Category Archives: Silver Rounds

Copper’s (HG1:COM) bull market is nearly a quarter of a century old, and the prospects are for higher prices over the coming years. Since the November 2001 60.40 cents per pound low, copper has traded in a nearly perfect bullish path of higher lows and higher highs. Continue reading →

Gold prices steady as investors await key U.S. economic data, with eyes on labor reports and Fed’s moves. Geopolitical tensions and strong demand continue to support the metal’s long-term outlook. Continue reading →

Welcome to our latest episode! Today, we’re excited to feature David Morgan, a renowned analyst in the precious metals industry and the author of The Silver Manifesto. With years of experience consulting for high-net-worth investors, David also publishes The Morgan Report, which provides valuable insights into wealth preservation and precious metals investments. Continue reading →

UBS strategist says recent targeted ground operation by Israel into Lebanon will not be a significant driver of price. UBS … Continue reading →

Phil Streible, a leading precious metals expert, shared his bullish outlook in a recent commentary. He highlighted seasonal patterns, Fed … Continue reading →

(Bloomberg) — Stocks posted small moves and bonds steadied as flaring tensions in the Middle East put markets in a wait-and-see mode. Oil rose and gold hovered near a record.Most Read from BloombergWith traders awaiting Israel’s response to a missile barrage from Iran, and Brent crude topping $75 a barrel, geopolitical fears have replaced optimism around central bank policy easing as the main market driver. The escalation in the region spurred a flight to safety on Tuesday and sent Wall Street’s fear gauge — the VIX — to a key level that usually indicates more market swings are in store.Europe’s Stoxx 600 index ticked higher, led by energy firms and defense stocks including Saab AB and Rheinmetall AG. Futures on the S&P 500 pointed to a muted open after Tuesday’s flight to safety. Treasury yields edged up, with the 10-year around 3.76%. The dollar traded flat.Hopes for monetary stimulus and a soft landing for the US economy “could yet be challenged, if we were to see these escalations persist,” Laura Cooper, global investment strategist at Nuveen, told Bloomberg TV.Listen and follow The Big Take on Apple Podcasts, Spotify or wherever you get your podcastsChinese stocks listed in Hong Kong, meanwhile, jumped the most in almost two years after Beijing followed other major cities in relaxing home purchase rules. The massive stimulus efforts announced by China’s leaders last week sent local assets soaring and helped lift markets overseas.In European company news, JD Sports Fashion Plc fell after reporting results and after Nike Inc. reported a drop in quarterly sales after the US market close. Oil producers and defense stocks climbed as Israel vowed to retaliate against Iran after it fired about 200 ballistic missiles at Israel in a severe escalation of hostilities that has spurred fears of a Middle East-wide war.Separately, Republican JD Vance largely succeeded in sanding down his hardline reputation, while Democrat Tim Walz’s nerves were on display as the vice presidential candidates battled over immigration, abortion, and climate change during Tuesday’s debate.Key events this week:S&P Global Manufacturing PMI on WednesdayFed speakers include Richmond’s Thomas Barkin, Cleveland’s Beth Hammack, St. Louis’s Alberto Musalem and Fed Governor Michelle Bowman on WednesdayUS nonfarm payrolls, FridaySome of the main moves in markets:StocksThe Stoxx Europe 600 was little changed as of 10:25 a.m. London timeS&P 500 futures fell 0.3%Nasdaq 100 futures fell 0.3%Futures on the Dow Jones Industrial Average fell 0.4%The MSCI Asia Pacific Index rose 0.3%The MSCI Emerging Markets Index rose 1.2%CurrenciesThe Bloomberg Dollar Spot Index was little changedThe euro was little changed at $1.1065The Japanese yen fell 0.5% to 144.29 per dollarThe offshore yuan was little changed at 7.0277 per dollarThe British pound was little changed at $1.3284CryptocurrenciesBitcoin rose 1.2% to $61,544.65Ether rose 0.7% to $2,467.99BondsThe yield on 10-year Treasuries advanced three basis points to 3.76%Germany’s 10-year yield advanced five basis points to 2.08%Britain’s 10-year yield advanced seven basis points to 4.01%CommoditiesBrent crude rose 2.5% to $75.38 a barrelSpot gold fell 0.4% to $2,653.69 an ounceThis story was produced with the assistance of Bloomberg Automation.–With assistance from Rob Verdonck.Most Read from Bloomberg Businessweek©2024 Bloomberg L.P. Continue reading →

Goldman Sachs this week raised its gold price target to $2,900, up from $2,700 an ounce, for early 2025.

