally lift lagging gold miners

https://kitco-podcast.simplecast.com/episodes/why-the-fall-could-finally-lift-lagging-gold-miners

The gold miners and juniors are trading at significant lows despite the yellow metal pushing through $1,800 this week, noted Greg Johnson, CEO of Metallic Minerals and chair of the Metallic Group.

On Friday Johnson recorded Kitco Roundtable podcast with Mining Audiences Manager Michael McCrae and Kitco correspondent Paul Harris.

Gold and gold equities were near an all-time high a year ago, noted Johnson. Since then prices have slid with the VanEck Vectors Junior Gold Miners down 28%.

"The juniors tend to correct more. They also go up more during the upper legs of the cycle," said Johnson. "We're coming out of a summer…a lot of people checked out. I'm optimistic that we may see better markets in September. The [past] 12 months is quite a healthy correction, and it's presented a real investment opportunity.

The podcast also referenced the Financial Review's coverage of Kuniko.

By Michael McCrae

For Kitco News

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David

Gold and silver move lower ahead of the European open

Both gold and silver have moved down in the Aisa Pac session. Gold is trading -0.24% in the red while silver has fallen just over half a percent. Looking at the rest of the commodities complex, copper has dropped -0.68% but spot WTI bucked the trend to trade 0.09% higher.

It was a mixed session overnight in the indices as the ASX (-0.54%) and Shanghai Composite (-0.64%) both fell but the Nikkei 225 traded 0.06% higher. Futures markets are pointing towards a negative cash open.

In FX markets, the U.S. dollar index moved 0.11% higher overnight. The commodities currencies all suffered as USD/CAD (0.27%) pushed up and AUD/USD (-0.26%) and NZD/USD (-0.21%) both dropped. In the crypto space, retreated from the $50k zone and now trades at $47,054.

Looking at the news stories from overnight, the PBOC will use multiple tools to ensure reasonably ample market liquidity.

Australian Private Capital Expenditure (capex) for Q2 2021 +4.4% q/q (vs. expected 2.5% q/q, prior 6.3%).

German GfK Consumer Confidence Sep: -1.2 (est -0.5; prevR -0.4; prev -0.3).

The Bank of Korea has lifted its interest rate for the first time in 3 years. The central bank moved its main rate to 0.75%.

U.K. production hits its lowest level since the 1950s.

Japan's ruling LDP party agreed to conduct a leadership election on 29th September.

Chile's Salvador copper mine workers have deemed a wage offer from Codelco as unacceptable.

Looking ahead to the rest of the session highlights include The Jackson Hole Symposium, ECB minutes, U.S. initial jobless claims and comments from Fed's Kaplan, Bullard and ECB's Schnabel.

By Rajan Dhall

For Kitco News

Kinesis Money the cheapest place to buy/sell Gold and Silver with Free secure storage

 

David

Gold and silver slip ahead of the European open

Gold and silver have moved lower heading into the European cash open. The yellow metal is trading -0.38% lower while silver has dropped -0.43%. In the rest of the commodities complex, copper is just above flat while spot WTI has called -0.37%.

Risk sentiment overnight was slightly mixed. The ASX (0.33%) and Shanghai Composite (0.60%) traded well but the Nikkei 226 traded just under flat. Futures in Europe are also pointing towards a mixed open.

In FX markets, the dollar index is 0.13% higher and the biggest mover is AUD/USD which fell 0.20%. BTC/USD is still flirting with the $50K area.

Looking at some of the news stories overnight, BOJ's Nakamura has said the rise in COVID-19 infections outpacing what we expected in July.

US VP Harris stated, "we need to raise the pressure on Beijing" and challenge the bullying from the nation.

Australia Construction work done for Q2 +0.8% q/q (vs. expected 2.5%, prior 2.4%).

Citi is considering offering bitcoin futures trading to some institutional clients.

China's Ningbo port has now reopened after 2 days following a COVID-19 outbreak.

New Zealand trade balance for July NZD -402m (vs. prior NZD 261m).

The U.S. House voted to approve a blueprint for the infrastructure plans worth around $3.5trl (220 vs 212).

Looking ahead to the rest of the session highlights include German IFO, U.S. durable goods data, weekly DoE's and comments from ECB's de Guindos.

By Rajan Dhall

For Kitco News

Kinesis Money the cheapest place to buy/sell Gold and Silver with Free secure storage

 

David

Gold and silver trade flat heading into the European open

After a decent session yesterday, in which gold rose 1.36% the yellow metal is flat this morning leading into the European open. Silver is trading 0.09% higher overnight at $23.60/oz but has a resistance level at $23.78/oz to contend with. In the rest of the commodities complex copper (0.10%) and spot WTI (0.77%) are both trading higher.

In terms of risk sentiment, indices in the Asia Pac area traded well overnight. The Nikkei 225 (0.87%), ASX (0.17%) and Shanghai Composite (1.02%) all moved higher once again. Futures in Europe are pointing towards a positive cash open.

In the FX markets, the antipodeans moved higher overnight. AUD/USD moved up 0.33% but the biggest mover was NZD/USD which jumped 0.48%. In the crypto space, bitcoin is once again hovering around the $50K market after briefly trading above the psychological area on Monday.

