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Gold eases from record levels as the dollar and yields rise

Gold eases from record levels as the dollar and yields rise

Gold prices have retreated from recent record highs as rising yields and a strengthening dollar suggest a potentially less aggressive rate cut by the Federal Reserve. This shift comes amid a series of economic indicators that suggest a less aggressive rate-cut by the Fed next month.

The U.S. Bureau of Economic Analysis recently revised its estimate for second-quarter GDP growth to 3%, up from the initial reading of 2.8%. This upward revision underscores the economy's resilience despite prevailing high interest rates, challenging assumptions about the immediate need for monetary policy easing.

The latest Personal Consumption Expenditures (PCE) index report, a key inflation indicator closely watched by the Federal Reserve, has further complicated the economic landscape. The report revealed that consumer spending increased by a robust 0.5% last month, aligning closely with economists' expectations.

The PCE price index rose 0.2% in July and 2.5% year-over-year, while core inflation, which excludes volatile food and energy costs, increased by 0.2% monthly as anticipated. However, the 12-month core inflation figure came in at 2.6%, slightly below the estimated 2.7%.

This PCE report will be the last one available to the Federal Reserve before its September 17-18 Federal Open Market Committee (FOMC) meeting. While Fed officials will get the latest Consumer Price Index (CPI) report on September 11, the core PCE remains their preferred inflation measure and is likely to carry more weight in their deliberations.

Attention now shifts to next week's jobs report, which will play a crucial role in shaping expectations for the September rate decision. Federal Reserve officials will scrutinize the August hiring numbers for any signs of continued labor market contraction, with particular focus on the latest unemployment figures.

A worsening unemployment rate could incentivize the Fed to cut rates more aggressively in an attempt to cushion the economy from the potential repercussions of a cooling job market.

The dollar gained 0.34% taking the index to 101.738. Dollar strength, coupled with rising yields, contributed to the decline in gold prices today. As of 4:45 PM EDT, the most active December gold futures contract was fixed at $2,535.70, representing a daily decline of $18.80 (-0.74%).

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Kitco Media

Gary Wagner

Time to Buy Gold and Silver

Tim Moseley

Gold silver boosted by bullish charts

Gold, silver boosted by bullish charts

Gold and silver prices are higher in midday U.S. trading Thursday, with technically based buying from the speculators featured amid bullish charts. December gold was last up $17.50 at $2,555.20 and September silver was up $0.259 at $29.46.

Traders are looking ahead to Friday’s personal income and outlays report, including its inflation gauges that Fed officials monitor very closely.

U.S. stock indexes are solidly higher near midday and have made good rebounds from their August lows.

The key outside markets today see the U.S. dollar index higher. Nymex crude oil prices are up and trading around $76.00 a barrel. The benchmark 10-year U.S. Treasury note is presently fetching 3.871%.

Technically, December gold bulls have the strong overall near-term technical advantage. Bulls’ next upside price objective is to produce a close above solid resistance at $2,600.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $2,475.00. First resistance is seen at this week’s high of $2,564.30 and then at the contract high of $2,570.40. First support is seen at today’s low of $2,536.50 and then at this week’s low of $2,527.80. Wyckoff's Market Rating: 9.0.

September silver futures bulls have the overall near-term technical advantage as prices are in an uptrend on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at $31.00. The next downside price objective for the bears is closing prices below solid support at $28.00. First resistance is seen at $30.00 and then at this week’s high of $30.225. Next support is seen at this week’s low of $29.08 and then at last week’s low of $28.795. Wyckoff's Market Rating: 6.0

Kitco Media

Jim Wyckoff

Time to Buy Gold and Silver

Tim Moseley

The gold ship is crowded Do you have a slot secured on the lifeboat?’ TD Securities’ Ghali

The [gold] ship is crowded. Do you have a slot secured on the lifeboat?’ – TD Securities’ Ghali

The long gold trade is more crowded than ever, and despite the strong macro environment and imminent Fed rate cuts, the risk of a significant price pullback is growing by the day, according to TD Securities’ Senior Commodity Strategist Daniel Ghali.

In a research note published Monday, Ghali said that even though the Federal Reserve is almost certain to cut its benchmark interest rate at the upcoming September meeting, the chances of a correction in the gold market are increasing every day.

Our gauge of macro fund positioning in Gold is now at the highest levels recorded in the depths of the pandemic,” he wrote, adding that market positioning has reached “the local highs set in Sep 2019, and previously in Jul 2016. Symmetrically, extreme short positioning from this cohort marked the lows in 2018 and 2022,” he noted.

This time around, CTAs are also max long and Shanghai traders' net length has also inched towards record highs,” he said. “Algos are also vulnerable in silver, with most scenarios for prices pointing to selling activity on the horizon, barring a break north of $31.5/oz.”

Ghali said the current setup is “the antithesis to the early-year dichotomy in positioning that helped to propel Gold on its trajectory towards current all-time highs.”

Downside risks are now more potent,” he added. “The ship is crowded. In fact, it has scarcely been as crowded as it is today. Do you have a slot secured on the lifeboat?”

In a follow-up note published Tuesday, Ghali characterized gold markets as “unanimously bullish” with visible short positions hovering near ten-year lows, driven by high deficits, slowing growth, sticky inflation, currency devaluation, and the imminent start of theFed’s rate-cutting cycle.

Reiterating that macro fund positioning has reached the heights seen during the worst days of the Covid-19 pandemic, he observed that “It is more statistically consistent with deep recession cuts than it is with normalization cuts, or alternatively may be bloated due to geopolitics, deficits, or any number of the bullish narratives touted above.”

What is clear is that macro funds have scarcely held more Gold than they do today,” Ghali said. “CTAs are also effectively 'max long.' Chinese ETF outflows have resumed. Shanghai trader positioning near record-highs already reflects Gold’s allure in the face of a weaker domestic currency, stock and property market.”