“We reiterate our long gold recommendation due to the gradual boost from lower global interest rates, structurally higher central bank demand and gold’s hedging benefits against geopolitical, financial and recessionary risks,” according to a note from bank analysts. Continue reading →

(Bloomberg) — European equities posted small moves and US stock futures edged lower as traders looked ahead to economic data for clues on the outlook for interest rates.Most Read from BloombergThe Stoxx 600 index was steady, with the focus on euro zone inflation data after European Central Bank President Christine Lagarde said the bank is becoming more optimistic about getting price pressures under control. Contracts for the S&P 500 slipped 0.2% after the underlying benchmark notched its latest record high Monday.The dollar climbed after Federal Reserve Chair Jerome Powell said the US central bank will lower interest rates “over time,” while re-emphasizing that the overall economy remains on solid footing. Markets were also bracing for any effect after Israel said it had begun “targeted ground raids” in Lebanon.“I still think that global risk assets perform well heading into the end of the year as the macro backdrop and growth prove to be more resilient than previously expected,” said David Chao, a strategist at Invesco Asset Management. “Thus the near-term market narrative has shifted from questions about a slowing US economy to the size and velocity of the Fed’s rate cuts for the rest of the year.”Inflation data for the 20-nation euro zone Tuesday is expected to show a slowdown to 1.8% from 2.2% in August. Yields on German and UK bonds dropped, while those on Treasuries ticked lower across the curve.China’s markets are on a week-long holiday after the biggest surge in 16 years on Monday. The MSCI China Index beat an emerging-market gauge which excludes the nation’s equities by almost 22 percentage points in September, the biggest margin of outperformance since June 1999, according to data compiled by Bloomberg.In the US, the S&P 500 secured its fourth consecutive quarter of advances — the longest such winning stretch since 2021. The tech-heavy Nasdaq 100 notched a similar run.“The bull market has survived the year’s historically weakest quarter, the third quarter, and it is likely to remain intact through at least the end of the year, as earnings remain strong, interest rates are moving lower and consumers are still spending,” said Emily Bowersock Hill at Bowersock Capital Partners.“We expect the fourth quarter to be quite similar to the third quarter – elevated volatility, but with a strong finish,” she added.In other news, The International Longshoremen’s Association shut down all ports from Maine to Texas on Tuesday, according to a statement from its Facebook page. The affected ports have the combined capacity to handle as much as half of all US trade volumes, and the strike will halt container cargo and auto shipments.In commodities, oil prices dropped as prospects of a return of Libyan supply countered the risks of a wider conflict in the Middle East.Key events this week:Atlanta Fed President Raphael Bostic, Fed Governor Lisa Cook, Richmond Fed President Thomas Barkin and Boston Fed President Susan Collins speak TuesdayECB policy makers speaking include Olli Rehn, Luis de Guindos, Isabel Schnabel and Joachim Nagel on TuesdayBOE chief economist Huw Pill speaks TuesdaySouth Korea CPI, S&P Global Manufacturing PMI on WednesdayFed speakers include Richmond’s Thomas Barkin, Cleveland’s Beth Hammack, St. Louis’s Alberto Musalem and Fed Governor Michelle Bowman on WednesdayUS nonfarm payrolls, FridaySome of the main moves in markets:StocksThe Stoxx Europe 600 was little changed as of 8:31 a.m. London timeS&P 500 futures were little changedNasdaq 100 futures were little changedFutures on the Dow Jones Industrial Average fell 0.2%The MSCI Asia Pacific Index rose 0.1%The MSCI Emerging Markets Index fell 0.1%CurrenciesThe Bloomberg Dollar Spot Index rose 0.1%The euro fell 0.2% to $1.1118The Japanese yen fell 0.3% to 144.05 per dollarThe offshore yuan fell 0.3% to 7.0263 per dollarThe British pound fell 0.3% to $1.3340CryptocurrenciesBitcoin rose 0.4% to $64,012.5Ether rose 1.3% to $2,648.47BondsThe yield on 10-year Treasuries declined two basis points to 3.76%Germany’s 10-year yield declined three basis points to 2.09%Britain’s 10-year yield declined two basis points to 3.98%CommoditiesBrent crude fell 0.9% to $71.03 a barrelSpot gold rose 0.3% to $2,642.57 an ounceThis story was produced with the assistance of Bloomberg Automation.–With assistance from Jason Scott.Most Read from Bloomberg Businessweek©2024 Bloomberg L.P. Continue reading →

