Gold price firmer in quieter trading US CPI next focal point

Gold price firmer in quieter trading; U.S. CPI next focal point

Gold prices are firmer and silver prices near steady in more quiet early U.S. trading Friday. More mild short covering is featured in gold futures, along with some perceived bargain hunting following recent losses. December gold was last up $4.80 at $1,947.30 and December silver was up $0.050 at $23.29.

Asian and European stock markets were mostly weaker overnight. U.S. stock indexes are pointed to slightly weaker openings when the New York day session begins. Traders and investors are waiting for the next major U.S. data point, which will likely be the consumer price index report for August, out next Wednesday. Trading may remain quieter until that time.

The key outside markets today see the U.S. dollar index slightly down but not far below this week’s six-month high. Nymex crude oil prices are firmer and trading around $87.50 a barrel—not far below this week’s 10-month high. The benchmark U.S. Treasury 10-year note yield is presently fetching 4.24%.

  China buys 29 tonnes of gold in August, stretches buying spree to 10 months

U.S. economic data due for release Friday is light and includes monthly wholesale trade inventories and consumer credit.

Technically, the gold futures bears have the overall near-term technical advantage. Bulls’ next upside price objective is to produce a close in December futures above solid resistance at the September high of $1,980.20. Bears' next near-term downside price objective is pushing futures prices below solid technical support at the August low of $1,913.60. First resistance is seen at Wednesday’s high of $1,954.50 and then at $1,965.00. First support is seen at this week’s low of $1,940.00 and then at $1,925.00. Wyckoff's Market Rating: 3.5

The silver bears have the overall near-term technical advantage. Silver bulls' next upside price objective is closing December futures prices above solid technical resistance at this week’s high of $24.655. The next downside price objective for the bears is closing prices below solid support at the August low of $22.585. First resistance is seen at $23.50 and then at $24.00. Next support is seen at this week’s low of $23.13 and then at $23.00. Wyckoff's Market Rating: 3.5.

By

Jim Wyckoff

For Kitco News

Contact jwyckoff@kitco.com

www.kitco.com

Time to Buy Gold and silver

Tim Moseley

Which Online Business Should You Start?

Which Online Business Should You Start?

MARKETHIVE

 

Starting an online business has become an increasingly popular way to make money and achieve financial independence. With the rise of the digital age, it's now easier than ever to start a business from scratch and reach a global audience. However, with so many options available, it can be difficult to know which online business to start.

Understanding the different online business models available is the first step to choosing the right business for you. Whether it's e-commerce, affiliate marketing, or dropshipping, each model has its own unique advantages and disadvantages. Identifying your skills and interests is also crucial in determining which online business to start. By leveraging your strengths and passions, you can increase your chances of success and fulfillment.

Key Takeaways:

  • Understanding the different online business models is crucial in choosing the right business for you.
  • Identifying your skills and interests can help you leverage your strengths and passions for success.
  • Setting up and growing your online business requires dedication and hard work, but can lead to financial independence and personal fulfillment.

Understanding Online Business Models

When starting an online business, it's important to choose the right business model. There are various online business models, each with its own unique advantages and disadvantages. In this section, we'll explore some of the most popular online business models.

E-Commerce

E-commerce is the process of buying and selling products online. This business model involves setting up an online store where customers can browse and purchase products. E-commerce businesses can sell physical products, such as clothing, electronics, and home goods, or digital products, such as software, e-books, and online courses.

One of the advantages of e-commerce is that it allows businesses to reach a global audience. E-commerce businesses can also operate 24/7, which means that customers can shop at any time. However, e-commerce businesses need to deal with shipping and handling, which can be expensive and time-consuming. They also need to ensure that their website is secure and user-friendly.

ecosystem for entrepreneurs

Affiliate Marketing

Affiliate marketing is a performance-based marketing model in which businesses pay affiliates a commission for promoting their products or services. Affiliates can promote products through their website, blog, or social media channels. When a customer clicks on an affiliate link and makes a purchase, the affiliate earns a commission.

One of the advantages of affiliate marketing is that it requires little to no investment. Affiliates don't need to create their own products or handle customer service. However, affiliates need to build a following and establish trust with their audience. They also need to choose the right products to promote and ensure that their promotions are ethical and transparent.

Blogging

Blogging is the process of creating and publishing content on a website. Bloggers can write about any topic, from food and travel to business and finance. Bloggers can monetize their blog through advertising, sponsored content, affiliate marketing, and digital products.

One of the advantages of blogging is that it allows individuals to share their passions and expertise with the world. Blogging can also be a source of passive income, as bloggers can earn money through advertising and affiliate marketing. However, blogging requires a lot of time and effort, as bloggers need to create high-quality content and build a following.

Digital Products

Digital products are products that can be downloaded or accessed online, such as e-books, online courses, and software. Digital products can be sold through an e-commerce store or through a platform such as Udemy or Skillshare.

One of the advantages of digital products is that they can be created once and sold many times. Digital products also have high profit margins, as there are no production or shipping costs. However, creating digital products requires a lot of time and effort, as creators need to ensure that their products are high-quality and provide value to their customers.

In conclusion, choosing the right online business model is crucial for success. E-commerce, affiliate marketing, blogging, and digital products are just a few of the many online business models available. By understanding the advantages and disadvantages of each model, entrepreneurs can make an informed decision about which model is right for them.

Identifying Your Skills and Interests

Starting an online business can be a great way to turn your passions and skills into a profitable venture. To identify the best online business for you, it's essential to start by examining your skills and interests.

Self-Assessment

The first step in identifying the right online business for you is to conduct a self-assessment. This involves taking a close look at your skills, experience, and interests to determine what type of business would be the best fit.

Start by making a list of your skills and experiences. This could include anything from web design and programming to marketing and sales. Be sure to also consider your interests and hobbies, as these can often provide valuable insights into potential business ideas.

Once you have a list of your skills and interests, think about how you could turn them into a profitable business. For example, if you have experience in web design, you could start a web development agency or create an online course teaching others how to design websites.

ecosystem for entrepreneurs

Market Research

After you've conducted a self-assessment, the next step is to conduct market research to determine which online business ideas are the most viable. This involves researching your target audience, competitors, and industry trends to identify opportunities and potential challenges.

Start by identifying your target audience. Who are they, and what are their needs and pain points? What types of products or services would they be interested in purchasing? This information can help you identify potential business ideas that are in high demand.

