Gold Hit a New Record High – and That’s an Indicator of Fear Lurking Within the Stock Market
The price of gold hit another record high today, which Deutsche Bank noted is incongruous with the optimistic tone of markets more widely. Gold does, after all, usually act as a safe haven in periods of economic unease.
The COMEX gold futures contract hit $3,757.60 per ounce, while the S&P 500 closed up 0.49% on Friday, hitting a new all-time high at 6,664.36. S&P futures are down 0.22% this morning, premarket. The price of gold has been on the rise for the past month, after hitting a record high earlier in the year, due to a recent interest rate cut by the Federal Reserve and expectations of further policy easing.
Whilst gold prices have many drivers, one is the perception that it operates as a haven that investors buy in times of fear. After all, it doesn’t pay a dividend or a coupon, and over the very long term, it’s struggled to compete with other asset returns. This September, gold prices exceeded their previous inflation-adjusted peak from January 1980… (Continue to full article)
Banks Boost Gold Forecasts: One Sees +30% Bull-Case Potential
Gold has been soaring, and banks see more room for the metal to run. With inflation still running relatively hot and the market expecting further rate cuts, gold might continue hitting new all-time highs.
While most pin forecasts around the $4,000 mark, Goldman Sachs sees the potential for a much bigger move.
Several investment banks see the price of gold going even higher, with multiple analysts lifting their forecasts. Below, we’ll break down the trends driving gold’s gains that look poised to continue, and detail how high these analysts see the metal going… (Continue to full article)
Gold Prices Hit New Record High, Analyst Says Further Hint Of Rate Cuts Could Add To Yellow Metal’s Shine
Gold prices surged on Monday to reach a new all-time high, with spot gold climbing to $3,728 per troy ounce, after surging by over 1%.
An analyst reportedly expects the yellow metal to shine even brighter, given that the Federal Reserve is likely to announce further rate cuts this year. “I would expect gold to reach new record highs this week with Fed officials likely to indicate further rate cuts, but also being data dependent on the pace and magnitude of cuts,” said UBS analyst Giovanni Staunovo, according to a Reuters report.
Gold futures maturing in December surged 1.38% to hover around $3,757 at the time of writing… (Continue to full article)
Amateur Diver Finds 50,000 Coins From the 4th Century Hidden Under the Sand
A casual swim off Sardinia turned into a headline find. A diver near Arzachena spotted metal on the seafloor and alerted authorities, who then documented a cache of fourth century bronze coins, with early counts based on weight pointing to 30,000 to 50,000 pieces.
The coins rested in a wide sandy area between the beach and underwater seagrass.
The team also noted fragments of amphorae that likely came from workshops in Africa and parts of Asia, a clue that trade moved through this stretch of coast in late Roman times.. (Continue to full article)
Earth’s Oceans Hold Dissolved Gold Potentially Worth Over 2 Quadrillion Dollars
Scientists confirmed that Earth’s oceans have massive amounts of gold, though many of them were difficult to obtain. Around one gram of gold was estimated to be dissolved in every 100 million metric tons of seawater in the Atlantic and North Pacific. The Mediterranean Sea was more likely to have higher concentrations of gold, according to IFLScience.
The gold arrived in the oceans through various channels, much of it starting on land. Rocks that had small amounts of gold broke off under the rain, rivers, and weather, as dissolved gold was carried to the sea. The wind would sweep away literal bits of “gold dust” from dry land into the water.
As of now, the oceans harbored the glittery metal and kept the hoard to itself, until the day one could easily extract it. It was possible that our next trip to the beach could pay for itself, but experts warned against holding out too much hope. They said that if people were searching for massive amounts of precious metals, it was better for them to look up at the skies than into the waters… (Continue to full article)
Missed the Gold Rush? Here’s Why Some Collectors Start With Silver
This week, the price of gold topped $3,700 per ounce, roughly twice its level two years ago — and the precious metal is on track for a record year. The high unit price for gold bars and coins could have some collectors feeling priced out of the market. A one-ounce gold bar or coin, like the Golden Eagle, is now worth as much as a well-used car.
But there’s another precious metal that’s also been on the rise recently — one that’s a lot more affordable when it comes to the kind of physical forms available at Costco or a local dealer.
Gains in gold attract ancillary buying in silver, possibly by investors who have not taken full advantage of the gold rally,” HSBC precious metals analyst James Steel wrote in a note last month.
In percentage terms, silver’s rally of 47% this year so far outpaces gold’s 39%, as of midday Friday. The two-year gains for both metals are remarkably similar.. (Continue to full article)