BIUS stocks rose to records on Monday after Federal Reserve Chair Jerome Powell’s commented on the economy.Powell emphasized the economy’s strength and recalibrated interest rate cut expectations.Investors are also eyeing key employment data releases this week for further market direction.US stocks rose on Monday, with the Dow and S&P 500 closing at record highs as investors digested new comments from Federal Reserve Chairman Jerome Powell.All three major indexes moved higher in late trading following Powell’s comments about the strength of the US economy.”This is not a committee that feels like it’s in a hurry to cut rates quickly,” Powell said in a Q&A chat with the National Association for Business Economics, discussing the strength of the broader economy.”Overall, the economy is in solid shape,” Powell said in his prepared remarks. “We intend to use our tools to keep it there.”Powell’s comments recalibrated interest rate cut expectations in the market.According to the CME’s FedWatch Tool, markets now see a 35% chance of a 50 basis point rate cut at the Fed’s November FOMC meeting, down from 53% on Friday.”We are not on any preset course,” Powell said. “The risks are two-sided, and we will continue to make our decisions meeting by meeting.”Here’s where US indexes stood at the 4 p.m. closing bell on Monday:Aside from Fed comments, investors are preparing for a wave of employment data this week.Job openings data on Tuesday, the ADP employment report on Wednesday, initial jobless claims on Thursday, and the September jobs report on Friday are on the docket this week for investors to parse through.Economists expect about 145,000 jobs added to the economy in September, with the unemployment rate staying flat at 4.2%.Here’s what else happened today:In commodities, bonds, and crypto:West Texas Intermediate crude oil was higher slightly by 0.18% to $68.30 a barrel. Brent crude, the international benchmark, was up 0.43% to $71.85 a barrel.Gold was down 0.59% to $2,652.30 an ounce.The 10-year Treasury yield was higher by 4 basis points at 3.795%.Bitcoin was lower by 3.18% to $63,527.Read the original article on Business Insider Continue reading →

Source: www.stockcharts.com

Gold keeps churning higher to new all-time highs. Yes, once again, gold made all-time highs with Thursday’s high at $2,708.70. Gold has had a good year. Currently up 34.2% in 2024, if it holds it would be best year since 1979, the year gold took off into the stratosphere, gaining 134.8%. Before that the best year was 1978 with a gain of 36.5%. In 2010 gold gained 29.8%. This time the Fed cutting rates helped spur the current round of buying. As well the US$ Index recently hit new 52-week lows, also helping gold. Geopolitical uncertainty, domestic political uncertainty, monstrous debt, central bank demand, strong buying out of Asia, China’s stimulus package, and waning confidence in all governments are helping the rise of gold. We also note that fund managers and hedge funds are waking up to having more gold in their portfolios.

After making its all-time high on Thursday, gold reversed on Friday and fell on what appears as profit-taking as no recent news shook it. The US$ Index was down and PCE prices were also down. We are also overbought with the RSI moving over 70. However, as we saw back in March/April, overbought can hang around for some time. Will events in the Middle East on the weekend spark a new rise as the region races towards all-out war? Or do we await the nonfarm payrolls on Friday to see what the Fed might be up to next? The Fed has two meetings left in November and December and a minimum further 50 bp cut is likely, but could it be a 100 bp?

