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How to Embrace Optimism: A Guide to More Happiness and Success

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How to Embrace Optimism: A Guide to More Happiness and Success

Embracing optimism can be a powerful tool for increasing happiness and success in life. Optimism is the tendency to look for and expect positive outcomes, even in the face of adversity. It involves having a positive outlook on life, believing in one's abilities, and focusing on the good rather than the bad.

People who embrace optimism tend to have better mental health, higher levels of well-being, and greater motivation when pursuing their goals. Optimism can also help individuals develop resilience, which is the ability to bounce back from setbacks and challenges. By focusing on the positive aspects of a situation, individuals can reframe their thinking and find solutions to problems that may have seemed insurmountable.

Understanding Optimism

Optimism is the belief that good things will happen in the future. It is a positive outlook on life that can help individuals overcome challenges and achieve their goals. Optimists tend to view setbacks as temporary and specific, while pessimists view them as permanent and pervasive. This difference in thinking can have a significant impact on an individual's mental health, relationships, and overall well-being.

An optimist is someone who has a positive outlook on life. They tend to focus on the good in situations and believe that things will work out in the end. Optimists are more likely to take risks, try new things, and persevere through difficult times. They also tend to have better physical health, lower levels of stress, and stronger social support networks.

One of the key components of optimism is explanatory style. Explanatory style refers to the way individuals explain the causes of events in their lives. Optimists tend to explain positive events as permanent, pervasive, and personal, while negative events are explained as temporary, specific, and external. Pessimists, on the other hand, tend to explain positive events as temporary, specific, and external, while negative events are explained as permanent, pervasive, and personal.

Understanding optimism can help individuals cultivate a more positive outlook on life. By focusing on the good in situations and adopting an optimistic explanatory style, individuals can improve their mental health, relationships, and overall well-being. It is important to note that optimism does not mean ignoring problems or challenges. Instead, it means approaching them with a positive attitude and a belief that things will work out in the end.

The Science Behind Optimism

Optimism is a positive mental attitude that involves looking at the world in a positive light and expecting good things to happen. While some people are naturally optimistic, others can learn to be more optimistic by practicing certain techniques.

Studies on Optimism

Studies have found that optimism is associated with a range of positive outcomes, including better mental health, higher levels of well-being, and even longer life. For example, a study published in the journal PNAS in 2019 found that people who rated themselves as having high optimism were more likely to live to age 85 or older compared with less optimistic individuals.

Another study published in the Journal of Positive Psychology found that people who practiced optimism techniques reported lower levels of depression and higher levels of life satisfaction. The study also found that these effects were maintained over time.

Reported Benefits of Optimism

Optimism has been linked to a range of reported benefits, including better mental health, higher levels of well-being, and improved motivation. For example, optimists tend to report higher levels of well-being than pessimists, and teaching learned optimism techniques can significantly reduce depression.

Optimism also appears to fuel our efforts in achieving personal goals, and improves the overall quality of our experiences while doing so, by increasing happiness and reducing stress. Less stress also reduces the likelihood of mental distress, a common side effect of striving.

Overall, the science of positive psychology has shown that optimism is an important aspect of well-being and success. By practicing optimism techniques and cultivating a positive mindset, individuals can improve their mental health, achieve their goals, and enjoy a happier and more fulfilling life.

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Optimism and Mental Health

Optimism is a powerful tool that can have a significant impact on mental health. It can help individuals feel happier, manage stress better, and improve emotional health. Here are some ways in which optimism can positively influence mental health:

Optimism and Happiness

Optimistic individuals tend to have a more positive outlook on life, which can lead to increased happiness. Studies have shown that people who practice optimism regularly report higher levels of well-being than those who do not. Optimism can help individuals cultivate a sense of hope and positivity, which can lead to a more fulfilling life.

Optimism and Stress Management

Stress is a common issue that can negatively impact mental health. However, individuals who practice optimism tend to manage stress better than those who do not. Optimism can help individuals approach stressful situations with a more positive mindset, which can lead to better outcomes. Additionally, optimistic individuals tend to have a better sense of control over their lives, which can help reduce stress levels.

