Experts even more bullish on gold than retail

Experts even more bullish on gold than retail

Kitco NEWS has a diverse team of journalists reporting on the economy, stock markets, commodities, cryptocurrencies, mining and metals with accuracy and objectivity. Our goal is to help people make informed market decisions through in-depth reporting, daily market roundups, interviews with prominent industry figures, comprehensive coverage (often exclusive) of important industry events and analyses of market-affecting developments.

As has been the case for much of the new year, this week once again witnessed another steady climb in gold prices. Following last week’s spike to new all-time highs around $2,220 per ounce ahead of the Easter long weekend, the yellow metal shot to $2,265 just before the clock struck midnight on Sunday, and even a steady stream of hawkish Fed speakers couldn’t hold it back, as it set new successive highs as the week wore on.

Friday morning’s nonfarm payrolls report provided the exclamation mark to conclude a dramatic narrative for the precious metal, as even a blowout jobs report, which could serve to delay rate cuts even further than the Fed had threatened, was no match for gold’s upward momentum.

Buoyed by the escalation prospect of multiple global conflicts, spot gold saw its strongest move of the week, settling above $2,330 per ounce for the first time in history.

The latest Kitco News Weekly Gold Survey showed Wall Street sentiment outstripping even the unsinkable optimism of Main Street traders next week as fears of a pullback from the latest new highs were drowned out by still greater fears of geopolitical turmoil.

Adam Button, head of currency strategy at Forexlive.com, said whatever qualms traders may have about gold at these levels, resistance is futile. “Gold is stretched but the trend is impossible to fight right now,” he said. “Asia is buying almost every day.”

Darin Newsom, Senior Market Analyst at Barchart.com, said he’ll also be going with the flow. “It’s a tough call again this week, but for now I’ll stick with Newton’s First Law of Motion applied to markets: A trending market will stay in that trend until acted upon by an outside force, with that outside force usually investment money,” Newsom said. “For now, money seems to be flowing into gold, for whatever reason.”

“Could I make a technical argument the market could go lower next week? Yes, but gold is in a phase at this time where charts don’t mean anything,” he added. “It’s all fundamentals, and for now, central banks around the world continue to buy.”

Adrian Day, President of Adrian Day Asset Management, said the demand now extends beyond sovereign purchases and Asian investors, and he sees no signs of it slowing just yet.

“Notwithstanding Western investors generally not participating in the gold market – as evidenced by ETF outflows, low coins sales – there are clearly some big fish in the market buying and likely not only central banks,” he said. “Wealthy individuals and families, as well as savvy investors, are accumulating in response to awareness of the growing fragility in the global financial, economic, and geopolitical system.”

“As the financial markets stumble, more investors will turn to gold.”

SIA Wealth Management Chief Market Strategist Colin Cieszynski expects further volatility from gold prices, which is why he’s adopted a wait-and-see approach.

“I'm going to stay neutral,” Cieszynski said. “To me, gold still looks like it's had a big run and Treasury yields are still climbing, and that's going to push up the dollar. But on the other hand, gold also has these big tailwinds behind it, and that's why I went neutral for next week.”

He also pointed to next week’s U.S. consumer price report as something that could go either way. “Is it soon enough that we're going to start seeing the higher oil prices work their way in, or is that another month down the road? I'm, not sure,” he said. “There's a bunch of factors that say gold should go higher. There's a bunch of factors that say gold could go down a little bit. It's going to probably be a tug-of-war kind of week, is what I'm expecting.”

“My feeling of neutrality for gold is less about gold itself and it's more about everything going on around it,” he added. “So even though gold itself is looking good, I think gold could have some pretty big moves in both directions depending on what happens around it. I'm neutral not because I think it's going nowhere, but more because I'm not convinced on which way it's going to end up at the end of the week.”

“If you go bullish, you could look smart for half the week,” Cieszynski concluded. “If you go bearish, you could look smart for half the week.”

This week, 12 Wall Street analysts participated in the Kitco News Gold Survey, and their responses showed that bullish sentiment has fully captured the institutional imagination. Nine experts, or 75%, expected to see gold prices climb even higher next week, while only one analyst, representing a paltry 8%, predicted a price decline. The remaining two experts, or 17%, said headwinds and tailwinds were too close to call next week.

