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TGIF
Thursday’s market sectors had some laggards, and precious metals was one of them. Today we have news on that along with other reports on the precious metals market—today’s news takes aim at answering some questions on the minds of investors, like how long can we expect the gold surge to go? Where is it going? Why are silver prices cooling off?
Let’s dig in…
Price
Precious Metals Fresh Take: Gold Prices Will Continue to Lower
From the Capital Watch website: “Yesterday’s session was indeed volatile around the FOMC, just like we warned, and gold even moved to its previous high, likely forming a double-top pattern. Even though gold moved higher on an intraday basis, it didn’t invalidate its previous breakdown, which was a bearish sign. Gold was likely to decline, and it is declining so far in today’s (July 30) pre-market trading. [SEE CHART ([link removed])] The above chart shows just how precisely yesterday’s upswing ended at the previous support line, verifying it (most likely finally) as resistance. The implications are bearish. The next short-term support is at about $1850, but we don’t think that the decline will…
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Stock Market
Thursday Sector Laggards: Precious Metals, Oil & Gas Refining & Marketing Stocks
During Thursday’s trading, precious metals shares were generally sluggish, down on the day by about 4.9%. Helping drag down the group were shares of Tanzanian Gold, off about 11.5% and shares of Platinum Group Metals were off at about 9.5% on the day.
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Price
Record Highs for Gold, But Where is This Going?
Yes, investors are enjoying the all-time highs gold is reaching these days—the 2011 previous high will be soon forgotten. Meanwhile, with the growing demand for safe-haven assets, the weakening USD, falling real yields and buying momentum have all provided a boost to the yellow metal. And there’s room for more upside, writes Warren Patterson. In this complete breakdown, he also covers the central bank easing, inflation expectations, the weak demand for physical gold, the downside risks, and what this all means for the price of gold.
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Price
Investment Update: Will Gold’s Historic Climb be a Sprint or Marathon?
Gold broke a new high on July 28, reaching $1940.9/oz on the LBMA Gold Price PM (PM Price) and topping US$1,981.3/oz intra-day. This exceeded the previous record of U.S.$1,895.0/oz set by the PM Price on September 5th 2011 and the US$1,921.2/oz intra-day high the following day during Asian trading hours. This is leading investors to ask two questions: 1. How does this compare to previous highs? 2. Is the price rally sustainable? Gold’s performance has been historical—up by 27% as of July 28, outpacing all major assets. The move has been driven by a combination of…
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International
China Consumed Less Gold in H1 2020 – Here’s Why
China is the world’s biggest gold user, however, in the first half of 2020, China’s gold consumption fell 38% year-on-year, although the country is seeing their demand starting to recover since the second quarter. Consumption in China came in at 323.29 tons in January-June, according to a report on the China Gold Association website. Consumption nearly cut in half in the first quarter a year earlier as strict pandemic measures by the CCP and rising prices affected gold demand. Chinese dealers have been selling physical gold at discounts to global spot prices since…
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Price
Silver Drops Over 3% on July 30 as Buyers Show Further Signs of Exhaustion
Market investors are still watching the moves made by gold and silver, however, we are seeing some signs of a pullback, particularly with silver dropping by over 3% on the day. More notably, price action is starting to break its 100-hour MA (red line) after having twice moved below that but only to hold at that level in the end this week. If anything, this points to further signs of exhaustion on the part of buyers, for now. In the case of silver, there is some support from the overnight now of $23.34 next but the July 28 low of $22.31 will be something to watch going forward if sellers are to try and push for a sharper pullback after…
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Gold Silver Central
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