Despite all the economic headwinds facing Chinese investors, “Asia is on a buyer's strike in physical,” he noted. “Visible short positions remain near decade-lows. Narratives in Gold markets are unanimously bullish. We see significant risks to the near-term outlook tied to positioning, despite the strong fundamental backdrop.”

After setting fresh all-time highs last week, gold prices have since pulled back somewhat, with spot gold twice dipping below $2,500 per ounce during Wednesday’s session. Spot gold last traded at $2,507.60 per ounce for a loss of 0.68% on the daily chart.t

Ernest Hoffman

Time to Buy Gold and Silver

Tim Moseley

The real threat: Net zero by 2050 coming energy crisis Alex Epstein

The goal of net zero by 2050 can lead to a "global homicide" as the world is looking at an energy crisis, according to Alex Epstein, philosopher, energy expert, and author of 'Fossil Future,' who says the framework in which fossil fuels are viewed needs to be reframed, adding that the benefits outweigh the side effects, especially in the context of human flourishing and technological progress.

The United Nations has been leading the charge for a world with net zero emissions by 2050. Net zero means balancing the amount of greenhouse gases we emit with the amount that we remove from the atmosphere.

This goal gained formal traction with a Paris Agreement adopted at the 2015 UN Climate Change Conference. Even though the 2050 deadline wasn't explicitly outlined in the agreement, it quickly became the global benchmark. More than 140 nations, including the world's largest polluters, China, the U.S., India, and the European Union, have pledged to reach net zero.

Understanding fossil fuels: What are fossil fuels?

Epstein tells Michelle Makori, lead anchor and editor-in-chief at Kitco News, that it is critical to understand fossil fuels in order to grasp both their side effects and benefits.

"Fossil fuels are high-energy hydrocarbons derived from ancient life," he explains. "The significance of that is when you burn a hydrocarbon, it releases a lot of energy as the bonds break apart. When you combine the hydrogen with the oxygen, you create water vapor. And then, of course, you combine the carbon and the oxygen, and you create CO2, which is the biggest concern people have in terms of our impact on climate."

Epstein explained that the world's goal should be achieving a more livable climate, and that is not what net zero is about.

"If you really wanted a more livable climate and thought about it for two seconds, you'd realize we've made it far more livable already. Are we safer from climate now than 100 years ago? … Obviously we're safer now. The key to climate livability is not impacting the climate. The key is mastering the climate."

According to Epstein, climate livability, energy abundance and human flourishing should be the goal. He argues the world got "duped" into the net zero argument. Watch the video above for details.

"The idea that we should strive to have no impact on climate. The idea that we should strive to have no impact on anything is an anti-human idea. I reject this idea that we are some uniquely evil species whose impact we should hate," Epstein highlighted.

The real cost of net zero

Fossil fuels are essential for human flourishing as well as economic and technological progress, especially at a time when the world is facing an energy crisis, noted Epstein. His message comes at a time when North American Electric Reliability Corporation (NERC) is warning that much of North America may face electricity shortages starting in 2024, with more than 300 million people at risk of electricity shortages this year.

Epstein pointed out that the world is not in the middle of a successful transition to renewable energy, as many believe.

"We're in an energy addition at most. People deny this. They pretend solar and wind are rapidly replacing fossil fuels. It's just it's just not happening. We're using more fossil fuels than ever every year, despite the fact that getting rid of fossil fuels via net zero is literally the number one political goal in the world."

Watch the video above for Epstein's take on why fossil fuels are uniquely cost-effective and scalable.

There has been no technological developments significant enough to replace the the attributes that have made fossil fuels vital in the past, Epstein noted.

"Nothing fundamentally has changed to make fossil fuels less necessary. Particularly because most of the world still has very little energy," he added. "We're already seeing a global energy crisis and blackouts in the United States, the degradation of our grid, and we haven't even moved in the direction of net zero. All we've done is slow the growth of fossil fuels globally, and we've created all these problems. We haven't even reduced fossil fuels globally yet. They want to get rid of them in 26 years. So it's just an act of global homicide."
 

For consequences, if this net zero goal continues to be pushed forward, watch the video above.

There is a path to finding a form of energy better than fossil fuels, but humanity won't get there via bans.

"You don't get that by banning fossil fuels and making everyone poor and die early. You get that by having a world of innovation and capitalism where fossil fuels ultimately pave the way for something superior. It's a gradual process, but it's a process we should welcome. But you don't welcome it by destroying the fossil fuels that make it possible," Epstein noted.

Bitcoin as energy money

Epstein pointed out that the concept of fossil fuels as the combination of natural storage, natural concentration, and natural abundance, harnessed ultra-cost effectively by generations of economic innovation and achievement, can be applied to gold and Bitcoin.

"What we've seen with the government's monopoly on money – the purchasing power gets totally diluted. Money is used to manipulate the economy in all sorts of ways, favoring different sectors over other sectors and favoring certain people over other people. You create enormous amounts of corruption. You create the long-term problems with deficit spending," he said.

As with energy, the world should be free to choose the best form of money, Epstein added.

"I believe in human freedom in all areas of life. And just as energy is a fundamental area of life, money is a fundamental area of life," he explained. "I've always objected to the idea that the government dictates money. People should be free to discover what the best form of money is for them. Bitcoin is a fascinating innovation."

For Epstein's description of Bitcoin as energy money, watch the video above. He also addresses the wrong type of thinking when examining Bitcoin's energy use.

Kitco Media

Anna Golubova

Time to Buy Gold and Silver

Tim Moseley

MARKETHIVE – Entrepreneur One Upgrade Explained – UPDATED 2024

MARKETHIVE – Entrepreneur One Upgrade Explained – UPDATED 2024

Markethive’s Entrepreneur One Loyalty Program takes on a new meaning and concept. 