Next, research your competitors to see what they're doing well and where there may be gaps in the market. Look for ways to differentiate your business and provide unique value to your customers.

Finally, stay up-to-date with industry trends and changes to ensure that your business remains relevant and competitive. This could include following industry blogs and news sources, attending conferences and events, and networking with other business owners in your industry.

By conducting a thorough self-assessment and market research, you can identify the online business that best aligns with your skills, interests, and market demand.

Choosing the Right Business for You

Starting an online business can be a great way to achieve financial freedom and work on something that you love. However, choosing the right business model can be a challenging task. In this section, we will discuss some tips on how to choose the right online business for you.

Matching Skills with Business Models

One of the most important factors to consider when choosing an online business is matching your skills with the business model. For example, if you are good at writing, you might consider starting a blog or content writing service. If you are good at graphic design, you might consider starting a web design or logo design service. By matching your skills with the business model, you will be able to leverage your strengths and increase your chances of success.

Profitability Analysis

Another important factor to consider when choosing an online business is profitability. Before starting a business, it is important to conduct a profitability analysis to determine the potential revenue and expenses. This will help you determine whether the business model is viable and whether it can generate enough revenue to cover your expenses and provide a reasonable profit.

Some factors to consider when conducting a profitability analysis include:

  • Market size and demand
  • Competition and pricing
  • Fixed and variable costs
  • Profit margins

By conducting a profitability analysis, you can make an informed decision about whether a particular business model is worth pursuing.

In conclusion, choosing the right online business requires careful consideration of your skills and the potential profitability of the business model. By matching your skills with the business model and conducting a profitability analysis, you can increase your chances of success and achieve your goals.

Setting Up Your Online Business

Starting an online business involves several steps, including business registration, website development, and marketing strategies. Here's what you need to know to set up your online business.

Business Registration

Before launching your online business, you need to register it with the appropriate authorities. This involves choosing a business structure, registering your business name, and obtaining any necessary licenses and permits. Here are the steps you need to take:

  1. Choose a business structure: You can choose to operate as a sole proprietorship, partnership, LLC, or corporation. Each structure has its own advantages and disadvantages, so it's important to choose the one that best suits your needs.

  2. Register your business name: You need to register your business name with your state or local government. This will ensure that no one else can use the same name.

  3. Obtain licenses and permits: Depending on your industry and location, you may need to obtain licenses and permits to operate your business legally.

Website Development

Your website is the face of your online business, so it's important to develop it carefully. Here are the steps you need to take:

  1. Choose a domain name: Your domain name should be easy to remember, relevant to your business, and available.

  2. Choose a web hosting provider: Your web hosting provider will store your website files and make them accessible to visitors.

  3. Design your website: Your website should be visually appealing, easy to navigate, and optimized for search engines.

  4. Develop content: Your website should have high-quality, informative content that engages your visitors and encourages them to take action.

ecosystem for entrepreneurs

Marketing Strategies

Marketing is essential to the success of your online business. Here are some effective marketing strategies to consider:

  1. Search engine optimization (SEO): SEO involves optimizing your website for search engines to improve your visibility and attract more visitors.

  2. Social media marketing: Social media platforms like Facebook, Twitter, and Instagram can be powerful tools for promoting your business and engaging with your audience.

  3. Email marketing: Email marketing involves sending newsletters, promotions, and other content to your subscribers to keep them engaged and informed.

  4. Pay-per-click (PPC) advertising: PPC advertising involves placing ads on search engines or social media platforms and paying for each click.

By following these steps, you can set up your online business with confidence and start attracting customers.

Maintaining and Growing Your Business

Once your online business is up and running, it's important to focus on maintaining and growing it. Here are some key areas to consider:

Customer Engagement

Engaging with your customers is crucial for building a loyal following and growing your business. Here are some ways to keep your customers engaged:

  • Respond promptly to customer inquiries and feedback through email, social media, or other channels.
  • Offer personalized recommendations and promotions based on customers' past purchases or interests.
  • Create a loyalty program to reward repeat customers.
  • Encourage customers to leave reviews and share their experiences with others.

By staying connected with your customers, you can build a community around your brand and create a positive reputation.

Continuous Learning and Improvement

To stay competitive in the ever-changing online business world, it's important to continuously learn and improve. Here are some ways to do that:

  • Attend industry conferences, webinars, and other events to stay up-to-date on the latest trends and best practices.
  • Network with other business owners and professionals in your industry to exchange ideas and insights.
  • Analyze your business data to identify areas for improvement, such as website traffic, sales, and customer feedback.
  • Experiment with new marketing strategies, products, or services to see what works best for your business.

By constantly learning and improving, you can stay ahead of the competition and keep your business growing.

Frequently Asked Questions

What are some unique online business ideas?

Some unique online business ideas include creating and selling digital products such as printables, graphics, and fonts, offering virtual interior design services, starting a subscription box service, or creating and selling personalized products such as custom jewelry or artwork.

What are some profitable online business ideas?

Some profitable online business ideas include starting a dropshipping store, offering digital marketing services, creating and selling online courses, or starting an e-commerce store selling high-demand products.

What are some online business ideas for beginners?

For beginners, some online business ideas include starting a blog or YouTube channel, offering freelance writing or graphic design services, starting a social media management business, or selling products on online marketplaces such as Etsy or eBay.

What are some online business examples?

Some popular online business examples include Amazon, eBay, Etsy, Airbnb, and Uber.

What are some online business ideas that can be started from home?

Many online businesses can be started from home, such as starting a blog or YouTube channel, offering virtual assistant services, starting an e-commerce store, or offering online tutoring or coaching services.

What are some online businesses that can be started with $500?

Some online businesses that can be started with $500 or less include starting a freelance writing or graphic design business, creating and selling digital products such as printables or e-books, starting a dropshipping store, or offering social media management services.

Tim Moseley

Gold prices under pressure as US weekly jobless claims fall more than expected by 13K

Gold prices under pressure as U.S. weekly jobless claims fall more than expected by 13K

The gold market is seeing some renewed selling pressure as the U.S. labor market remains fairly robust with the number of American workers applying for first-time unemployment claims dropped more than expected last week.

Thursday, the U.S. Labor Department said that weekly jobless claims fell by 13,000 to 216,000, down from the previous week's revised estimate of 228,000 claims.

According to consensus forecasts, economists were expecting to see jobless claims rise at a faster pace to 232,000.