Optimism and Emotional Health

Emotional health is an important aspect of mental health. Optimism can help individuals develop a more positive self-image, which can lead to improved emotional health. Optimistic individuals tend to have higher levels of self-esteem and confidence, which can help them navigate difficult situations with more ease. Additionally, optimism can help individuals develop better coping mechanisms, which can help them deal with negative emotions in a healthier way.

In conclusion, optimism can have a significant impact on mental health. It can help individuals feel happier, manage stress better, and improve emotional health. By cultivating a more positive mindset, individuals can improve their overall well-being and lead a more fulfilling life.

Optimism and Success

Optimism is crucial to achieving success in life. A positive outlook can help individuals overcome obstacles, stay motivated, and maintain a sense of purpose. This section will explore the relationship between optimism and success, including how it affects personal goals and performance.

Optimism and Personal Goals

When individuals are optimistic, they are more likely to set ambitious personal goals and work towards achieving them. Optimists tend to focus on their strengths and abilities, rather than their weaknesses and limitations. This positive mindset can help individuals stay motivated and persevere through challenges.

Furthermore, optimists tend to view setbacks as temporary and specific, rather than permanent and pervasive. This means that when they encounter obstacles, they are more likely to view them as opportunities for growth and learning. They are less likely to give up on their goals and more likely to try new approaches to achieve them.

Optimism and Performance

Optimism can also have a significant impact on an individual's performance. When individuals are optimistic, they tend to approach tasks with a can-do attitude and a sense of confidence. This positive mindset can help individuals perform better, be more creative, and take more risks.

Moreover, optimists tend to be more resilient in the face of failure. They are less likely to become discouraged or give up when things don't go as planned. Instead, they view setbacks as learning opportunities and use them to improve their performance.

In conclusion, optimism is a critical factor in achieving success in life. It can help individuals set ambitious personal goals, maintain motivation, and overcome obstacles. Additionally, it can improve an individual's performance by increasing confidence, creativity, and resilience.

Building Optimism in Life

To embrace optimism in life, one needs to cultivate a positive mindset. This can be done in several ways, including practicing gratitude, facing challenges with an optimistic view, and building confidence through optimism.

Practicing Gratitude

Practicing gratitude is a powerful way to cultivate a positive mindset and build optimism in life. By focusing on the good things in life, one can shift their focus from negative thoughts to positive ones. This can help to reduce stress and anxiety and improve overall well-being.

One way to practice gratitude is to keep a gratitude journal. This involves writing down three things that you are grateful for each day. These can be simple things like a beautiful sunset or a kind gesture from a friend. By focusing on the positive, you can train your mind to see the good in every situation.

Facing Challenges with an Optimistic View

Another way to build optimism in life is to face challenges with an optimistic view. This involves reframing negative thoughts and beliefs into positive ones. For example, instead of thinking, "I can't do this," try thinking, "I can do this if I try my best."

By adopting an optimistic view, one can approach challenges with a growth mindset. This means seeing failures and setbacks as opportunities for learning and growth. This can help to build resilience and improve problem-solving skills.

Building Confidence Through Optimism

Finally, building confidence through optimism is another way to cultivate a positive mindset. By believing in oneself and one's abilities, one can approach life with a sense of purpose and direction.

One way to build confidence through optimism is to focus on past successes and achievements. By reminding oneself of past accomplishments, one can build a sense of self-efficacy and belief in one's abilities. This can help to overcome self-doubt and build confidence in the face of new challenges.

In conclusion, building optimism in life is a powerful way to improve happiness and success. By practicing gratitude, facing challenges with an optimistic view, and building confidence through optimism, one can cultivate a positive mindset and approach life with a sense of purpose and direction.

Optimism and Relationships

Optimism can have a significant impact on relationships. People who are optimistic tend to have more positive and fulfilling relationships than those who are pessimistic. They are more likely to see the good in their partner and focus on their strengths rather than their weaknesses.