Loyalty programs have become second nature and intrinsically crucial to many businesses and us as consumers, starting way back in the 1970s when airlines offered frequent flyer points. There are now many loyalty programs; however, the point program is the most common, where customers accumulate points to redeem rewards. 

Loyalty programs were introduced to increase the customer base and the company's bottom line and create the potential for loyal consumers and repeat business. 

The image below illustrates the top 5 categories in which loyalty programs have been successful. Where the Spending has increased, loyalty programs are fundamental to our daily lives—one way we can save money is by joining their loyalty program. As customers, it's very satisfying to know we've saved money, but is there a way to make money? 
 

 
Make Money with Markethive's Hybrid Loyalty Programs

Loyalty Programs have evolved online, with Markethive at the forefront. It embraces the loyalty program concept and enhances it with the opportunity to earn a significant income and rewards. Markethive will continue to offer loyalty programs such as the Entrepreneur 1 Loyalty Program and Bounty Program. 

The E1 upgrade includes products and services like Press releases, Banner Impressions Exchange, banner and video advertising, and matching coin bonus airdrop. Then there's the Vault, even gamification, and much more as we continue to improve and enhance the incentives for Markethive members to achieve their personal and business goals, resulting in your financial legacy and self-sovereignty.

The Entrepreneur 1 Loyalty Program 

Subscription Cost: $100 per month

The Entrepreneur Loyalty Program is E1 (Entrepreneur One Upgrade) and is available now but for a limited time. Each E1 Associate receives 1/10th of an ILP (Incentivized Loan Program) after 12 months of consecutive payments of $100 per month. Even when this closes, you will never lose your E1 status or the benefits, providing you stay current with your monthly payment. The 1/10th or 10% share of 1 ILP will accrue yearly, provided you are active for ten years until you have acquired one full ILP. The retail revenue allocation of Markethive's products and services E1s receive will easily cover your E1 monthly subscription. 

Here Are 17 Extra Advantages of the Entrepreneur One Upgrade

The Entrepreneur One Upgrade is the highest premium level you will ever have the opportunity to acquire. It contains all the leveraged advantages you need to accelerate your success in Markethive. Apart from the 1/10th ILP you receive after 12 months that accumulates every year after that, providing you stay current with your monthly subscription of US$100, you also qualify for the following: 

1. Associates Control Panel: Gain complete data, their social networks, verified phone and text, verified email, and a contact management system that tracks data, stores dated notes, sends messaging and calendars events reminding actions on your Markethive calendar like callbacks, email, etc. with the Associates' Control Panel (Part of your Friends section)
 
2. Primary Matching Airdrop Bonus: Receive a 100% matching bonus from the new registration Airdrops. This can be a significant reward for those that aggressively build "associates," the term used for the leads, Markethive provides (profile page and default capture page). Our first infinity airdrop will be 500 Markethive Tokens (MHV). 

It doesn't take a lot of effort to offer a powerful and valuable system like the Markethive system. This system also rewards new members with an immediate 500-MHV token airdrop. You can easily promote this and build thousands of referrals, building your Hivecoin portfolio and customers.
 
3. Secondary Matching Airdrop Bonus: When your associate customer upgrades to Entrepreneur, we airdrop them 100 MHV tokens, and you will also receive 100 tokens as a matching bonus.
 
4. Matching ILP Loyalty Program:  You also get an equal ILP share after 12 months of continuity with the Entrepreneur program. Like an ICO, your monthly payment is accrued, and if you stay current for 12 straight months, we contribute a full 10% ILP and continue to offer this 12-month reward for ten years or your stop payment. This offer is limited to the first 1000 active upgrades.
 
5. Banner Impressions Exchange: You also get unlimited 1st level Banner advertisements in all our traffic portals and Internet properties. This offer is precious as it's considered prime real estate. Markethive properties are already receiving significant traffic, and as we grow, this traffic is included with the Entrepreneur 1 upgrade. Each E1 member gets an equal share of the total impressions from the massive traffic Markethive receives. 

Markethive has released the first of many money machines, the Banner Impressions Exchange (BIX). Non-Entrepreneur 1 members can purchase banner impressions from the active Entrepreneur 1 associate who wishes to resell their impressions. These banner slots will only be available to buy from current Entrepreneur 1 members. Now that's a cool little business right there! 
 
The Banner Impressions Exchange is where any E1 associate can create a Banner Ad business within the Markethive system by listing unused Banner slots/impressions up for bid. Choosing to transact with MHV is very easy, as payments are automated within the system. You may also transact using BTC, ETH, Paypal, and others; however, you must manage the transactions as the seller.
 
 6. Press Release Program: Markethive will also be delivering a Press Release system as a hybrid like PRNewswire (traditional distribution) to include Forbes, Yahoo! Finance, CNNMoney, MarketWatch, TheStreet.com, Bizjournals.com, Business.com, Wired, Tech Crunch, Engadget, Computerworld, CNET News, InformationWeek, R&D Magazine and more in the Tech industry. Our media list will include over 4000 media organizations, journalists, reporters, bloggers, producers, freelance writers, and editors across print, online, blogs, radio, and television.

 It will also publish to our growing social network followers (146,500 and growing via MH subscribers) and increasing WordPress blogs. When Markethive reaches 1 million members, our Social Following is projected to be at (700,000 – 2 million followers total) and about 150,000 WordPress sites. 

These WordPress sites will be mini news media and vertical news media like https://aimhigh.news, and they will be published on Markethive's portfolio of sites like https://Markethive.com, https://Markethive.net, https://allaboutco.in, https://aboutbitco.in, and https://aboutco.in.
 
