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Gold slumps as Fed confirms its resolute stance on lowering inflation

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Gold slumps as Fed confirms its resolute stance on lowering inflation

In the span of just under two weeks, from Thursday, May 4 to Wednesday, May 17 we have seen gold drop substantially and concurrently the dollar gained substantially.

Gold traded to a high of $2085 on March 4 and today traded to a low of $1978 resulting in a drop of $107 in just under two weeks. This is a net decline of 5.26% per ounce. When we look at the dollar index it traded to a low of 100.53 on Thursday, March 4 and today traded to a high of 102.96. This means that the U.S. dollar when compared to a basket of eight other international currencies gained roughly 2.42% for the same period.

Comparing the percentage decline of gold to the percentage advance of the dollar index it is clear that dollar strength has been a major component to the fall in gold pricing. However, the decline in gold is not isolated to just dollar strength, additional selling pressure by market participants was also a major contributor.

It seems that the root cause of dollar strength as well as the substantial percentage decline in gold can be directly attributed to recent comments coming from Federal Reserve officials. In essence, Fed comments have reinforced the resolve and commitment to keep interest rates elevated and this is illustrated in the December 2022 “dot plot” showing that they would keep their benchmark interest rate (Fed fund rate) elevated throughout 2023. More importantly, they have expressed that a rate cut this year remains highly unlikely.

The Federal Reserve continues to use its primary tool to reduce inflation which is to raise interest rates which cause an economic contraction. An economic contraction works to lower the price of goods and services. Simply put the Federal Reserve works with the principle of supply and demand economics. Higher prices for goods and services will reduce demand.

Recent comments by the Federal Reserve have confirmed their commitment. According to MarketWatch, Underscoring the Fed’s resolve to curb inflation, Chicago Fed President Austan Goolsbee had said on Tuesday it was “far too premature to be talking about rate cuts,” while Cleveland Fed President Loretta Mester said “rates were not yet at a point where it could hold steady.”

As of 5:55 PM EDT Gold futures basis the most active June contract is currently fixed at $1985.70 after factoring in today’s decline of $7.30 Or 0.37%. The U.S. dollar is currently trading at 102.73.

Gary S. Wagner

For Kitco News

Time to Buy Gold and Silver

Tim Moseley

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How HappyMinerus Works: A Comprehensive Guide

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How HappyMiner.us Works: A Comprehensive Guide

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Happyminer.us is a cloud mining platform that provides users with the opportunity to mine cryptocurrencies without the need for expensive hardware or technical expertise. As a result, it has attracted a lot of attention from people looking to get into the cryptocurrency market. In this article, we will explore how Happyminer.us works and what you should know before investing your time and money into this platform.

At its core, Happyminer.us is a cloud mining service that allows users to rent mining power from their platform. This means that users can earn cryptocurrency without buying expensive hardware or setting up complex mining rigs. Happyminer.us offers a variety of investment packages, each with different mining power and profitability levels. Users can choose the package that suits their needs and start mining right away. However, it is important to note that the profitability of each package can vary depending on market conditions and mining difficulty.

What is Happyminer.us?

At Happyminer.us, we are a licensed cloud mining company that was founded in 2018 in the United States. Our primary focus is on providing ease of use and a legit platform for our clients to invest in bitcoin mining. We offer lucrative and risk-free cloud mining contracts for each user.

Our data centers are located in Iceland, Norway, and Canada, and we own industrial facilities with a big tech park of professional Bitcoin mining rigs. With over 2,800K+ individuals from all around the globe currently earning cryptocurrency with us, we take pride in being a trusted platform for bitcoin mining.

We understand that our clients are looking for fixed returns on their investment, and we provide them with that. Our platform offers a daily payout system, which allows our clients to withdraw their earnings at any time. We have made the withdrawal and deposit process as easy as possible, and our clients can do it with just a few clicks.

We take the issue of scam very seriously, and we have taken steps to ensure that our clients' investments are protected. We have a license for bitcoin mining, and we are transparent in our operations. Our clients can be assured that they are investing in a secure and trustworthy platform.

In conclusion, Happyminer.us is a cloud mining platform that offers ease of use, a legit platform, and a fixed return on investment. Our clients can invest in bitcoin mining with confidence, knowing that they are dealing with a licensed and trustworthy platform.

How Does Happyminer.us Work?

At Happyminer.us, we offer cloud mining services that allow you to earn cryptocurrencies without having to purchase expensive mining equipment or manage complex mining operations. Our platform utilizes state-of-the-art technology and industrial facilities to provide you with a reliable and efficient mining experience.

Mining Package Options

We offer a variety of mining packages to suit your needs and budget. Our mining packages include Bitcoin, Bitcoin Cash, Dogecoin, and Dashcoin mining. Each package comes with a specific hash provider, daily yield rate, and minimum deposit amount. You can select a package that suits your investment goals and start earning passive income right away.

Passive Income and Daily Yield Rate

With Happyminer.us, you can earn passive income by investing in our mining packages. Our daily yield rate ranges from 0.5% to 2.5%, depending on the mining package you choose. You can track your daily earnings and profits in your account dashboard. We ensure that our mining rigs are always up and running, so you can earn a steady stream of income.

