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Gold gains as USDX weakens US bond yields dip

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Gold gains as USDX weakens, U.S. bond yields dip

Gold prices are solidly higher in midday U.S. trading Tuesday, supported by a weaker U.S. dollar index and a downtick in U.S. Treasury yields to start the U.S. trading week. The yellow metal hit a nine-week low overnight. Short covering in the futures market and some bargain buying in the cash were also featured today. August gold was last up $17.10 at $1,980.20 and July silver was down $0.015 at $23.34.

Trader and investor attitudes are more upbeat this week. Republican and Democratic leaders have agreed upon a deal to raise the U.S. government's debt limit. House and Senate votes on the matter are likely to occur later this week.

Asian and European stock markets were mostly firmer overnight. U.S. stock indexes are mixed to firmer at midday.

The World Gold Council reported its survey shows 24% of central banks intend to increase their gold holdings in 2023. Reasons include higher inflation, geopolitical turmoil and interest rate worries.

  Gold price trades below $1,950 ahead of Congress debt ceiling vote and June Fed decision

The key outside markets today see the U.S. dollar index down on a corrective pullback after hitting a two-month high last week. Nymex crude oil prices are solidly lower and trading around $69.50 a barrel. Meantime, the benchmark 10-year U.S. Treasury note yield is presently fetching 3.702%.

Technically, August gold futures prices hit a nine-week low early on today and then rebounded to score a bullish "outside day" up. Bulls have the slight overall near-term technical advantage. However, prices are in a four-week-old downtrend on the daily bar chart. 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 $1,900.00. First resistance is seen at $1,985.00 and then at $2,000.00. First support is seen at $1,965.00 and then at today's low of $1,949.60. Wyckoff's Market Rating: 5.5

July silver futures prices hit a nine-week low Friday. The silver bears have the overall near-term technical advantage. Prices are in a four-week-old downtrend on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at $25.00. The next downside price objective for the bears is closing prices below solid support at $22.00. First resistance is seen at today's high of $23.51 and then at $23.75. Next support is seen at $23.00 and then at the May low of $22.785. Wyckoff's Market Rating: 4.0.

July N.Y. copper closed down 160 points at 366.60 cents today. Prices closed near mid-range. The copper bears have the overall near-term technical advantage. Prices are in a six-week-old downtrend on the daily bar chart. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at 385.00 cents. The next downside price objective for the bears is closing prices below solid technical support at 335.00 cents. First resistance is seen at today's high of 371.10 cents and then at 375.00 cents. First support is seen at today's low of 362.70 cents and then at 360.00 cents. Wyckoff's Market Rating: 3.5.

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Jim Wyckoff

For Kitco News

Time to Buy Gold and Silver

Tim Moseley

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Hold gold but hope it doesn’t go up – Dominic Frisby

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Hold gold, but hope it doesn't go up – Dominic Frisby

The key argument for gold is insurance, said Dominic Frisby, author of FlyingFrisby.com.

On May 6, 2023, Frisby spoke to Kitco at Deutsche Goldmesse in Frankfurt, Germany.

Frisby gave the rationale for gold.

"I'm a big believer in the maximum of putting five or ten percent of your net worth in gold and then hoping it doesn't go up," said Frisby, noting the metal's longevity as a store of value. "The instinct for gold is the most deep-rooted commercial instinct in the human race. In a nutshell, that is why you should own gold: because there is a permanence to it that no other substance has."

Frisby said gold does best when trust in the system is low, noting heightened culture wars and other conflicts.

"Financial crises seem to get more frequent," said Frisby. "You can just feel trust in the system generally eroding."

Frisby is a fan of Bitcoin and believes investors should hold both.

"There's a real generational divide between gold and Bitcoin," said Frisby. "Bitcoin has proved to be the most fantastic educational tool. It has educated people about fiat money and the nature of money."

Coverage of Deutsche Goldmesse 2023 sponsored by Defiance Silver.vid

'How many banks are going to need to fail?' – Matterhorn's Matthew Piepenburg on financial contagion

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Michael McCrae

For Kitco News

Time to Buy Gold and Silver

Tim Moseley

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Stablecoins: The Anchors in the Storm of the Global Economic Crisis

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Stablecoins: The Anchors in the Storm of the Global Economic Crisis

The global economic landscape is undergoing a remarkable transformation as the winds of change sweep across borders and the concept of de-dollarization takes center stage. De-dollarization, a term that has gained significant traction in recent years, signifies a paradigm shift aimed at reducing the reliance on the U.S. dollar in international transactions. This phenomenon has captured the attention of economists, policymakers, and financial experts worldwide, heralding a potentially seismic shift in the global economic order.

A confluence of factors has fueled the momentum behind de-dollarization. Geopolitical tensions, trade wars, and the ascent of emerging economic powers have all played instrumental roles in reshaping the global economic climate. In the face of these multifaceted challenges, an intriguing alternative has emerged – stablecoins. These digital currencies, designed to maintain a stable value and minimize the volatility associated with traditional cryptocurrencies, have garnered considerable attention and are poised to disrupt the prevailing financial status quo.

This article aims to delve deep into the concept of stablecoins and elucidate their relevance in the context of de-dollarization. We will explore stablecoins comprehensively, and their potential implications for the global economic landscape. By shedding light on stablecoins and their intricate relationship with de-dollarization, this article aims to provide readers with a nuanced understanding of this fascinating development and its potential ramifications.

Historical Background: The Rise of Stablecoins

We can trace the rise of stablecoins as a significant player in digital currencies back to the early years of cryptocurrency development. While the concept of stable value digital currencies has existed for decades, the advent of Bitcoin in 2009 sparked a revolution in the financial world and laid the foundation for stablecoins to emerge.

In the early days of cryptocurrencies, Bitcoin gained attention for its decentralized nature and potential as a peer-to-peer electronic cash system. However, its extreme price volatility hindered its practical use as a medium of exchange and store of value. Bitcoin's value fluctuated wildly, often experiencing significant price swings within short periods.

Recognizing this volatility as a significant barrier to mainstream adoption, developers, and innovators in cryptocurrency began to explore ways to create digital assets that maintained a stable value. Their goal was to bridge the gap between the advantages of cryptocurrencies, such as efficiency and borderless transactions, with the stability of traditional fiat currencies.

The first stablecoin, Tether (USDT), was introduced in 2014 to address this issue. Tether value was pegged to the U.S. dollar on a 1:1 ratio, providing stability and liquidity for cryptocurrency traders. Despite its controversies and regulatory scrutiny in subsequent years, Tether laid the groundwork for stablecoins and demonstrated the demand for digital assets with stable values.