Cointelegraph, a vertical tech news media organization, charges about $8,500 per release with an Alexa rank (2,622), social followers (1.3 million), and 16,000 subscribers, which justifies their price. Markethive's press release will be priced accordingly and increase as our subscribers' reach grows. The second-biggest digital news media site to Cointelegraph is CNN, with an Alexa rank (15,665) that charges $1800 and only posts to their leading site front page.

The Entrepreneur One Upgrade will include one Press Release per month for life as long as your Entrepreneur One Upgrade remains active and current. The free press release does not roll over, although additional Press releases will be discounted.

7. Sponsored Article Program: Sponsored content is a piece of brand journalism that lives on a publisher's website. The publisher's staff usually writes it so the article matches the rest of their content's tone and voice. The sponsored article is published in the same distribution as Markethive articles. Plus, notifications of articles are sent to our social network and 1000s of connected WordPress sites. Sponsored articles run from high-end media sites like Cointelegraph for $7500 to an average of $1200 for most other media systems in the general markets.
 
8. News Feed Boost: Entrepreneurs get one monthly news feed boost (publish a post to the entire membership). This does not accrue.
 
9. Co-Op Customer Acquisition Program: Markethive strategic campaigns will designate 60% to 80% of our revenue into Marketing and Advertising campaigns. These campaigns will point to Markethive assets like:

  • Markethive.com
  • Markethive.net
  • Aboutco.in
  • Allaboutco.in
  • Aboutbitco.in
  • Ewav.net
  • Iwav.net

Traditional Customer Co-Op programs charge $50 to $100 per customer. Cooperative marketing programs foster teamwork between a brand (Markethive) and its channel partners (Markethive Subscribers), who often don't have large marketing departments. 

Markethive is more equipped to create professional advertisements and manage media placement. Markethive Entrepreneur Upgrade subscribers generate demand, and Co-op marketing programs take advantage of the sales channel's local presence. This benefits both the partner and the brand.
 
10. Commerce Portals: To sell on our commerce portals, like Big Kahuna (a website builder like WIX), Beelancers (a freelancer service like Freelancers), and Markethive Exchange (a full-service crypto exchange like https://idex.market/), you must be an active Entrepreneur One Upgrade to sell or trade. This eliminates processing fees and commissions on Freelancers, Upwork, Guru, etc. 

Buyers have no obligation other than free registration with Markethive. This change in services where it is traditional to be constrained into the platform and pay high processing fees and commissions are eliminated with the Markethive Entrepreneur Upgrade system.
 
11. Crowdfunding Portal: If Markethive engages (and we will likely engage) with a crowdfunding campaign, it will be promoted to top crowdfunding systems like ICOranker, ICObench, Tokentops, Airdrops.io, and Cryptoslate.com. We will share the campaign traffic via all Entrepreneurs through our crowdfunding portal @ Markethive.io and give all Entrepreneur Upgrades their self-replicated portal to help in the campaign. 

These portals will earn equal matching shadow shares if they bring in new ILP purchases and acquire new members as traffic portals.
 
12. Texting: Ability to send a text to your Associates. Limited to one per day per Associate
 
13. Upgrade Groups to Supergroups: Supergroups (formerly Storefronts) have landing pages, forms, and shopping carts designed to act as a vertical eBay or Affiliate portal.
 
14. Advertise to the Calendar: Publish events to your calendar, which is included on the main Calendar page within Markethive.
 
15. Video Advertising: Entrepreneur One will include a video ad portal similar to the banner portal.

16. The Entrepreneur One Exchange (E1X): The E1 Exchange is explicitly designated for the E1 associates. Once the E1X is integrated and active, the Entrepreneur One Upgrade will not be available for any new or free members from the Markethive administration. However, they can be acquired through our E1X from current E1 associates who decide to sell their accounts. There's no restriction on the number of Entrepreneur One subscriptions you can own to benefit from multiple memberships. If you have numerous E1 subscriptions, you'll receive the corresponding number of bonuses, such as the ILP and HVC, for each membership you hold. 

As we move closer to the official release of Hivecoin, E1 Exchange, and associated implementations within the Markethive system, the Entrepreneur One Upgrade will only be available to bid and purchase from E1 associates who hold multiple E1 subscriptions, should they choose to sell one via the E1 Exchange (E1X). 

17: Promo Code Reward System:  The Markethive.net Promocode site is a comprehensive website with navigational links to white papers on many aspects of Markethive and exclusive to the Entrepreneur One Status. The white papers listed include the Role of Community, Markethive Broadcasting, Business Liability, Inbound Marketing, The ILP,  and the Traffic Report. The E1 members are allocated promocodes from the company with maximum value to incentivize new referrals with an offer of various Markethive products. The Promo Code is an excellent initiative for referrers and referralsThis welcome bundle may include complimentary Wheel of Fortune spins, free Boosts, a 30-day trial of the Premium Upgrade, banner impressions, Markethive Token Airdrops (MHV), or a redeemable value of Markethive Credits (MVC). Certain Promo Code offers include referral incentives, where the referrer can earn matching bonuses. 

This article explains the four different Markethive tokens in more depth and the potential of Hivecoin, Markethive’s primary token for transactional activity or trading on crypto exchanges. All of these E1 advantages are, in effect, money machines that will increase your earning potential and economic growth to have a lasting legacy for you and your family. 

 

Let's Look At The Numbers Of The ILP Income Potential

The E1 Associates' share of the ILP represents 20% of the net revenue of Markethive, and based on actual internal statistics and tracking, the projections indicate that by 2023, a member base of 500 million will yield a monthly income of $5.6 billion. 20% equals $1.2 billion allocated for the ILPs, divided by the maximum of 1000 ILPs, and returns a $1.2 million payment per ILP. 1/10th of that ILP (earned via the E1 upgrade) returns a monthly dividend of $120,000. 