Meanwhile, 240 votes were cast in Kitco’s online poll, with 75% of Main Street investors anticipating further gains or sideways trading. 159 retail traders, representing 65%, looked for gold to rise next week. Another 41, or 17%, predicted it would be lower, while 40 respondents, or 17%, said they were neutral on gold’s near-term prospects.

Next week is a relatively thin one as far as economic data is concerned, though military and political conflict should provide plenty of grist for gold’s mill. Highlights include Wednesday’s U.S. CPI report for March, followed by PPI and weekly jobless claims on Thursday, and Friday’s preliminary University of Michigan Consumer Sentiment Survey.

Markets will also be watching the Bank of Canada’s and the European Central Bank’s monetary policy decisions on Wednesday and Thursday respectively, as there’s always a chance they may preempt the Fed with a rate cut.

Marc Chandler, Managing Director at Bannockburn Global Forex, doesn’t see the coming week’s consumer data slowing gold.

“Rising rates and US dollar have not dented gold’s surge,” Chandler said. “Next week’s US CPI should be firm but the demand for gold does not seem related to US inflation. Rather there appears to be a strong retail bid from Asia, notably Chinese investors and a few other countries with capital controls and/or shaky financial systems.”

Chandler said that trend followers and momentum traders also seem to be participating. “The price action reflects buying on pullbacks and breakouts, hallmarks of a bull market,” he added. “As the yellow metal is in uncharted waters, tough to talk about resistance. Maybe potential toward $2350. Support looks like $2225-50.”

Daniel Pavilonis, Senior Commodities Broker at RJO Futures, was parsing the gold rally even as it set new highs on Friday.

“I think some of the buying is the anticipation of rate cuts, even though we had a strong jobs report,” Pavilonis said. “I think the market is still expecting mild rate cuts going into elections or right around elections at a time when we're still seeing sticky inflation.”

He said the other driver of this move is what's going on with Israel and Iran, and the possibility of that conflict escalating further.

“Iran being backed, or being partnered up with, Russia, China, India. Russia has ships in the Black Sea, and oil prices spiking could cause further inflation at the same time when the Fed, if they don't cut rates, at the very least I think that they would just pause and let inflation run.”

Pavilonis said that the political realities of the United States during an election year are beginning to weigh heavily on markets.

“These guys, Democrat or Republican, want to keep their jobs,” he said. “I think that's part of it. It's the culmination of statistics, this being a strong year under these circumstances, the probability of rate cuts, or at the very least pausing if we do see escalation geopolitically, which would raise energy prices substantially… it's all bullish for gold.”

Zooming in on the near term, Pavilonis said he believes this week’s gold rally, and the moves on Thursday and Friday in particular, is largely on the back of geopolitics. “Iran basically said that they're going to come back and retaliate against Israel,” he said. “Is that going to be within Israel, or is that going to be just Israeli targets around Israel? But that is the expectation, and I think that would be bullish for gold.”

He also believes that Friday’s strong nonfarm payrolls report hasn't ruled out rate cuts either. “That's still on the table,” he said. “I don't think the Fed wants to linguistically condition the market for rate cuts, and then it doesn't happen.”

Pavilonis said that a big part of this calculation is the fact that there's no selling coming into the market despite this week’s steady stream of hawkish comments from multiple Fed speakers. “Now you're adding some geopolitical issues going on with the Middle East,” he said. “And with Ukraine, Blinken coming out and saying that Ukraine's going to join NATO, this thing has a possibility of escalating.”

“I think under these circumstances, that's very bullish for gold in the near term.”

Pavilonis added that if nothing kinetic happens over the weekend, he thinks commodities could see a pullback early in the week. “Energy prices would sell off if there's nothing, and then you might see gold take a little bit of a breather,” he said. “I think gold may come back to a nice round number like $2,000.”

And Kitco Senior Analyst Jim Wyckoff still sees potential gains for gold prices next week. “Steady-higher, as technicals remain bullish,” he said.

Spot gold last traded at $2,325.18 per ounce at the time of writing, up 1.48% on the day and 4.09% on the week.

