Precious metals news

Discover how much gold you need to retire and maintain a basic lifestyle in this insightful video by Alan Hibbard.

A technical glitch at the New York Stock Exchange (NYSE) on Monday caused Berkshire Hathaway's A-class shares to incorrectly appear down nearly 100%, halting trading in these shares as well as in Barrick Gold and Nuscale Power. The NYSE is investigating the issue, related to the limit up and limit down bands designed to control excessive volatility. The exact number of affected stocks is unclear. The Consolidated Tape Association, which provides real-time stock quotes, also reported an earlier failure. Trading in Berkshire Hathaway's B-class shares continued, with a slight decrease of less than 1%.

The Reserve Bank of India (RBI) has relocated over 100 tons of gold from the UK to its vaults in India, marking the first such move since 1991. This significant transfer is part of a plan that may see a similar quantity of gold brought to India in the coming months. Historically, more than half of RBI’s gold reserves were held overseas with the Bank of England and the Bank of International Settlements, but recent logistical efforts, involving extensive coordination with multiple government departments, have successfully returned a portion of these reserves to India.

Stocks ended May on a mixed note as investor enthusiasm for AI cooled and concerns about the Federal Reserve's interest rate policies persisted. Over the past week, the Nasdaq was flat, the S&P 500 rose slightly, and the Dow declined. This week, market attention will focus on labor market updates, including the May jobs report and data on job openings and wage growth. Reports on services and manufacturing activity are also expected. In corporate news, earnings reports from CrowdStrike, Lululemon, and Dollar Tree will be notable highlights.

Alan Greenspan warned on NBC's "Meet the Press" that a further drop in home prices could trigger a double-dip recession. This potential decline in home values, amid an already fragile economy, could erode investor and consumer confidence, further impacting the economy. The housing market is expected to remain unstable, potentially leading to prolonged economic difficulties. It's essential to manage expectations and address factors that could contribute to declining home values to mitigate the risk of a new recession.

The European Central Bank (ECB) and the Bank of Canada (BoC) are expected to cut interest rates this week, providing relief to borrowers in the eurozone and Canada. Market indicators show an 82% probability of the BoC reducing its rate from 5% to 4.75% on Wednesday, following slower-than-expected GDP growth. The ECB is also anticipated to cut its deposit facility rate from 4% to 3.75% on Thursday, with money markets showing a 93% chance of this move. These central banks would join the Swiss National Bank, which cut rates in March, as some of the first major institutions to ease policy amidst persistent inflation concerns.

Debt payments by the 50 countries most vulnerable to the climate crisis have doubled since the start of the COVID-19 pandemic, reaching their highest level in over 30 years. These nations now allocate 15.5% of government revenues to external creditors, up from less than 8% before the pandemic. Debt Justice, citing data from the World Bank and IMF, highlights the urgent need for comprehensive debt relief to enable these countries to address the climate crisis effectively. The charity's executive director, Heidi Chow, emphasized that record debt levels are hampering the ability of these countries to combat the climate emergency.

China's manufacturing activity surged in May, growing at the fastest rate in nearly two years, driven by production increases and new orders, particularly among smaller firms, according to the Caixin/S&P Global PMI, which rose to 51.7. Despite this positive outlook for the second quarter, global risks persist. China's efforts to boost infrastructure and high-tech manufacturing to counter weak domestic demand and a prolonged property crisis have yet to fully impact businesses and workers. This optimistic private sector PMI contrasts with an official survey showing a decline in manufacturing activity.

Gold prices inched up on Monday as investors anticipated key U.S. economic reports this week for insights into the economy's health, following an inflation report that hinted at possible Fed rate cuts in 2024. Spot gold rose 0.3% to $2,332.91 per ounce, and U.S. gold futures increased by 0.3% to $2,353.40. The market is focused on upcoming data, including the ISM PMI reading, ADP employment report, and non-farm payrolls, to see if it indicates a soft landing for the U.S. economy.

Gold prices dipped on Monday amid increased rate cut expectations that drove investors towards riskier assets, despite a weaker dollar. Concurrently, copper prices also fell due to mixed economic data from China and cooling speculative activity. Reduced safe haven demand for gold followed reports of a potential ceasefire between Israel and Hamas. Spot gold dropped 0.3% to $2,321.51 an ounce, while August gold futures fell 0.2% to $2,341.55 an ounce. Traders’ shift to riskier assets was further supported by easing U.S. inflation data, heightening expectations for a Fed rate cut in September.

Turkey's inflation surged to 75.5% in May, exceeding forecasts and marking what officials hope is the peak of a prolonged cost-of-living crisis. Monthly inflation also accelerated to 3.4%. Despite the sharp rise, Turkish policymakers, following more conventional economic strategies since President Erdogan's reelection, expect inflation to drop to 38% by year-end. Finance Minister Mehmet Simsek anticipates a significant decline starting in June, potentially bringing inflation below 50% by the end of the third quarter.

Fiat money is intrinsically worthless and yet people still value it. Where does this value come from? Our guest commentator cites Austrian thinkers Menger and Mises. He traces the purchasing power of paper money back its historical root: real money, i.e. physical gold.

With gold and silver prices correcting lower from the highs, what's next for the precious metals?  Is silver heading back to $35 and then to $50, as many precious metals analysts believe?  It's probably a good idea to look at the technicals and the market structure...

Central bank monetary tactics have proven to be a toxic remedy, amplifying rather than curing economic ailments. Like a surgeon whose operation only worsens the patient's condition, central banks administer policies that do more harm than good. Here are five ways central banks leave a legacy of financial turmoil.

The U.S. national debt is at 34.7 trillion dollars. If you laid that many dollar bills end-to-end, it would wrap around the Earth 134,599 times. That’s enough to travel to the sun and back 17 times. Suffice it to say, we’re in a pickle.

Five months into 2024 and gold has already matched all of 2023’s gains (+13%). We revisit some 2024 price predictions and discuss

A fundamental yet almost imperceptible shift has occurred. Those with their ears to the ground might have felt the tectonic plates beneath them shift, yet most are merely milling in the overworld. The grinning, faceless hordes of propagandists and marketers have become so successful that they feel they have inverted human nature itself.

The following analysis breaks down the Fed balance sheet in detail. It shows different parts of the balance sheet and how those amounts have changed. It also shows historical interest rate trends.

Gold prices have been significantly outperforming other assets due to a range of positive factors beyond U.S. interest rates and the dollar, according to Macquarie commodity strategists. The metal's strength is attributed to its reputation as a safe asset with no counterparty risk, increased central bank buying, and sustained interest from institutional investors. Despite recent corrections, the gold market remains robust, with notable trading activity from Chinese traders. Gold's resilience, even amid high inflation and strong U.S. monetary policy, highlights its broad appeal and strong performance relative to industrial metals.

OPEC+ is negotiating a complex deal to extend its current oil production cuts into 2025, sources revealed. The group, led by Saudi Arabia and Russia, has been reducing output by 5.86 million barrels per day since late 2022 to counter increased production from non-members like the U.S. and address demand concerns amid high global interest rates. The ongoing cuts include 3.66 million bpd by OPEC+ members through 2024 and 2.2 million bpd of voluntary cuts expiring in June. The new deal may extend these cuts into 2025 and late 2024, respectively.