Precious metals news

The CME Comex is the Exchange where futures are traded for gold, silver, and other commodities. The CME also allows futures buyers to turn their contracts into physical metal through delivery. You can find more details on the CME here (e.g., vault types, major/minor months, delivery explanation, historical data, etc.).

Since its inception in 1986, one silver bullion coin has become one of the go-to choices for investors seeking silver assets.

Gold's remarkable rally has propelled its prices to record highs, with the potential to climb even higher, potentially reaching $2,300 per ounce in the latter half of 2024. This optimistic outlook is buoyed by expectations of rate cuts by the U.S. Federal Reserve, according to Aakash Doshi of Citi. Currently, gold is trading at $2,203. The precious metal often becomes more attractive when interest rates fall, as it competes favorably against fixed-income assets like bonds, which offer diminished returns in a low-rate environment. Moreover, central banks' record bullion purchases and significant futures buying, as noted by Macquarie, have played a critical role in driving gold prices upward, suggesting that the rally is far from reaching its peak.

The Swiss National Bank (SNB) reduced its main interest rate by 25 basis points to 1.50%, setting a precedent as the first major central bank to reverse the trend of tightening monetary policy initiated to combat inflation. This decision, marking the SNB's first rate cut in nearly a decade, was announced under the tenure of Chairman Thomas Jordan shortly before his planned departure in September. The cut was also applied to the interest rate on sight deposits. The move came ahead of decisions by other European central banks, including the Bank of England and the Norwegian central bank, which held their rates steady, underscoring the SNB's proactive stance in adjusting monetary policy.

Gold's price climbed past $2,200 an ounce, marking a historic first propelled by investor optimism regarding the Federal Reserve's stance on interest rate cuts. This optimism has significantly bolstered the attractiveness of gold, which does not yield interest. The metal's price spiked to an all-time high of $2,220.89, reflecting a surge of over 10% since mid-February. This rally is largely attributed to anticipations of a more lenient U.S. monetary policy, enticing investors to place their bets on gold. Despite the rapid pace of this rally, the Federal Reserve's recent announcement, maintaining its plan for three rate cuts within the year and its tolerance towards the current inflation and labor market conditions, has reinforced bullish sentiments among gold traders, according to Chris Weston of Pepperstone Group Ltd.

Carley Garner, an esteemed analyst from TheStreet Pro with over two decades of experience in tracking markets through futures, including gold, has made a bold prediction about the precious metal's trajectory. Last summer, she accurately forecasted gold's impressive rally, suggesting it would surpass the $2,100 resistance level to reach new heights. Garner now updates her target, indicating that a similar upward movement could propel gold prices to as much as $2,600 per ounce. This prediction comes at a time when gold has seen a sharp increase in value, defying the expectations of many who believed it would falter amidst falling inflation and a renewed interest in stocks.

Gold prices surged to unparalleled heights for the fifth time in March, setting a new record after the U.S. Federal Reserve indicated plans for three interest rate cuts in 2024. This decision comes despite ongoing concerns about high inflation. The price of spot gold increased by 0.8% to $2,202.39 per ounce, after briefly reaching a peak of $2,222.39, while U.S. gold futures saw a 2% rise to $2,204.50. Analysts, including Julius Baer's Carsten Menke, attribute this remarkable rally to the Fed's recent remarks, which confirmed a forthcoming shift towards reducing U.S. interest rates, sparking a frenzy among investors.

Join Mike Maloney in this revealing video as he shares his personal journey of taking physical delivery of his Tesla stock certificates.

The Bureau of Land Management is a federal agency that controls 245 million acres of land and controls 30% of the country’s mineral resources. On the East Coast, it manages little land but manages an enormous share of Western states. It owns over two-thirds of Nevada. This gives the federal government enormous sway over the West. Want to go hunting? Want to start a logging company? Want to go hiking? Better make sure it’s okay with the federal government first.

I sat down with Gary at Metals & Miners to discuss the Energy Cliff's implications for the precious metals market and prices. Unfortunately, the market is totally unprepared for the massive Cost-Push Inflation that will occur as the global economy suffers from energy constraints in the years ahead...

