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Gold price could ‘easily’ regain 2k next week as more debt ceiling troubles ahead – analysts

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Gold price could 'easily' regain $2k next week as more debt ceiling troubles ahead – analysts

Even though gold is wrapping up the week down $30 — its worst performance since February — the Friday afternoon rebound keeps the bullish gold trend alive.

The gold market recovered after Federal Reserve Chair Jerome Powell said rates might not have to rise as much due to tighter credit conditions after the banking sector turmoil.

"The financial stability tools helped to calm conditions in the banking sector. Developments there, on the other hand, are contributing to tighter credit conditions and are likely to weigh on economic growth, hiring and inflation," Powell said at the Thomas Laubach Research Conference Friday. "So, as a result, our policy rate may not need to rise as much as it would have otherwise to achieve our goals. Of course, the extent of that is highly uncertain."

This was a sign that the Fed could pause in June. After Powell's comments, market expectations of a rate hike in June fell from nearly 50% to 20%, according to the CME FedWatch Tool.

The news calmed the gold sellers after market participants began to price in another 25-basis point hike next month and pared bets of a rate cut in the second half of the year.

At the May meeting, the Fed hiked for the tenth consecutive time, which brought the federal funds rate to a 5-5.25% range – the highest since mid-2007. In just over a year, the Fed raised rates by 5%. The next monetary policy meeting is scheduled on June 13-14.

On top of the shifting rate expectations, the debt ceiling progress was dealt a blow on Friday afternoon as talks to raise the federal government's $31.4 trillion debt cap paused.

"Wall Street thought we were going to see bill text over the weekend or early on Monday, with a potential vote in the middle of the week," said OANDA senior market analyst Edward Moya. "That seems less likely now and could raise the risk that we won't get an agreement before June 1st, the so-called X-date."

Keeping in mind the divisiveness of U.S. politics, the debt ceiling issue will get more heated again, Moya told Kitco News.

"You are going to start to see a bit more difficulty in negotiations. Gold will be in the wait-and-see mode to figure out which part of the economy will break," he said Friday. "The consumer is clearly weakening. A lot of the data still supports a recession."

Rate cut bets pared

One development that will continue to weigh on gold is pared-back rate cut expectations, Gainesville Coins precious metals expert Everett Millman told Kitco News.

"Almost everyone in the marketplace was convinced that the Fed was about to cut rates in the second half of this year. But because inflation didn't come down as much, the economy is holding up, and the unemployment rate is low, big traders are unwinding those rate cut bets," he said Friday.

And with gold testing record highs just over two weeks ago, traders are also taking some profits off the table, accelerating the move lower, Millman added.

Overall, it's been a disastrous week for gold, but it's ending on a positive note, Moya noted. "People are having second thoughts on whether we are headed towards a recession that is killing safe-haven demand," he told Kitco News. "This has been an interesting period where we really had so many risks on the table — banking crisis, debt ceiling, massive layoff announcements."

 

What's next for gold price

Millman's base-case scenario is that gold rebounds from here — something that it has done time and time again this past year.

"If you look at the pattern, gold does keep putting in higher lows and higher highs. Although I wouldn't rule out a drop to $1,900, my base scenario is to see gold rebound as it has each of the last several selloffs," Millman said.

After Powell's comments, there is a good chance that the Fed will pause in June, which gives the U.S. central bank optionality going forward, Millman noted.

"Keep in mind that it takes 12-18 months for rate hikes to really start showing up in economic data. The Fed has been hiking aggressively in a pretty short span of time, and we won't see results until the second half of this year. A pause in June would be reasonable," he said.

Gold's immediate resistance would be $1,980 and then $2,000 an ounce. A solid support level is at $1,960-50, Millman pointed out. If that fails, then $1,900 could come into play.

Moya also sees support at $1,950 and resistance at $2,000 an ounce. "If debt ceiling talks continue to struggle, prices could easily stabilize above the $2,000 level next week."

At the time of writing, June Comex gold futures were trading at $1,983.80, up 1.22% on the day.