Optimistic individuals are also more likely to forgive and forget. They don't hold grudges and are willing to let go of past mistakes. This helps to build trust and strengthen relationships over time.

On the other hand, pessimistic individuals tend to be more critical and judgmental of their partner. They are more likely to focus on their partner's flaws and mistakes, which can lead to resentment and conflict. This negative outlook can damage relationships and make it difficult to build trust and intimacy.

It's important to note that being optimistic in a relationship doesn't mean that everything is perfect all the time. Every relationship has its ups and downs, and it's normal to experience challenges and conflicts. However, optimistic individuals are better equipped to handle these challenges and find solutions that work for both partners.

One key factor in building optimistic relationships is communication. Optimistic individuals are more likely to communicate openly and honestly with their partner. They are willing to express their feelings and needs and listen to their partner's perspective. This helps to build trust and understanding, which is essential for a healthy relationship.

In summary, optimism plays a crucial role in building positive and fulfilling relationships. Optimistic individuals are more likely to see the good in their partner, forgive and forget, and communicate openly and honestly. By embracing optimism in their relationships, individuals can build stronger and more satisfying connections with their partner.

Conclusion

In conclusion, embracing optimism in life can bring numerous benefits to an individual's mental and physical health. By focusing on the positive aspects of life and taking control of one's thoughts, individuals can achieve a sense of control and stability in their lives.

Research has shown that optimism can lead to better mental health, higher levels of well-being, and reduced levels of stress and depression. By adopting an optimistic mindset, individuals can also maintain motivation when pursuing their goals, leading to greater success and happiness.

It is important to note that embracing optimism does not mean ignoring the challenges and obstacles that come with life. Instead, it means reframing negative situations in a positive light and focusing on solutions rather than problems.

Overall, incorporating optimism into daily life can lead to a more fulfilling and satisfying life. By taking control of one's thoughts and focusing on the positive aspects of life, individuals can achieve greater happiness and success.

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Tim Moseley

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t’s a ‘tug of war’ for gold price next week as attention turns to inflation report ahead of July Fed rate decision – analysts

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t's a 'tug of war' for gold price next week as attention turns to inflation report ahead of July Fed rate decision – analysts

Despite more than a $20 gain Friday, the gold market is yet to prove that its bearish downtrend is over, according to analysts, who are carefully monitoring next week's June inflation report as a potential trigger.

The gold market rebounded Friday on weaker-than-expected employment data from June, with the U.S. economy adding 209,000 new positions versus the expected 225,000. This marked the weakest gain since December 2020.

At the time of writing, August Comex gold futures were trading at $1,935.50, up 1.05% on the day, after trading at $1,915.4 earlier in the session.

Slowing employment growth is good news for gold as it could remove the need to hike twice this year — a promise made by Federal Reserve Chair Jerome Powell multiple times in June.

But last month's employment slowdown was not steep enough to prevent the Fed from hiking in July, which means that gold price gains could be limited in the short term.

"Although slowing employment growth will be welcomed by Fed officials – particularly following the alarming (and seemingly misleading) surge in the ADP measure reported yesterday," Capital Economics deputy chief U.S. economist Andrew Hunter. "It is unlikely to stop the Fed from hiking rates again later this month, particularly when the downward trend in wage growth appears to be stalling."

With just over two weeks remaining until the Fed meeting on July 25-26, the latest inflation numbers from June, scheduled to be released Wednesday, will be carefully monitored by markets.

The macroeconomics outlook is one of the biggest headwinds for gold in the short term, said Forex.com's senior technical strategist Michael Boutros.

"Markets are pricing a 92% chance of a rate hike in July," Boutros told Kitco News. "But only one rate hike is expected while the Fed telegraphs two. If that shifts, it may limit the upside for gold."

The U.S. dollar took a hit Friday, supporting gold prices at the end of the week, with the U.S. dollar index last at 102.27, down 0.87% on the day.

"It is going to be a tug of war for gold. Don't see a big downdraft," Boutros said.

