Equities are pricing in a goldilocks scenario where global economic activity reaccelerates while inflation declines further, allowing the Fed and other central banks to continue to cut rates. However, we think there is substantial risk to this view. In this two-part report, we take a...
Read MoreA Comex exchange-for-physical crisis is in progress, repeating the disruption during covid. The media story blames Trump’s potential tariffs. But is this the real reason gold is hitting new highs? Gold and silver rose further this week, driven by continuing premiums on Comex futures...
Read MoreRumours that Trump will introduce 10% tariffs on precious metals are said to be driving gold higher. This report gives a more likely explanation.For the last two weeks before and after President Trump’s inauguration on 20 January, gold has recovered to almost new highs in dollars. In European...
Read MoreOil has rallied sharply in the new year as new US sanctions on the Russian oil industry could impact oil supplies over the next few months. This comes at a time when crude oil inventories were already at critically low levels. However, oil demand has been weakening meaningfully over the...
Read MoreThe sharp rise in Comex open interest suggests short-term caution. But the background for gold’s outlook just gets better and better.Gold and silver rallied this week, though this morning there is evidence of profit taking ahead of the weekend. In European trading this morning, spot gold was...
Read MoreIn a shortened trading week, and against a global background of rising bond yields gold and silver have continued to edge higher. This is an important change in investment thinking.Gold rose by $32 on the week to $2670, while silver rose by 21 cents to $30.12 on futures buying. Gold’s Open...
Read MoreThere are early signs that precious metals will rise along with the dollar and higher Treasury yields. But the transition to this way of thinking brings some short-term uncertainty with it.Gold and silver ended 2024 consolidating earlier gains. But the first few days of trading in 2025...
Read MoreGold and silver performed well in 2024. But what are the prospects for 2025?Gold rose and silver rose moderately in quiet trading during Christmas week. In early morning European trading today, spot gold was $2627, up $34 from last Friday’s close and silver at $29.70 was up 20 cents....
Read MoreStrong dollar and rising UST yields are destabilising GBP, EUR, JPY, and their bond markets. These are the precursor of a global debt crisis — the ideal setup for higher gold prices next year.Gold and silver declined further this week, after Jay Powell’s comments having cut the Fed Funds rate by...
Read MoreIn the last ten trading sessions on Comex, 62 tonnes of gold have been stood for delivery, and 1,303 tonnes of silver. What does this tell us?It was a week of two halves for gold and silver prices: rising strongly until Thursday when prices were smashed. In European trading this morning, gold...
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