As the cryptocurrency market matured, stablecoins gained traction, leading to the development of alternative types of stablecoins beyond fiat-collateralized ones. One notable development was the introduction of commodity-backed stablecoins. These stablecoins were designed to be backed by tangible assets like gold or oil, providing stability through the inherent value and strength of the underlying commodities.

Another type of stablecoin that emerged was algorithmic stablecoins. These stablecoins utilized complex algorithms and smart contracts to maintain their value stability. By automatically adjusting the supply and demand dynamics, algorithmic stablecoins aimed to achieve stability without needing direct collateralization.

The popularity and adoption of stablecoins expanded significantly in 2019, especially during periods of market volatility. Stablecoins offered a refuge for traders and investors seeking to preserve the value of their assets during market downturns. Their stability and liquidity made them an attractive alternative to holding traditional fiat currencies in uncertain economic conditions.

The concept of stablecoins gained further momentum with the rapid development of blockchain technology and the rise of decentralized finance (DeFi). Stablecoins became an integral part of the DeFi ecosystem, providing a stable and reliable medium of exchange, collateral, and liquidity in decentralized lending, borrowing, and trading platforms.

Today, stablecoins continue to evolve and diversify, with many projects and protocols entering the market. Governments and central banks have also started exploring the potential of central bank digital currencies (CBDCs) as a form of stablecoin, aiming to leverage the benefits of blockchain technology while maintaining control over monetary policy.

The historical background of the rise of stablecoins showcases the ongoing quest for stability in digital currencies. From the early days of Bitcoin to the present era of DeFi and CBDCs, stablecoins have emerged as a promising solution to address the volatility inherent in cryptocurrencies. With each passing year, their relevance and importance in reshaping the global financial landscape continue to grow, making stablecoins a fascinating phenomenon to observe and explore.


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The Great Currency Shift

De-dollarization, a trend gaining momentum in various parts of the world, is driven by geopolitical tensions, trade wars, and the rise of new economic powers. Countries like China, Russia, and Iran have been actively reducing their dependence on the U.S. dollar in international transactions, and this trend is expected to continue in the coming years. It will potentially have an impact on the stability of stablecoin.

The implications of de-dollarization for stablecoins and the broader crypto market appear chaotic at first glance. As the use of the U.S. dollar declines, demand for stablecoins pegged to the U.S. dollar, such as Tether (USDT) and USD Coin (USDC), may decrease. This shift in demand could create opportunities for alternative stablecoins pegged to other major currencies like the euro, yen, and yuan.

According to Bloomberg, the Chinese yuan surpassed the U.S. dollar as China's most popular cross-border currency, rising to a high of 48% of transactions from a low of almost 0% in 2010. This is an illustration of the de-dollarization process in operation.

If the U.S. dollar loses its dominance as the global reserve currency, stablecoins pegged to the dollar would also lose their value and stability. To address this issue, there is a need for new stablecoin legislation to bolster the U.S. dollar. The Circle founder has suggested that Congress pass new stablecoin legislation to strengthen the greenback and prevent de-dollarisation's adverse effects on stablecoins. However, some experts argue that weaponizing the dollar will destroy its reserve currency status, leading to a further rise in de-dollarization


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The Future of Stablecoins

Stablecoins can revolutionize how we conduct financial transactions, particularly in the context of de-dollarization. They can provide a secure and stable means of conducting cross-border transactions, investments, and hedging against currency fluctuations. However, governments must address several regulatory challenges and opportunities to ensure widespread adoption.
The future of U.S. pegged stablecoin will depend on several factors, including the continued dominance of the U.S. dollar in the global economy, the development of stablecoin regulations, and the ability of stablecoin to adapt to changing market conditions.

According to CoinMarketCap, every stablecoin with a market cap exceeding $1 billion is pegged to the U.S. dollar, which suggests that stablecoin's success is closely tied to the strength of the U.S. dollar. However, as de-dollarization continues to gain momentum, stablecoin may need to explore alternative pegs to maintain its stability and relevance in the market.

Stablecoins can be created in a variety of methods, but the ones that are currently in use are exogenous (backed by assets from outside the stablecoin's ecosystem) and fully/over-collateralized. Moving away from U.S. pegged stablecoins may likely not result in liquidity problems as long as the stablecoins have enough collateral, especially when a large amount of the collateral is held as highly liquid assets.

Several stablecoin projects are already addressing the challenges of de-dollarization and enhancing financial inclusion. One example is the Stellar network, which uses its native stablecoin, Lumens (XLM), to facilitate cross-border transactions and provide low-cost remittance services. Another example is the MakerDAO project, which uses its stablecoin, Dai (DAI), to provide a stable store of value that is not subject to the volatility of other cryptocurrencies.

Regulatory Challenges

Stablecoins are still largely unregulated, and concerns about their potential impact on financial stability and consumer protection exist. Regulators around the world are grappling with how to regulate stablecoins. This is a concern since stablecoins are very different from conventional crypto. Stablecoins cannot survive as they do without special national regulations. Regulation is a highly jurisdictional issue since, as we can see, crypto laws do vary slightly in different countries.

In the U.S., stablecoin regulation could be more explicit, but the SEC needs to make that happen. The United States may be delaying their response because they intend to release the digital dollar. Additionally, several organizations, including the Commodity Futures Trading Commission (CFTC), the Office of the Comptroller of the Currency (OOC), and the Financial Crimes Enforcement Network (FinCEN), must apply their own federal rules to stablecoins. In addition to federal requirements, states may have their own rules, further complicating the situation. 

Japan has been seeking to regulate cryptocurrencies uniformly. However, because of their peculiar character, stablecoins are expected to undergo special regulation, much as the nation may not even regulate the U.S. dollar-pegged Stablecoins as cryptocurrencies; instead, laws may be based on the real asset they are backed by.

In a developed nation like Singapore, stablecoins are said to comply with legal requirements if the Securities and Futures Act (SFA) is applicable. Before creating a stablecoin there, one must take caution because they come under such regulations. The digital asset shouldn't have any issues functioning in the Singaporean economy if it can comply with certain regulations.

Regarding stablecoin regulation and cryptocurrency in general, Russia has been highly erratic. The nation declares that particular "digital rights" laws put out by the government in 2019 must be followed by crypto-related crowdfunding platforms and projects. Stablecoins are not specifically mentioned in this law; thus, it is reasonable to presume that the same restrictions apply to assets backed by fiat as well.

General Guidelines Regarding Stablecoin Regulation

You are now aware of the many regulations that apply to stablecoins. But because cryptocurrencies are a worldwide commodity, it's critical to recognize the global legislation parallels. Fiat-backed currencies, for example, all plainly emphasize the transfer of value. Therefore, governments will need to ensure that parties may use stablecoins without risk. To prevent these transactions from being utilized for tax avoidance, they will also need to declare them.

