Latest Goldmoney Research

Apr 26, 2024·Alasdair Macleod

Is the correction for gold and silver over?

Gold and silver prices steadied this week and appear to have found a base. This morning in European trading, gold was $2347, down $45 since last Friday’s close. Silver was $27.70, down a dollar on the same timescale.From the spike highs on 12 April, even the bulls thought a correction was due,...

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Apr 25, 2024·Alasdair Macleod

China holds the future of US debt in her hands

Now that short-term funding through Treasury bills must be nearly exhausted, how will the US Treasury fund the budget deficit, running at well over $3 trillion this year?According to the US Treasury, the two largest buyers of US Treasuries have been Japan and China. Japan is now the largest...

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Apr 24, 2024·Goldmoney Staff

Oil markets put a question mark on the soft landing expectations

Oil prices have sold off meaningfully from their recent highs. Brent and WTI crude oil lost $4.51/bbl and $4.89/bbl, respectively, from $91.17/bbl and $86.91/bbl (see Exhibit 1) at the time of writing. Exhibit 1: Oil prices corrected sharply from their peaks$/bblSource: Goldmoney...

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Apr 19, 2024·Alasdair Macleod

Consolidating at the higher levels

Gold and silver were firmer on the week, with gold trading in Europe this morning at $2390, up $46, while silver was at $28.45, up 60 cents. While both were higher since last Friday, it is best described as a week of consolidation.Overnight, the Israelis launched an attack on Iran, escalating...

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Apr 18, 2024·Alasdair Macleod

Interest rates are going higher

It’s gradually dawning on markets that lower dollar interest rates are a fantasy. If a chart speaks a thousand words, this is it:From its peak at about 15% in the early eighties, the trend for US bond yields was down for forty years. When the yield soared through 2.8% in April 2022 (yes, only...

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Apr 16, 2024·Goldmoney Staff

Gold makes new all-time amidst central bank buying

Gold is at an all-time high (see Exhibit 1). This is against all odds given the level of interest rates. We have written extensively in the past how gold prices are driven by three main factors: Central bank policy (Real-interest rate expectations and QE), Longer-dated energy prices and...

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Apr 12, 2024·Alasdair Macleod

Trouble ahead?

Gold and silver continued their spectacular run, with gold testing the $2400 level in European trade this morning, up $70 from last Friday’s close, and silver $29.15, up $1.70 on the week. Trade volume in silver futures on Comex was high but declined materially yesterday on a sharply rising...

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Apr 11, 2024·Alasdair Macleod

The bullish factors behind silver’s rise

In recent weeks, silver’s price has been remarkably strong, threatening to break out above the levels established in August 2020. The long-term chart certainly looks positive.Could we be witnessing a major turning point for silver?This increasing possibility is tied up in evidence that...

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Apr 8, 2024·Goldmoney Staff

The equity market wants to have its cake and eating it too

Equities are pricing in a goldilocks scenario where global economic activity reaccelerates while inflation declines further, allowing the Fed - and potentially other central banks - to cut rates. However, we think there is substantial risk to this view.US equity prices reached a new all-time...

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Apr 5, 2024·Alasdair Macleod

Gold and silver surge higher

Gold and silver continued their run higher, defying predictions of profit-taking. From last Thursday’s close (Friday was Easter and market were closed), gold rose $50 to $2280 in early European trade this morning, after flirting with $2300. That’s a rise of $300 since St Valentine’s Day. And...

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