Even external statistics confirm Markethive's projections. For example, according to Google's Alexa Ranking (now deemed redundant), Markethive was ranked 3,797 at the time of this original publication in 2020. This shows that Markethive is among the top three similar sites in the industry. Blockchain technology and cryptocurrency have made it easy for Markethive to pass on the benefits and wealth to the community. 

This opportunity to upgrade to the Entrepreneur One loyalty program, where you will receive a 1/10th iLP every year you are active and current, will soon disappear, so don't miss out. Instead of a few investors taking the lion's share of the profits like all other platforms, Markethive allows you to be part of the early adopter phase. You will own a piece of this next-generation social market network that includes everything you need to be successful online. 
   
It's not about the bottom line for Markethive; it's about you, the member, the "rank and file." You are a virtual owner of Markethive; it's your company where you receive valuable tools and considerable returns from the ILP. The ILP is on track to commence revenue payments early next year and will grow as Markethive grows.

Moving Forward

As Markethive moves forward, we will introduce some entry-level loyalty programs offering extra fundamental services for those who cannot upgrade to the Entrepreneur 1 level. Stay tuned for that. The Premium Upgrade will be available at an entry-level cost, a fraction of an E1 upgrade; however, it will not include the ILP increments. 

And, of course, don't forget about the Referral Program that will unlock your Micropayment Faucet System. The Bounty program, Hive Rank, and gamification activities in the Markethive ecosystem make it fun and exciting and increase your earning potential within the hive. More about this will be discussed in upcoming articles as they roll out.
 
Everyone Succeeds

Markethive truly wants everyone to succeed. Our consumer coin, Hivecoin (HVC), was created on the Solana Blockchain Network, making this a reality and very much the future of social market networks. Now, there is a place to earn real online income while doing what you love. 

You can feel safe knowing your data is protected, and self-sovereignty is paramount in this collaborative environment. You are respected as an individual, and your loyalty will be rewarded as Markethive is on track, on time with its milestones, and set to deliver the additional promised services. Markethive’s traction is increasing exponentially, and it’s all coming together as the next-generation Market Network in a league all of its own.

The Entrepreneur One Upgrade is a reciprocal blessing of a divine vision. 

We have just delivered Version One of the new newsfeed. We are getting very close to completing the remaining milestones, which include the E1X, KYC-Login system, Promo Code reward system, Premium Upgrade, and Conference Rooms. Once complete, the Entrepreneur One Upgrade will not be available from Markethive, the company. It's time to consider securing your financial future by grabbing an E1 now! Doing so makes you a shareholder, early adopter, and pioneer in creating this Divine Vision. The more E1s we have contributing, the faster the road to the success of our entire community. 

How can you forge your future as an Entrepreneur and get your share of ILPs with the Entrepreneur One Loyalty Program? By clicking on the Membership Upgrade tab on your home page. A popup will prompt you to become an Entrepreneur One Associate with seamless navigation and ease. 

Take advantage of the Markethive meeting held on Sundays at 8 a.m., as Markethive founder and CEO Thomas Prendergast will reveal much more as we move forward with the final launch of the fundamentals, bringing Markethive into its own and setting it on the path of the final harvest. Attending the meetings can be beneficial, as Tom is known for generously distributing Hivecoin to those present. 

 

ecosystem for entrepreneurs  

 

Editor in Chief Markethive: Deb Williams. (Australia) I thrive on progress and champion freedom of speech. I embrace "Change" with a passion, and my purpose in life is to enlighten people to accept and move forward with enthusiasm. Find me at my Markethive Profile Page | My Twitter Account | and my LinkedIn Profile.

 

 

 

 

Tim Moseley

Gold Reaches New Record High Following Powell’s Historic Speech

Gold Reaches New Record High Following Powell's Historic Speech

In a remarkable turn of events, gold futures have once again traded to a new record closing price of $2,533.60, following Federal Reserve Chairman Jerome Powell's pivotal speech at the Economic Symposium in Jackson Hole, Wyoming. The speech, which signaled a shift in monetary policy, has sent ripples through various financial sectors, including precious metals and U.S. equities.

Chairman Powell's declaration that "the time has come for policy to adjust" marks a significant turning point in the Federal Reserve's approach. He noted that inflation has contracted closer to the Fed's 2% target while expressing concern over the labor market's well-being.

Powell emphasized that current “labor market conditions are less tight than pre-pandemic levels in 2019, a year when inflation ran below 2%”. He further stated that it seems unlikely the labor market will be a source of elevated inflationary pressures in the near future, adding that he does not seek or welcome further cooling in labor market conditions.

The financial world has interpreted Powell's remarks as a clear indication that the Federal Reserve is prepared to begin a series of interest rate cuts. While no specific timeline was provided, market expectations are high for a rate cut at the upcoming Federal Open Market Committee (FOMC) meeting on September 18-19. The CME's FedWatch tool currently indicates a 71.5% probability of a 25-basis point cut and a 28.5% chance of a more aggressive 50-basis point reduction.

In response to these developments, gold futures continued its ascent, with the most active December contract reaching an intraday high of $2,561.20. By late afternoon, it had settled at $2,553.60, representing a modest gain of $4.90. This upward movement occurred despite a slight strengthening of the U.S. dollar, which gained 0.20% to reach 100.87 on the dollar index.
 

The dollar's performance is worth noting, as it experienced a sharp -0.83% decline on Friday, resulting in a -1.69%weekly decline. This took the dollar index its lowest value this year. Technical analysis suggests that the dollar could find support just below the 100 level on the index, based on lows observed in July 2023.

Today's continued strength in gold prices demonstrates that while the market had anticipated dovish comments from Chairman Powell and had partially priced in a September rate cut, the full impact of these expectations had not been fully realized. This is evidenced by the moderate price advance witnessed today.