The issue of what to do with the stablecoins follows. Some people could utilize them to send money overseas for payments. Others could view them as an alternate means of holding and investing in commodities like gold. Finally, these nations must consider global stablecoin law. In other words, they should observe how other countries accomplish the goals they seek to achieve. Authorities must also discuss if a single worldwide regulatory approach is preferable to several separate ones.

Stablecoins have emerged as an alternative to traditional currencies, offering stability, security, and transparency. In the context of de-dollarization, stablecoins have the potential to play a significant role in navigating the future of the global economy. However, several regulatory challenges and opportunities must be addressed to ensure widespread adoption. As the world shifts away from the U.S. dollar, stablecoins will become increasingly relevant, providing a secure and stable means of conducting cross-border transactions, investments, and hedging against currency fluctuations.

This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

 

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.

 

 

 

 

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Top 10 Cybercurrency Wallets: What They Are and How to Use Them

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Top 10 Cybercurrency Wallets: What They Are and How to Use Them

Cryptocurrency wallets are digital wallets that store and manage a user's private and public keys used to access their cryptocurrency. These wallets enable users to send and receive digital currency and monitor their balance. Unlike traditional wallets, cryptocurrency wallets are not backed by government deposit schemes, and they only hold digital currencies. There are two main types of cryptocurrency wallets: hot wallets and cold wallets. Hot wallets are connected to the internet and are more accessible, while cold wallets are offline and more secure.

Using a cryptocurrency wallet is relatively easy, but it is essential to understand the different types and how they work. A user must first choose a wallet that supports the specific cryptocurrency they want to store. Then, they need to download and install the wallet software or sign up for a web-based wallet service. Once the wallet is set up, the user can send and receive cryptocurrency by sharing their wallet address with others. It is crucial to keep the private keys secure and not share them with anyone, as this can lead to theft of the cryptocurrency.

There are many cryptocurrency wallets available, each with different features and levels of security. Some of the top wallets include Ledger Nano S, Trezor, and Exodus. It is essential to research and compare different wallets before choosing one to ensure the wallet meets the user's needs and offers the necessary security.

What Are Cybercurrency Wallets?

Overview

A cybercurrency wallet is a digital wallet that stores a user's cryptocurrencies. It is a software program that interacts with the blockchain to enable users to send and receive digital currency and monitor their balance. Cryptocurrency wallets do not physically hold cryptocurrencies, but instead, they store the private and public keys that allow users to access and manage their digital assets.

Types of Cybercurrency Wallets

There are several types of cybercurrency wallets available, each with its unique features and security measures. The two main categories of cybercurrency wallets are hardware wallets and software wallets.

Hardware Wallets

Hardware wallets are physical devices that store a user's private keys offline, making them less susceptible to hacking or theft. They are considered the most secure type of cybercurrency wallet. Hardware wallets can be further categorized into cold wallets and hot wallets.

  • Cold Wallets: Cold wallets are hardware wallets that are not connected to the internet, making them immune to hacking attempts. They are ideal for storing large amounts of cryptocurrency for an extended period.

  • Hot Wallets: Hot wallets are hardware wallets that are connected to the internet, making them more vulnerable to hacking attempts. They are ideal for storing small amounts of cryptocurrency for everyday use.

Software Wallets

Software wallets are digital wallets that run on a computer or mobile device. They are categorized into desktop wallets, mobile wallets, and web wallets.

  • Desktop Wallets: Desktop wallets are software wallets that are installed on a computer. They offer more security than web wallets but are still vulnerable to hacking attempts.

  • Mobile Wallets: Mobile wallets are software wallets that run on a mobile device. They offer convenience and portability but are less secure than desktop wallets.

  • Web Wallets: Web wallets are software wallets that run on a web browser. They are the least secure type of cybercurrency wallet as they are vulnerable to hacking attempts and phishing attacks.

In conclusion, cybercurrency wallets are essential tools for managing and securing digital assets. It is crucial to choose a wallet that suits your needs and offers the necessary security measures to protect your cryptocurrencies.

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How to Use Cybercurrency Wallets

Cybercurrency wallets are essential tools for managing cryptocurrencies. They allow users to store, send, and receive digital assets such as Bitcoin, Ethereum, and other tokens. In this section, we will discuss how to use cybercurrency wallets effectively.

Setting Up a Cybercurrency Wallet

To use a cybercurrency wallet, you must first set it up. The process varies depending on the wallet you choose, but generally, you will need to follow these steps:

  1. Download the wallet software or app from the official website or app store.
  2. Create a new wallet account by providing your email address and creating a strong password.
  3. Generate a seed phrase, which is a series of words that can be used to recover your wallet if you lose your password or device.
  4. Save your seed phrase in a secure place, such as a password manager or a physical document.
  5. Set up two-factor authentication to add an extra layer of security to your account.

Sending and Receiving Cryptocurrencies

Once you have set up your wallet, you can start sending and receiving cryptocurrencies. To send crypto transactions, you will need to follow these steps:

  1. Log in to your wallet and navigate to the send section.
  2. Enter the recipient's public key or wallet address.
  3. Enter the amount of cryptocurrency you want to send.
  4. Review the transaction details and confirm the transaction.

To receive crypto transactions, you will need to provide your public key or wallet address to the sender. They can then send the desired amount of cryptocurrency to your wallet.

Managing Transactions

Cybercurrency wallets allow you to manage your transactions effectively. You can view your transaction history, track your balance, and manage your wallet settings. To manage your transactions, you will need to follow these steps:

  1. Log in to your wallet and navigate to the transactions section.
  2. View your transaction history and filter by date, amount, or type.
  3. Check your balance and monitor your wallet's performance.
  4. Adjust your wallet settings, such as transaction fees or privacy settings, as needed.

In conclusion, cybercurrency wallets are powerful tools for managing cryptocurrencies. By following the steps outlined in this section, you can set up, send, and receive cryptocurrencies with ease. Remember to always prioritize security by using strong passwords, two-factor authentication, and secure storage methods for your seed phrase.

Top 10 Cybercurrency Wallets

When it comes to storing cryptocurrencies, having a reliable wallet is crucial. There are various types of wallets available, including hardware wallets, software wallets, desktop wallets, mobile wallets, web wallets, online wallets, custodial wallets, and non-custodial wallets. In this section, we will discuss the top 10 cybercurrency wallets that are trusted by many users.

Ledger Nano S

Ledger Nano S is a hardware wallet that provides a secure way to store cryptocurrencies. It supports over 1,500 cryptocurrencies and is compatible with Windows, Linux, and Mac operating systems. It features a small screen that displays transaction details, and users can confirm transactions by pressing physical buttons on the device.