 

Next week's data

Markets are closely monitoring the FOMC May meeting minutes next week, the U.S. GDP update, and the Fed's favored PCE inflation indicator.

"Inflation … looks set to remain elevated, which could keep the market on edge about a possible June interest rate hike," said ING chief international economist James Knightley. "Nonetheless, the activity backdrop continues to soften, with real consumer spending set to come in flat on the month in April. Recession risks remain high given the rapid tightening in lending conditions in the wake of recent bank failures, and we still see the potential for lower interest rates before the end of the year."

Tuesday: U.S. new home sales

Wednesday: FOMC May meeting minutes

Thursday: U.S. GDP Q1, U.S. jobless claim

Friday: U.S. PCE price index, U.S. durable goods order

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Anna Golubova

For Kitco News

Time to Buy Gold and Silver

Tim Moseley

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Gold rallies to daily high on short covering Powell remarks

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Gold rallies to daily high on short covering, Powell remarks

Gold prices have pushed to double-digit gains in late-morning trading Friday. Short covering by the shorter-term futures traders, after the recent solid price losses, is featured. Also, the yellow metal rallied as Federal Reserve Chairman Jerome Powell said in a panel discussion that developments in the banking sector may mean interest rates may not need to rise as much to meet the Fed’s policy goals. However, other comments Powell made at the panel discussion were not dovish, as he said the FOMC is strongly committed to returning to the 2% annual U.S. inflation goal. A sell off in the U.S. dollar index today is also aiding the precious metals market bulls. June gold last up $16.90 at $1,976.70.

Live 24 hours gold chart [Kitco Inc.]

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Jim Wyckoff

For Kitco News

www.kitco.com

Time to Buy Gold and Silver

Tim Moseley

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Ethereum News Today: Latest Developments and Market Updates

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Ethereum News Today: Latest Developments and Market Updates

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As we delve into the world of cryptocurrency, Ethereum (ETH) stands out as one of the most innovative blockchain technologies in the market today. Ethereum has been making headlines, with its value and market cap steadily increasing over the years, making it a major player in the crypto space.

Ethereum has been the driving force behind the development of smart contracts and decentralized applications (dApps) that have revolutionized the way we conduct transactions. Ethereum's blockchain technology has also been the backbone of the creation of non-fungible tokens (NFTs), which has taken the art world by storm.

With Ethereum 2.0 upgrade, the blockchain is transitioning from a proof-of-work (PoW) to a proof-of-stake (PoS) consensus mechanism, which promises to be more energy-efficient and faster. This upgrade has been highly anticipated by the crypto community, and we can't wait to see how it will impact the market. Stay tuned for the latest Ethereum news, updates, and developments as we continue to explore this exciting technology.

Ethereum News Today

We have gathered the latest Ethereum news for you. Here are some of the most important developments in the world of Ethereum:

  • Ethereum Price Update: As of May 19, 2023, Ethereum is trading at $1,806.44, according to Forbes. This represents a 0.38% increase over the past 24 hours.

  • Crypto Market Sell-Off: Ethereum is not immune to the recent crypto market sell-off. On May 18, 2023, Ethereum dropped 7% amid wider crypto sell-off as traders assessed rate uncertainty, according to Business Insider.

  • Paul Tudor Jones on Bitcoin and Crypto: Legendary billionaire investor Paul Tudor Jones has recently expressed his concerns about the future of Bitcoin and crypto. In an interview with Forbes, he said that the 2022 crypto market crash that wiped away $2 trillion of value and plunged many major crypto companies into chaos, has galvanized U.S. regulators and lawmakers to take action.

  • Ethereum Price Prediction: According to MarketBeat, Ethereum is currently trading at $1,801.33, which represents a 1.30% decrease over the past 24 hours. The 1-hour range is $1,800.44 to $1,809.00, while the 24-hour range is $1,800.44 to $1,809.00. The 7-day range is $1,739.01 to $1,847.93.

  • Crypto Bulls Alert: According to ETHNews.com, crypto bulls are alert as Ethereum and altcoin teeter on the edge of a spectacular rally, hinging on ETH's price target.