Kitco Media

Ernest Hoffman

Time to Buy Gold and Silver

Tim Moseley

Analyst Highlights Encouraging Metric for Solana Bulls Amid Calls For New SOL All-Time High Price

Analyst Highlights Encouraging Metric for Solana Bulls Amid Calls For New SOL All-Time High Price

By Newton Gitonga – April 5, 2024

Following a strong quarter, Solana (SOL) has been the subject of intense scrutiny and analysis by traders and analysts alike, even as the cryptocurrency tries to recapture its November 2021 all-time highs.

This week, Solana’s price has pulled back slightly after hitting a high of $210, prompting questions about its future trajectory. Meanwhile, analysts have been quick to chime in on the situation, with popular chartist Decentrader highlighting a potentially encouraging metric for Solana bulls.

On Wednesday, the pundit noted that Solana’s funding rates have dropped significantly, which could be interpreted as a positive sign for bullish investors.

“Decision time here for Solana. Price has pulled back to Sniper support at $183. If current levels do not hold the major support area is sub-$150. After funding rates had climbed too high, they have now dropped after a lot of leverage traders got liquidated on the down move,” He tweeted, adding, “This is one potentially encouraging metric for the bulls.”

Adding to the analysis, trader X-Istan pointed out key resistance and support levels for Solana. While facing resistance at around $205, he noted that Solana could find support at $180, with a bounce potentially signalling bullish momentum towards $267. However, he warned that a break below $180 might lead to a drop to $147, indicating a potential bearish scenario.

Despite these fluctuations, Solana has maintained a bullish trend overall. Its resilience in the face of market volatility suggests that the bulls are still in control, pushing steadily to reclaim the monthly high of $210.

However, challenges lie ahead for Solana, particularly in low buying volume and lacklustre buying activity. Nonetheless, the absence of bearish signals indicates that any setbacks in the market are likely to be temporary, with the bulls expected to prevail in the long run.

Looking back at Solana’s performance since late 2022, the cryptocurrency has experienced remarkable growth, with its price increasing by more than 25x. From a technical standpoint, Solana appears to be just getting started, with promising prospects for further appreciation in value.

While Solana faces short-term challenges, its long-term prospects remain optimistic. At press time, SOL was trading at $173, reflecting a 6.90% drop over the past 24 hours, as per CoinMarketCap data.

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

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

Article reposted on Markethive by Jeffrey Sloe

** Loans, secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Tim Moseley

Gold prices remain above 2300 as investors bet on Fed rate cut

Gold prices remain above $2,300 as investors bet on Fed rate cut

After hitting a new all-time record high of $2325.30 gold futures basis the most active June contract has experienced a slight price decline today. As of 5:05 PM EDT the June contract is currently fixed at $2308.50, down $6.50, or -0.28%.

Gold futures pricing was supported today as investors continued to bet on interest rate cuts by the Federal Reserve later this year. The precious metal's safe-haven appeal also received a boost amid growing geopolitical tensions.

Despite the modest pullback, expectations of the Fed lowering interest rates in the coming months remained elevated. In a speech at the Stanford Graduate School of Business, Fed Chair Jerome Powell confirmed the central bank's resolve to bring inflation back down to the 2% target, but emphasized that the overall economic landscape is still positive.

Powell highlighted the economy's robust growth, resilient labor market, and gradually moderating inflation, saying, "We do not expect that it will be appropriate to lower our policy rate until we have greater confidence that inflation is moving sustainably down toward 2%. Given the strength of the economy and progress on inflation so far, we have time to let the incoming data guide our decisions on policy."

While the Fed chair and other officials stressed the need for more data before cutting rates, a move financial markets widely expect in June, investors remained convinced that rate reductions are on the horizon. Futures markets are currently pricing in around a 60% chance of a rate cut at the Fed's June meeting, with expectations for a total of 75 basis points of cuts by the end of the year.

The case for a more accommodative Fed policy stance was further bolstered by recent economic data, including an unexpected surge in U.S. jobless claims and slower services industry growth. Meanwhile, the European Central Bank's (ECB) latest meeting minutes showed officials saw a stronger case for beginning their rate-cutting cycle.

In addition to the rate-cut bets, gold prices found support from safe-haven demand amid heightened geopolitical risks. Strong central bank buying, particularly from emerging market economies, also contributed to the precious metal's appeal.