Trezor

Trezor is another hardware wallet that is known for its security features. It supports over 1,000 cryptocurrencies and is compatible with Windows, Linux, and Mac operating systems. It features a small screen that displays transaction details, and users can confirm transactions by pressing physical buttons on the device.

Exodus

Exodus is a software wallet that is available for desktop and mobile devices. It supports over 100 cryptocurrencies and allows users to exchange cryptocurrencies within the wallet. It also features a built-in portfolio tracker that displays the value of the user's assets.

MetaMask

MetaMask is a web wallet that is compatible with various web browsers, including Google Chrome, Firefox, and Brave. It supports Ethereum and other ERC-20 tokens and allows users to interact with decentralized applications (dApps) on the Ethereum network.

Trust Wallet

Trust Wallet is a mobile wallet that is available for iOS and Android devices. It supports various cryptocurrencies and allows users to interact with dApps on the Ethereum, Binance Smart Chain, and other networks. It also features a built-in DEX (decentralized exchange) that allows users to trade cryptocurrencies within the wallet.

Coinbase Wallet

Coinbase Wallet is a mobile wallet that is available for iOS and Android devices. It supports various cryptocurrencies and allows users to interact with dApps on the Ethereum and other networks. It also features a built-in DEX that allows users to trade cryptocurrencies within the wallet.

Atomic Wallet

Atomic Wallet is a desktop and mobile wallet that supports over 500 cryptocurrencies. It features a built-in exchange that allows users to trade cryptocurrencies within the wallet. It also allows users to stake some cryptocurrencies and earn rewards.

Crypto.com Defi Wallet

Crypto.com Defi Wallet is a mobile wallet that supports various cryptocurrencies and allows users to interact with dApps on the Ethereum and Binance Smart Chain networks. It also features a built-in DEX that allows users to trade cryptocurrencies within the wallet. Users can also earn rewards by staking some cryptocurrencies.

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Solana Wallet

Solana Wallet is a web wallet that supports Solana and SPL (Solana Program Library) tokens. It allows users to interact with dApps on the Solana network and features a built-in DEX that allows users to trade SPL tokens within the wallet.

Avalanche Wallet

Avalanche Wallet is a web wallet that supports Avalanche and other assets on the Avalanche network. It allows users to interact with dApps on the Avalanche network and features a built-in DEX that allows users to trade assets within the wallet.

In conclusion, these are the top 10 cybercurrency wallets that are trusted by many users. Each wallet has its own unique features and benefits, so it's important to choose the one that best suits your needs. Whether you prefer a hardware wallet, software wallet, or web wallet, there is a wallet out there that can help you store your cryptocurrencies securely.

Security Features of Cybercurrency Wallets

When it comes to cybercurrency wallets, security is a top priority. These wallets are designed to protect your digital assets from theft, fraud, and other security threats. Here are some of the security features you can expect from most cybercurrency wallets:

Private Keys

One of the most important security features of a cybercurrency wallet is the private key. This is a secret code that allows you to access your digital assets and make transactions. Your private key should never be shared with anyone else, as it is the key to your wallet.

Public Key

In addition to your private key, your wallet also has a public key. This is a code that allows others to send digital assets to your wallet. Unlike your private key, your public key can be shared with others.

Two-Factor Authentication

Many cybercurrency wallets offer two-factor authentication (2FA) as an additional security measure. This requires you to enter a code or use an app on your phone in addition to your password to access your wallet. This adds an extra layer of security to your wallet.

Seed Phrase

A seed phrase is a series of words that can be used to recover your wallet if you lose your private key. This is an important security feature, as it allows you to regain access to your digital assets if your private key is lost or stolen.

Cold Storage

Some cybercurrency wallets offer cold storage options. This means that your digital assets are stored offline, which makes them less vulnerable to hacking and other security threats. Cold storage is an excellent security feature for those who want to keep their digital assets safe for the long term.

Hot Wallets

On the other hand, hot wallets are connected to the internet and are more vulnerable to hacking and other security threats. While hot wallets are convenient for making frequent transactions, they are not as secure as cold wallets.

Third-Party Risk

When using a cybercurrency wallet, it is important to be aware of third-party risks. This includes the risk of using a wallet that is not secure, as well as the risk of using a wallet that is owned by a third party. It is important to do your research and choose a wallet that is reputable and trustworthy.

Ownership

Finally, it is important to remember that you are responsible for the security of your digital assets. This means that you should take the necessary precautions to keep your private key and other sensitive information safe. By taking the time to learn about cybercurrency wallet security features and best practices, you can help ensure that your digital assets remain safe and secure.

Cryptocurrency Wallets and Blockchain

Cryptocurrency wallets are digital wallets that allow users to store, manage, and trade their cryptocurrencies. These wallets interact with various blockchains to enable users to send and receive digital currency and monitor their balance. Blockchain is the technology that underpins cryptocurrencies, and it is a decentralized, distributed ledger that records transactions across a network of computers.

One of the benefits of blockchain technology is that it provides a high level of security. Because the ledger is distributed across many computers, it is difficult for any one person or organization to tamper with the data. This makes blockchain an ideal technology for storing and transferring value, such as cryptocurrencies.

Decentralized finance (DeFi) is a growing area of blockchain technology that aims to provide financial services in a decentralized manner. DeFi applications, or dApps, are built on top of blockchains and allow users to access financial services such as lending, borrowing, and trading without the need for intermediaries like banks.

Fungible tokens are digital assets that are interchangeable with each other, such as cryptocurrencies. Non-fungible tokens (NFTs) are unique digital assets that are not interchangeable, such as digital art or collectibles. NFTs are becoming increasingly popular, and some wallets now support the storage and trading of NFTs.

The decentralized web is another area of blockchain technology that is gaining traction. The decentralized web aims to provide a more open and decentralized internet that is not controlled by a few large corporations. Decentralized web applications are built on top of blockchains and aim to provide a more secure and private internet experience.

There are many different cryptocurrency wallets available, each with their own strengths and weaknesses. Some wallets are designed for beginners, while others offer more advanced features for experienced users. The top 10 wallets are:

  1. Ledger Nano S
  2. Trezor
  3. Exodus
  4. MyEtherWallet
  5. Electrum
  6. Jaxx
  7. Coinbase Wallet
  8. Edge
  9. Trust Wallet
  10. Atomic Wallet

Each of these wallets has its own unique features and benefits, and users should carefully consider their needs and preferences before choosing a wallet.

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Pros and Cons of Using Cybercurrency Wallets

Cybercurrency wallets have become increasingly popular as digital currencies continue to gain traction. These wallets offer a secure and convenient way to store, manage, and transact cryptocurrencies. However, like any financial tool, there are pros and cons to using cybercurrency wallets.