On the week, gold rose 0.8%, silver was up 1.0% to 52-week highs and the highest level since 2012, platinum recovered a bit, up 4.1%, but palladium stumbled, down 5.1%, while copper soared on Chinese stimulus, up 6.0%. However, the gold stocks hesitated as the Gold Bugs Index (HUI) fell 0.7% and the TSX Gold Index (TGD) was down 1.1% after both made 52-week highs.

Gold has been in a steady uptrend with only shallow pullbacks since breaking above that consolidation pattern that we believe was an ascending triangle. Since July, we have soared to all-time highs. So, is this another shallow pullback or might we pull back even more? A break under $2,600 might interrupt the magic. Under $2,500 we could move lower and under $2,400, and especially under $2,300, the up move would be officially over. First let’s hold above $2,600.

Source: www.stockcharts.com

Silver finally broke through to new 52-week highs, but it was short-lived. Silver this past week jumped to a high of $33.02, surpassing the May high of $32.75. But just as soon as one could say “new high”, silver reversed and closed at $31.82. False move? We don’t think so, but a longer connecting line with that May high does come in just above $33. That’s another hurdle to overtake if we are to fulfill targets up at $38–$40. Many think we’ll go even higher, but let’s get to those targets first. Silver has considerable support down to $29, but we wouldn’t want to see a break under that level as that would signal further losses, possibly down to $26. The good news this week was that silver did gain 1.0%. But it was insufficient to burst through $33 resistance. Now we await the nonfarm payrolls on Friday to possibly point to the next direction. However, October is not noted for being a prime time for gold and silver, with tops in September followed by choppy weakness into December before the next good up leg gets underway. Will this year be different?

Source: www.stockcharts.com

The gold stock indices once again made 52-week highs, but then promptly saw a wave of profit-taking on Friday, pushing both indices into the red. On the week, the TSX Gold Index (TGD) lost 1.1% while the Gold Bugs Index (HUI) was down 0.7%. A reversal? Yes, but not a key one. However, it may signal another period of consolidation. We would not want to see the TGD break under 360 and definitely not under 345. Both could be signalling that a more important top is in. There is still room to maneuver higher within the channel. The channel goes up to at least 400. But Friday’s move to the downside might set up at least a week of waffling as we go into next Friday’s anxiously awaited nonfarm payrolls.

Read the FULL report here: Technical Scoop: High Week, GDP Rise, China Stimulus

Disclaimer

David Chapman is not a registered advisory service and is not an exempt market dealer (EMD) nor a licensed financial advisor. He does not and cannot give individualised market advice. David Chapman has worked in the financial industry for over 40 years including large financial corporations, banks, and investment dealers.  The information in this newsletter is intended only for informational and educational purposes. It should not be construed as an offer, a solicitation of an offer or sale of any security.  Every effort is made to provide accurate and complete information. However, we cannot guarantee that there will be no errors. We make no claims, promises or guarantees about the accuracy, completeness, or adequacy of the contents of this commentary and expressly disclaim liability for errors and omissions in the contents of this commentary.  David Chapman will always use his best efforts to ensure the accuracy and timeliness of all information. The reader assumes all risk when trading in securities and David Chapman advises consulting a licensed professional financial advisor or portfolio manager such as Enriched Investing Incorporated before proceeding with any trade or idea presented in this newsletter. David Chapman may own shares in companies mentioned in this newsletter. Before making an investment, prospective investors should review each security’s offering documents which summarize the objectives, fees, expenses and associated risks.  David Chapman shares his ideas and opinions for informational and educational purposes only and expects the reader to perform due diligence before considering a position in any security. That includes consulting with your own licensed professional financial advisor such as Enriched Investing Incorporated.   Performance is not guaranteed, values change frequently, and past performance may not be repeated.

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