goldstocks
2024 has been a storybook year for gold. Coming off a record-setting December 2023, markets were range bound as they awaited important interest rate decisions from the US Federal Reserve. As March started, messaging from the central bank became clearer. The Fed was confident it was done raising rates and cuts could be expected in 2024. Gold took off, setting the quarter’s high of US$2,264.52 per ounce on March 31, with momentum continuing to set an all-time high of US$2,426.56 per ounce on April 12. Despite gold’s solid performance at the end of 2023 and continued high prices in 2024, it didn’...
Investing News Network
Gold has pulled back from its recent all-time high of more than US$2,400 per ounce, but remains elevated. How high could the yellow metal rise in the longer term? Speaking to the Investing News Network, Jordan Roy-Byrne, CMT, MFTA, editor and publisher of the Daily Gold, shared his thoughts on where it may be headed in 2024 and beyond. "We are in the real sweet spot for what is the biggest breakout for gold in the last 50 years," he said during the interview. "This is the time where a lot of the hyperbolic statements that people like me make, and have been making for the last three or four yea...
Investing News Network
The S&P/TSX Venture Composite Index (INDEXTSI:JX) fell 20.69 points last week to close at 567.02. Statistics Canada released March consumer price index figures this past Tuesday (April 16), showing inflation was up 2.9 percent on a year-on-year basis, higher than the 2.8 percent year-on-year growth reported in February. Gasoline prices, which were up 4.5 percent compared to the same period last year, were a significant factor in the gain. Additional pressure came from rising shelter costs due to mortgage and rental increases. Core inflation less gas prices saw a slight decline from February’s ...
Investing News Network
In a conversation with the Investing News Network, Ryan McIntyre, managing partner at Sprott (TSX:SII,NYSE:SII), shared his thoughts on gold as the yellow metal trades near all-time highs. He noted that gold hasn't looked back after starting to rally at the beginning of March, and said there's a missing piece of demand that could send the price higher: investment in gold exchange-traded funds (ETFs). "Probably one of the most unusual parts of this gold rally over the past month and a half is that you've actually continued to see a decline in gold holdings by global ETFs," McIntyre said. "I thi...
Investing News Network
Drilling at Awalé Resources’ (TSX:ARIC) Charger target within the Odienné project in Côte d’Ivoire has hit “one of the highest-grade gold intersections," according to the company’s CEO, Andrew Chubb. “It's a (really) significant drill hole. We were testing a new sort of 3D framework at that target. We drilled holes there and got 50 to 100 meter intercepts … We adjusted our interpretation and went in to test that, and found that it's a breccia system. We found a new breccia pipe and got the broadest intercept of the actual geology,” he said. “The biggest thing for us is that we believe we are s...
Investing News Network
The S&P/TSX Venture Composite Index (INDEXTSI:JX) gained 3.38 points last week to close at 587.71. The Bank of Canada announced on Wednesday (April 10) that it will hold its benchmark lending rate at 5 percent. It has now maintained that level for six consecutive meetings as it works to bring inflation down to its 2 percent target. The bank's statement indicates that it believes inflation is moving in the right direction and is confident that it will be able to lower rates this year; this echoes language used by the US Federal Reserve at its March meeting. The Bank of Canada had been expected ...
Investing News Network
ValueWalk
AI! Computers making intelligent decisions! New paradigm! Old laws don’t apply anymore! Long live the bull market! …Really? Yes, AI is transformative. It already starts to enhance multiple businesses, just like the Internet did many years ago. And as many thought cryptocurrencies would. But it doesn’t mean that the huge transformation will happen overnight! Or that it fixes everything with regard to the world’s problems in general or with the economic situation. However, as always, markets – that are ultimately made of people (and bots that were programmed by people, anyway) – are emotional in...
ValueWalk
History tends to repeat itself, and mining stocks appear to be repeating their 2008 performance, which has very interesting implications. Why do I think that gold miners are repeating their 2008 price patterns? Please take a look at the below chart. Q3 2022 hedge fund letters, conferences and more The only times when gold stocks declined similarly sharply as they did this year were in 2013 and in 2008. Decline In Gold StocksAll right, let’s zoom in and see how mining stocks declined in 2008. Back then, the GDXJ ETF was not yet trading, so I’m using the GDX ETF as a short-term proxy here. The d...
ValueWalk
1 in 5 New Jerseyans are spending their savings now to lock in lower prices, before inflation rises, finds study. While Covid dominated headlines for over two years, inflation has now superseded it as the main talking point among concerned Americans. For many, the mere mention of ‘inflation’ can cause a panic, as rising prices and stagnant incomes mean they can’t keep up with the cost of living. Q2 2022 hedge fund letters, conferences and more New Jerseyans Are Spending Now To Lock In Lower PricesAnd it appears it is a strategy being adopted by many New Jerseyans - that is, according to a surv...
ValueWalk
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