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Welcome to the Wednesday edition of Gold & Silver Central newsletter!
Below is some interesting precious metals news for you.
We start with a Canadian bank who just revised their gold forecast. What can we learn from this?
Next, you will find precious metals expert Ted Butler talking to Daniela Cambone about the “silver squeeze” and what is happening behind the scenes.
All this and more! Let’s dig in…
Price
Canadian Bank Modifies Gold Price Forecast but Still Bullish
One Canadian bank is trimming its gold forecast for 2021 as the precious metal struggles to find consistent momentum amid growing optimism that the global economy will see stronger-than-expected growth this year. In a report published Friday, commodity analysts at CIBC said that they expect gold prices to average the year around $2,100 an ounce, down from the previous forecast of $2,300 an ounce. The bank is also trimming its silver forecast for the year. The analysts said they see silver prices averaging the year around $29, down from the previous forecast of $32 an ounce.
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Price
[VIDEO] Silver Should Be Owned When the Price is Being Manipulated—Here’s Why
Precious metals expert Ted Butler talks to Daniela Cambone about the silver squeeze and what’s going on behind the curtain. “I have never seen this in my 35 years covering the market,” he says, referring to how the price explosion has exposed blatant manipulation.
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Commentary
[VIDEO] Here’s the Easter Egg in Elon Musk’s Bitcoin Announcement
Tesla recently announced their $1.5 billion investment in Bitcoin - but there was something else they mentioned that slipped under the radar. Join Mike Maloney and Jeff Clark as they discuss this stunning event, and what it may mean for gold and silver investors.
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International
Lower Import Duties for Gold Now Happening in India
Domestic demand is set to rise after India’s finance minister announced a reduction in gold import duties. India, the world’s second-biggest bullion market, is lowering import duties on gold and silver as of 1 February. As part of the country’s Budget 2021, the government cut import duties on gold and silver to 7.5% from 12.5%, but imposed a 2.5% cess on the imports. After the changes, gold imports would effectively attract 10.75% tax against 12.5% earlier. The duty for gold dore bar was cut to 6.9% from 11.85%; silver dore bar to 6.1% from 11%; platinum to 10% from 12.5 %; gold/silver findings to 10% from 20%; and precious metal coins to 10% from 12.5%.
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Commentary
[VIDEO] Forecasting Gold & Crypto During Biden’s First Term
Jordan Eliseo discusses the future of precious metals under the new US Administration. What are the implications for precious metals and the finance markets. Does it matter who is in the White House? What are the headwinds for gold and why? Update on the Australian Dollar - What is the gold to silver ratio and does it matter? Has the interest in Bitcoin taken the wind out of golds sails?
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International
China Demand for Yellow Metal Rises
Physical gold demand picked up in China this week ahead of the Lunar New Year festival, while Indian retail buyers cheered a sharp dip in domestic rates. Singapore dealers, meanwhile, flagged a possible supply crunch fuelled by a surge in interest for silver. Chinese dealers charged premiums of $0.50-$5 an ounce over benchmark spot gold prices. Demand is “a little better due to the Lunar new year,” said Ronald Leung, chief dealer for Lee Cheong Gold Dealers in Hong Kong, adding premiums could rise further if prices remain low following the holiday.
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Thanks,
Gold Silver Central
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