Pros

Enhanced Security

One of the most significant advantages of using cybercurrency wallets is enhanced security. Unlike traditional financial accounts, cybercurrency wallets use advanced encryption algorithms to protect your funds. Additionally, many wallets offer two-factor authentication and other security features to prevent unauthorized access.

Easy to Use

Most cybercurrency wallets are designed to be user-friendly and easy to navigate. Many wallets offer intuitive interfaces, making it easy to manage your funds, send and receive payments, and view transaction history.

Lower Transaction Fees

Cybercurrency wallets typically have lower transaction fees than traditional financial accounts. This is because most wallets do not charge fees for transactions, and those that do typically charge lower fees than banks and credit card companies.

Cons

Personal Information

When you use a cybercurrency wallet, you are required to provide personal information, such as your name and address, to verify your identity. While this information is typically kept secure, there is always a risk of data breaches or other security vulnerabilities.

Credit Card and Bank Account Integration

While some cybercurrency wallets allow you to link your credit card or bank account, this can be a double-edged sword. While it may make it easier to buy and sell cryptocurrencies, it also increases the risk of fraud and identity theft.

Limited Acceptance

While cryptocurrencies have gained significant traction in recent years, they are still not widely accepted as a form of payment. This means that you may not be able to use your cybercurrency wallet to make purchases at all merchants.

Each wallet has its own unique features and benefits, so it's important to research and compare before choosing the right wallet for you.

Tim Moseley

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US economic data hammers gold price as markets gear up for a rate hike in June

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U.S. economic data hammers gold price as markets gear up for a rate hike in June

The gold market got battered by upbeat economic data and stubbornly high inflation. As gold posted its third weekly loss, markets recalibrated for another 25-basis-point rate hike in June after pause expectations got shattered.

Gold is looking to close down $35 on the week, with June Comex gold futures last trading at $1,945.80 an ounce. Despite the selloff, year-to-date gold is still up more than 6%.

The macro data was the main driver weighing on gold at the end of the week, TD Securities global head of commodity strategy Bart Melek told Kitco News.

"The durable goods number, personal spending, and the PCE inflation measures were all broadly above expectations," Melek said. "Not only is inflation not dropping, the Federal Reserve's preferred inflation measure — the core PCE price index — went to 4.7% in April."

Inflation near 5% is too high for the Fed to justify a pause in June, and the market is pricing that in. The latest market expectations see a 60% chance of a hike at the June 13-14 meeting, Gainesville Coins precious metals expert Everett Millman told Kitco News.

"That is a big reversal from earlier estimates," he said. "The speed at which this kind of re-pricing happens gets the attention of the gold market. Rapid changes in expectations lend themselves to more volatility."

On top of that, the U.S. dollar has performed well, and gold responded with a move down. "We think gold prices may be subdued for much of the quarter and probably into the early part of Q3," Melek said. "The market has mispriced Fed's intentions."

With the Fed zeroed in on inflation, not much will likely sway the central bank before the June meeting. Millman added that the debt ceiling debate drama is the one thing to closely monitor as any downgrades to the U.S. credit rating would trigger safe-haven flows into gold.

Meanwhile, negotiations to raise the U.S. government's $31.4 trillion debt ceiling before June 1 hit some obstacles on Friday. Earlier, Democratic and Republic negotiators appeared nearing a deal to lift the debt cap for two years while limiting some spending.

"We have made progress," lead Republican negotiator Garret Graves told reporters. "I said two days ago, we had we had some progress that was made on some key issues, but I want to be clear, we continue to have major issues that we have not bridged the gap on chief among them work requirements."

Gold price levels to watch

The next support level for gold is $1,940 an ounce, Millman said. Below that, investors should watch the $1,915 and $1,900.

Analysts do not rule out a move lower to $1,900. "Firm support is at around $1,900-$1,896," Melek said.

It is too soon to call a bottom in gold even though the precious metal is down more than $125 since testing record highs a few weeks ago, RJO Futures senior market strategist Frank Cholly told Kitco News.

"The market is telling us we will see another rate hike in June and maybe one in July. Gold doesn't like that," Cholly said. "Somewhere between the $1,950-$1,925 range on August futures, traders will find value, and the market will form a base before turning higher," he said.

Data next week

Tuesday: U.S. CB consumer confidence

Wednesday: U.S. JOLTs job openings, Beige Book

Thursday: U.S. jobless claims, U.S. ADP nonfarm employment, U.S. ISM manufacturing PMI

Friday: U.S. nonfarm payrolls

By

Anna Golubova

For Kitco News

Time to Buy Gold and Silver

Tim Moseley

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Mycarclub: The Ultimate Destination for Car Enthusiasts

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Mycarclub: The Ultimate Destination for Car Enthusiasts

MyCarClub is a platform that brings together car enthusiasts from all over the world. The website offers a tight-knit community where members can share their love for anything on wheels. The platform provides weekly newsletters on the latest motor releases, events, exhibitions, and more. The website believes that cars aren't just machines, but a way of life. From muscle cars to exotic rides, MyCarClub is always eager to hear about the latest developments in the automotive industry.

One of the unique features of MyCarClub is that it is a reward-based private crowd-funding club. Members can qualify to drive a new car of their choice depending on the qualification criteria. Members' monthly subscriptions form a part of a pool that is used to assist others to get their reward. The monthly donations of group members are also used to help other members achieve their dream of driving their favorite car.

However, before becoming a member, it is essential to understand the rules and regulations of the platform. MyCarClub is a legitimate business, but it is always important to be cautious when joining any club or platform. Members should read the fine print carefully and understand the terms and conditions before signing up. Overall, MyCarClub offers a unique opportunity for car enthusiasts to connect with like-minded individuals and potentially drive their dream car.

What is MyCarClub?

MyCarClub is a car club that aims to provide its members with a unique, exclusive, and unparalleled experience. The club offers a wide range of benefits tailored to individual needs and desires, ensuring each customer has a safe and enjoyable experience that leaves them coming back for more. MyCarClub has a mission to provide its members with a chance to drive the car of their dreams while keeping the cost affordable.

The club provides members with a variety of cars to choose from, including luxury cars, sports cars, and more. Members can choose the car they want to drive and enjoy the experience of driving a car they have always dreamed of. MyCarClub also offers a range of benefits to its members, including insurance, maintenance, and cleaning services.

MyCarClub is a legitimate business that has been vetted and reviewed by Scam Detector, who gave it a medium authoritative score of 63.2. This means that the business is known, vetted, and legitimate. The club has also received positive reviews from its customers on Trustpilot, with an average rating of 3.7 out of 5.

Overall, MyCarClub is an excellent option for those who want to experience driving a luxury or sports car without breaking the bank. The club offers a range of benefits to its members, making it a great choice for car enthusiasts who want to enjoy the thrill of driving a high-end car.