Referral Program and Affiliate Rewards

We offer a referral program that allows you to earn additional rewards by inviting your friends and family to join Happyminer.us. You can share your referral link on social media, blogs, or forums and earn a commission on every deposit made by your referrals. You can also become an affiliate and earn higher rewards by promoting our platform on a larger scale.

We ensure that our platform is trustworthy and secure. Our website is protected by SSL encryption, and we have implemented advanced security measures to protect your personal and financial information. We operate from a tech park that is equipped with the latest technology and infrastructure to provide you with a seamless mining experience.

In conclusion, Happyminer.us is a reliable and efficient cloud mining platform that allows you to earn passive income by investing in our mining packages. We offer a variety of mining options, a high daily yield rate, a referral program, and affiliate rewards. Join us today and start earning cryptocurrencies without any hassle.

Customer Support and Security

At happyminer.us, we prioritize our customers' satisfaction and security. We strive to provide excellent customer service and ensure that our platform is secure and reliable for all our users. In this section, we will discuss our customer service and reviews, AIG insurance, and security measures.

Customer Service and Reviews

Our customers' satisfaction is our top priority, and we are proud to have received numerous positive reviews from satisfied customers. We encourage our users to leave reviews on Trustpilot, where we have a 5-star rating. Our support team is always available to assist you with any questions or concerns you may have. You can reach us through our online support system or by emailing us at [email protected]

AIG Insurance and Security Measures

We understand that investing in bitcoin mining companies can be risky, which is why we have partnered with AIG insurance to provide our users with additional security. Our investment packages are designed to be easy-to-use and affordable, with daily yield rates that are competitive with other bitcoin mining companies.

We also take security very seriously and have implemented various security measures to protect our users' investments. Our platform is protected by DDoS protection, and we use SSL encryption to ensure that all data transmitted between our servers and your computer is secure. We also have a strict anti-fraud policy to prevent scammers from accessing our platform.

In terms of fees, we offer transparent pricing with no hidden fees. Our withdrawal process is also fast and easy, allowing you to withdraw your profits at any time.

We also have an affiliate program that rewards users for referring their friends to our platform. You can earn a referral reward of up to 10% of your friend's investment, and there is no limit to the number of referrals you can make.

In conclusion, at happyminer.us, we prioritize our customers' satisfaction and security. We provide excellent customer service, have partnered with AIG insurance to provide additional security, and have implemented various security measures to protect our users' investments. We offer transparent pricing with no hidden fees and have an easy-to-use withdrawal process. Our affiliate program also allows users to earn referral rewards for referring their friends to our platform.

Tim Moseley

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Gold silver prices down on demand worries bearish outside markets

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Gold, silver prices down on demand worries, bearish outside markets

Gold and silver prices are solidly lower near midday Tuesday. Weaker economic data coming out of China has prompted increased concerns about consumer and commercial demand for precious metals. Meantime, bearish outside market forces on this day are working against the metals markets—firmer U.S. dollar index, weaker crude oil and rising U.S. Treasury yields. June gold hit a two-week low today and was last down $20.20 at $2,002.40. July silver hit a six-week low today and was last down $0.441 at $23.845.

Risk appetite is not robust today but that is not helping out the safe-haven metals bulls at this point. U.S. stocks are mostly weaker after Home Depot reported a downbeat outlook for the retail consumer. U.S. House Speaker Kevin McCarthy said debt-ceiling negotiations have seen no progress. Congressional leaders and President Biden were set to meet at the White House today. The U.S. government could run out of money as soon as June 1. Said Ed Moya of OANDA: "Wall Street is bracing for something bad to happen, but no one has an idea on what will be that catalyst. It could be a debt-ceiling impasse, persistent banking fears, or a much weaker consumer as sticky inflation becomes more noticeable."

Meantime, U.S. retail sales rose 0.4%, an improvement from the 1.0 drop seen in the prior month, but less than the 0.8% consensus estimate.

China, the world's second-largest economy, got a generally downbeat data dump Tuesday. Industrial production rose 5.6%, year-on-year, in April–short of market expectations for a 10.1% growth rate. Industrial production rose 3.9%, year-on-year in March. Fixed asset investment was also lower than expected at 4.7%, year-on-year, compared to expectations of up 5.2%. Chinese electricity output fell in March by 8.2%, year-on-year. Aluminum output weakened in March and steel output has been declining. Gas output for March also declined as did coal mine production.

  Gold price at risk of dropping to $1,900 as rally runs out of steam, markets pricing in Fed rate cuts too early, says ABN AMRO

Meantime, Comex copper futures prices are trending lower and just hit a 5.5-month low. The red industrial metal has been called "Dr. Copper" for decades. It's an important building component in global construction and thus can help forecast world demand in that major industry. Copper's present price downtrend and multi-month low are indicating an anemic global economy at present. That's also bearish element for gold and silver, from a demand perspective.

The key outside markets today see the U.S. dollar index firmer and near the daily high. Nymex crude oil prices are slightly lower and trading around $71.00 a barrel. Meantime, the benchmark 10-year U.S. Treasury note yield is presently fetching around 3.5%.