That's it for our Ethereum news update. Stay tuned for more breaking news and updates on Ethereum and the crypto market.

Ethereum Price Update

As of today, May 19, 2023, the Ethereum price is $1,808.90 USD, according to CoinMarketCap. This represents a 0.78% decrease in the last 24 hours. The market cap of Ethereum stands at $217,573,557,112 USD, making it the second-largest cryptocurrency by market cap.

Recently, Ethereum has experienced a surge in price, almost doubling since falling to lows of around $15,000 per Ethereum late last year. This surge in price has been driven by a variety of factors, including increased adoption and usage of the Ethereum network, as well as increased interest from institutional investors.

Despite the recent price surge, it is important to note that the cryptocurrency market can be volatile, and prices can fluctuate rapidly. It is always important to do your own research and invest wisely.

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Overall, we are keeping a close eye on the Ethereum price and market cap, and will continue to provide updates as the situation develops.

Ethereum 2.0 Upgrade

As of May 19, 2023, Ethereum has undergone a major upgrade to Ethereum 2.0. This upgrade is designed to improve the scalability, security, and sustainability of the Ethereum network. In this section, we will discuss the Beacon Chain, which is a key component of the Ethereum 2.0 upgrade.

Beacon Chain

The Beacon Chain is the backbone of the Ethereum 2.0 upgrade. It is a proof-of-stake blockchain that is responsible for managing validators and organizing shards. Validators are responsible for proposing and attesting to blocks on the Ethereum network. Shards are smaller chains that are designed to increase the scalability of the Ethereum network.

The Beacon Chain introduces several new features to the Ethereum network, including:

  • Proof-of-Stake: The Beacon Chain uses a proof-of-stake consensus mechanism, which is more energy-efficient than the proof-of-work mechanism used by the current Ethereum network.
  • Sharding: The Beacon Chain introduces sharding, which allows for parallel processing of transactions and improves the scalability of the Ethereum network.
  • Validator Rewards: Validators are rewarded for participating in the network and helping to secure the Ethereum network.

The Beacon Chain is an important component of the Ethereum 2.0 upgrade. It is designed to improve the scalability, security, and sustainability of the Ethereum network. Validators play a critical role in the Beacon Chain, and they are rewarded for their participation in the network. With the introduction of sharding and proof-of-stake, Ethereum is poised to become a more efficient and scalable blockchain platform.

Decentralized Applications and Smart Contracts

Dapps

Decentralized Applications (Dapps) are digital applications that run on a blockchain network. These applications are designed to be decentralized, meaning that they do not rely on a central authority to function. Instead, they are built on a distributed network of computers that work together to maintain the application.

Dapps are built using smart contracts, which are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code. Smart contracts enable Dapps to operate autonomously, without the need for intermediaries.

One of the main advantages of Dapps is that they are highly secure and transparent. Since they are built on a blockchain network, all transactions are recorded on the blockchain and can be accessed by anyone. This makes it difficult for anyone to tamper with the data or manipulate the system.

Dapps can be used for a wide range of applications, from finance and gaming to social media and healthcare. Some of the most popular Dapps include:

  • CryptoKitties: a game where users can buy, sell, and breed virtual cats using cryptocurrency.
  • Augur: a prediction market platform where users can bet on the outcome of events.
  • Golem: a decentralized computing network that allows users to rent out their computer processing power.

Overall, Dapps are an exciting development in the world of blockchain technology. They offer a range of benefits, from increased security and transparency to greater autonomy and decentralization. As the technology continues to evolve, we can expect to see even more innovative Dapps being developed in the years to come.

Ethereum Transactions and Fees

When it comes to Ethereum transactions, there are a few things that we need to keep in mind. Ethereum transactions are essentially messages that are sent from one account to another. These messages can contain different types of information, such as the amount of Ether being transferred, the recipient's address, and other data.

The Ethereum network processes these transactions in a decentralized manner, which means that there is no central authority controlling the network. Instead, the network is maintained by a group of nodes that work together to validate and process transactions.