Membership Benefits

Mycarclub.com offers an array of benefits to its members, making it a unique and exclusive experience. The club aims to provide each member with a safe and enjoyable experience that leaves them coming back for more. The following are some of the membership benefits:

Monthly Offers

Mycarclub offers its members monthly discounts and special offers on various products and services. These offers are exclusive to members only and can be accessed through the club's website. Members can save a significant amount of money on their purchases, making their membership fee worth it.

Events

Mycarclub organizes various events throughout the year, ranging from car shows to meet-and-greet events. These events are an excellent opportunity for members to socialize, network, and showcase their cars. Members can also participate in various competitions and win exciting prizes.

Networking

Mycarclub provides members with a platform to network with other car enthusiasts. Members can interact with each other through the club's website or social media platforms. The club also organizes networking events where members can meet and connect with like-minded people.

In conclusion, Mycarclub provides its members with an exclusive and unparalleled experience. The club offers various membership benefits, including monthly discounts, events, and networking opportunities. Members can save money, socialize, and connect with other car enthusiasts.

Customer Service and Support

Mycarclub prides itself on providing top-notch customer service and support to its members. With a focus on powerful assistance and weekly tips, members can rest assured that they are receiving the best possible support for all of their car-related needs.

Powerful Assistance

Mycarclub offers powerful assistance to its members, ensuring that they have access to the help they need when they need it. The company's customer service team is available 24/7 to assist with any issues or concerns that may arise. Members can reach out to the team via phone, email, or live chat, and can expect a prompt and helpful response.

In addition to traditional customer service channels, Mycarclub also offers a range of online resources to help members troubleshoot issues on their own. The company's website features a comprehensive FAQ section, as well as helpful articles and guides that cover a wide range of car-related topics.

Weekly Tips

Mycarclub also provides its members with weekly tips to help them stay on top of their car maintenance and care. These tips cover a range of topics, from basic maintenance tasks like oil changes and tire rotations to more advanced topics like engine repair and performance upgrades.

Members can access these tips via the company's website or through the Mycarclub mobile app. The tips are designed to be easy to understand and implement, even for those with limited car knowledge or experience.

Overall, Mycarclub customer service and support offerings are among the best in the industry. With powerful assistance and weekly tips, members can feel confident that they have the help and resources they need to keep their cars running smoothly and safely.

Dream Car Ownership

Owning a dream car is a goal for many people. However, the cost of purchasing a new car can be prohibitive. MyCarClub offers an innovative solution to this problem. By joining the club, members can drive their dream car for as little as $33 a month.

New Car Selection

MyCarClub offers a wide selection of new cars to choose from, including luxury brands such as BMW, Mercedes-Benz, and Audi. Members can select the car of their dreams and enjoy the thrill of driving it without the high cost of ownership.

The selection process is easy and convenient. Members can browse the website and select the car they want. Once they have made their selection, the car will be delivered to their doorstep.

Car Shows

MyCarClub also hosts car shows for members to enjoy. These shows offer an opportunity for members to see the latest models and network with other car enthusiasts.

The car shows are held at various locations across the country, making it easy for members to attend. Members can also showcase their own cars at these events and receive recognition for their unique vehicles.

In conclusion, MyCarClub offers a unique and affordable solution for dream car ownership. With a wide selection of new cars to choose from and exciting car shows to attend, members can enjoy the thrill of driving their dream car without breaking the bank.

Free Account and Login

Mycarclub offers a free account for users who want to join the community and access all the benefits that are available. To create an account, users need to visit the website and click on the "Sign Up" button on the top right corner of the homepage. The registration process is straightforward and requires users to provide their email address, name, and a password. Once the registration is complete, users can log in to their account and start exploring the features that are available.

The login process is simple and can be completed in a few seconds. Users need to visit the website and click on the "Log In" button on the top right corner of the homepage. They will be redirected to a page where they need to enter their email address and password. Once the credentials are verified, users will be logged in to their account and can access all the features that are available.

One of the benefits of having a Mycarclub account is that users can save their preferences and settings. For example, users can save their favorite cars, dealerships, and locations. This makes it easier for them to find what they are looking for when they log in to their account.

Another benefit of having a Mycarclub account is that users can participate in the community. They can ask questions, share their experiences, and connect with other members who share the same interests. This is a great way to learn more about cars, dealerships, and the automotive industry in general.

In conclusion, Mycarclub offers a free account and login process that is easy and straightforward. Users can create an account in a few minutes and start exploring the features that are available. Having an account allows users to save their preferences and participate in the community, making it a great resource for anyone who loves cars.

Private and Family-Friendly

Mycarclub is a private and family-friendly car club that offers its members a unique experience of driving the car of their dreams. The club offers a wide range of high-end luxury cars, sports cars, and classic cars that members can rent and drive for a day or more.

The club's private and family-friendly environment ensures that members can enjoy their driving experience without any distractions or interruptions. The club's strict policies and procedures ensure that all members are respectful of each other's privacy and safety.

Mycarclub understands the importance of family time and offers family-friendly events and activities. The club's family-friendly events include car shows, road trips, and other activities that are suitable for all ages. The club also offers a range of services and amenities that cater to families, including child seats, strollers, and other necessary equipment.

The club's private and family-friendly environment also ensures that members can enjoy their driving experience without any distractions or interruptions. The club's strict policies and procedures ensure that all members are respectful of each other's privacy and safety.

In addition, the club offers personalized services to its members, including customized driving routes and itineraries, concierge services, and other specialized services that cater to the needs of each member. The club's personalized services ensure that members can enjoy their driving experience to the fullest.

Overall, mycarclub is a private and family-friendly car club that offers its members a unique and unforgettable driving experience. With its strict policies and procedures, personalized services, and family-friendly environment, the club ensures that all members can enjoy their driving experience without any distractions or interruptions.

Prices and Membership Tiers

MyCarClub offers a range of membership plans to suit different budgets and needs. The company charges a one-time joining fee of €149, but they currently offer a €50 Founder's discount, making it effectively €99. The monthly membership fee is €29, and members can save one month's subscription fee by paying for a year. When members choose yearly membership, they pay only €319 instead of €348.

MyCarClub has three membership tiers: Bronze, Silver, and Gold. Each tier offers different benefits and privileges, as shown in the table below:

Membership Tier Monthly Fee Yearly Fee Benefits
Bronze €29 €319 Access to member events and meetups
Silver €49 €529 Access to member events and meetups, as well as exclusive discounts on car rentals and purchases
Gold €79 €859 Access to member events and meetups, exclusive discounts on car rentals and purchases, as well as priority access to the club's fleet of cars

Members can upgrade or downgrade their membership tier at any time, depending on their needs and preferences. They can also cancel their membership with a 30-day notice period.