Technically, June gold futures prices hit a two-week low today. Bulls still have the firm overall near-term technical advantage. Prices are still in a 2.5-month-old uptrend on the daily bar chart. Bulls' next upside price objective is to produce a close above solid resistance at the record high of $2,085.40. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,980.90. First resistance is seen at today's high of $2,022.70 and then at this week's high of $2,027.50. First support is seen at $2,000.00 and then at $1,980.90. Wyckoff's Market Rating: 7.0

July silver futures prices hit a six-week low today. The silver bulls and bears are on a level overall near-term technical playing field but the bulls are fading. Silver bulls' next upside price objective is closing prices above solid technical resistance at the April and May high of $26.435. The next downside price objective for the bears is closing prices below solid support at $23.00. First resistance is seen at this week's high of $24.395 and then at $24.735. Next support is seen at $23.50 and then at $23.25. Wyckoff's Market Rating: 5.0.

July N.Y. copper closed down 780 points at 367.30 cents today. Prices closed nearer the session low and hit a 5.5-month low today. The copper bears have the overall near-term technical advantage. Prices are in a four-week-old downtrend on the daily bar chart. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at 400.00 cents. The next downside price objective for the bears is closing prices below solid technical support at 350.00 cents. First resistance is seen at today's high of 375.45 cents and then at this week's high of 377.90 cents. First support is seen at today's low of 365.70 cents and then at 360.00 cents. Wyckoff's Market Rating: 3.0.

By

Jim Wyckoff

For Kitco News

Time to Buy Gold and Silver

Tim Moseley

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Meme Coin Mania Meets Bitcoin: BRC-20 Offers New Challenges for Bitcoin Investors

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Meme Coin Mania Meets Bitcoin: BRC-20 Offers New Challenges for Bitcoin Investors.

The world of cryptocurrency is no stranger to innovation and disruption. From the advent of Bitcoin in 2009 to the rise of Ethereum and the explosion of decentralized finance (DeFi), the crypto space has been at the forefront of technological advancement and financial experimentation. But in recent months, a new phenomenon has taken the crypto world by storm: meme coins.

These digital assets have little to no fundamental value but have gained massive popularity thanks to social media hype and viral marketing. Some of the most famous meme coins include Dogecoin, Shiba Inu, and SafeMoon. These coins have captured the imagination of millions of people worldwide, leading to a surge in demand and a corresponding increase in their market value.

But meme coins may not totally be a fad. They are also changing how we think about digital assets and blockchain technology. And with the introduction of the BRC-20 token standard, meme coins are now becoming part of the Bitcoin ecosystem, offering new opportunities for investors and enthusiasts alike. Investors are now experiencing a massive shift in the Bitcoin (BTC) ecosystem thanks to the new experimental token standard called "Bitcoin Request for Comment," or BRC-20, which has attracted much interest.

Over 4 million Ordinal inscriptions have been recorded on the Bitcoin blockchain as of the time of this writing. This new invention has the crypto community buzzing, with about 18,266 BRC-20 tokens created utilizing Ordinals and a soaring market capitalization reaching $409 million. Recently, non-ordinal BRC-20 transactions have been eclipsed by transactions involving the deployment, minting, and transfer of tokens. The proportion of BRC-20 transactions peaked on May 7 at 65%, demonstrating the protocol's expanding uptake.


Video source: Coindesk.com

Unlocking Bitcoin's Potential

For usage in smart contract applications, BRC-20 tokens are a cryptocurrency that operates on the Bitcoin network. BRC-20 transactions, in contrast to standard Bitcoin transactions, require the user to inscribe a new ordinal, lengthening the queue in the Bitcoin mempool. The size of BRC-20 tokens is around ten times smaller than picture inscriptions, although the mempool memory utilization is now lower than in March.

The average transaction price increased to $18.9, the highest level since May 2021, despite the decreased mempool utilization. This is brought on by the lengthy mempool wait, which makes users pay a higher gas charge for the miners to complete their transactions. The percentage of fees from Ordinals transactions has risen to 61%, with 99.5% coming from BRC-20. The fact that there has been a noticeable increase from the previous levels shows that BRC-20 is becoming increasingly popular within the Bitcoin community.

The percentage of transaction fees increased significantly from the 1-2% level seen since July 2021 to 31% on May 7. It's vital to remember that the costs are modest when expressed in BTC, even though this fee increase may worry some Bitcoin users. 

The Revolutionary Approach And Utility Of BRC-20

BRC-20 tokens have attracted much interest in the cryptocurrency sector, but their usability and DeFi capabilities still have the potential for improvement. BRC-20 tokens may see an upgrade in their DeFi capabilities due to the possibility of a layer 2 solution like Stacks to bridge BRC-20s, which may draw in additional users and investors. It will be interesting to see whether BRC-20 tokens can surpass their present restrictions and gain more excellent traction as a cryptocurrency.

Despite rising popularity and market capitalization, the utility of BRC-20 coins is still constrained by the absence of smart contract functionality. However, the possibility for a layer 2 solution might improve their DeFi capabilities, which could lead to a cryptocurrency that is more commonly used.