The long-term outlook for gold is bullish as the labor market will weaken, ushering in a much weaker economy, OANDA senior market analyst Edward Moya told Kitco News.

"Eventually, it will turn bullish for gold. But with more rate hikes being priced in, it is difficult for gold right now," Moya said. "Next week's inflation report could be rather soft. Trading could be very choppy next week."

Gold price levels to watch

From a technical perspective, Boutros pointed out that gold can only break its bearish trend when it rises above $1,943 and $1,965 price levels.

The $1,903-10 range has been a rock-solid critical support zone. That level held on a close basis," he said. "The broader trend from April-May highs is still intact. But gold is not out of the woods until it gets a daily close above $1,943 and $1,965. Then, a broader uptrend can take root."

If gold sees a move lower, Boutros warned to keep an eye on $1,891. If that breaks, the gold market could see a major move down to $1,830, which would be just the initial support level, he added.

 

Data next week

Monday: Fed Vice Chair for Supervision Barr Speaks

Wednesday: U.S. CPI, Bank of Canada rate decision

Thursday: U.S. PPI, U.S. jobless claims

Friday: Michigan consumer expectations

By

Anna Golubova

For Kitco News

Time to Buy Gold and silver

Tim Moseley

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How to Boost Traffic to Your Website for Free

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How to Boost Traffic to Your Website for Free

Boosting traffic to your website can be a challenging task, but there are several effective strategies you can employ to increase your website's visibility and attract more visitors without spending money. Here are some ways to boost traffic to your website for free:

  1. Optimize Your Website for Search Engines (SEO):

    • Conduct keyword research to identify relevant keywords for your content.
    • Include those keywords naturally in your website's titles, headings, and content.
    • Write high-quality, informative content that adds value to your visitors.
    • Optimize meta tags, descriptions, and alt tags for your images.
    • Improve website loading speed and ensure it is mobile-friendly.

  2. Create Engaging Content:

    • Publish regular blog posts, articles, or videos that are interesting and useful to your target audience.
    • Focus on quality and uniqueness to attract and engage readers.
    • Use visuals like images, infographics, or videos to enhance your content.
    • Encourage social sharing by incorporating social sharing buttons.

  3. Leverage Social Media:

    • Establish a strong presence on popular social media platforms like Facebook, Twitter, LinkedIn, Instagram, or Pinterest.
    • Share your website content, engage with your audience, and participate in relevant communities or groups.
    • Utilize hashtags and keywords to make your content more discoverable.
    • Collaborate with influencers or other relevant websites to extend your reach.

  4. Utilize Email Marketing:

    • Build an email list of interested subscribers by offering valuable content, incentives, or newsletters.
    • Send regular updates, promotions, or exclusive content to your subscribers.
    • Personalize your emails and make them engaging to encourage click-throughs to your website.

  5. Utilize Online Directories and Listings:

    • Submit your website to online directories and listings related to your industry or niche.
    • Ensure your website is listed accurately in local directories like Google My Business, Yelp, or Yellow Pages.
    • Include your website link in your social media profiles, forum signatures, and online profiles.

  6. Participate in Online Communities and Forums:

    • Find relevant online communities and forums related to your industry.
    • Participate in discussions, provide helpful answers, and share your expertise.
    • Include your website link in your forum signature or when it's relevant to the discussion.

  7. Guest Blogging and Cross-Promotion:

    • Contribute guest posts to reputable websites or blogs in your niche.
    • Include a bio or author section with a link back to your website.
    • Collaborate with other website owners for cross-promotion, where you both promote each other's content or websites.

  8. Optimize for Local Search:

    • If you have a local business, optimize your website for local search.
    • Include your location and relevant keywords in your content, meta tags, and descriptions.
    • Register your business on Google My Business and other local directories.

  9. Monitor Website Analytics:

    • Use tools like Google Analytics to track your website's performance.
    • Analyze visitor behavior, popular content, and traffic sources.
    • Adjust your strategies based on the data to improve your website's performance.