The gold market is losing some altitude in initial reaction to the latest labor market numbers. December gold futures last traded at $1,941.10 an ounce, down 0.16% on the day.

According to some market analysts, the better-than-expected claims data is having an outsized impact on markets as it eases fears of an economic slowdown.

“Coming on the heels of this week's ISM services index, this is a big pushback on the narrative of a weakening US economy,” said Adam Button, chief currency strategist at Forexlive.com.

The four-week moving average for new claims – often viewed as a more reliable measure of the labor market since it flattens week-to-week volatility – fell to 229,250, a decrease of 8,500 claims from the previous week's revised average.

Continuing jobless claims, which represent the number of people already receiving benefits, were at 1.679 million during the week ending Aug. 26, falling by 40,000 from the previous week's revised level.

Many economists note that healthy labor market data could force the Federal Reserve to maintain its hawkish bias and keep interest rates elevated longer than expected.

The U.S. central bank has been adamant in recent months that it would need to see growing slack in the labor market before they begin to shift their stance on U.S. monetary policy.

By

Neils Christensen

For Kitco News

Contact nchristensen@kitco.com

www.kitco.com

Time to Buy Gold and silver

Tim Moseley

The Trailblazing Rise of the Chinese e-CNY and its Implication

The Trailblazing Rise of the Chinese e-CNY and its Implication

Welcome to the world of digital currencies, where financial transactions unfold without the clink of coins or the rustle of banknotes. While cryptocurrencies are not a novelty, the spotlight is now on Central Bank Digital Currencies (CBDCs). These digital currencies, underpinned by central banks, are gaining momentum. China stands at the forefront of CBDC development, notably with its digital yuan (e-CYN). China has been paving its way towards a digital economy for decades. Its digital currency journey began in 2014, and has been testing its CBDC since 2017. The digital yuan outshines conventional currency with enhanced usability, efficiency, and traceability.

It is no secret that China’s economy is largely state-controlled. With the introduction of CBDC, China’s central bank will have complete control and power over all financial transactions. CBDC provides 100% traceability, which means the government can monitor everything an individual does financially. This makes the digital Yuan an instrument of control as much as a currency.

In a world perpetually evolving, the integration of digital currency aligns seamlessly with the contemporary digital lifestyle. Given the prevalence of smartphones, it's a logical progression for governments to consider incorporating digital currency into their frameworks. However, the big question is, do we want our every move monitored by the government? 


Image source: CoinDesk

What the Chinese e-CYN is all about

The Chinese CBDC, also known as the digital yuan, is the country's official digital currency. It operates similarly to physical currency but is stored in a digital wallet on a user's smartphone. Transactions can be completed offline and online, allowing for ease of use. The benefits of China's CBDC include increased financial inclusion, improved efficiency of payment systems, and reduction in cash handling costs for businesses.

It has been used for transactions totaling 62 billion yuan ($9.7 billion). The digital yuan platform is built on the Binance Smart Chain decentralized blockchain technologies, leveraging their security and transparency. China has taken aggressive steps to advance its e-CYN while simultaneously cracking down on cryptocurrencies outside state control. The digital yuan can potentially transform the financial industry and alter how people conduct financial transactions.

This could place China ahead of other countries regarding financial innovation and technological advancement. While these advancements seem beneficial, it is crucial to consider the implications of a government-controlled digital currency. The Chinese CBDC operates on a centralized system, meaning that the government stores and monitors financial data.

This kind of government surveillance could infringe on user privacy and financial freedom. It could also lead to a decrease in anonymous financial transactions. As we move towards a more digitalized world, it is essential to consider the impact of the technologies we implement. The Chinese CBDC brings with it new opportunities and potential dangers. It is important to proceed with caution and evaluate the long-term effects of these advancements on society.

The Impact of e-CYN on Society

The launch of the Chinese Central Bank's Digital Currency (CBDC) has been subject to much scrutiny from privacy advocates. The concerns raised, while valid, are seen by some as mere fear-mongering. The Chinese government has always had a reputation for monitoring its citizens, and the CBDC will make it easier to advance its surveillance efforts.

Installing the e-CNY is pretty straightforward. It can be downloaded as a standalone app or used through China's existing digital payment services, including Alipay and WeChat Pay. These two platforms dominate the sector with over 1 billion users each. Much like most banks these days, e-CNY users can pay for goods using their phones or a card. There's also a version for private users and businesses, and its usage has expanded to at least one Western bank.

But let's step back and look at CBDCs from the perspective of the Chinese government. Why is the People's Bank of China (PBOC), China's central bank, so desperate to roll out a CBDC? As you probably know, CBDCs are highly appealing to central banks worldwide for various reasons. These rationales range from practical benefits, such as instantaneous payments and lower costs, to more alarming implications. China shares these motivations. The advantages of CBDCs for governments and central banks include efficient and cheap emergency relief, greater access to financial services, and the ability to set rules for the digital money issued.

However, China's reasons go deeper than just efficiency. Data collection is a key factor. China is a surveillance state aiming to gather and centralize vast amounts of data on its citizens, using it to maintain authoritarian control. CBDCs offer programmability, which lets the central bank set rules for digital money, including restrictions and asset freezes for "bad actors." While this might seem like a good idea on the surface, it's concerning when the definition of "bad actor" is controlled by a totalitarian regime. This could lead to the suppression of political opponents and opposing voices.

China also aims to boost the international use of its currency through CBDCs, as the currency currently has a low share in global payments compared to the US dollar. The hope is that CBDCs could help China and its allies reduce their reliance on global financial systems, such as the SWIFT payment network, and evade sanctions.


Image source: South China Morning Post

Additionally, China's ambition to be a tech leader plays into this. The country is positioning itself as a leader in blockchain technology with initiatives like the Blockchain-Based Service Network (BSN). The BSN aligns with China’s vision of building a digital economy and a digital society, as well as advancing its global influence in the field of blockchain technology.

CBDCs are a part of this larger plan. However, while China's tech ambitions are commendable, the concern lies in giving a surveillance-heavy government like China's the power to shape behavior and control its citizens even more.

The good news is that e-CNY's widespread adoption isn't guaranteed. While it's been introduced in various cities, its technological limitations and practical issues have hindered its growth. Privacy, practicality concerns, and the potential risks they pose in the hands of governments with vast surveillance capabilities and limited checks and balances have kept adoption from skyrocketing.