Image source: Twitter

Bitcoin Community Reacts

Since its introduction by a developer going by the fictitious name Domo in March, the BRC-20 token standard has generated a lot of discussion within the Bitcoin community. Using the Ordinals protocol, BRC-20 tokens make it simple for developers to manufacture fungible crypto assets. Individuals must encode JSON data containing crucial token information to produce a BRC-20 currency. Similar to an ERC-20 token contract on Ethereum, this information would provide essential information about the token, such as its name, symbol, and total quantity.

As of this writing, there are over 300,000 unconfirmed transactions in the Bitcoin mempool due to the spectacular issue of over 18,266 BRC20 tokens and the spike in Ordinal inscriptions exceeding 4 million. Ordspace has a complete list of these 10K+ BRC20 currencies and a US dollar value for each token. The BRC20 token economy has seen tokens soar with increases in the triple digits.

These tokens include PEPE, MEME, ORDI, $OG$, PUNK, SHIB, and DOMO, to name a few. A contentious discussion about whether fungible and non-fungible tokens (NFT) built on BTC merit confirmation alongside financial transactions has been rekindled by the storm of BRC-20s and Ordinal inscriptions.

Ethereum supporter Ryan Berckmans described the rivalry between BTC Core devs, miners, and ordinals as a "civil war." BRC-20 meme coins and ordinals are viewed as spam by several developers, including Dashjr. As a result of the rising demand for block space, transactions, and fees have surged, giving the impression that it is experiencing an "Ethereum moment", yet they are advantageous to Bitcoin miners who are making huge profits from this disaster. Divisions within the Bitcoin community are nothing new; they have existed in the past and will probably do so again as long as the crypto sector continues to exist.


Image by Markethive.com

Final Thoughts

The current situation makes it untenable for many who want to use Bitcoin for its intended purpose. When you look at the ideas behind meme coins, you will understand that they are purely pump and dump coins with no actual utility attached to them. However, some argue that utility may come on afterwards, such as in the many NFT projects that started off as a joke. 

The thing here is that most of these meme coins are launched by rogues who anonymously build a community through massive advertising campaigns that make people believe in the project. After a while, the project dies off, causing people to lose millions of dollars. The bitter truth about meme coins is that the people are the products or the actual jokes in these projects. Having these projects launched on the Bitcoin Blockchain creates many uncertainties and opportunities, as many would believe.

If you are a Bitcoin maximalist, there's a reasonable probability you're angry. Why? Several people waste block space and pollute the king of crypto with pointless projects. Unfortunately, since NFTs and DeFi on Bitcoin are such a big concern, you can't stop people from doing this.

Bitcoin takes out the corruption of humans because the humans that created it stepped away. Certainly, people will build corrupt and disruptive systems around it, as we see with the meme coins, but Bitcoin remains a simple, pure, and elegant currency. Bitcoin's lack of control by any institution or government empowers individuals with economic freedom and personal sovereignty. It's a game-changer. However, will the era of meme coin end anytime soon? Is Bitcoin the ideal place for this kind of project? Most likely not! We will have to wait and see how it all works out.

 


 

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

 

 

 

 

 

Tim Moseley

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Monero XMR Crypto Price Prediction 2025 2030 2035

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Monero XMR Crypto Price Prediction 2025, 2030, 2035

Monero: Exploring Technical Analysis and Market Trends for Future Price Predictions

 

ecosystem for entrepreneurs

Mo(XMR) is a privacy-focused cryptocurrency that has gained significant popularity over the years due to its security and anonymity features. Being one of the top digital assets in the market, investors and traders are always curious about its future price predictions. To predict the future price of Monero, it is essential to explore technical analysis and market trends. Technical analysis involves analyzing historical data to identify patterns and make predictions about future price movements.

Monero's price is influenced by various factors, including market demand, adoption rate, and market sentiment. The privacy feature of Monero has made it a popular choice among individuals who value privacy and security. As a result, its demand has been increasing in recent years, leading to a rise in its price. Furthermore, Monero has a limited supply, which makes it a more valuable asset in the long term.

Market trends also play a crucial role in predicting the future price of Monero. The cryptocurrency market is highly volatile and can be influenced by various factors, including government regulations and global economic events. However, the trend is generally towards the adoption of cryptocurrencies as a means of payment, which bodes well for Monero's future prospects.

In conclusion, Monero's future price predictions are subject to various factors that influence its demand and market trends. Technical analysis can be used to identify patterns and predict future price movements. As the adoption of cryptocurrencies continues to grow, Monero's privacy and security features may make it a more valuable asset in the long term.

📈 Monero XMR Crypto Price Prediction 2025, 2030, 2035

Monero: A Decentralized and Secure Cryptocurrency with Advanced Cryptographic Techniques.

Monero is a decentralized and secure cryptocurrency that has gained immense popularity in the digital currency world. It is known for its advanced cryptographic techniques that are designed to offer the utmost privacy and security to users. The decentralized nature of Monero ensures that it is not controlled by any single entity, making it immune to manipulation or censorship. The cryptocurrency is built on a unique protocol known as the CryptoNote protocol, which allows for the creation of untraceable transactions through ring signatures and stealth addresses.

Monero's advanced cryptographic techniques provide unmatched privacy and security features, making it ideal for those who value their anonymity. The coin leverages features such as confidential transactions, which hide the sender's and receiver's addresses, and ring signatures, which make it difficult to identify the actual sender. Monero also utilizes stealth addresses, which create unique addresses for each transaction, ensuring that no two transactions are linked.