MyCarClub offers a range of services and benefits to its members, including access to a collection of the world's best cars, discounts on car rentals and purchases, and exclusive member events and meetups. The company prides itself on providing high-quality services at an affordable price, making it accessible to every car enthusiast out there

.

MyCarClub on YouTube

MyCarClub The YouTube channel, MyCarClub TV. The channel features a variety of content related to cars, including reviews, test drives, and interviews with car enthusiasts and professionals.

The channel's videos are well-produced and informative, with a focus on providing viewers with a unique and exclusive experience. The content is aimed at car enthusiasts and those who are interested in the latest trends and developments in the automotive industry.

One of the unique features of MyCarClub TV is its Prospecting System, which is designed to help members drive their dream car for less than $1 a day. The system is explained in detail in a video on the channel, which provides step-by-step instructions on how to join MyCarClub and start driving your dream car.

In addition to the Prospecting System, MyCarClub TV also features a variety of other content, including car reviews, interviews with car enthusiasts, and coverage of car-related events. The channel is a great resource for anyone who is interested in cars and wants to stay up-to-date with the latest news and trends in the industry.

Overall, MyCarClub TV is a great resource for car enthusiasts and those who are interested in the latest developments in the automotive industry. The channel's high-quality content and unique Prospecting System make it stand out from other car-related channels on YouTube.

DRIVE YOUR DREAM

Tim Moseley

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GoldSilver: A breakdown in two-year treasury yields triggers the next bull market

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Gold/Silver: A breakdown in two-year treasury yields triggers the next bull market

I wish everyone a Happy Memorial Day weekend and thank all of you for the positive feedback over the years, and it is an absolute pleasure to write for you all. Digging into the precious metals markets, we have been under pressure for most of May after the banking crisis became more of an isolated incident rather than the contagion effect everyone feared most. With that story fading into the sunset, a new story surrounding a potential U.S. Default was born where a new batch of speculators piled into the long side of the Gold and Silver while shorting U.S. Equities. Those traders are the ones that often "buy the tops while selling the bottoms" and vice versa. Thursday's massive rally in the Nasdaq and breakdown below $1950 on Gold most likely cleaned those short-term speculators out of the market. As the deadline for the debt ceiling approaches this week, the volatility in the precious metals and equity markets should continue to mount.

I expect this week to see a last-minute agreement and the "can kicked down the road again," where precious metals will most likely capitulate at that point, making a lower low on the day while closing unchanged or higher on the day. Is that enough to get Gold back to a neutral or bullish trend? Most likely not. We will need U.S. economic data to continue to cool, reducing the expectations of another interest rate hike in July and, ultimately, a "Fed Pivot." At that point, Two-Year Treasury Yields will likely have "peaked," marking a top in the U.S. Dollar and a bottom in Gold. Most of you have yet to see a Two-Year Treasury Yield chart in relation to the Gold market, so I want to share that below.

Daily Two-Year Treasury Yield Chart

Daily Gold Chart

The technical backdrop leaves Gold in a "bearish trend" as Fed fund futures are pricing another interest rate hike in July and one or two rate cuts by year-end. Gold remains near critical support at $1950 and needs to recapture $1980 on the charts to challenge $2000. Once Gold closes above $2000, the talking heads on financial news networks will wake up and begin the chase again, leaving all-time highs back in play. Remember, the playbook is similar to the 2018-2020 Gold bull market, where the Fed indicated there would be three more rate hikes, and ultimately none happened. The Fed reversed course and started cutting rates. That drove Gold up $650, which leaves our $2500 target achievable in the next 12-18 months.

To further help you develop a trading plan, I went back through 20 years of my trading strategies to create a Free New "5-Step Technical Analysis Guide to Gold that can easily apply to Silver." The guide will provide you with all the Technical analysis steps to create an actionable plan used as a foundation for entering and exiting the market. You can request yours here: 5-Step Technical Analysis Guide to Gold.

Daily Silver Chart

The chart pattern in Silver has been strikingly similar to that of Gold since the beginning of May, with prices rejecting the first breach of the 50% retracement at $23. The recent correction gives us another excellent opportunity to add to core positions using the December 1000 oz Silver contract. Over the next 18-24 months, we expect Copper to make new all-time highs and Silver to break $35/oz.

Having the flexibility to enter and exit the market quickly makes it essential for Precious Metals investors to have a futures trading account alongside their core Physical Precious Metals holdings. If you are interested in speculating on the rise and fall of the price of Precious Metals on a shorter-term basis, such as two weeks or two months, or If you have never traded futures or commodities, I just completed a new educational guide that answers all your questions on transferring your current investing skills into trading "real assets," such as the 1000 oz Silver futures contract. You can request yours here: Trade Metals, Transition your Experience Book.

By

Phillip Streible

Contributing to kitco.com

Time to Buy Gold and Silver

Tim Moseley

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Benefits of Joining SavingsHighwayGlobalcom

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Benefits of Joining SavingsHighwayGlobal.com: A Comprehensive Guide

SavingsHighwayGlobal.com is an online membership program that offers a variety of benefits to its users. With the rising cost of living and the increasing demand for quality products and services, many people are looking for ways to save money. Joining SavingsHighwayGlobal.com is an excellent way to do just that.

New members who join SavingsHighwayGlobal.com are given access to a range of exclusive benefits, including employee discounts on thousands of name-brand items. Members can also earn cashback on popular online shopping stores, such as Walmart, Target, BestBuy, and hundreds more. In addition, members can enjoy savings on specific purchases, access to online membership dashboards, and newsletters that keep them informed of new deals and discounts.

If you're interested in joining SavingsHighwayGlobal.com, the process is simple. You can visit their website to learn more about the program, and if you decide to join, you can do so by filling out a simple form. If you have any questions or concerns, you can contact their customer service team via email or phone. With SavingsHighwayGlobal.com, you can take advantage of a variety of benefits that will help you save money on everyday purchases and enjoy a better quality of life.

What is Savings Highway Global?

Savings Highway Global is a legitimate company that offers financial education and services to help individuals and families break free from the chains of debt. The company was founded in 2006 by Steve Gresham, a well-known entrepreneur and financial expert.

As a member of Savings Highway Global, individuals gain access to a wide range of financial tools and resources that can help them achieve their financial goals. These include:

  • Debt reduction strategies and tools
  • Investment opportunities
  • Tax planning and preparation services
  • Credit repair and monitoring services
  • Financial education and training

The company has a team of experienced professionals, including managers, directors, and executives, who are dedicated to helping members achieve financial success. They work closely with members to develop customized financial plans that are tailored to their unique needs and goals.

Savings Highway Global is committed to providing its members with the highest level of service and support. The company has a positive rating with the Better Business Bureau, which is a testament to its commitment to customer satisfaction.