The Bottom Line

Clearly, the emergence of Chinese CBDCs holds the power to reshape society's structure in a significant way. While the advantages are noteworthy, weighing the potential risks and their lasting effects is essential. Striking a balance between the benefits and drawbacks becomes paramount as digital currencies continue to progress. As history has shown, introducing new technologies isn't always without challenges.

The temptation of convenience and enticing features should not blind us to the potential consequences of these technologies. After all, if we aren't cautious, we might unknowingly trade our freedom for the ease of these modern innovations. Let's embrace the wave of digital currency with enthusiasm, yet let's do so collectively, ensuring we don't get overwhelmed by its influence. As we move forward, let's stand vigilant and witness what the future holds, such as the cost of being part of a dynamic world in this digital era.

The increased use of e-CNY has major implications for the financial world. It allows for the creation of a massive database of transactions centrally monitored and controlled by the People's Bank of China. This aligns with President Xi Jinping's vision of enhancing overall supervision, regulating various financial behaviors, and implementing programs for managing financial risks.

Beyond privacy and transparency issues, China is also looking to expand the use of e-CNY in cross-border payments to establish itself as a leading player in the global digital currency competition. This move might also aim to reduce the dominance of the U.S. dollar in international transactions and find ways to work around any sanctions imposed by the United States. China's innovations with e-CNY are reshaping its domestic financial landscape and making its competitors abroad recognize it as a strong and innovative force in the realm of digital currencies.

 

 

About: Prince Ibenne. (Nigeria) Prince is passionate about helping people understand the crypto-verse through his easily digestible articles. He is an enthusiastic supporter of blockchain technology and cryptocurrency. Find me at my Markethive Profile Page | My Twitter Account | and my LinkedIn Profile.

 

 

 

 

Tim Moseley

The gold market could hit 2600 as US dollar index falls below 104 – DeCarley Trading’s Carley Garner

The gold market could hit $2,600 as U.S. dollar index falls below 104 – DeCarley Trading's Carley Garner

The U.S. dollar continues to dominate the gold market; however, momentum in the greenback could be running out of steam as the Federal Reserve is unlikely to continue to maintain its aggressive monetary policy stance through year-end, according to one market strategist.

In a recent interview with Kitco News, Carley Garner, co-founder of the brokerage firm DeCarley Trading, said that gold, as it holds critical support levels, is in a good position to hit new all-time highs when the U.S. dollar's momentum starts to fade.

Garner said she expects the U.S. dollar index to hold resistance below 105 points. Ultimately, she sees the U.S. dollar eventually retesting support at 99 points.

"If we break below that support level, we are probably going back towards the mid-nineties and if that's the case, that's a game changer for gold," she said. "Suddenly, we are not looking at $2,000 gold but new all-time highs."

Garner said a breakdown in the U.S. dollar could eventually push gold prices to $2,600 an ounce.

Garner said that one of the reasons why she sees so much potential in gold is because of how resilient it has been in the last few months. While bond yields in the U.S. remain near 15-year highs above 4%, gold has held critical support around its 20-day moving average.

A peak in long-term yields would remove another headwind for gold, she said.

"We are basically sitting on the biggest net short in bonds on record and at some point, that is going to unwind itself," Garner said. "This trade will be unwound and that is going to push interest rates lower. When positioning is this extreme, it's just a matter of time."

One factor that could spark a selloff is if the Federal Reserve shifts to a more neutral monetary policy stance, leaving interest rates unchanged through year-end. According to the CME FedWatch Tool, markets see a more than 90% chance of no rate hike later this month and only a 50/50 chance of a rate hike in November.

  Rising bond yields drive outflows from gold ETFs, but long-term support remains

While Garner is bullish on gold, she added that the market could remain volatile in the near term, with prices potentially retesting support around $1,900 an ounce. She said that if bearish momentum picks up, she would not be surprised to see prices fall to $1,980 an ounce.

"I wouldn't give up on it unless maybe we broke below, let's say $1,800," she said.

Although Garner is bullish on gold, she does not have the same enthusiasm for silver. She said that she would rather play a breakout in the precious metals through gold.

"Eventually, silver will outperform gold, but I don't think it's going to happen now," she said. "I think the only thing I can say is that on a shorter time frame, silver is usually a buy around $20."

By

Neils Christensen

For Kitco News

Contact nchristensen@kitco.com

www.kitco.com

Time to Buy Gold and silver

Tim Moseley

Gold silver down as USDX rallies US Treasury yields up-tick

Gold, silver down as USDX rallies, U.S. Treasury yields up-tick

Gold and silver prices are solidly lower in midday U.S. trading Tuesday, as a strong U.S. dollar index and rising U.S. Treasury yields have the metals market sellers in charge on this day. December gold was last down $14.00 at $1,953.10 and December silver was down $0.582 at $23.975.

The metals market bulls were also discouraged as China reported some more downbeat economic data. Its Caixin services purchasing managers index (PMI) came in at 51.8 is August versus 54.1 July and was below expectations of 53.5. The Caixin composite PMI was 51.7 versus 51.9 July. Recent weaker China economic data suggests less demand for raw commodities, including the metals.

Asian stock markets were mostly lower in overnight trading. U.S. stock indexes are mixed at midday. History shows the months of September and October can be rocky for the stock and financial markets.

Meantime, the Australia’s central bank kept its monetary policy unchanged but said further interest rate hikes may be necessary.

  BlackRock is buying Bitcoin miners while awaiting Spot ETF approval, is it gaining too much control over ecosystem? – George Gammon

The key outside markets today see the U.S. dollar solidly up and at a six-month high. Nymex crude oil futures prices are solidly up and trading around $87.75 a barrel. Brent crude oil futures rose above $90 a barrel today. The benchmark U.S. Treasury 10-year note yield is presently fetching around 4.2%.

Technically, December gold futures bears have the overall near-term technical advantage. However, prices are still in a fledgling uptrend on the daily bar chart, but just barely. Bulls’ next upside price objective is to produce a close above solid resistance at $2,000.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at the August low of $1,913.60. First resistance is seen at $1,965.00 and then at today’s high of $1,972.60. First support is seen at $1,950.00 and then at $1,940.10. Wyckoff's Market Rating: 3.5.