The gold market's reaction to Powell's speech and the subsequent anticipation of policy shifts underscores the intricate relationship between monetary policy, economic indicators, and precious metal valuations. As investors and analysts digest the implications of the Fed's potential move towards monetary easing, gold's role as a safe-haven asset and hedge against economic uncertainty appears to be reinforced.

As we approach the September FOMC meeting, all eyes will be on the Federal Reserve's decision and any further guidance provided regarding the pace and extent of future rate cuts. The coming weeks promise to be a critical period for gold prices and the broader financial markets as they adjust to the evolving economic landscape and the major pivot that was announced by Powell regarding the monetary policy of the Federal Reserve.

Kitco Media

Gary Wagner

Time to Buy Gold and Silver

Tim Moseley

Wall Street experts and Main Street investors see gold climbing higher next week as momentum builds

Wall Street experts and Main Street investors see gold climbing higher next week as momentum builds

Precious metals investors embarked on a now familiar roller coaster ride this week, but the ups and downs brought them back to nearly the same level, albeit an elevated one.

Spot gold opened the week trading around $2,505 per ounce, before dipping below the $2,500 level in the middle of the European trading session. North American investors found the yellow metal trading just below $2,490 per ounce at the open, and they promptly pushed it back above $2,500, where it traded throughout Monday, barring a few dips.

Gold prices hit their high-water mark for the week early Tuesday, in a sharp move up that began during the Asian trading session and continued throughout the day, with gold topping out above $2,530 per ounce 15 minutes after American markets began trading. The high was short-lived, however, as spot gold slid all the way back to $2,506 by noon Eastern.

The middle of the week was a period of consolidation that saw spot gold oscillate between $2,519 and $2,500, which was starting to look like solid support as the days wore on. But Thursday morning brought the release of worse-than-expected U.S. jobless claims, which drove gold from $2,503 at 8:30 a.m. down to the weekly low of $2,475 per ounce by 10:00 a.m. EDT.

From there, it was a slow and steady march higher over the final two days of the week, with spot gold double-topping back at $2,500 per ounce early Friday morning, before breaking decisively through resistance during Federal Reserve chair Jerome Powell’s highly anticipated address from Jackson Hole, which seemed to confirm that the central bank is prioritizing weakness in the employment market over lingering inflation.

After a double-top near $2,517 per ounce shortly after 11:00 a.m. EDT, gold settled into a narrower range on either side of $2,510 for the duration of Friday's trading session.

The latest Kitco News Weekly Gold Survey shows a solid majority of both industry experts and retail investors believe gold will rise above this week’s recent all-time highs.

Gold set a record high on Tuesday near $2531.75 in the spot market and consolidated for the rest of the week,” said Marc Chandler, Managing Director at Bannockburn Global Forex. “The week’s low was set Thursday slightly below $2471. The dollar was mostly softer and interest rates lower. I expect the US dollar and rates to trade firmer over the next week or so, in the run-up to the US jobs report on September 6.”

The yellow metal can make a new high, but the momentum indicators are getting stretched and my outlook for the dollar and rates suggests gold may have a consolidative phase,” Chandler added. “Initial support may be in the $2460-70 area.”

Higher,” said Adam Button, head of currency strategy at Forexlive.com. “There is no sense in fighting the momentum.”

Darin Newsom, Senior Market Analyst at Barchart.com, sees gold prices trending lower during the days ahead. “I will stick with this direction for another week based on the idea Dec gold’s short-term trend (daily close-only chart) has turned down,” he said. “The downside target is near $2,493.”

Kevin Grady, President of Phoenix Futures and Options, said the gold market is squarely focused on the Fed’s expected rate cuts, and with good reason.

They’re talking about the rate cuts,” he said. “Now we're starting to see it's 55 percent that they're going to be able to do a 50-basis point cut instead of a quarter, but I think that the rates are going down. You've seen the central banks are buying, so I think that's the key right now, is the right people are buying it. You're getting a ripe, fresh environment for gold. I think new highs are ahead for gold.”

Grady said that gold’s performance even in a high-rate environment means that the precious metal will fly higher once rates begin to fall. “We've been waiting for that, and gold has been steady, holding up the whole time, even with all these Fed meetings where you're getting no rate cut,” he said.

I think right now the time is prime for gold. It's like the perfect storm in a positive way for gold, so I think you're going to be seeing higher prices.”

Grady sees gold trading around $2,500 going into the September meeting and thinks that level could act as a floor once the first rate cut goes through, but the real support is somewhat lower.

We've been hitting lower levels, there's been some levels that we've held down there, like $2460, that's the level for me,” he said. “I know a lot of people look at $2,500, but that's more of a psychological number. I think you look at that support number, what it held, and that's what I would be looking for.”

Grady also believes the massive 800,000-plus revision to the last 12 months’ jobs data has solidified the Fed’s resolve to lower interest rates. “I think it’s going to spur the rate cuts,” he said. “I think they should have cut at the last meeting. They should have at least done a quarter point as a signal for the market to get ready.”

It's tough, anytime you're thinking about doing a 50-basis point cut right away,” he added. “To me, that shows, ‘Oh, we missed the window.’ I think you do it incrementally, that's the way to do it. But I do think that things are softening. You saw when the U. S. market's going down, a lot of these global markets are following suit. I think that it should be September.”

I don't think they're going to do 50 basis points, but that revision, that would be the one thing to spark it.”

Grady thinks that the rate cuts are not the end of the story, however, because the overall economy is still very inflationary, and the cuts could increase those pressures.

They're going to be cutting rates into an environment that's extremely inflationary and still hasn't come off,” he said. “It's going to be really interesting.”

This week, 12 analysts participated in the Kitco News Gold Survey, with a solid majority of Wall Street seeing potential gains above this week’s fresh all-time highs. Seven experts, or 58%, expect to see gold prices rise during the week ahead, while two analysts, or 17%, believe gold will trade lower next week. The remaining three experts, representing 25% of the total, predicted a sideways chop for the precious metal.