In terms of news, Chinese President Xi may not be attending the G20 summit in Rome. This would delay a meeting with him and U.S. president Biden.

Sticking with the two biggest economic powerhouses, Kamala Harris said China's actions in the South Sea continue to undermine rules-based order and sovereignty of nations.

In Germany, the latest polls put Angela Merkel's conservative party head to head with the SPD's (23%).

Germany Q2 final GDP +1.6% vs +1.5% q/q prelim.

Australia weekly consumer sentiment survey: 101.6 (previous week 101.1).

New Zealand Retail sales excl. inflation for Q2: +3.3% q/q (prior 2.5%).

The NZ finance Minister Robertson says the nation entered the lockdown with a strong economic position.

Looking ahead to the rest of the session highlights include U.S. new home sales, weekly oil API data and comments from ECB's Schnabel.

By Rajan Dhall

For Kitco News

Kinesis Money the cheapest place to buy/sell Gold and Silver with Free secure storage

 

David

Gold and silver start the week on the front foot

Gold (0.24%) and silver (0.82%) have both moved higher this morning ahead of the start of the new trading week. gold finished last week marginally higher and gapped up at the open on to pare some of those gains and trade at $1784.92/oz. Copper and oil have also had a good start to the week moving up 0.52% and 1.97% respectively.

Over in the Asia Pac area, the risk sentiment was positive overnight. The Nikkei 225 (1.78%), ASX (0.39%), and Shanghai Composite (1.43%) all traded in the black. Futures in Europe are pointing towards a positive cash open.

In the FX market, the dollar index has fallen 0.09% and the biggest mover is USD/CAD which lost 0.44% overnight. In the crypto space, BTC/USD just broke $50k to reach the highest level in 100 days.

Looking at the major news stories from the weekend and overnight, Fed's Kaplan stated that if the delta variant would be persistent or start to affect demand the Fed would have to adjust their policy views.

The Chinese Commerce Minister says the country may face a more complicated foreign trade situation next year.

New Zealand's PM Ardern says nationwide lockdown extended until midnight on Friday.

RBNZ Chief Economist Ha says there is no pressure to act on monetary policy.

Sweden’s Prime Minister Stefan Lofven said that he will end his seven-year term in November and step down as the leader of the Social Democrats.

UK PM Johnson will apparently personally ask US President Biden for a delay to the withdrawal of US forces from Afghanistan.

PayPal will allow customers in the UK to buy, sell and hold bitcoin, other cryptocurrencies, starting this week

Australia preliminary PMIs August: manufacturing 51.7 (from prior 56.9.

In the rest of the session we will be looking out for manufacturing PMI's from the major nations and U.S. existing home sales.

By Rajan Dhall

For Kitco News

Kinesis Money the cheapest place to buy/sell Gold and Silver with Free secure storage

David

Gold fails at $1,800, another selloff might be on is wtay

 

Even though gold stabilized after last week's flash crash, it failed to breach the $1,800 an ounce level. Markets are keeping a very close eye on the delta variant, Afghanistan headlines, and the Federal Reserve's tapering signals at the upcoming Jackson Hole meeting.

 

Here's a look at Kitco's top 3 stories of the week:

 

3. Gold price pauses near $1,800, analysts warn of another selloff

 

2. Palantir buys $50 million worth of gold bars in August in preparation for a 'black swan event'

 

1. Afghanistan's gold stash is out of the Taliban's reach

 

By Anna Golubova

For Kitco News

Kinesis Money the cheapest place to buy/sell Gold and Silver with Free secure storage

David

Gold and silver struggle leading into the European open

Gold and silver have had a heavy session overnight with the yellow metal trading -0.61% lower while silver dropped -1.34%. In the rest of the commodities complex, spot WTI fell -0.61% and copper also struggled, losing -0.69% of its value.

Following a poor performance on Wall Street, the Nikkei 225 (-1.10%), ASX (-0.50%), and Shanghai Composite (-0.52%) all underperformed. Futures in Europe are pointing towards a negative cash open.

In FX markets, the dollar index moved higher overnight by 0.31%. The biggest loser was AUD/USD (-0.71%) but the greenback performed well against all the other majors. In the crypto space, BTC/USD is only marginally lower trading at $44,428.

In terms of news, the FOMC minutes noted that "substantial further progress" had not been met yet in the U.S. but most members said it could be time to taper by the end of this year. Risk sentiment turned after the FOMC minutes.

Australia July employment +2.2K vs -46.2K expected.

Japan August Reuters Tankan manufacturing +33 vs +25 prior.

U.S. president Biden's approval rating dipped below 50% for the first time in office.

Fed's Bullard said misjudging inflation could lead to very disruptive hikes.

Antofagasta H1 Revenue hit $3.59B and EBITDA reached $2.36B (est $2.42B).

Looking ahead to the rest of the session highlights include U.S. initial jobless claims, Philly Fed manufacturing data and Canadian ADP employment data.

 

By Rajan Dhall

For Kitco News

Kinesis Money the cheapest place to buy/sell Gold and Silver with Free secure storage

David