Remember, boosting website traffic takes time and consistent effort. Implement these strategies, be patient, and keep refining your approach based on the results you observe.

Tim Moseley

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GoldSilver – New breakout levels in Gold and Silver with your buy level in Platinum

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Gold/Silver – New breakout levels in Gold and Silver with your buy level in Platinum

Precious Metals had a volatile week led by a fury of economic data that the Federal Reserve is closely monitoring. The upward surprise in the ADP figure on Thursday was enough to take Platinum, Palladium, and down 1.5-2%, pushing Platinum below the psychological $900 mark. Following the data release, the ISM Services number came in at 53.9 versus the expectation of 51.3 driving the odds of a July interest rate hike up to 93.6%. The sell-off in the market was not limited to Precious Metals but broadened, with the S&P and Dow having the largest one-day sell-off since May. A reversal of fortune occurred on Friday, with seemingly opposite data showing 209k jobs created versus the expectation of 230,000, leaving the Federal Reserve scratching their heads. Will the Fed raise one more time or two? Either way, a Fed pivot is near, and the bottom in Gold is closer.

Daily Gold Chart


 

After four straight weeks of losses, we have the first signs of "exhaustive selling," indicating the potential for "bottoming action" in Precious Metals. Gold briefly tested the 200 DMA at $1904, where bargain hunters are beginning to emerge. The critical level we will watch next week will be $1943, where Gold futures failed on July 5th. Any close above could trigger a short covering rally to $1985. You will want to watch the psychological $2000 level and ultimately $2008 as your breakout level. Any close over $2008 should trigger a wave of buying up to all-time highs and eventually extend to our long-term target of $2500/oz. We anticipate that the Fed's reckless acceleration in interest rates will ultimately catch up with them, leading to a reversal in policy once a contraction in U.S. GDP occurs in Q1 2024 while an acceleration in the Euro Zone and China pressure the U.S. Dollar and Interest Rates.

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

Daily Silver Chart


 

Silver futures traded on either side of the 200 DMA for most of the week near $23, where new speculators are entering the market looking for a higher beta asset class to participate in once Gold breaks out. While a price setback would be temporary, our long-term thesis remains that tightness in the physical markets, a decline in mining supply, and solar and E.V. demand should offset any potential for prices to decline further. The new breakout level in Silver is $23.53, where traders will begin to cover shorts frantically. Our thesis remains that over the next 18-24 months, we expect Copper to make new all-time highs and Silver to break $35/oz.

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

By

Phillip Streible

Contributing to kitco.com

Time to Buy Gold and silver

Tim Moseley

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The market was expecting delays’ – Fastmarkets’ William Adams on China’s critical metals turnaround

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The market was expecting delays' – Fastmarkets' William Adams on China's critical metals turnaround

China surprised the critical minerals industry by ramping up nickel production from Indonesia in a short period of time, noted William Adams, head of battery research at Fastmarkets.

On June 22, 2023, Adams spoke to Kitco at the 15th Lithium Supply and Battery Raw Materials 2023 in Henderson, Nevada.

Nickel prices are off nearly 30% year to date. Adams said nickel prices have been declining partly because of constrained electric vehicle sales in Europe. The continent's EV manufacturers prefer batteries with a higher nickel content. Indonesia has also been a supply surprise.

"We've seen a significant increase in supply from Indonesia," noted Adams, who said the Chinese started to partner with nickel miners in the country last decade. "They've brought on new nickel supply…in quite a surprisingly fast time.

"The market expected there would be delays, but even with COVID…they've still managed to push forward and get that new supply on the market."

Adam was asked to identify an under-covered metal in the critical minerals space.

"I think it's graphite," said Adams. "So much graphite is processed and produced in China. That's going to cause an issue. We're going to need to see much more diversification of supply within graphite."