Meanwhile, 225 votes were cast in Kitco’s online poll, with Main Street investors more bullish on balance than their expert counterparts. 146 retail traders, or 65%, looked for gold prices to rise next week. Another 41, or 18%, expected the yellow metal to trade lower, while 38 respondents, representing the remaining 17%, saw prices consolidating during the week ahead.

Market participants will be focused on key inflation data next week, with July’s U.S. Personal Consumption Expenditures (PCE) Index on Friday the clear highlight. Markets will also receive U.S. Durable Goods Orders for July on Monday and August Consumer Confidence on Tuesday, with weekly jobless claims and U.S. Preliminary Q2 GDP released on Thursday morning.

Traders will also pay attention to comments from the Fed’s Christopher Waller early Wednesday morning, and Raphael Bostic on Thursday afternoon.

James Stanley, senior market strategist at Forex.com, thinks gold prices will trend lower next week. “I think we’ll see some profit taking and a pullback to test below $2500, but I’m not expecting any bearish sequences to be long-lasting at this point,” he said. “More of a pullback than a reversal.”

John Weyer, Director of the Commercial Hedge Division at Walsh Trading, said he was surprised at how many market participants expected Powell’s Jackson Hole speech to deliver new information.

I've been chuckling to myself how many people are looking for action today, as if the Fed's going to step out of their norm of clear forecasting and tipping the hat on what they want to do and when they're going to do it,” he said. “I think today's comments are basically, he's not rocking the boat for anything they've said previously, and I feel like they're on a schedule to take some action in September.”

One thing they've been good at in recent vintage is they tell you what they're going to do, and they stick to it, they don't throw you any surprises,” he added. “And I think they're continuing down that path.”

Weyer believes that this week's massive revision to the last 12 months of jobs data gives the Fed cover to cut deeper than 25 basis points. “It got us to the idea that their first action could be 50 basis points,” he said. “I think that was set up a few weeks back as well. And I think that change, from previous signals and his comments at the last Fed meeting, hinted that perhaps they might be open to, based on data, as they always point to, a more aggressive action at the beginning. They've been saying for as long as these concerns started, ‘we're going to point to the data, we're going to rely on the data, we're going to go off data. They didn't reverse or throw something new, so I think they've already given the hint.”

I'm going 50 basis points,” Weyer said. “There are still some people who are skeptical, they think that's too much for first action, but I think they realize the new data tells them they have to take action. Other people want to say they're doing that because they waited too long. Maybe they did. We don't know until after. But it certainly gives them license to perhaps go more aggressive at the front end.”

In terms of market levels, Weyer said that while a round number like $2,500 gets a lot of attention, it may be a little too high to act as support.

When you get to those large numbers, that becomes a psychological level as well,” he said. “You have to consider all the participants now who are new, or pay attention to these things, as opposed to the everyday participants that have to go hedge the markets. I think $2,500 is a good area. We've got some stuff here, $2,450 as well, but I think the psychological and the technical are going to hold there.”

These are areas, not exact numbers,” he added. “If over the course of a few weeks, you get to $2,480 on a chart, it's not that far off.”

"What will be interesting to see is, if they take action and rates go lower, what gold continues to do,” Weyer said. “It's become a safe haven play for sure, but what tells me that maybe it might slow down is silver's making a good move today but in a lot of the recent strong moves to the upside with gold, there's been a not as big a move for silver, which is more of an industrial use. That tells me there's a lot of noise around gold as well, that may not have the support to continue to move higher."

"Silver slowed down a bit because it's a practical metal, it has much more uses than gold. The attraction of gold is the same as it was a thousand years ago. You get many people in times like these, concerns about rates, concerns about the economy, concern about inflation, geopolitical concerns. I don't know that they sustain some of those moves to the upside,” he said. “But somewhere between $2,500 and $2,450, should be some support in there.”

Michael Moor, Founder of Moor Analytics, expects the yellow metal is likely in for a period of consolidation during the week ahead. “On a higher timeframe: The solid trade above 21475-84 projects this upward $151 minimum, $954 (+) maximum. We have attained $415.4. This is ON HOLD,” he said. “On a lower timeframe basis: The trade above 23276 (-2 tics per/hour) warned of decent strength—we have attained $236.2. This is ON HOLD.”

The solid trade back below 25403 warns of solid pressure, likely for days,” Moor added. “I would CAUTION we came shy of higher timeframe exhaustion at 25752 with a 25704 high and rolled over into a lower timeframe bearish correction/trend against the move up from 24038, but what could possibly be a higher timeframe correction against the move up from 19339—and if so the minimum target would be 23950. Decent trade below 25173 (+3.3 tics per/hour) will project this downward; but if we break below here decently and back above decently, look for decent strength. Solid trade back above 25405-07 will once again warn of solid strength.”

And Kitco Senior Analyst Jim Wyckoff sees both the technical picture and fundamental factors favoring price gains for gold next week. “Higher as charts, fundamentals remain overall bullish,” he said.

At the time of writing, spot gold last traded at $2,509.97 per ounce for a gain of 1.02% on the day but a nearly flat reading of 0.13% on the week.

Kitco Media

Ernest Hoffman

Time to Buy Gold and Silver

Tim Moseley

SEC Reportedly Halts Solana ETF Approval

SEC Reportedly Halts Solana ETF Approval Amid Ongoing Security Classification Debate

By Newton Gitonga – August 25, 2024

The U.S. Securities and Exchange Commission (SEC) has halted the approval process for Solana (SOL) spot exchange-traded funds (ETFs), citing ongoing concerns about the crypto’s classification as a security.