One thing that we need to keep in mind is that Ethereum transactions require a fee to be paid. These fees are known as "gas" and are paid by the participants in Ethereum transactions. The fees associated with Ethereum transactions are typically much lower than those associated with Bitcoin transactions. However, the fees can still vary depending on the network's congestion and the complexity of the transaction.

To get a better understanding of the fees associated with Ethereum transactions, let's take a look at some recent data. According to CryptoQuant, the average fee per transaction on the Ethereum network was around $20 on May 8th, 2023. However, this can vary significantly depending on the network's congestion and other factors.

To ensure that your Ethereum transactions are processed quickly, it's important to pay attention to the current gas prices and adjust your fees accordingly. You can use various tools and services to monitor gas prices and optimize your fees.

In conclusion, Ethereum transactions are an essential part of the Ethereum network, and fees are an important aspect to consider. By understanding how transactions and fees work, we can make informed decisions and ensure that our transactions are processed quickly and efficiently.

Ethereum Security and Updates

Ensuring the security of the Ethereum network is our top priority. We are constantly working to improve the security of the network and protect our users from potential threats. Here are some of the updates we have implemented recently:

  • Shanghai Upgrade: The Shanghai hard fork, also known as "Shapella," has been completed, bringing a new era of staking withdrawals for users who have locked up their Ether. This upgrade has also brought significant improvements to the network's security and stability.

  • Account Abstraction: We are currently working on implementing account abstraction, which will allow users to interact with smart contracts without having to own Ether. This update will make the network more accessible and user-friendly, while also increasing security.

  • Amazon Hardware Security Modules: A new wallet has been developed that uses Amazon hardware security modules to eliminate seed words. This will provide an additional layer of security for users' funds.

In addition to these updates, we are constantly monitoring the network for potential security threats and taking proactive measures to mitigate them. We encourage our users to take steps to protect their own security as well, such as using strong passwords and enabling two-factor authentication.

We believe that these updates and our ongoing commitment to security will help to ensure the long-term success of the Ethereum network.

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Ethereum and Blockchain Technology

As we all know, Ethereum is a decentralized, open-source blockchain platform that enables developers to build decentralized applications (dApps) and smart contracts. Ethereum is powered by its native cryptocurrency, Ether (ETH), which is used to facilitate transactions and pay for computational services on the network.

The Ethereum blockchain is built on the principles of decentralization, transparency, and security. It is designed to be a global, peer-to-peer network that enables anyone to build and deploy decentralized applications without the need for intermediaries or centralized authorities.

One of the key features of Ethereum is its support for smart contracts. Smart contracts are self-executing contracts that automatically enforce the terms of an agreement between two or more parties. They are written in code and run on the Ethereum blockchain, which ensures that they are tamper-proof and transparent.

Ethereum also supports the development of decentralized autonomous organizations (DAOs), which are organizations that are run by computer code and operate without the need for a central authority.

The Ethereum blockchain is also a key component of the Web3 ecosystem, which is a decentralized web that is built on top of blockchain technology. Web3 enables developers to build decentralized applications that are more secure, transparent, and efficient than traditional web applications.

In addition to its support for smart contracts and decentralized applications, the Ethereum blockchain also supports opcodes, which are instructions that are executed by the Ethereum Virtual Machine (EVM). Opcodes enable developers to write complex smart contracts and dApps that can interact with the Ethereum blockchain in a variety of ways.

Overall, Ethereum and blockchain technology are revolutionizing the way we think about trust, security, and decentralization. As the world becomes more decentralized, we believe that Ethereum will continue to play a key role in shaping the future of blockchain technology.