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Why direct lithium extraction is the critical mineral sector's needed technology

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Michael McCrae

For Kitco News

Time to Buy Gold and silver

Tim Moseley

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Multichain MPC bridge sees 100M outflows sparking fears of exploit

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Multichain MPC bridge sees $100M+ outflows, sparking fears of exploit

 Jul 7, 2023

 

Abnormally large outflows from the Multichain MPC bridge platform are sparking fears of a multi-million dollar exploit.

On July 6, observers noticed that approximately $102 million worth of crypto has been withdrawn from Multichain’s Fantom bridge on the Ethereum side, as well as $666,000 from Dogechain and $5 million from Moonriver.

Multichain likely hacked. Exit all multichain assets. Good idea to revoke approvals to multichain bridge if you had any

— Curve Finance (@CurveFinance) July 6, 2023

On July 6, 7,214 Wrapped Ether (WETH) tokens (worth $13.6 million), 1,024 Wrapped Bitcoin (WBTC) (worth $31 million) and $58 million worth of US Dollar Coin (USDC) were withdrawn from the Fantom bridge’s Ethereum smart contract, with a total of approximately $102 million in cryptocurrency withdrawn.

July 6 withdrawals from the Multichain Fantom Bridge contract on Ethereum. Source: Blockchain data

In addition, the Dogechain bridge’s Ethereum contract saw a withdrawal of $666,000, which represented more than 86% of its total deposits, leaving only around $100,000 worth of assets remaining in the bridge. $5,872,661 worth of USDC and Tether (USDT) were withdrawn from the Multichain Moonriver bridge contracts on Ethereum, leaving only around $700,000 remaining on it.

Ledger Nano X - The secure hardware wallet

Several on-chain sleuths took to Twitter to label the event as a possible exploit. Blockchain security firm Peckshield tagged the Multichain team in a post showing the Fantom bridge transactions, saying “You may want to take a look.”

Hi @MultichainOrg you may want to take a look: https://t.co/D4GKGpuBtw pic.twitter.com/3qURqGmes8

— PeckShield Inc. (@peckshield) July 6, 2023

This led one commenter to remark that it looks like “another massive hack.” On-chain investigator Spreek posted the Dogechain transactions with the comment “dogechain multichain drained.”

Cointelegraph could not confirm by the time of publication whether the contracts were “drained” or whether a large amount of funds were simply withdrawn by users.

Cointelegraph reached out to the Multichain team on their Discord channel, but did not get a response by the time of publication. 

In a later tweet, Multichain told its Twitter followers that the movements were abnormal and the team “is not sure what happened and is currently investigating.”

The lockup assets on the Multichain MPC address have been moved to an unknown address abnormally. The team is not sure what happened and is currently investigating.

It is recommended that all users suspend the use of Multichain services and revoke all contract approvals…

— Multichain (Previously Anyswap) (@MultichainOrg) July 6, 2023

Related: Poly Network urges users to withdraw after exploit affects 57 crypto assets

Multichain is a multi-party computation (MPC) bridging network. When a user wants to bridge assets from one chain to another, the Multichain network first confirms that the assets have been locked on the first chain and then mints derivative assets on the second chain.

When a withdrawal is made, the network goes through this process in reverse: it first confirms that the derivative coins have been destroyed on the second chain, then releases the assets backing them on the first chain.

The Multichain team claims that the cryptographic keys controlling this process are split into multiple shards and distributed throughout the network. This should theoretically prevent any single person or group from being able to make unauthorized withdrawals.

Multichain has been suffering from unspecified technical problems over the past few weeks. On May 31, the team announced that their CEO had gone missing and they were experiencing “multiple issues due to unforeseeable circumstances,” leading to delayed transactions. On July 5, Binance halted withdrawals of some Multichain derivative tokens due to the network failing to process transactions in a timely manner.

Asia Express: HK crypto ETFs on fire, Binance warns on Maverick FOMO, Poly hack

Update July 7, 12:41 am UTC: This article has been updated to include the most recent Twitter post and update from Multichain.