December silver futures bulls have lost their overall near-term technical advantage. A price downtrend on the daily bar chart has been negated. Silver bulls' next upside price objective is closing prices above solid technical resistance at last week’s high of $25.425. The next downside price objective for the bears is closing prices below solid support at the August low of $22.585. First resistance is seen at today’s high of $24.655 and then at $25.00. Next support is seen at today’s low of $23.815 and then at $23.50. Wyckoff's Market Rating: 5.0.

December N.Y. copper closed up 20 points at 385.40 cents today. Prices closed nearer the session high. The copper bulls and bears are back on a level overall near-term technical playing field. However, prices are starting to trend up. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at the August high of 403.75 cents. The next downside price objective for the bears is closing prices below solid technical support at the August low of 367.00 cents. First resistance is seen at today’s high of 387.25 cents and then at last week’s high of 390.85 cents. First support is seen at 380.00 cents and then at last week’s low of 378.00 cents. Wyckoff's Market Rating: 5.0.

By

Jim Wyckoff

For Kitco News

Time to Buy Gold and silver

Tim Moseley

Gold silver correcting – buy the Labor Day dip?

Gold, silver correcting – buy the Labor Day dip?

As I write on this Labor Day Monday, silver is now 4% off last week's $25 high, with the price back at $24 right now, as gold is 0.5% off its $1950 high of last week, currently trading at $1940.

The Daily gold chart:

If you made the flip from silver to gold at $24.20 (when I first suggested it) or higher, then you are still in a nicely profitable trade and have likely preserved your mental capital, which may come in handy for the flip from gold back into silver.

The daily silver chart below:

I'm not sure the time to flip into silver is now, and I still believe (as I have suggested since I initially spotted this trade opportunity) that one should be nimble in this market and be ready to be in and out (and vice versa) at the drop of a dime if trying to put on trades.

A look at the gold/silver ratio shows that it has found support as metals have run into resistance.

Prudent traders, in fact, would not be wrong to take profit altogether, in my opinion. It seems very plausible to me that the ratio will find its way back to the top of the range denoted by the yellow rectangle, which will pressure metals further.

Yet another opportunity to add to physical stacks at lower prices looks to be on the horizon.

By

Jonathan Da Silva

Contributing to kitco.com

Time to Buy Gold and silver

Tim Moseley

FATF Out To Get Crypto FATF Travel Rule Expanded What Does It Mean For Crypto?

FATF Out To Get Crypto. FATF Travel Rule Expanded. What Does It Mean For Crypto? 

The Financial Action Task Force (FATF) has been making portentous noises about crypto in recent years, and several countries are getting antsy. The most prominent concern is implementing the “travel rule,” designed to force crypto companies to collect information about any transfer of digital assets worth more than US$1,000. Some countries, notably the UK, have in the past pushed back against this ‘recommendation’ from the FATF, but their resistance now appears to be wavering. The FATF is on the warpath and has crypto firmly in sight.

This article examines what the FATF is up to, what it could mean for your country, and what it all means for crypto. Although it may sound like more doom and gloom, there are reasons to believe that crypto could benefit from the FATF’s meddling in some ways.

Just recently, PayPal announced that it would prevent UK users from buying BTC until early 2024. PayPal reportedly did this because the Financial Action Task Force (FATF) so-called travel rule requires all crypto companies to collect detailed info about crypto transfers. The travel rule was set to go into effect in the UK on September 1st, 2023, and is being rolled out worldwide. This could have a profound impact on crypto companies and projects everywhere.


Image Source: Coindesk

What Is The FATF?

The Financial Action Task Force, or FATF, is an unelected and unaccountable international organization based in Paris, France. It was created by G7 countries in 1989 to combat money laundering, but its scope has expanded significantly since then. However, these recommendations have apparently done nothing to combat illicit financial activity over the last 30 years. 

The organization adopted a mandate in 2019 to “Combat any threats to the integrity of the financial system.” Of course, the FATF considers crypto a threat, probably because its purpose is to replace the financial system. The FATF started applying its so-called recommendations to the crypto industry in 2019, and any country that refuses to go along with these recommendations will find itself cut out of the international financial system. The FATF finalized its recommendations for cryptocurrency in October 2021.

FATF’s Crypto Recommendations

The FATF’s crypto recommendations involve labeling everything that doesn't involve a third party as “high-risk.” This includes holding your crypto in your wallet and sending crypto peer-to-peer. The FATF also considers any crypto privacy to be inherently high risk. If these recommendations are implemented as regulations, crypto will become another arm of the existing financial system. It will offer no financial freedom and no financial privacy. The only exception is NFTs, which are exempt from these recommendations for unknown reasons. 

On that note, you should know that the FATF crypto recommendations only apply to intermediaries working with crypto, which the FATF refers to as Virtual Assets Service Providers or VASPs. The FATF’s crypto recommendations do not apply to miners, validators, or crypto wallets, at least not yet. However, the scope of the FATF's requests seems to have expanded over time, so this could change. This expansion is especially true of the travel rule, which requires VASPs to collect KYC on everyone who buys or sells more than $1,000 of crypto. 

The Travel Rule Expanded

Crypto exchanges started collecting KYC in 2021. Since then, however, the travel rule has expanded to require VASPs to collect KYC-level information about crypto transfers to and from VASPs worth more than $1000. Note that it's not entirely clear when the scope of the travel rule was expanded. Research suggests this expansion happened after the FATF’s finalized crypto recommendations were published in October 2021. Some may recall that South Korean crypto exchanges started forcing users to provide KYC-type information for crypto wallet transfers in December 2021. 


Images source: Notabene

The good news is that some countries have pushed back against the expanded travel rule. You might remember that the UK announced that it would not force VASPs to track transfers to and from crypto wallets in mid-2022, stating that they did not pose any illicit activity risks. 

The not-so-good news is that these countries, notably the UK, seem to have pulled a 180⁰. As mentioned, the UK implemented this expanded travel rule starting September 1st. The announcement specified that it did this in response to a statement by the FATF in June 2023. The FATF announcement called on countries to implement its crypto recommendations as regulations “without delay.” Of course, this is not a recommendation; it's a demand. Comply with our crypto recommendations, or we will restrict your access to the global financial system. 

Some countries could not comply, so they had to ban crypto. Two countries that did this are Pakistan and Kuwait, both of which recently banned crypto in its entirety, citing the FATF’s crypto recommendations as the reason. It appears that the UK opted to comply instead. 