Looking ahead, all eyes will be on the U.S. jobs report for March, scheduled for release on Friday, April 5. Economists predict the economy added 200,000 jobs last month, with the unemployment rate dropping to 3.8% and hourly earnings rising 0.3%. A softer-than-expected report could further fuel expectations of an imminent Fed pivot

Wishing you as always good trading,

Kitco Media

Gary Wagner

Time to Buy Gold and Silver

Tim Moseley

Best 3 AI Cryptos to Keep an Eye on in 2024

Best 3 AI Cryptos to Keep an Eye on in 2024

By Marco Tulio – April 4, 2024

Artificial Intelligence (AI) is revolutionizing numerous industries, and the world of cryptocurrencies is no exception. As we progress into 2024, some AI-driven crypto assets are gaining tremendous momentum alongside Bitcoin, attracting the attention of major institutions globally.

In this article, we’ll analyze three cutting-edge cryptocurrencies in the field of AI worth gazing at for 2024: Render (RNDR), Fetch.ai (FET), and Bittensor (TAO).

Render (RNDR)

The first one is RNDR, the native token of Render Network. This platform is revolutionizing how 3D multimedia content is created, focusing on processing and rendering high-definition 3D visual effects for all types of users built on the Ethereum blockchain.

Render Network uses a peer-to-peer network to allow anyone with unused GPU capacity to rent it out to creators needing processing power to render complex graphics, animations, and 3D environments.

What sets Render apart from other solutions is its decentralized blockchain-based approach. This ensures fair, reliable fees and a truly open market for rendering power. Thus, creators no longer rely on expensive centralized rendering farms for their projects.

The RNDR token is used to compensate GPU power providers and as a form of payment for creators accessing those resources. Regarding its price projection, RNDR has shown impressive growth, reaching its all-time high of $13.53 on March 17th.

Although the token currently trades at $9.36, 30.9% below its ATH, according to CoinGecko, many analysts see significant upside potential as demand for 3D content increases exponentially with the rise of virtual worlds, augmented reality, and gaming.

Fetch.ai (FET)

Fetch.ai’s platform leads the way in combining artificial intelligence with blockchain technology. Its goal is to create a decentralized global infrastructure for machines to learn, communicate, and negotiate with each other reliably and transparently.

Fetch enables decentralized execution of various types of AI, such as machine learning, reinforcement learning, robotics, and the Internet of Things. It facilitates secure AI data exchange through automated smart contracts and autonomous learning algorithms.

The native FET token powers the entire platform’s economy, enabling access to and exchange of AI services within its decentralized network. Thus, FET token holders have a voice and vote in the platform’s governance.

After recently announcing its high-profile merger with SingularityNET (SNET) and Ocean Protocol to create the world’s largest decentralized AI ecosystem, FET’s price reached an all-time high of $3.48 less than a week ago. If the merger is approved, Fetch.AI would only undergo a rebranding while maintaining the same token supply.

Many experts predict that this is just the beginning, as Fetch.ai positions itself as a key platform for the next wave of decentralized AI-based applications and services, thus expecting FET’s demand and price to increase as real-world use cases adoption grows.

At the time of writing, FET is trading at $2.86 after a 2.86% upsurge in the last 24 hours, according to CoinMarketCap.

Bittensor (TAO)

Last but not least, in our top 3, we have TAO, the native coin of Bittensor. This innovative decentralized cryptocurrency marketplace lets users exchange machine learning algorithms and AI datasets privately and securely.

It’s essentially an “App Store” for artificial intelligence, where developers can publish and exchange their machine learning models.

With a current market capitalization of over $3.9 billion, TAO is one of the largest tokens in the AI cryptocurrency space. Its growth has been largely driven by its reward distribution framework, which grants proportional stakes in the network to users who contribute the most value.

At the time of writing, TAO is trading at $609 after a 4.3% increase in the last few hours, according to CoinGecko.

As AI and virtual reality become more ubiquitous and significant in everyday life, projects like Bittensor, FET, and Render will be pivotal, so keeping a close watch on them wouldn’t hurt.

As always, do your research before delving into any project or cryptocurrency of your interest.

DISCLAIMER

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

The original article written by Marco Tulio and posted on Zycrypto.com.