This decision follows recent discussions between the SEC and prospective ETF issuers, which have led to the CBOE BZX Exchange withdrawing its 19b-4 filings related to Solana. Over the weekend, an observer called “Summer” on X noted that the 19b-4 filings had disappeared from the CBOE website and are no longer listed on the Federal Register.

The S-1 statement from 21Shares was also removed from the search results. At press time, only VanEck’s S-1 registration statement for a Solana ETF remained visible in the SEC’s filing system.

According to sources familiar with the matter, the SEC’s apprehension over Solana’s security status could be why CBOE was prompted to refrain from filing the 19b-4 forms with the Federal Register. Notably, these forms, submitted by exchanges on behalf of ETF issuers, are crucial for initiating the approval process, as their withdrawal effectively delays the timeline for any potential decision on the Solana ETFs by the regulator.

However, this shift has not surprised many in the industry, given the SEC’s previous stance in legal filings, such as against Binance and Coinbase, where Solana has been referred to as a potential security.

Meanwhile, halting the approval process has led to speculation that issuers may soon submit revised 19b-4 forms with stronger arguments against the classification of Solana as a security. On Monday, Matthew Siegel, head of digital asset research at VanEck, hinted at the possibility of updated filings, stating that removing certain applications from the CBOE website does not necessarily mean the end for Solana ETFs. He further shared his firm stand on Solana’s classification acknowledgedwriting;

“For the record, VanEck believes SOL is a commodity, much like BTC and ETH. This belief is informed by evolving legal perspectives, where courts and regulators have begun to recognize that certain crypto assets may function as securities in primary markets but behave more like commodities in secondary markets.”

Meanwhile, various experts and analysts have linked the fate of Solana ETFs to broader political and regulatory shifts. In June, Bloomberg analyst Eric Balchunas noted that Solana ETFs may only stand a chance of approval with a change in the U.S. administration. Recently, Bloomberg Intelligence’s James Seyffart also suggested that approval might not materialize until 2025, depending on future political developments.

Despite these setbacks, the acknowledgedprice of SOL has remained relatively stable this week despite a considerable drop of just over 13% in the past month. The crypto-asset was trading at $161 at press time, reflecting a 1.96% increase over the past 24 hours.

DISCLAIMER The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Newton Gitonga and posted on Zycrypto.com.

Article reposted on Markethive by Jeffrey Sloe

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Family offices lean into gold amid economic uncertainty

Family offices lean into gold amid economic uncertainty

After years of being shunned by investors in search of alpha, gold has seen a resurgence in interest from both retail investors and institutional outfits since 2022, and a new survey of family offices shows that allocating towards gold is increasingly a long-term and strategic play.

2024 has been a banner year for the precious metal as it has been one of the best-performing assets, rising over 16% year to date and outpacing most major asset classes, according to the mid-year outlook of the World Gold Council (WGC).

If you look at gold over the long term, it’s grown at around 8% a year in US dollar terms, and if you look over the last 25 years, it has outperformed the MSCI World total return index,” said Louise Street, Senior Markets Analyst at the WGC.

According to Adrian Murdoch, editorial director at Campden FB, the results of the Campden Wealth Family Office Gold survey, conducted in partnership with the WGC, showed that “many family offices” currently had gold in their portfolios. “Interestingly, more than half of those who had gold in their portfolios regarded their allocation as strategic,” Murdoch said.

This observation was confirmed by Oliver Wilhelm, Global Head of Advisory and Individual Solutions at SOLIT, who told Campden FB that gold is a “hedge against inflation as its value tends to increase when the purchasing power of fiat currencies decreases.”

Wilhelm said some investors view gold as “a form of insurance for their investment portfolio” as it offers protection against “unforeseen events that could impact other classes and, perhaps most simply of all, it is a reliable asset for preserving wealth over the long term.”

Wealthy families may choose to invest in gold as a way to safeguard their assets and pass on wealth, he added. “Investing in gold can provide wealthy families with a way to diversify their portfolio, protect their wealth, and potentially generate returns in both stable and uncertain economic environments,” Wilhelm told Campden FB.

But not everyone is keen to hold gold, the survey found, with the most commonly cited reason for opting to hold other assets being that gold has no income or cash flow.

This criticism goes back to Warren Buffet, who said, gold has no return and therefore no chance of compounding his wealth,” explained Wilhelm. “Buffet is right in saying that gold has no yield, but he is wrong in concluding that his wealth would not have been appreciated by holding gold.”

He noted that the dollar price of a gold ounce has risen over the past 15 years, with an average value appreciation of around 9% per year.

Despite some family offices shunning the yellow metal, “the outlook for gold remains positive,” Murdoch wrote. He pointed to recent headlines, “like ‘Asia family offices pile into gold as hedge against market turmoil’ at AsianInvestor,” which he said “indicates how much family offices are joining the rush to gold to hedge their portfolios against market uncertainties both at home and abroad.”

He also noted that the WGC’s June survey of North American asset owners showed that “the top drivers to investing in gold among this audience are gold’s role as a proven diversifier (32%) and changes in US dollar strength (32%). Its diverse demand base, limited production and inflation-hedging characteristics are also positive drivers.”

Murdoch said the main question on investors’ minds “is whether gold’s momentum can continue or if it is running out of steam.”

For gold, we believe the catalyst could come from falling rates in developed markets, that attract Western investment flows, as well as continued support from global investors looking to hedge bubbling risks amid a complacent equity market and persistent geopolitical tensions,” the WGC said.

In short, while absolute allocation may not be large, gold remains a cornerstone piece to many family office portfolios as a diversification and wealth preservation tool, especially in view of the prevailing market conditions and fragmented geopolitical landscape,” Murdoch concluded.

Kitco Media

Jordan Finneseth

Time to Buy Gold and Silver

Tim Moseley

Boost Your Online Business Success with OLSP System

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