Image source: Notabene-Regulations 

Which Countries Are Now Affected 

So this begs the question of when the FATF's expanded travel rule is coming to your country. The answer depends on the country; a complete list of countries and their compliance with the expanded travel rule can be found on the website of Notabene, a crypto compliance company. If you look at the list, you'll notice that some have already implemented the travel rule. It shows that not all have implemented the expanded travel rule. You'll have to click the link on your country and look at the details. 

There's only one country we need to look at: the United States. That's because the US heavily influences the FATF. The travel rule has its roots in the United States’ Bank Secrecy Act. KYC, for financial transactions, originates in the infamous Patriot Act. The FATF’s finalized crypto recommendations were even co-authored by the US Treasury Department. As such, it's safe to assume that the FATF’s crypto recommendations are likely to mirror similar regulations that are being proposed or that have already been passed in the United States. 

The FATF's expanded travel rule seems rooted in an infamous FinCEN proposal from November 2020. The proposal was to lower the travel rule transaction threshold from $3,000 to just $250 and expand its scope to include any crypto transactions. This includes transfers between crypto wallets and VASPs, i.e., exchanges. There is also an outcry on the measure of invasion of privacy, 

Fortunately, this proposal has yet to be approved. Unfortunately, the US has influenced the FATF to implement this proposal in other countries instead. That's because the travel rule transaction threshold in jurisdictions like the European Union is $0, which the FATF suggested in its finalized crypto recommendations. This is more significant than you might think because it indicates the start of a very slippery slope. 

A Slippery Slope

First, the FATF just wanted VASPs to complete KYC on their users. Now, they want VASPs to get info on crypto transactions above a specific value. Eventually, they'll require VASPs to get information on all crypto transactions, and the countries that don't force VASPs to comply will be cut out of the global financial system. This ties into why some countries, such as Kuwait and Pakistan, ban crypto instead of complying with the FATF, like other countries, such as South Korea and the UK.  

The answer is likely because they lack the resources to comply with these recommendations. Take a second to consider that information about all these travel rule transactions will have to be shared with national regulators. In turn, these national regulators will have to make sense of this massive amount of information and understand which transactions could be illicit and which ones are legit. If they fail to do this to the standard that the FATF wants, they could just as easily find themselves on the FATF’s grey list or even black List. 

In other words, the outcome of attempting to comply will be almost the same as outright non-compliance. So why bother trying to comply? Not only that, but it's possible that the US would use this alleged non-compliance as justification to punish its geopolitical opponents. For context, it's believed that up to 40% of money laundering occurs in the United States, yet countries like the UAE are ending up on the FATF's naughty lists. 

Is it Geopolitical, for Profit, or Something Else?

Given this fact, one could argue that the primary purpose of the FATF is geopolitical, not regulatory. If this is the case, it's appalling because it means the US is using the FATF to push its allies to comply. Remember that the UK initially wasn't going to apply the FATF's expanded travel rule. This relates to why any country would take the risk of complying with the FATF crypto recommendations instead of just banning crypto. 

Some say the answer is probably profit. Crypto has unprecedented potential; dozens of countries are trying to capitalize on this by becoming crypto hubs. The paradox is that the FATF's expanded travel rule alone is likely enough to crush smaller crypto companies and startups. That's because they would need more financial resources to comply. This would mean that the large crypto companies left standing could become monopolies. 

At that point, it would be effortless for the FATF to expand the purview of its crypto recommendations again to outlaw self-custody, peer-to-peer transactions, and crypto privacy completely. Again, this would turn crypto into another arm of the existing financial system, making it much more dystopian. 

How Could It Benefit the Crypto Market?

The silver lining is that this outcome is years away from occurring and is not guaranteed. It could also benefit the crypto market in short to medium term. That's simply because institutional investors will likely invest more in crypto once all these FATF-based regulations are in place. This is because crypto would become ever so slightly more integrated with the existing financial system from a regulatory perspective. 

This means more crypto to fiat on and off ramps, more funding for crypto projects and companies, and more direct crypto investment. The consequence is that crypto would no longer become a niche asset class, making self-custody and peer-to-peer transactions more common. 

Under normal circumstances, this would result in an explosion of crypto-specific innovation, like new DeFi protocols, for instance. However, under the FATF's recommendations, any crypto projects or companies offering these innovations would be under extreme scrutiny. Unless they're perfectly decentralized, the FATF will label them all as VASPs and force them to comply with recommendations like the travel rule. 

Believe it or not, this will also benefit crypto because it will force new crypto projects and protocols to be as decentralized as possible to outmaneuver the FATF. This will be painful in the short term because crypto projects and companies are not very decentralized. An explanation of what it means to be genuinely decentralized can be found here.  

That said, if any genuinely decentralized crypto projects and protocols managed to gain significant adoption, the FATF would likely respond by further expanding the scope of its crypto recommendations. In a recent report, Notabene noted that the FATF left the door open to this possibility, citing,

“Transfers between self-hosted wallets, so-called peer-to-peer (P2P) transactions are not explicitly covered by AML/CFT rules. The FATF opens the door to a future paradigm change in case there is a distinct trend towards P2P transactions.” 

Translation: If actual cryptocurrency, that is, peer-to-peer trustless transactions, becomes too popular, then the FATF would respond by saying wallets that engage in crypto activities are high risk.  In practical terms, this could mean not being able to transfer crypto between such wallets and a compliant VASP. What's funny is that this would likely result in a parallel financial system, which is precisely the opposite of what the FATF is trying to achieve with its crypto recommendations.

On that note, fully decentralized crypto-based communities in social media, marketing, and digital broadcasting are rising and in the throes of building a parallel economy. Given the privacy and censorship issues of legacy social media, governments, woke agencies, and tech corporations, with their propensity to ban or suspend their services to individuals and companies that go against their narrative, have brought this imperative to the fore. 

Is the Crypto Industry Complying? 

So, what is the crypto industry doing about the FATF crypto recommendations? Well, at first glance, it looks like it’s complying; upon closer inspection, however, this compliance has been incredibly strategic. To explain, the crypto industry took its time complying with the FATF crypto recommendations. After all, compliance is an additional cost, and most countries were not pressuring them about compliance with the FATF until recently. 

There are technically no deadlines for compliance with the FATF’s recommendations. In theory, countries must apply the FATF recommendations within one year of their announcement. In practice, most countries don't. One expert explained that the travel rule was a bit of a myth. Just 10% had implemented the crypto travel rule in 2022, but in all fairness, this apparent non-compliance wasn't intentional. 