Article reposted on Markethive by Jeffrey Sloe

** Loans, secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Tim Moseley

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Tim Moseley

Gold Futures Breach and Close Above 2300 for the First Time

Gold Futures Breach and Close Above $2300 for the First Time

In a historic move, gold futures surged past the $2300 mark for the first time in history. As of 4:30 PM EDT, gold futures basis the most active June contract is currently at a record high of $2318.90. The June contract opened at $2301.70 and traded to an intraday high of $2319.70. The precious metal's rally showed no signs of slowing down, with the June 2024 contract currently fixed at $2319.10 after factoring in today’s gain of $37.30, or 1.63%, marking the seventh consecutive trading day of gains.

This remarkable surge has been fueled by a combination of factors, chief among them being the growing expectations that central banks, including the Federal Reserve, are preparing to lower interest rates as inflation cools down. Chairman Jerome Powell, in his address to the Stanford Business, Government, and Society Forum, hinted at the possibility of rate cuts, stating that a lower interest rate would likely be appropriate "at some point this year" if the economy develops as expected. This statement heightened expectations for a Fed rate cut in June.

Traders and investors alike are closely watching the Federal Reserve's moves, with the CME's FedWatch tool indicating a 63% probability of the central bank initiating its first rate cut in June. This potential shift in monetary policy has further fueled gold's appeal as a safe-haven asset and an inflation hedge.

The weakening U.S. dollar has also played a significant role in gold's ascent. The dollar index dipped 0.48% to 104.324.

Technical analysis also suggests that gold's rally may continue. A bullish pattern known as a “bull flag” was identified in mid-March, pointing to a potential target of $2327 for this current leg of the rally. The projection is based on measuring the price differential from the beginning to the end of the “pole”. The pole began on Thursday, February 29 when gold futures were fixed at $2058.20, and concluded on or about March 11 at $2215, for a price increase of $157. We then calculated from the bottom of the “flag” which occurred at $2170 on March 17, and we added $157 to get our target, the same distance as the “pole”.

Market participants and investors seek refuge amid economic uncertainties and central banks grapple with inflation, gold's status as a reliable store of value has once again been solidified. With its historic breach of the $2300 barrier, if you were not paying attention to gold before you probably are now.

Wishing you as always good trading,

Kitco Media

Gary Wagner

Time to Buy Gold and Silver

Tim Moseley

Analyst Addresses Concerns over Long-Term Holders Dumping Bitcoins into Exchanges

Analyst Addresses Concerns over Long-Term Holders Dumping Bitcoins into Exchanges

By Olivia Brooke – April 3, 2024

Last week, the cryptocurrency market dipped as liquidations soared. Around the same period, altcoins attempted to recover while Bitcoin struggled to sustain momentum above the $70,000 price.

Following the new development, market players have raised major concerns about the downsides of certain market activities from Bitcoin investors.

Notably, onlookers have raised concerns over the possibility of Bitcoin from long-term holders going into exchanges.

In a recent analysis shared with CryptoQuant, a market analyst explained the current market pattern while citing the difference between previous and current market patterns.

“Bitcoin bull market is correlated with a sharp decline in long-term holders. I won’t mention this separately as it has been explained frequently. And the supply of long-term holders is being deposited into exchanges for profit-taking, but that’s not the case for the 24-year bullish cycle. One significant reason for this is that BlackRock, which has been buying the most Bitcoin since the ETF approval, is active over-the-counter (OTC).” The analyst asserted.

As a result of the current trend, the analyst explained that despite a sharp decline in Bitcoin holdings by long-term holders after the ETF approval, Bitcoins are not being deposited into exchanges. On the flip side, if the pattern continues, the market might be on the verge of experiencing a colossal price dip. BlackRock and Bitcoin deposit patterns can also affect the market pattern.

As the analyst added,

“However, if it persists, there is a possibility that long-term holders may start depositing Bitcoin into exchanges in the same way as before. If that happens, the likelihood of price dumping increases. It’s important to pay attention to both BlackRock’s net inflow movements and the movements of Bitcoin deposits into exchanges.” He added.

Meanwhile, the new week is kicking off with Bitcoin attempting to make a comeback. After falling below the $70,000 price point, the asset hit a low of $65,423, further strengthening bearish sentiments.