The focus on privacy and security has made Monero a popular choice for individuals and corporations looking to transact without leaving any digital footprint. It is fast becoming one of the most preferred cryptocurrencies for online purchases and international money transfers. In summary, Monero's decentralized nature, advanced cryptographic techniques, privacy, and security features make it one of the most secure and private cryptocurrencies in the market today. As the digital currency world continues to evolve, Monero is expected to remain one of the top cryptocurrencies for users seeking increased privacy and security.

Monero Continues Prolonged Consolidation with Possible Medium-Term Correction and Expected Rise to Resistance Level

Moner, the popular privacy-focused cryptocurrency, appears to be continuing its prolonged consolidation phase with a possible medium-term correction on the horizon. Despite this, market analysts and experts are expecting an eventual rise to the resistance level.

Monero's current consolidation phase follows a period of significant growth, which saw the digital asset surge in value, achieving an all-time high price of $475 in early January. However, the cryptocurrency market has since experienced a period of retraction, and Monero's price has been trading in a relatively narrow range between $200 and $250.

Looking ahead, market analysts suggest that Monero's consolidation phase may continue in the short term, with a possible correction over the medium-term. Nevertheless, they are optimistic about an eventual rise to the resistance level. Indeed, given Monero's reputation as a secure, fast, and entirely private cryptocurrency, many investors remain bullish on its long-term potential.

Moreover, Monero's technological advantages, including its advanced cryptography and anonymity-enhancing features, have already made it a popular choice for privacy-conscious users. As blockchain technology continues to evolve, there is every reason to believe that Monero will remain an influential player in the cryptocurrency market. In conclusion, despite the current consolidation period, the future of Monero looks promising, and investors may want to keep a keen eye on this innovative digital asset.

Analysis: Monero's XMR Could Reach $700 by 2030 Thanks to Confidential Transactions Technology.

Monero's XMR cryptocurrency has been gaining significant attention from investors and enthusiasts alike due to its privacy-oriented features. With the development of Confidential Transactions technology, there is a possibility that the value of XMR could soar to $700 by 2030.   This provides enhanced privacy and prevents prying eyes from spying on the transactions.

As regulators clamp down on cryptocurrencies, anonymity is becoming a sought-after feature, and Monero's XRM is offering exactly that. The demand for privacy in financial transactions is on the rise, and Monero is well poised to capitalize on this trend as it continues to offer its users complete anonymity and security. The adoption of Confidential Transactions technology is bound to attract more investors, creating a bullish market outlook for Monero. The potential to reach $700 by 2030 is imminent, and investors willing to take a long-term position may reap significant rewards in the future. Monero's XMR is a promising cryptocurrency that has disrupted the market and has the potential to disrupt it even more with the development of Confidential Transactions technology. Overall, the future of Monero's XMR is bright due to the adoption of privacy-enhancing technologies, offering a safe and secure cryptocurrency option to investors.

ecosystem for entrepreneurs

Monero (XMR) Price Expected to Reach $800-$1,000 by 2035 as Cryptocurrency Gains Popularity and Privacy Becomes More Valuable.

Monero (XMR), a popular privacy-focused cryptocurrency, has been steadily gaining traction in the cryptocurrency market thanks to its advanced privacy features. As privacy becomes more valuable in today's digital landscape, experts are predicting that Monero's price could reach anywhere from $800 to $1,000 by 2035.

Privacy has become a major concern for individuals and businesses alike, as more and more data breaches and hacks occur each year. Monero's unique privacy features, such as ring signatures and stealth addresses, make it nearly impossible to trace transactions or identify wallet addresses, offering users a level of privacy and anonymity that is unparalleled in the world of cryptocurrencies.

As demand for privacy-focused cryptocurrencies like Moner continues to rise, experts predict that its price will follow suit. In fact, some analysts believe that Monero could reach even higher price points than the current estimates, as more individuals and businesses seek out secure, private alternatives to traditional payment methods.

Overall, the future looks bright for Mon and its investors.

Read More: What is Monero? XMR Explained with Animations

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Tim Moseley

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Debt ceiling negotiations will resume on Tuesday which supports gold prices

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Debt ceiling negotiations will resume on Tuesday which supports gold prices

A second debt limit meeting between President Joe Biden and Senate majority leader McCarthy and other top congressional leaders will be held tomorrow, Tuesday, May 16. The divide between both sides was too wide for any progress to result from their first meeting. Staff on both sides negotiated through back channels to find common ground and potential compromises over the weekend.

The probability that tomorrow’s talks will yield any progress is remote, and the number of days remaining before June 1st is dwindling. Add to that the president's schedule this month, traveling to Japan from May 19 – 21, and Australia 22 – 24.

President Biden said, “I remain optimistic because I am a congenital optimist, and I think we’ll be able to do it.” on Sunday. However, McCarthy still is steadfast in that he wants to attach spending reductions to a debt ceiling increase. While President Biden still insists that he will not negotiate over the debt limit, calling on Congress to pass a clean increase before addressing budget reductions.

