Precious metals news

The golden bull is charging – are you ready to ride? Why Goldman Sachs just raised their gold forecast... again

Oil prices have surged due to escalating tensions in the Middle East, with Brent crude and WTI futures both rising over 5% to reach one-month highs. The market is concerned about potential disruptions to global oil supply, particularly if Israel targets Iranian oil infrastructure. President Biden's ambiguous comments about supporting such actions have further fueled speculation, while Iran's significant oil production capacity adds to the market's unease.

Gold prices declined slightly Friday morning following a stronger-than-anticipated U.S. jobs report, which strengthened the dollar and reduced expectations for a significant Federal Reserve rate cut in November. The robust employment data, showing accelerated job growth and lower unemployment, suggests less pressure on the Fed to implement aggressive rate cuts.

The port strike involving tens of thousands of dockworkers along the East and Gulf Coasts of the United States has been suspended following a tentative agreement on wages between the International Longshoremen's Association and the U.S. Maritime Alliance. The deal includes a significant wage increase and extends the current contract until January 15, 2025, allowing time for further negotiations on outstanding issues. This agreement ends a three-day strike that had threatened to disrupt supply chains and the U.S. economy.

In this eye-opening video, Mike Maloney dives deep into the economic warning signs that signal an impending financial crisis.

As autumn leaves begin to fall, investors often feel a chill that has nothing to do with the weather.

As mortgage rates approach 6%, a refinancing wave is gaining momentum. Mortgage applications have surged, with volume last week tripling compared to the previous year. Homeowners who bought when rates were above 7% can now save hundreds of dollars monthly by refinancing. While not yet at pandemic-era levels, the trend is significant and could intensify if rates continue to decline as economists predict.

The dockworkers' strike against automation highlights a growing trend of workers across various industries pushing back against technological advancements that threaten job security. This labor action reflects a broader societal concern about the impact of automation and AI on employment, with unions taking proactive measures to protect their members' interests in the absence of comprehensive workplace policies addressing these issues.

President Biden's comments on potential Israeli strikes against Iranian oil facilities have caused a significant surge in oil prices, raising concerns about global supply disruptions. The market's reaction reflects heightened tensions in the Middle East and the possibility of escalating conflict between Israel and Iran, which could impact a region responsible for about one-third of global oil supply.

Central banks continued to accumulate gold in August 2024, albeit at a slower pace compared to earlier in the year. Net purchases totaled 8 tonnes, the lowest since March, with emerging market central banks leading the buying. Poland, Turkey, and India were the top purchasers, while Kazakhstan reduced its holdings. Despite the moderation in demand, central banks' gold reserves are still growing, reflecting their ongoing interest in the precious metal as a strategic asset.

JPMorgan analysts suggest that the recent surge in gold and bitcoin prices is driven by a "debasement trade," reflecting concerns about geopolitical uncertainty, inflation, government deficits, and waning confidence in fiat currencies. This trend may continue due to rising geopolitical tensions and the upcoming U.S. election, with a potential Trump victory potentially reinforcing the debasement trade through regulatory changes, tariffs, and expansionary fiscal policy.

While there aren't enough problems in the world today, the U.S. Government is now funding the restarting of shutdown nuclear plants to power AI and data centers.  What could possibly go wrong? LOL.  When you look at the data closely, it's really a bad idea...

In his latest video, Mike reveals a startling discovery: a major bank is harboring a significant hole in its balance sheet.

In this eye-opening video, Mike Maloney dives deep into the impending financial crisis and reveals that the Fed is genuinely bankrupt.

Goldman Sachs has revised its gold price forecast for early 2025, raising it from $2,700 to $2,900 per troy ounce. This bullish outlook is based on expectations of faster declines in short-term interest rates in Western countries and China, as well as continued strong purchases by emerging market central banks. The investment bank cites the gradual boost from lower global interest rates, structurally higher demand from central banks, and gold's role as a hedge against various risks as key factors supporting their long gold recommendation.

Precious metals, particularly gold and silver, have emerged as top performers in 2024. Gold's rally is fueled by various factors, including global uncertainties and changing monetary policies. Silver, while closely following gold's trajectory, has shown even stronger performance due to its additional industrial applications. Both metals are expected to continue their upward trend, with silver potentially offering more upside given its current price relative to historical highs.

The gold market is experiencing a significant shift as record-high prices dampen physical demand in key markets worldwide. As gold prices soar to unprecedented levels, retail consumers are increasingly opting to sell their holdings and capitalize on profits rather than make new purchases. This trend has led to a sharp decline in physical gold demand across major markets, including India and China, the world's top consumers. The rally, fueled by anticipated U.S. Federal Reserve interest rate cuts and geopolitical tensions, has pushed gold to its highest price in years, creating a challenging environment for traditional buyers and potentially reshaping the dynamics of the global gold market.

Iran's missile attack on Israel has caused oil prices to rise for a second day, with Brent crude climbing above $75 a barrel. The escalation in the Middle East conflict has increased concerns about potential disruptions to oil supplies from the region, which accounts for about a third of global production. While the geopolitical risk premium has risen, it remains moderate, and oil prices continue to be sensitive to supply disruption risks.

The dollar maintained its gains as tensions escalated in the Middle East following Iran's missile attack on Israel. Safe-haven assets rallied while the dollar strengthened against the yen amid dovish comments from Japanese officials. Oil prices remained a key focus for markets, though they've stayed relatively low compared to previous levels.

Gold prices retreated slightly on Tuesday after surging in response to Iran's missile strikes on Israel. The precious metal's decline came as investors awaited potential further developments in the escalating Middle East conflict, with Israeli Prime Minister Netanyahu vowing retaliation. Markets are also looking ahead to the U.S. jobs report later this week for insights into potential Federal Reserve interest rate cuts.