The FATF has constantly been adjusting its crypto recommendations to account for changes in the crypto industry. Everyone started taking them seriously only after the finalized crypto recommendations were published. This includes the crypto industry, which, according to Notabene’s survey, “seemed willing to adopt the travel rule in January 2022.” By then, some of the biggest entities had already started exploring travel rule compliance, like USDT issuer Tether and its sister exchange Bitfinex working with Notabene. 

Here's where things get interesting: Notabene, the crypto compliance company, has been referenced by the FATF on a few occasions. This is surprising, considering that the company has received most of its funding from the crypto industry, according to Crunchbase

Also, according to Notabene, the criteria used to determine which crypto transactions are considered high-risk from the FATF's perspective is determined by blockchain analytics companies, not Notabene itself. The largest is Chainalysis, which is very pro-crypto. In fact, Chainalysis pushed back against the FATF’s crypto recommendations when they were first proposed in 2019.

The institutions the FATF relies on to implement its crypto recommendations are all pro-crypto. To put things into perspective, companies like Notabene and Chainalysis have been advising governments and regulators. Put another way, the impact of the FATF crypto recommendations may not be as anti-crypto as they intend them to be because all the institutions required to implement them are pro-crypto. It's not just private companies; some countries are also trying to protect crypto. 

Crypto Privacy in Jeopardy?

There's only one place where the FATF could still cause a problem: privacy. As most of us know, financial privacy is required for financial freedom. You can be coerced in many ways if every transaction is tracked. e.g., by punishing the people you transact with.  Logically, it will be challenging for pro-crypto compliance companies and countries to defend crypto privacy from the FATF. This will be practically impossible when the FATF decrees that any exchange offering privacy coins is inherently non-compliant. It could result in the elimination of crypto privacy altogether. 

Some would say the recent sanctions against Tornado Cash are a prelude to the FATF's next moves. Luckily, the crypto industry has been working on a solution, too. Notably, the FATF claimed that there had been a considerable move towards privacy in crypto in its finalized recommendations, stating, “During recent FATF consultations, the industry highlighted data protection and privacy (DPP) issues as key considerations for travel rule implementation…. Going forward, FATF will continue to monitor these issues to ensure data privacy and other similar issues do not present barriers to implementation.”


Image source: Cointelegraph 

Crypto Privacy Predestined – The Solution

Besides the many crypto projects like Ethereum trying to preserve privacy through cutting-edge technology, like zero-knowledge proofs, Bitcoin has also been subtly working on privacy-preserving technology. The Taproot upgrade is one protocol developed in November 2021. 

One of the things Taproot did was introduce Key Aggregation with Schnoor Signatures. Put simply, it made every single Bitcoin transaction look like a regular transaction. This move means that transactions involving multisig wallets resemble regular transactions on the blockchain. It’s significant because multisig wallets are required for Atomic Swaps, i.e., swapping BTC for a crypto coin on another blockchain. Incidentally, Monero developers finally found a way to execute swaps between BTC and XMR in August 2021. 

Taproot means these swaps are now theoretically undetectable. Multisig wallets are also required for the lightning Network, Bitcoin's most significant Layer 2 protocol. As it so happens, US authorities offered bounties to anyone who could track XMR and Lightning Network transactions in September 2020. This implies that the Lightning Network has similar privacy levels to Monero. 

Interestingly, the three Bitcoin Improvement proposals that make up the Taproot upgrade, including Schnoor Signatures, were all proposed in January 2020, shortly before the first countries started implementing the crypto travel rule. Is this a coincidence, or perhaps something more? 


Image source: GitHub

Anyway, speculation aside, it's clear that crypto privacy is inevitable because nobody wants privacy more than high-net-worth individuals. When these investors get involved during the next crypto bull market, there will definitely be calls to increase crypto privacy, and many will be answered. Additionally, if these calls don't come from the 1%, you can bet they'll come from the central banks that will start accumulating crypto in 2025. 

The regulated crypto space will likely grow, but the unhosted ecosystem will remain a niche area with significant development and innovation. The crypto and blockchain projects that uphold the interests of entrepreneurs and advocate for free and critical thinking are paving the way and developing ecosystems that will have the financial freedom, liberty, and sovereignty that is fundamentally our right of passage, which seems to be all but forgotten by the monopolies and so-called authorities and their mandate to capture the crypto industry. 

 

 

Editor and 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

Both analysts and retail investors see higher gold prices next week

Both analysts and retail investors see higher gold prices next week

Gold climbed higher this week, with prices rising over 1.25% as Friday's nonfarm payrolls report showed an increase in the unemployment rate and the ISM Manufacturing Index indicated continued weakness in U.S. industry.

The latest Kitco News Weekly Gold Survey shows that over two-thirds of retail investors expect gold prices to post gains during the shortened week ending September 8. And after weeks of caution and divided opinions, market analysts are just as bullish as Main Street heading into the Labor Day long weekend.

Adrian Day, President of Adrian Day Asset Management, sees gold prices increasing in the near term. "The tide seems to be turning for gold," he said. "Economic news in the U.S. and elsewhere is mixed, but the preponderance is suggesting a weakening global economy. The market is already pricing in the end of rate hikes in the U.S., though "tighter for longer' is still tightening."

Daniel Pavilonis, Senior Commodities Broker at RJO Futures, sees gold hitting a hard ceiling in the short term.

"I think gold is actually going to continue to be capped under the highs, and possibly continue to move lower," Pavilonis said. "The rationale behind that is some of the data is still coming out relatively strong. You look at core services, non-housing services, there's some labor indicators that are still pretty strong, in terms of inflationary."

Pavilonis said that yields are moving higher the further out you look across the curve, "so it's not so much of a front-end issue or a temporary issue."

"I think inflation is starting to be quote-unquote "confirmed,' that this is going to be around a lot longer," meaning the Fed is unlikely to cut rates before the end of 2024, he said. "I think that's really what's capped the metals market from moving higher."

This week, 11 Wall Street analysts participated in the Kitco News Gold Survey. Seven experts, or 64%, expected to see higher gold prices next week, while three analysts, or 27%, predicted a drop in price. Only one analyst, or 9%, was neutral on gold for the coming week.

Meanwhile, 534 votes were cast in online polls. Of these, 360 respondents, or 67%, looked for gold to rise next week. Another 101, or 19%, expected it would be lower, while 73 voters, or 14%, were neutral in the near term.