According to the Financial Post today, “In her second letter to Congress in two weeks, Treasury Secretary Janet Yellen confirmed that the agency will be unlikely to meet all U.S. government payment obligations by early June, triggering the first-ever U.S. default. The debt ceiling could become binding by June 1, she said.”

A US debt default would greatly hinder the ability of the Federal Reserve to set short-term interest rates. Reuters today reported that “A default on U.S. Treasury debt would be a leap into the unknown for the Federal Reserve's ability to conduct monetary policy to achieve its job and inflation goals. That's because U.S. government bonds are the key to how the central bank sets its short-term interest rate target. Anything that gums up the Treasuries market could scramble those mechanics.”

The debt ceiling crisis and potential default continue to be highly supportive of gold prices keeping gold above $2000 an ounce. As of 5:14 PM EDT, gold futures basis the most active June contract are currently fixed at $2020.40 after factoring in today’s fractional gains of $1.60. The U.S. dollar index is fixed at 102.27, after factoring in a decline today of 0.23%.

Gary S. Wagner

Time to Buy Gold and Silver

Tim Moseley

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More than a quarter of Americans now view gold as the best long-term investment

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More than a quarter of Americans now view gold as the best long-term investment

Gold is holding above $2,000 an ounce, but it's not making any new significant gains. And silver is down more than 6% in the last five days.

Weaker economic data has reignited recession fears, keeping gold and silver on the sidelines because of lower demand expectations.

 

Here's a look at Kitco's top three stories of the week:

3. Palantir sells all of its gold-bar holdings worth $50 million

2. Confidence in Fed Chair falls to lowest on record as Jerome Powell attempts to balance inflation fight with banking crisis uncertainty – Gallup poll

Americans' approval of gold as best long-term investment doubles from last year, says Gallup survey

1. Gold price should be at $2,200 right now, U.S. dollar is overvalued by 20%, says BCA Research

By

Anna Golubova

For Kitco News

Time to Buy Gold and Silver

Tim Moseley

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Gold price troubled by US dollar’s moves as Fed’s rate expectations diverge

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Gold price troubled by U.S. dollar's moves as Fed's rate expectations diverge

After hitting a high of $2,055 an ounce this week, a move higher in the U.S. dollar weighed on the gold market, forcing the metal to end the week lower. Analysts point to divergence in Federal Reserve interest rate expectations as additional noise in the trading environment.

"This week was all about the dollar, which has had a significant rally, taking away some of gold's appeal," OANDA senior market analyst Edward Moya told Kitco News.

There is also a widening gap between market expectations and what the Fed's dot plot says, TD Securities global head of commodity strategy Bart Melek said. "Even if the Fed is more dovish than it is now, there is a risk that the market might have to come closer to where the dots are. That's what gold is pricing in here," Melek told Kitco News.

A conflicting narrative is developing between the Fed signaling a pause in June and some Fed officials calling for more rate hikes.

Fed Governor Michelle Bowman said Friday that more policy tightening might be needed. "Should inflation remain high and the labor market remain tight, additional monetary policy tightening will likely be appropriate to attain a sufficiently restrictive stance of monetary policy to lower inflation over time," Bowman said. "I also expect that our policy rate will need to remain sufficiently restrictive for some time to bring inflation down and create conditions that will support a sustainably strong labor market."

Markets will have a hard time feeling confident that the Fed is done raising rates when Fed officials are saying these types of comments. "Bowman's comments caught my attention," Moya noted. "And if core inflation is still above 5% in the middle or end of summer, you should not be surprised if we get a much more hawkish Fed."

What this means for gold is that its path to record highs will be more complex than some would like to believe.

"I'm still bullish but not as aggressively. I am hesitant when people bet against the dollar, should not be surprised for the move higher to last a little longer. It could be troubling for gold. But the macro backdrop is great. We are still looking at a recession in the second half of this year or early 2024," Moya said.

Key events analysts are watching next week include more macro data, such as retail sales, the debt ceiling debate as the June 1 deadline nears, and the banking sector contagion risks.

"There are still too many risks that will lead investors to need more safe haven assets. There is too much geopolitical stress, and the debt ceiling debate is at an impasse. That X-date might get pushed out by a few weeks," Moya noted.

That additional market stress is coming, and credit conditions are tightening. "This is bad news for the economy," Moya said.

The recent macro data points to stubborn inflation, with the headline annual number falling below 5% in April, but the Fed's preferred core figure still at 5.5%.

The Fed rate hike expectations might remain in limbo until the new Fed dot plot is released at the June meeting, said Melek.

"Gold can go sub $2,000. There is strong support at around $1,965. We still expect $2,100, but that won't be sustained until the later part of the year when it becomes more certain that the Fed will ease," he noted.

From a technical point of view, the rally in gold is feeling some topside exhaustion, said Forex.com senior technical strategist Michael Boutros. The next key level to watch is $1,995. "If we break below that, expect a larger correction," Boutros said.

However, as long as $1,926 an ounce holds, the trade in gold is still constructive. "Fundamentals continue to support gold or at least give a floor to this," the strategist added.

