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Here we are poised to seize the weekend, and the dollar decides to strengthen while silver slows down.
Will “digital populism” spill into gold? We have some news on that for you today.
Enjoy your weekend.
Now let’s dig in…

Economy
REPORT: THIS CRYPTO OVERTAKES GOLD IN THE U.S., NOW 4TH MOST POPULAR INVESTMENT
Bitflyer, a Japanese crypto exchange, released a research paper that dives into cryptocurrency sentiment and investment trends in the U.S. and compares them to the Japanese market. The most glaring difference between American and Japanese as far cryptocurrency acceptance is indicated through a simple question presented to survey participants:
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Latest News
WGC Not Expecting the Reddit Mania to Bleed into Gold
The World Gold Council does not expect the Reddit-fuelled frenzy to spill over into gold after retail investors recently targeted silver, which hit an eight-year high early this week before plunging on Tuesday. Gold market is more liquid and much bigger than silver, with around USD150 billion traded daily, John Reade, the chief market strategist at World Gold Council, said at the annual mining indaba in South Africa on Wednesday. The World Gold Council is a non-profit association of the world's leading gold producers. Investors have recently organised on Reddit forums to target shares of companies such as the video games retailer GameStop Corp that had been short-sold by hedge funds, which have bet that the price of the company would fall. On Tuesday, silver plummeted…
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Economy
Greenback Index Rises to New 2021 Highs Beyond 91.30
The greenback resumes the upside and lifts the US Dollar Index (DXY) to the area of recent yearly tops around 91.30. US Dollar Index remains bid and looks to data, yields. The softer tone in the risk complex coupled with higher US yields give further legs to the dollar and propel the index to new YTD peaks in the 91.30/40 band in the second half of the week. Recent better-than-expected results from US fundamentals plus the vaccine rollout continue to favor better growth prospects vs. overseas economies and sustain the move higher in US yields, all morphing into extra support for the buck.
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Commentary
[CHARTS] Gold is Forming a “Death Cross”
Spot gold's 50-day simple moving average (SMA) is very close to crossing below its 200-day counterpart. The last time we saw such a technical event, in June 2018, bullion fell by another 9 percent over the following two months. However, the precious metal then went on to climb by nearly 80 percent over the subsequent two years, a run that culminated in setting a new record high in August 2020. Spot gold is now more than 11 percent lower from that record peak, and bulls must be frustrated at how 2021 has panned out so far. Despite a breach of the psychologically-important $1900 mark at the onset of the year, it has failed to live up to its early promise so far, and is currently trading below its 200-day SMA.
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Commentary
Silver Slows Down While Attention Shifts to Gold and the Dollar
Silver's Reddit inspired rally has run its course for now with the price retracing most of the gains seen during the past few days. In order for the market to rally, which we believe it eventually will, it has to be based on sound fundamentals and not frenzied buying based on a questionable narrative. The focus now returns to the dollar, gold and to a certain extent copper as the key sources of inspiration.
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International
Turkey Wealth Fund Will Invest in Yellow Metal and Energy
Turkey’s sovereign wealth fund will invest in petrochemicals, coal and gold mining this year as it seeks to reduce the country’s reliance on key imported goods, Bloomberg reported on Thursday. The fund is starting projects that will cost $15 billion over the next five years, chief executive officer Zafer Sönmez said. The Turkey Wealth Fund (TWF) will announce construction tenders for a coal-fired power plant, choosing between seven Chinese companies who have entered a so-called “data room” for the project, Sönmez said. It will also select a foreign partner for a petrochemicals project in Iskenderun in southern Turkey and intensify exploration for gold in 20 license areas acquired from the government, he said.
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Gold Silver Central

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