Cryptocurrency and ICO News

As we keep an eye on the Ethereum market, it's important to also stay up-to-date with the latest cryptocurrency and ICO news. Here are some highlights:

  • Bitcoin, the most well-known cryptocurrency, has seen a steady rise in value over the past few months. As of today, it is valued at over $40,000 per coin.
  • In the ICO world, there has been a recent trend towards launching on multiple blockchains. This allows for greater flexibility and reach for investors.
  • There has also been increased scrutiny from regulatory bodies towards ICOs. It's important for investors to do their due diligence and research any ICO before investing.
  • The rise of NFTs (non-fungible tokens) has been a major topic in the cryptocurrency world. These unique digital assets have been selling for millions of dollars, and have even caught the attention of mainstream media.
  • The environmental impact of cryptocurrency mining has also been a hot topic. Many cryptocurrencies, including Ethereum, are working towards more sustainable mining practices.

Overall, it's important to stay informed about the broader cryptocurrency and ICO landscape in order to make informed decisions about Ethereum and other investments.

Ethereum Staking and Collateral

We believe that Ethereum staking and collateral are two of the most important concepts that any investor or trader should be familiar with. In this section, we will explain what these terms mean and why they are relevant to the Ethereum ecosystem.

Staking

Staking refers to the process of locking up a certain amount of Ethereum (ETH) in order to participate in the network's consensus mechanism. Under Proof of Stake (PoS), validators, also known as stakers, are responsible for validating transactions and creating new blocks on the blockchain. In exchange for their work, they receive rewards in the form of newly minted ETH.

The benefits of staking are clear: it provides a way for investors to earn passive income on their holdings, and it also helps to secure the network by incentivizing validators to act in the best interests of the system. However, staking also carries some risks. For example, stakers may be penalized if they fail to validate transactions correctly or if they act in a way that is harmful to the network.

Collateral

Collateral refers to the amount of ETH that stakers must lock up in order to participate in the network. The collateral serves as a guarantee that validators will act in the best interests of the system, as they stand to lose their stake if they act maliciously.

The amount of collateral required to become a validator varies depending on the network and the current market conditions. In some cases, the collateral may be as low as a few hundred dollars, while in other cases it may be tens of thousands of dollars or more.

Overall, we believe that staking and collateral are two key concepts that anyone interested in Ethereum should be familiar with. While staking provides a way to earn passive income on your holdings, it also carries risks, and collateral serves as a guarantee that validators will act in the best interests of the network.

Non-Fungible Tokens and Ethereum

Non-Fungible Tokens, or NFTs, have become a hot topic in the world of cryptocurrency and blockchain technology. These unique digital assets are indivisible and cannot be exchanged for another asset of the same type. Instead, they can only be transferred in exchange for some sort of money, typically in the form of cryptocurrencies like Ethereum.

NFTs have gained popularity in recent years due to their ability to provide proof of ownership and scarcity for digital assets. This has led to a surge in the creation and sale of NFTs, with some selling for millions of dollars.

Ethereum is a popular blockchain platform that has become a hub for NFT creation and trading. The platform's smart contract capabilities allow for the creation of unique NFTs that can be easily traded and tracked on the blockchain.

NFT

NFTs can represent a wide range of digital assets, including artwork, music, videos, and even tweets. They are created using smart contracts on the Ethereum blockchain, which allows for the creation of unique, one-of-a-kind assets.

One of the key benefits of NFTs is their ability to provide proof of ownership and authenticity for digital assets. This is particularly important for digital art and other forms of media, as it allows creators to monetize their work and ensure that they receive credit and compensation for their efforts.

NFTs have also become popular among collectors and investors, who see them as a valuable asset class with the potential for significant returns. However, it's important to note that the value of NFTs can be highly volatile and is subject to market fluctuations.

Overall, NFTs have emerged as a powerful tool for creators and investors alike, providing a new way to monetize and trade digital assets. As Ethereum continues to evolve and improve its capabilities, we can expect to see even more innovation in the world of NFTs and blockchain technology.

Ethereum and AI

We believe that Ethereum and AI are two technologies that have the potential to revolutionize the world in the coming years. Ethereum's decentralized, programmable blockchain and smart contract capabilities could enable the creation of new AI-powered applications that are more transparent, secure, and efficient than existing solutions.

