Precious Metals
Oil steadies, gold declines
Oil stabilising A strong rebound in oil prices on Thursday coincided with the broader risk reversal in the markets, taking Brent back towards $95 a barrel….
Oil stabilising
A strong rebound in oil prices on Thursday coincided with the broader risk reversal in the markets, taking Brent back towards $95 a barrel. This sits right in the middle of the range that Brent may establish itself in now, between $90 and $100. This has been touted as the potential target range for OPEC+ and may prove to be something that consuming countries can just about tolerate. Although with midterms coming up, another SPR release can’t be ruled out in the short term. The global growth outlook remains a major downside risk, also, and with labour markets remaining tight and inflation stubborn, further downgrades could be on the cards.
On the decline after whipsaw session
Gold prices whipsawed alongside other assets on Thursday but are trading around half a percentage point lower this morning. The inflation data was terrible for the yellow metal as it cemented a 75 basis point hike from the Fed next month. Not just that, with inflation seemingly so stubborn, it may need to go further than markets previously anticipated. That doesn’t bode well for gold in the near term. Yesterday’s lows around $1,640 could soon be tested once more, with the late-September lows the next test after that.
Canadian Silver Co. Will See Big Changes in 2024
Source: Michael Ballanger 12/22/2023
Michael Ballanger of GGM Advisory Inc. takes a look at the current state of the market and shares on stock…
EGR options out Urban Berry project in Quebec to Harvest Gold – Richard Mills
2023.12.23
EGR Exploration Ltd. (TSXV: EGR) has moved from owner to shareholder at its Urban Berry project in Quebec, this week announcing it is optioning…
Crypto, Crude, & Crap Stocks Rally As Yield Curve Steepens, Rate-Cut Hopes Soar
Crypto, Crude, & Crap Stocks Rally As Yield Curve Steepens, Rate-Cut Hopes Soar
A weird week of macro data – strong jobless claims but…