 

Next week's data

Monday: NY Empire State manufacturing index

Tuesday: U.S. retail sales, industrial production

Wednesday: U.S. housing starts, building permits

Thursday: U.S. jobless claims, Philadelphia Fed manufacturing index, existing home sales,

Friday: Fed Chair Powell speaks (conversation with Chair Jerome Powell and Ben Bernanke, former Chair of the Board of Governors of the Federal Reserve System at the Thomas Laubach Research Conference)

By

Anna Golubova

For Kitco News

Time to Buy Gold and Silver

Tim Moseley

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What is Markethivecom? A Comprehensive Overview

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What is Markethive.com? A Comprehensive Overview

MARKETHIVE

Are you an entrepreneur looking for a free business-building system that offers advertising, inbound marketing tools, and privacy protection? Look no further than Markethive.com. Our platform combines the power of social media, blogging platforms, and groups to help you promote your business and connect with like-minded individuals.

At Markethive, we believe in providing our users with the best possible service and support. That's why we offer top-of-the-line security features, including privacy protection and login verification. Our development team is constantly working to improve our tools and products, ensuring that our users have access to the latest and greatest features. Plus, our CEO and CTO are always available to answer any questions you may have.

One of the unique features of Markethive is our matching bonus system, which rewards users for referring others to our platform. We also offer a universal income program, allowing users to earn MHV coins simply by using our platform. Whether you're a guru, a large-scale company, or an individual entrepreneur, Markethive has something to offer. So why not choose Markethive for your business promotion needs?

What is Markethive.com?

At Markethive.com, we are a free inbound marketing platform that provides entrepreneurs with the tools they need to build and grow their businesses. Our mission is to empower entrepreneurs by providing them with a secure and supportive environment that allows them to change the world.

Overview

Markethive.com was founded in 2015 by CEO Thomas Prendergast. Since then, we have grown to become a leading platform for entrepreneurs looking to build and grow their businesses. Our platform is built on blockchain technology, which allows us to provide our users with unparalleled security and privacy protection.

History

Markethive.com was founded with the goal of providing entrepreneurs with a free platform that would allow them to build and grow their businesses. Our founders recognized the need for a platform that would provide entrepreneurs with the tools they need to succeed, without the high costs associated with other platforms.

Mission

Our mission at Markethive.com is to empower entrepreneurs by providing them with the tools and support they need to change the world. We believe that everyone has the potential to be an entrepreneur, and we are committed to providing our users with the resources they need to succeed.

At Markethive.com, we are constantly developing new tools and products to help our users grow their businesses. We offer a range of inbound marketing tools, including broadcasting, capture pages, lead funnels, autoresponders, self-replicating group tools, and store fronts. We also offer a range of social media details, such as news feeds, video channels, chat channels, and image sharing.

Business Building Systems

Our business building systems are designed to help entrepreneurs build and grow their businesses. We offer a range of tools that can help with everything from lead generation to customer retention. Our tools are easy to use, and can be customized to meet the specific needs of each user.

MARKETHIVE

Privacy Protection

At Markethive.com, we take privacy seriously. We are committed to providing our users with the highest levels of privacy protection, and we have implemented a range of measures to ensure that our users' data is secure.

Matching Bonus

Our matching bonus program is designed to reward our users for their hard work. Users who refer others to Markethive.com can earn a matching bonus on the earnings of their referrals.

Universal Income

At Markethive.com, we believe that everyone should have access to a universal income. That's why we have developed our own cryptocurrency, the MHV coin, which can be earned by users for their participation on our platform.

Training Videos

We understand that starting a business can be overwhelming, which is why we offer a range of training videos to help our users get started. Our training videos cover everything from setting up an account to using our tools and products.

Complaints Policy

At Markethive.com, we take complaints seriously. We have implemented a complaints policy that allows our users to report any issues they may have with our platform. We are committed to resolving complaints promptly and fairly.

Help and Support

We understand that our users may have questions or concerns about our platform, which is why we offer a range of help and support options. Users can contact us via email or through our Telegram support room.

Benefits of Markethive.com

At Markethive.com, we offer a wide range of benefits to our members. From free membership to inbound marketing tools, social media details, and universal income for entrepreneurs, our platform has everything you need to grow your business. Below are some of the benefits you can enjoy by joining our community.

Free Membership

One of the most significant benefits of Markethive.com is that we offer free membership. You can join our platform without paying anything, and you will have access to all our features. This means you can start promoting your business and building your brand without worrying about the cost.

Inbound Marketing Tools

We understand the importance of inbound marketing in growing your business. That's why we provide our members with a range of inbound marketing tools, including broadcasting, capture pages, lead funnels, autoresponders, and self-replicating group tools. These tools can help you increase your conversion rate and generate more leads.

Social Media Details

Social media is an essential part of any marketing strategy. At Markethive.com, we provide our members with social media details, including news feeds, video channels, chat channels, and image sharing. You can use these details to promote your business and engage with your audience.

Universal Income for Entrepreneurs

We believe that entrepreneurs should be rewarded for their hard work. That's why we offer universal income for entrepreneurs. This means that you can earn money by using our platform, even if you don't have a business. You can also earn Markethive Consumer Coins (HIVE) by referring others to our platform.

Blogging System

Blogging is an excellent way to build your brand and establish yourself as an authority in your industry. At Markethive.com, we provide our members with a blogging system that allows them to create and publish blog posts on our platform. You can use this system to share your knowledge and insights with your audience.