DISCLAIMER

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

The original article written by Olivia Brooke and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

** Loans, secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Tim Moseley

Multiple factors combined takes June gold futures to a new benchmark 2300

Multiple factors combined takes June gold futures to a new benchmark, $2300

As of 4:55 PM EDT the most active June contract of gold futures is fixed at $2300.60, up $28.100. This marks the sixth consecutive day of gains for the precious yellow metal, with the last four trading sessions culminating in new record closes.

During the past five days, gold managed to overcome the headwinds of four days of dollar strength, which typically dampens the appeal of the yellow metal. Also, gold was able to overcome rising yields in U.S. Treasuries, which also lessens the allure for gold.

The dollar's strength today can be attributed to a recent report revealing that U.S. manufacturing grew for the first time in 1 ½ years in March. Data from the U.S. showed that the country's factory orders rebounded more-than-anticipated, and the number of job openings slightly beat estimates in February, indicating the strength of the U.S. economy and narrowing the window for the Fed to start reducing interest rates.

Gold's recent gains also occurred as the CME's FedWatch tool lowered the probability of a rate cut in June from 60% to 58%. Last week the probability of a rate cut in June was at 70%, highlighting the shifting expectations surrounding the Fed's monetary policy stance.

Geopolitical tensions have also played a role in accelerating the demand for gold as a safe-haven asset. Growing conflicts in the Middle East, particularly an Israeli airstrike on Iran's embassy in Syria, have heightened concerns. Iran has vowed to retaliate against Israel for the attack on the Iranian embassy compound in Damascus, further elevating geopolitical uncertainty.

Supply constraints have also contributed to gold's recent surge. Central banks globally have been actively adding gold bullion to their reserves, diminishing available supply. Additionally, momentum hedge funds have been actively taking long positions in gold futures, further fueling the rally.

Moreover, rising oil prices have added to the demand for gold, as higher energy costs translate to heightened inflationary pressures down the road, making the precious metal an attractive hedge against inflation.

With a confluence of factors driving its ascent, gold's resilience and appeal have taken the most active June future’s contract above $2300 for the first time in history.

Wishing you as always good trading,

Kitco Media

Gary Wagner

Time to Buy Gold and Silver

Tim Moseley

Gold price hits new record highs as the West loses price-setting powers: Frank Giustra Pierre Lassonde on new geopolitical reality resource nationalism

Gold price hits new record highs as the West loses price-setting powers: Frank Giustra & Pierre Lassonde on new geopolitical reality & resource nationalism

As gold set another record high, Canadian mining legends Frank Giustra, CEO of Fiore Group, and Pierre Lassonde, Chairman Emeritus at Franco-Nevada, say the West has lost its power to set the price of gold. Giustra and Lassonde also warn that in the new geopolitical reality of resource nationalism, Canada is failing its economy and citizens.

With gold futures hitting another record high of above $2,264 an ounce at the start of the second quarter, Giustra and Lassonde pointed to a major shift in the gold market.

"The world hasn't woken up yet. The marginal buyer of gold is no longer the U.S. It's no longer Europe. It's China. Between the country's central bank and the Chinese public, China takes up over two-thirds of all the annual production. They are the new marginal buyer. That's where the gold price is set," Lassonde told Michelle Makori, Lead Anchor and Editor-in-Chief at Kitco News, during Kitco Insights Interactive Mining Titans' Power Panel.

For what this means for the U.S. dollar and gold this year and beyond, watch the video above.

BRICS Plus, which now includes Brazil, Russia, India, China, South Africa, Saudi Arabia, Egypt, Ethiopia, Iran, and the United Arab Emirates, can get up one morning and say they are going "to back their collective new currency with gold," which they can now set to create more credit and reserves, Giustra pointed out.

A coordinated move by the BRICS Plus against the U.S. dollar could lead to violent results, he warned.

"No one wants war, but here's the problem — the U. S. is facing an existential threat. It's a national security issue," Giustra said. "If there's a sudden move towards replacing the U.S. dollar, meaning perhaps a BRICS announcement of a new currency [backed by] gold, I think then it would react quite violently.

Giustra also outlined the top geopolitical risks for 2024. For insights, watch the video above.