 

Kitco Gold Survey

Wall Street

Bullish64%

Bearish27%

Neutral9%

VS

Main Street

Bullish67%

Bearish19%

Neutral14%

The latest survey shows that retail investors expect gold prices to trade around $1,962 per ounce next week.

The coming week will see a few significant economic data releases, with the ISM Services PMI for August and jobless claims the highlights.

Marc Chandler, Managing Director at Bannockburn Global Forex, expects gold to build on this week's performance. "I like gold higher again next week, especially if it can close above the $1950-53 area [on Friday], which is about where I have a trendline off the May and July highs coming in. It is also a retracement objective," he said. "The US jobs data will not change views on the US economy, and that the labor market is becoming less tight. The 2-year yield has been rebuffed again as it pushed above 5.0%."

Chandler said his next target for the yellow metal is $1975-85 based on the spot market.

Sean Lusk, Co-Director of Commercial Hedging at Walsh Trading, is still cautious about gold's short-term prospects, but sees it trending downward next week amid DXY and stock market strength and mixed messages from the data.

"We traded back through some support levels this week, but as it stands right now, the jury's still out on whether there's going to be a continuation rally in the next week," Lusk said.

"With higher equities and higher dollars, it's simply going to mean lower gold prices. In my view, this recent turnaround in gold was due to the stock market being a little on its heels, and therefore, you have the possibility of some further pullback in the metals should we continue in that environment. I'll bull up longer-term, but it doesn't mean we can't swing and retest $1900 as the downside again."

Frank McGhee, Precious Metals Dealer at Alliance Financial, also sees gold trending lower next week as concerns over the impact of a slowing economy, and "with the Fed not giving any indication of the long-dreamed-about pivot, rather "higher for longer' starts to bite."

Adam Button, Chief Currency Analyst at Forexlive.com, believes the pivot is in play. "There is a small chance left of a Fed rate hike in November, but that will be priced out in short order, and the focus will shift to when the first rate cut is coming," Button said. "As that focus shifts, gold will shine."

And Kitco's Jim Wyckoff sees an uptrend beginning to form for the precious metal. "Steady-higher as gold prices are now starting to trend up on the daily bar chart," he said.

Gold prices are currently up 1.25% on the week, with spot gold last trading at $1940.75 an ounce at the time of writing.

By

Ernest Hoffman

For Kitco News

Time to Buy Gold and silver

Tim Moseley

Gold is stuck in neutral and remains at the mercy of the US dollar and bond yields next week

Gold is stuck in neutral and remains at the mercy of the US dollar and bond yields next week

The gold market appears to have hit solid resistance heading into the weekend, and Friday's price action could set the tone for what is expected to be a relatively quiet shortened trading week, according to analysts.

Gold prices saw a solid recovery from August's multi-month lows this week, but some analysts note that the precious metal didn't have enough momentum to break into bullish territory. With North American markets closed Monday for the Labor Day long weekend, analysts have said that a breakout is unlikely in the short term.

This past week saw December gold futures push to a three-week high, briefly hitting $1.980.20 an ounce Friday following a lukewarm nonfarm payrolls report. Although the economy created more jobs than economists expected, wage gains were weaker than expected and the unemployment rate rose sharply.

However, the rally has cooled slightly, with December gold futures last trading at $1.967.30 an ounce, up 1.4% from Friday's close.

Gold rallied to its highs after the jobs report showed that 187,000 jobs were created in August, with consensus forecasts looking for growth of around 170,000 jobs. At the same time, employment numbers for June and July were revised sharply lower. The unemployment rate also rose to 3.8%, up from 3.5%, where economists were looking for an unchanged reading.

Some analysts said that while signs of slack are starting to build in the labor market, the data did not provide any definitive direction for investors.

"For now, the easiest trade in global markets is to squeeze the economy bears in the bond market," said Daniel Ghali, senior commodity strategist at TD Securities. "Elevated bond yields and the U.S. dollar will continue to keep gold prices contained."

While Ghali is relatively neutral on gold in the near term, he added that investors shouldn't ignore the surprising strength in the marketplace as prices hold their ground against higher bond yields and a strong U.S. dollar.

"Gold prices haven't fallen as much despite where the U.S. dollar is, so there is market demand," Ghali said. "However, we need to see definitive signs that the Federal Reserve is ready to cut interest rates and the economy isn't there yet."

Phillip Streible, chief market strategist at Blue Line Futures, said that while gold has managed to neutralize its bearish downtrend, it has some ways to go before it enters bear market territory. He added that gold remains in no man's land as prices are caught in a channel between resistance at $1,986 and support at $1,936 an ounce.

"I don't see anything right now that will stop the momentum in bond yields," he said.

James Stanley, senior market strategist at Forex.com, said that he also sees gold caught in a tug of war in the near term; however, he added that gold bulls may have a near-term advantage.

"The fact that gold bulls have held support even as USD strength has come back in the past couple of days is a pretty bullish factor," he said.

With little economic data scheduled to be released next week, analysts suggested that investors keep an eye on the U.S. dollar and bond yields. The U.S. dollar Index remains near a three-month high above 104 points.

Meanwhile, 10-year U.S. bond yields, while down from last week's 15-year highs, are holding above 4%. Although the threat of further rate hikes from the Federal Reserve has diminished following Friday's disappointing employment numbers, analysts note that it has not completely vanished.

  Singapore, Qatar continue buying gold, Libya boosts reserves to record levels

According to the CME FedWatch Tool, markets see the U.S. central bank leaving rates unchanged in September, and they're pricing in a 60% chance of no move in November as well.

While the data highlights slowing economic activity, some analysts have said a more decisive trend is required.

"We will need to keep a close eye on US data releases in the coming weeks, which could shed more light on what the Fed may do," said Ewa Manthey, commodities strategist at ING. "We believe gold will remain volatile in the near term given the implications of the uncertainty of persistent inflation on the US economy, and its trajectory will be influenced by US economic data in the coming weeks. We believe the threat of further action from the Fed will continue to keep the lid on gold prices for now."

Commodity analysts at Commerzbank also noted that gold could remain caught in neutral territory as "it is still far from clear how US interest rate policy will develop."

Next week's data:

Wednesday: Bank of Canada monetary policy decision, ISM Services PMI

Thursday: Weekly jobless claims

By

Neils Christensen

For Kitco News

Time to Buy Gold and silver

 

 

Tim Moseley

The Artist that came out of the Winter