Business Building Systems

We understand that building a business can be overwhelming. That's why we provide our members with business building systems, including store fronts and lead capture pages. These systems can help you promote your business and generate more leads.

Privacy Protection

We take your privacy seriously. That's why we provide our members with privacy protection. You can use our platform without worrying about your personal information being shared or sold to third parties.

Matching Bonus

We believe in rewarding our members for their hard work. That's why we offer a matching bonus to our members. You can earn this bonus by referring others to our platform.

MHV Coins

MHV coins are an essential part of our platform. These coins can be used to purchase products and services on our platform. You can also earn MHV coins by using our platform and referring others to our community.

Infinity Airdrop

We offer an infinity airdrop to our members. This means that you can earn HIVE coins by logging in to our platform every day. The more you log in, the more coins you can earn.

Micro Faucet

We also offer a micro faucet to our members. This means that you can earn HIVE coins by completing simple tasks on our platform, such as subscribing to our newsletter or following us on social media.

Autoresponder System

An autoresponder system is an essential part of any marketing strategy. That's why we provide our members with an autoresponder system that allows them to send broadcast emails to their subscribers. You can use this system to promote your business and keep your audience engaged.

In conclusion, Markethive.com is a platform designed to help entrepreneurs grow their businesses. We offer a range of benefits, including free membership, inbound marketing tools, social media details, universal income for entrepreneurs, blogging systems, business building systems, privacy protection, matching bonus, MHV coins, infinity airdrop, micro faucet, and autoresponder system. Join our community today and start growing your business.

MHV Consumer Coins

What are HIVE Consumer Coins?

HIVE Consumer Coins are a cryptocurrency that is part of the Markethive ecosystem. They are designed to be used as a medium of exchange within the platform and can be earned by participating in various activities on the site. HIVE Consumer Coins are built on the ERC-20 protocol and can be stored in the Markethive wallet.

How to Earn MHV Consumer Coins

There are several ways to earn HIVE Consumer Coins on Markethive. One way is to sign up for a free account, which automatically rewards you with 500 HIVE Consumer Coins. You can also earn HIVE Consumer Coins by referring others to join Markethive. For each person you refer, you will receive a matching bonus of 500 HIVE Consumer Coins.

You can also earn HIVE Consumer Coins by participating in various activities on the site, such as creating content, commenting on posts, and sharing content on social media. The more active you are on the site, the more HIVE Consumer Coins you can earn. (limted time)

How to Use HIVE Consumer Coins

HIVE Consumer Coins can be used within the Markethive ecosystem to purchase advertising, access premium services, and pay for other products and services offered on the platform. You can also use HIVE Consumer Coins to tip other users for their content or services.

To use HIVE Consumer Coins, simply log in to your Markethive account and navigate to the wallet section. From there, you can view your balance and make transactions using your HIVE Consumer Coins.

Overall, HIVE Consumer Coins are a valuable part of the Markethive ecosystem, providing users with a way to earn and use cryptocurrency within a secure and decentralized platform.

MARKETHIVE

Tim Moseley

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Biden and McCarthy locked in disagreement postponing negotiations

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Biden and McCarthy locked in disagreement postponing negotiations

The Washington standoff over raising the debt ceiling has raised economic concerns on a global basis. A nonpartisan congressional report cited a "significant risk” of a historic default within the first two weeks of June. A report by the U.S. Congressional Budget Office confirmed statements by Treasury Secretary Janet Yellen warning that a government default could come as early as June 1.

The debt limit meeting between President Joe Biden and top lawmakers which was scheduled for today has been postponed. The meeting has been rescheduled for early next week. The divide between both sides remains too large for any genuine progress to result from the meeting today. Rather staff on both sides will continue to negotiate through back channels to find common ground, as well as compromises that both the Democrats and Republicans are willing to consider.

According to Republican representative Daniel Webster, "Spending levels are the key… Spending cuts are a place where we are stuck. Not with all of them, but with a list of them.” President Biden's 2024 budget request relies on tax increases to reduce deficits while proposing to increase discretionary spending by 5% next year. That creates a $200 billion differential with House Republicans who believe an 8% budget cut is necessary while increasing the defense budget.

Concern over the potential for a U.S. default is global. At a meeting of the Group of Seven (G7) David Malpass President of the World Bank said that the "looming risk of a default, which would be the first in U.S. history, was adding to problems facing the slowing global economy”.

Although gold had fractional declines this week prices have been heavily supported by fears that no agreement will be reached by June 1 when the government will no longer be able to pay all its obligations.

As of 5:00 PM EDT Gold futures basis the most active June contract is currently fixed at $2015.60 after factoring in today's decline of $4.90 or 0.24%. Gold had a fractional decline when compared to last Friday's close as well as compared to Monday's open and current pricing. The most prominent factor taking gold lower this week was dollar strength. The U.S. dollar index opened at approximately 101 and is currently trading at its highest value this week of 102.5 a net gain of 1 ½% taking the dollar index to 102.54.

By

Gary Wagner

Contributing to kitco.com

Time to Buy Gold and Silver

Tim Moseley

The Artist that came out of the Winter