Something very interesting is taking place in the Silver Market.  In just the past week, one of the European Silver ETFs saw a massive increase in silver inventories.  So, who is the Big European Silver Investor?  This is interesting after the record Indian silver imports last month...

West Texas Intermediate crude oil saw a roughly 2% decrease to settle near $81, marking a slowdown in the recent price surge to the highest since late October. The decline aligns with technical signals indicating overbought conditions and the peak of algorithmic long position buying, suggesting potential for a shift in price momentum to the downside, according to Daniel Ghali, a commodity strategist at TD Securities.

~$2.5 Billion in Liquidity in #Silver Futures trading as the price moves into what appears a significant breakout mode:

The UK reported a welcome decline in inflation to its lowest since September 2021, exceeding analysts' predictions. This news comes as the Federal Open Markets Committee convenes to discuss US interest rates, with the outcome to be announced later today. While no change in rates is anticipated, the Committee’s projections on future rate changes, known as 'dot plots', are highly anticipated and could signal significant market cues.

Fed Chair Jerome Powell said Wednesday that the January and February consumer price index and the January personal consumption expenditures price index were “quite high, but there's reason to think that, at least for the first month of the year, that “seasonal effects” were at play. “We don't want to be completely dismissive of it,” Powell said. “I always try to be careful about dismissing data that we don't like—so you need to check yourself on that.”

Analysts at PIMCO say that for the Fed to reach its goal of lowering inflation to 2%, we need fewer people to be employed. Reduced incentives to offer raises and bonuses and less spending from the “resilient” American consumer can help cool down inflationary pressure. But there’s an elephant in the room: Why do we let a handful of unelected central planners decide what’s best for markets (and human beings) to begin with?

According to Wharton Professor Kent Smetters and insights from notable hedge fund managers Mark Spitznagel and Ray Dalio, the US is on the verge of a severe economic downturn, potentially culminating in the worst stock market crash since 1929 due to an unsustainable debt trajectory. Federal spending has significantly outstripped tax revenue, a trend exacerbated by the global financial crisis and further intensified during the pandemic. To hedge against an economic downturn, Smetters recommends buying bonds that adjust for inflation.

Lisa Shalett, the Chief Investment Officer at Morgan Stanley Wealth Management, is highlighting the potential risks to US stocks from the increasing trend of de-dollarization. She notes that the US dollar's dominance in global trade and its status as a primary reserve currency are being challenged, putting structural pressure on the dollar that could negatively impact US equities. Shalett advises investors to brace for a shift in the US dollar regime, citing factors such as the surge in gold and bitcoin prices, the termination of Japan's yield curve control, and deteriorating US-China relations. These developments threaten to reverse the benefits the US has enjoyed from the dollar's strength, including low import inflation and affordable energy costs, which have been fundamental in supporting high liquidity and financing for US deficits and debt.

According to U.S. Attorney's Office, Northern District of Illinois, a 52-year-old from Houston, Texas, has been charged with federal fraud for leading a digital currency scheme swindling investors out of over $10 million. From 2018 to 2023, Dunlap and associates falsely marketed the Meta-1 Coin, claiming it was backed by an art and gold portfolio valued at approximately $44 billion. The indictment reveals Dunlap manipulated the Meta-1 Coin's market price using automated software, inflating its trading volume on a fabricated exchange platform. If convicted, he faces four counts of mail fraud and was arrested in Virginia, with orders for his removal to Chicago for trial.

UK inflation experienced a significant drop to 3.4% in February, reaching its lowest level since September 2021 and falling below economists' expectations. This decline from January's 4% rate marks a continuation of the trend towards easing inflation, particularly noted in the costs of food, restaurants, and cafes. Despite the overall reduction, housing and fuel prices applied upward pressure on the inflation rate. Notably, food and non-alcoholic beverage prices have risen at the slowest annual pace since January 2022, highlighting an eleventh consecutive month of slowing inflation rates from a 45-year peak in March 2023.