Has Canada lost the battle for resources?

Securing critical metals for the energy transition has become a matter of national security for many countries. However, Canada is losing this battle, according to Giustra and Lassonde.

While many countries are facing massive metal shortages, Canada is distracted with overseas investments. For example, Canadian pension funds that represent CAD$2.7 trillion of Canadian savings have more invested in China than they do in Canada, which is unforgivable, Giustra and Lassonde told Kitco News.

More specifically, Canadian pension funds have less than 3% of their total assets invested in Canadian public companies, down from 28% in 2000.

"When you look at the mineral sector in Canada, it's been totally ignored by the government for the last 40 years. Our politicians, both at the federal and the provincial level, couldn't care less about the mining industry," Lassonde said. "Frank says we could lose the race. We've already lost the race."

Giustra pointed out that bold action is required to solve this crisis, but Canada lacks visionary leadership.

"Canada is endowed as one of the most prolific mineral countries on the planet, the second largest landmass in the world, and largely unexplored. [However], there is almost zero investment in the Canadian mineral sector. It's worrisome. Canada's in danger of losing out in this race for critical minerals," he said.

On what this all means for Canada's economy and some of the irreversible consequences, watch the video above.

This panel is brought to you by Eagle Plains Resources.

Eagle Plains is a mineral exploration company operating for 30 years with over 50 projects in Western Canada. The company has over $7M cash, generates significant revenue, has only 115M shares outstanding, and has never been rolled back.

Kitco Media

Michelle Makori

Time to Buy Gold and Silver

Tim Moseley

Tether Boosts Its Reserves With 8888 Bitcoin Acquisition As BTC Seals Highest Monthly Close Ever

Tether Boosts Its Reserves With 8,888 Bitcoin Acquisition As BTC Seals Highest Monthly Close Ever

By Brenda Ngari – April 1, 2024

Tether added to its Bitcoin (BTC) holdings in the first quarter of 2024, purchasing 8,888 more BTC for $626 million. A wallet address associated with the company shows Bitcoin holdings of 75,354 — which makes it the seventh-largest holder of the benchmark cryptocurrency. Tether’s purchase came as Bitcoin’s March monthly close became its best in history.

Tether Now The 7th-Largest BTC Holder

Stablecoin giant Tether continues to load up on Bitcoin, bringing its total holdings of the crypto asset to around $5.2 billion.

Blockchain data shows a BTC address associated with Tether received 8,888 BTC — $626 million — throughout Q1 2024, ending with a big purchase on March 31. The purchase brought Tether’s holdings to a total of 75,354 BTC, with profits of roughly $3 billion. That means it is one of the largest private companies holding Bitcoin.

Tether snapped up BTC constantly throughout 2023. Last May, the company announced it would start allocating 15% of its realized profits to Bitcoin in a bid to move away from cash and cash-like assets like U.S. Treasury bonds backing its USDT stablecoin. According to a ranking by Bitinforcharts, Tether has now become the seventh-largest holder of BTC following its latest Q1 acquisition, from its previous rank of 11 in January this year.

Tether mints USDT — the world’s largest stablecoin with a market capitalization of over $104.5 billion, according to CoinGecko. USDT crossed the $100 billion market cap mark on March 4, recording a nearly 10% year-to-date growth.

Bitcoin Notches Historic Monthly Close

Bitcoin has smashed through all previous highs in 2024, and in March hit a fresh lifetime high of $73,737 — roughly 7% beyond its old all-time high from 2021.

On March 31, the price of Bitcoin managed to record a monthly close at $71,250 on crypto exchange Bitstamp. This is historic since the premier crypto saw a close above the previous peak of the cycle for the very first time.

The influx of institutional capital from spot Bitcoin ETFs and the resulting strain on its fixed 21 million supply undoubtedly helped BTC set a new peak before a block subsidy halving event for the first time. Historically, Bitcoin has started its parabolic bull run after halving.

Bitcoin is trading for hands at $68,796 at publication time, according to CoinGecko data, erasing some earlier gains.

DISCLAIMER

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

The original article written by Brenda Ngari and posted on Zycrypto.com.

Article reposted on Markethive by Jeffrey Sloe

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Tim Moseley

The Artist that came out of the Winter