One of the most promising areas where Ethereum and AI could converge is in the development of decentralized autonomous organizations (DAOs). These are organizations that are governed by smart contracts and run on a blockchain, allowing for transparent and democratic decision-making processes. AI could be used to help automate some of the decision-making processes within these DAOs, making them more efficient and effective.

Another area where Ethereum and AI could work together is in the development of decentralized marketplaces for AI services. These marketplaces could allow developers to buy and sell AI algorithms and models on a blockchain, making it easier for them to access the latest and most advanced AI technologies.

We also believe that Ethereum's ability to support decentralized applications (dApps) could be a game-changer for the AI industry. Developers could use Ethereum's platform to create AI-powered dApps that are more transparent, secure, and private than existing solutions. For example, an AI-powered healthcare dApp could use Ethereum's platform to securely store patient data and run AI algorithms to diagnose illnesses and recommend treatments.

In conclusion, we believe that Ethereum and AI have the potential to transform many industries and create new opportunities for innovation and growth. As these technologies continue to evolve and mature, we are excited to see what new possibilities they will unlock.

Ethereum and Bitcoin

When it comes to cryptocurrencies, Ethereum and Bitcoin are two of the most well-known and widely used. While both are decentralized digital currencies, they have some key differences in terms of their design and functionality.

One of the main differences between Ethereum and Bitcoin is their purpose. Bitcoin was created as a peer-to-peer payment system, while Ethereum was designed as a platform for building decentralized applications (dapps) and smart contracts.

Another difference is their mining algorithms. Bitcoin uses the SHA-256 algorithm, while Ethereum uses Ethash. This means that mining Ethereum is more memory-intensive than mining Bitcoin, and requires more powerful hardware.

Despite these differences, Ethereum and Bitcoin have some similarities. For example, both are based on blockchain technology, which allows for secure, transparent, and decentralized transactions.

In terms of market capitalization, Bitcoin is still the largest cryptocurrency by far, with a market cap of over $1 trillion. Ethereum, on the other hand, has a market cap of around $350 billion. However, Ethereum has been gaining ground in recent years, thanks in part to its popularity among developers and its ability to support a wide range of dapps and tokens.

Overall, while Ethereum and Bitcoin have some similarities and differences, they both have a bright future in the world of cryptocurrencies. As more people become interested in decentralized finance and other blockchain-based applications, we can expect both of these digital currencies to continue to grow and evolve.

EY and Ethereum

At EY, we have been actively involved in the Ethereum ecosystem for several years. We believe that blockchain technology has the potential to transform multiple industries, and Ethereum is one of the most promising blockchain platforms out there. Here are some of the ways we have been working with Ethereum:

Enterprise Ethereum Alliance Board Membership

We are proud to be a member of the Enterprise Ethereum Alliance (EEA) board, which is a consortium of companies working to advance Ethereum and blockchain technology. We believe that collaboration is key to driving innovation in this space, and our participation in the EEA allows us to work alongside other leading companies to achieve this goal.

EY Blockchain Solutions

We have developed several blockchain solutions using Ethereum, including EY OpsChain and EY Blockchain Analyzer. EY OpsChain is a suite of blockchain-based solutions designed to help enterprises improve their supply chain management, finance, and other business processes. EY Blockchain Analyzer, on the other hand, is a tool that helps auditors analyze transactions on the Ethereum blockchain.

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Carbon Accounting on Ethereum

We have also built an Ethereum-based system to help companies manage their carbon footprints and meet their environmental goals. The system allows companies to track their emissions and carbon credits using blockchain technology, which provides a transparent and secure way to manage this data.

Zero-Knowledge Proofs

We have contributed a zero-knowledge proof layer 2 protocol into the public domain to help address increasing transaction costs on the Ethereum blockchain. The project, known as Nightfall 3, combines zero-knowledge proofs (ZK or ZKP) with a new model for handling transaction verification to increase efficiency and reduce transaction costs known as an optimistic rollup.

Overall, we believe that Ethereum has the potential to transform multiple industries, and we are committed to working with this platform to drive innovation and create value for our clients.