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Stronger US jobs data pressure gold silver

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Stronger U.S. jobs data pressure gold, silver

Gold and silver prices are lower in midday U.S. trading Thursday, following a much stronger-than-expected U.S. ADP employment report this morning that showed a gain in jobs that was double market expectations. The report pushed the U.S. dollar index well off its overnight low and also pushed U.S. Treasury yields higher. August gold was last down $10.50 at $1,916.70 and September silver was down $0.497 at $22.905.

The June U.S. ADP report showed a rise of 497,000 jobs, compared to market expectations for a gain of 220,000. That data falls into the camp of the U.S. monetary policy hawks, who want to see the Federal Reserve continue to raise interest rates. Now comes the U.S. employment situation report from the Labor Department Friday morning. The key non-farm payrolls number was forecast up 240,000 versus a gain of 339,000 in the May report. However, today''s strong ADP jobs number has many thinking Friday''s Labor Department jobs report will also be stronger.

The latest FOMC minutes from the Federal Reserve were released Wednesday afternoon and they also leaned hawkish. The minutes from the June 13-14 meeting showed that while almost all Fed officials deemed it "appropriate and acceptable" to keep the key Fed funds rate unchanged at a 5.0-5.25% range, some would have supported a 0.25% increase, according to a Bloomberg report. The minutes also said "almost all" FOMC members agreed that further tightening of U.S. monetary policy will be needed this year. The gold and silver markets did not react strongly to the minutes.

All of the above have likely now moved the needle over to high odds that the Federal Reserve will raise interest rates at its July FOMC meeting, after pausing at the June meeting.

  Looking past Turkey's gold sales, central banks continued to buy gold in May

Asian and European stock markets were mostly lower in overnight trading. U.S. stock indexes are solidly lower at midday.

The key outside markets today see the U.S. dollar index modestly lower but up from overnight lows. Nymex crude oil prices are slightly down and trading around $71.25 a barrel. The benchmark 10-year U.S. Treasury note yield is rising and presently fetching 4.067% and at the highest level since March.

Technically, August gold futures bears have the overall near-term technical advantage. Prices are in a two-month-old downtrend on the daily bar chart. Bulls'' next upside price objective is to produce a close above solid resistance at $1,950.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at the February low of $1,846.80. First resistance is seen at today''s high of $1,934.00 and then at this week''s high of $1,942.90. First support is seen at today''s low of $1,908.50 and then at $1,900.00. Wyckoff's Market Rating: 3.5

September silver futures bears have the overall near-term technical advantage. A choppy, two-month-old price downtrend is in place on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at $24.00. The next downside price objective for the bears is closing prices below solid support at the March low of $20.425. First resistance is seen at $23.25 and then at this week''s high of $23.535. Next support is seen at today''s low of $22.72 and then at last week''s low of $22.485. Wyckoff's Market Rating: 3.5.

September N.Y. copper closed down 305 points at 373.80 cents today. Prices closed nearer the session low. The copper bears have the overall near-term technical advantage. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at the June high of 396.40 cents. The next downside price objective for the bears is closing prices below solid technical support at the May low of 356.50 cents. First resistance is seen at today''s high of 377.60 cents and then at this week''s high of 380.95 cents. First support is seen at today''s low of 372.25 cents and then at last week''s low of 368.30 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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How the Lightning Network for Bitcoin Will Be Adopted Through Ordinal Inscriptions

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How the Lightning Network for Bitcoin Will Be Adopted Through Ordinal Inscriptions

 Jul 6, 2023  #Bitcoin, #bitcoin news

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How the Lightning Network for Bitcoin

Ordinal inscriptions are emerging as a new use case for the Bitcoin blockchain, and they are expected to drive more efficient use of the limited block space. This will lead to broader adoption of the Lightning Network as a scaling solution for Bitcoin as a global currency. The Lightning Network's growth will provide a trustless alternative to centralized payment processors, expanding Bitcoin's reach and appeal.

One of the unique features of Bitcoin is its flat fee and data structure, which means that the cost and block space required to send $1 in BTC is equal to those for sending $1 billion in BTC. This quirk has made it difficult for Bitcoin to be used for low-value transactions, which is where the Lightning Network comes in. By enabling off-chain transactions, the Lightning Network allows for fast, cheap, and scalable micropayments, making Bitcoin more practical for everyday use.