In summary, Savings Highway Global is a reputable company that offers a variety of financial services and resources to help individuals and families achieve financial freedom. With a team of experienced professionals and a commitment to customer satisfaction, the company is a trusted partner for those looking to take control of their finances.

Joining Savings Highway Global

If you are interested in joining Savings Highway Global, it is a straightforward process. Here are the steps to follow:

How to Join

  1. Visit the Savings Highway Global website at savingshighwayglobal.com
  2. Click on the "Join Now" button on the homepage
  3. Fill out the registration form with your personal information and preferences
  4. Choose your membership level and payment method
  5. Submit your payment and wait for confirmation of your membership

Once you have completed these steps, you will have access to all the benefits of being a Savings Highway Global member.

Active Membership

To get the most out of your membership, it is important to remain active. This means logging into your member's website regularly, checking your email for updates and new opportunities, and staying up-to-date on training and support resources.

As an active member, you will have access to a variety of resources and tools to help you succeed in your business. These include:

  • Training and support from experienced mentors and coaches
  • Business opportunity presentations and webinars
  • Marketing materials and resources to help you promote your business
  • Discounts and savings on a variety of products and services

Remember, the more active you are as a member, the more opportunities you will have to grow your business and achieve your goals.

Joining Savings Highway Global is a great way to take control of your financial future and build a successful business. With training and support from experienced mentors, a variety of business opportunities, and deep discounts on a wide range of products and services, it is a smart investment for anyone looking to improve their financial situation. So why wait? Sign up today and start your journey towards financial freedom!

Benefits of Joining Savings Highway Global

Savings Highway Global is a membership-based company that offers a range of benefits to its members. Here are some of the key benefits of joining Savings Highway Global.

Income Opportunities

Savings Highway Global offers its members various income opportunities, making it a great option for those looking to earn extra income. Members can earn commissions through the company's compensation plan, which includes bonuses such as fast start bonuses and matching bonuses. Members can also earn commissions on the purchases made by their team members.

Resources and Support

Savings Highway Global provides its members with a range of resources and support to help them succeed in their business. The company offers training and support to its members, including access to a team of experienced professionals who can provide guidance and advice. Members also have access to a range of resources, including a menu bar and dashboard that provides all the information they need to manage their business.

Exclusive Discounts and Savings

One of the main benefits of joining Savings Highway Global is the exclusive discounts and savings that members can enjoy. Members can save money on a range of products and services, including travel, entertainment, and more. These savings can add up quickly, making it an excellent option for those looking to save money.

In summary, joining Savings Highway Global offers a range of benefits, including income opportunities, resources and support, and exclusive discounts and savings. With a strong compensation plan, fast start bonuses, and matching bonuses, members can earn extra income while enjoying the benefits of being part of a supportive team. Additionally, the company offers a range of resources and support to help members succeed, making it an excellent option for those with relevant experience or those who are new to the industry

JOIN OUR TEAM 

 

Tim Moseley

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Gold trades below its 100-day MA as hope of a potential debt-ceiling resolution advances

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Gold trades below its 100-day MA as hope of a potential debt-ceiling resolution advances

Gold futures basis the most active June 2023 Comex contract traded briefly below the 100-day simple moving average at $1939.50. Gold futures traded to a low of $1939 just $0.50 below its 100-day moving average which technical traders use as a benchmark to determine the interim trend of a stock or commodity. As of 5:00 PM EDT, the June contract is currently down $22.90 or 1.17% and fixed at $1941.70.

With just one day left before the United States begins a three-day holiday weekend in honor of Memorial Day, both Republican and Democratic leaders have expressed optimism that current negotiations will lead to a deal with legislation that raises the debt ceiling before the XDate occurs.

According to Reuters News, "U.S. President Joe Biden and top congressional Republican Kevin McCarthy on Thursday appeared to be nearing a deal to cut spending and raise the government's $31.4 trillion debt ceiling, with little time to spare to head off the risk of default."

A source cited by Reuters says that "the two sides are just about $7 billion apart on a total figure that would be well over $1 trillion".

A potential upcoming deal that would resolve the debt ceiling crisis has pressured gold dramatically lower now for the fourth consecutive day. Gold futures have declined almost $40 from Friday’s opening price of $1978 down to its current fix just below $1942 per ounce.

On a technical basis gold breached a Fibonacci 50% retracement today of $1947.80. The data set used for this retracement begins at $1810 (the lows that occurred in February of this year) to $2085. Gold’s 100-day moving average at $1939.50 was breached in trading today and becomes the first level of potential technical support. Below that the next level of technical support for gold futures at $1915 per ounce, which represents a 61.8% Fib retracement.

Gary Wagner

Contributing to kitco.com

Time to Buy Gold and Silver

Tim Moseley

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Extreme dollar strength and 1 month T-Bills yielding 559 move gold lower

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Extreme dollar strength and 1 month T-Bills yielding 5.59% move gold lower

Market participants are witnessing extreme dollar strength and exceedingly high yields in short-term Treasury Bills as continued uncertainty and angst surrounding negotiations to raise or suspend the debt ceiling are still at a stalemate. The US dollar has climbed higher for the last three consecutive weeks after trading to a low at the beginning of May at 101. The dollar gained 0.42% today with the dollar index currently fixed at 103.815. That is a net gain of almost 3% in May.

Although salmon consistently swim upstream, gold has been fighting the currents of dollar strength and high yields and has been unable to gain any traction as a haven asset because no legislation has been forthcoming from negotiations. After hitting a high of $2085, just shy of the record high about a month ago gold prices have declined dramatically trading to a low today of $1958.40. Gold futures have traded below $1960 per ounce on four of the last five trading days.

The Federal Reserve released the minutes from the last FOMC meeting held in May. The minutes revealed that numerous Federal Reserve officials believed the most prudent path would not contain rate hikes in the near future. That being said, Fed officials were not unified in that belief.

There were Federal Reserve officials that said that because the economy has evolved as anticipated "then further policy firming after this meeting may not be needed." The minutes also revealed that some officials of the Federal Reserve underscored the need that they should communicate that interest rate cuts were not likely this year although further hikes cannot be completely ruled out. The minutes showed that members were laser-focused on stress in the banking system and the failure of multiple banks in the United States incorporating that into their forecast and more importantly forward guidance.

Even a more dovish stance by Federal Reserve members was not able to be supportive of gold pricing as the precious metal tumbled its near recent lows. It seems the expectation of market participants is under the assumption that a resolution to the debt ceiling negotiations will be forthcoming. That assumption combined with extreme dollar strength and strong yields from short-term US debt instruments continues to keep gold pricing range bound and trading near the lows of $1960 per ounce.

Gary Wagner

Contributing to kitco.com

Time to Buy Gold and Silver

Tim Moseley

The Artist that came out of the Winter