Centralized Exchanges and Ethereum

When it comes to Ethereum and centralized exchanges, there are a few things that we need to keep in mind. Centralized exchanges are platforms that are owned and operated by a single entity, which means that they have control over the funds that are deposited on their platform. This is different from decentralized exchanges, which are run by a network of users and do not have a central authority.

One of the main concerns when it comes to centralized exchanges is the risk of hacks and security breaches. If a centralized exchange is hacked, the funds that are stored on the platform can be stolen, which can lead to significant losses for users. This is why it is important to choose a reputable centralized exchange that has a strong track record when it comes to security.

Another concern when it comes to centralized exchanges and Ethereum is the impact that these platforms can have on the price of ETH. When users deposit ETH onto a centralized exchange, this can lead to an increase in the supply of ETH on the market. If there is not enough demand to absorb this increase in supply, this can lead to a decrease in the price of ETH.

Despite these concerns, centralized exchanges can also provide a number of benefits for users who are looking to trade Ethereum. These platforms often offer a wide range of trading pairs, which can make it easier to buy and sell ETH. They also typically offer more advanced trading features, such as margin trading and stop-loss orders, which can be useful for more experienced traders.

Overall, when it comes to Ethereum and centralized exchanges, it is important to weigh the pros and cons of these platforms carefully. While they can provide a number of benefits, they also come with risks that should not be ignored. As always, it is important to do your own research and choose a platform that meets your individual needs and preferences.

Tim Moseley

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Strong decline in gold as economic data moves the Feds policy more hawkish

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Strong decline in gold as economic data moves the Feds policy more hawkish

A virtual pivot of market sentiment in gold as the precious yellow metal has a deep price decline this week. On Tuesday, May 16 gold futures basis the most active June contract opened at approximately $2020 per ounce. Today gold futures traded to a low of $1954.40. The nearly $70 drop resulting from selling pressure on Tuesday and today is significant in that it has created strong chart damage revealing a shift from bullish to bearish sentiment. Yesterday gold futures traded and closed below the 50-day simple moving average. A strong technical indicator reveals that the short-term bullish momentum in gold has waned and could signal more downside pressure in the price of gold.

This recent pivot results from comments by Federal Reserve officials indicating a more hawkish monetary policy than previously believed or anticipated. Yesterday Austen Goolsbee President of the Federal Reserve Bank of Chicago said it was, “far too premature to be talking about rate cuts”. Other Fed officials came out in favor of a more hawkish monetary policy such as Loretta Mester, President of the Cleveland federal bank who said, “rates were not yet at a point where it could hold steady.”

Recent economic data reveals a robust economy in the United States that is continuing to recover from the pandemic recession. Proof of that began last week when the new U.S Jobless claims came in well under expectations along with the Philadelphia Fed Manufacturing index in the US which fell from -23.2 points in March to 031.3 points in April. This is the lowest number since May 2020. It also marks eight consecutive negative readings coming in well below expectations that predicted -19.2.

Statements by Federal Reserve officials combined with recent solid economic data have dramatically influenced the probability of what the Federal Reserve will announce at the next FOMC meeting which will begin on June 24. Currently, the benchmark rate of the Federal Reserve is between 5 and 5 ¼%. The probability that the Federal Reserve will pause rate hikes next month has dramatically decreased from 89.3% one week ago, and 58.6% today. The probability that the Federal Reserve may even raise rates by ¼% has risen from 10.7% last week to 41.4% today.

These factors were highly supportive of the dollar with the dollar gaining just shy of 3% since May 4. On May 4 the dollar index traded to a low of 100.50 and is currently fixed at 103.42 after trading to an intraday high today of 103.65. Because gold is paired against the dollar there is a negative correlation which means that dollar strength by definition will take gold prices lower. As of 5:37 PM EDT Gold futures basis the most active June contract is currently fixed at $1960.30 After factoring in today’s decline of $24.60 Or 1.23%%.

By

Gary Wagner

Contributing to kitco.com

Time to Buy Gold and Silver

Tim Moseley

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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

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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.

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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

 

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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.

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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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