Ordinal inscriptions are essentially non-fungible tokens (NFTs) that are used to represent a specific order or sequence. They are being used to create unique digital collectibles and art, and their popularity has driven up transaction costs across the Bitcoin network. However, this demand for ordinal inscriptions is also driving innovation in layer 2 solutions like the Lightning Network, which are essential for Bitcoin to become a viable global currency.

Understanding Bitcoin and the Lightning Network

Bitcoin is a decentralized digital currency that uses a peer-to-peer network to enable transactions without the need for intermediaries such as banks or financial institutions. Transactions are recorded on a public ledger called the blockchain, which is maintained by a network of computers around the world.

The Lightning Network is a layer 2 network built on top of the Bitcoin network that enables faster and cheaper transactions. It uses smart contracts to create payment channels between two parties, allowing them to transact without broadcasting their transactions to the entire network. This reduces the load on the Bitcoin network and makes transactions faster and cheaper.

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The Lightning Network has gained popularity in recent years as a scaling solution for Bitcoin. It has been hailed as the solution to Bitcoin's scalability problem, which has been a major obstacle to its adoption as a global currency. The Lightning Network offers a trustless alternative to centralized payment processors, expanding Bitcoin's use cases beyond just a store of value.

There are several Bitcoin Lightning Network analytics platforms that provide real-time data on the network's performance and usage. These platforms allow users to monitor the network's capacity, fees, and other metrics, which can help them optimize their transactions and improve their overall experience.

Overall, the Lightning Network is an exciting development in the world of Bitcoin that has the potential to revolutionize the way we transact online. As more users adopt the Lightning Network, we can expect to see faster and cheaper transactions, increased adoption of Bitcoin as a global currency, and a more efficient use of the limited block space on the Bitcoin network.

The Role of Ordinal Inscriptions in Bitcoin Adoption

Ordinal inscriptions have the potential to play a significant role in driving the adoption of Bitcoin's Lightning Network. The ability to create NFT-like inscriptions on the Bitcoin blockchain opens up new possibilities for the use of Bitcoin beyond just financial transactions.

Ordinal inscriptions allow users to create digital artifacts on the Bitcoin blockchain for storage, trade, and exchange. This capability opens up new possibilities for Bitcoin, making it more versatile and useful for a wider range of applications.

One of the key benefits of ordinal inscriptions is that they allow for the creation of unique, identifiable assets on the Bitcoin blockchain. This is made possible through ordinal theory, which provides a methodology for individually identifying and tracking each individual satoshi throughout the Bitcoin coin supply.

With ordinal inscriptions, users can create unique digital assets that are verified and tracked on the Bitcoin blockchain. This opens up new possibilities for the use of Bitcoin in areas such as gaming, art, and collectibles.

As more applications for ordinal inscriptions are developed, it is likely that we will see increased adoption of Bitcoin's Lightning Network. This is because ordinal inscriptions provide a way to create and verify unique digital assets that can be traded and exchanged on the Lightning Network.

Overall, the role of ordinal inscriptions in driving Bitcoin adoption is significant. By making Bitcoin more versatile and useful for a wider range of applications, ordinal inscriptions have the potential to attract new users and increase the adoption of Bitcoin's Lightning Network.

The Impact of Payment Processors on Bitcoin’s Lightning Network

Payment processors play a crucial role in the adoption of Bitcoin's Lightning Network. As the network continues to grow and gain popularity, payment processors will be essential in facilitating transactions between buyers and sellers.

Centralized payment processors, such as Visa and Mastercard, have dominated the global payments industry for decades. However, Bitcoin's Lightning Network has the potential to challenge their dominance by offering faster, cheaper, and more secure transactions.

Bitcoin's Lightning Network is primed to become the default global payments processor, thanks to its unique combination of Bitcoin's monetary policy and Lightning's transaction network. The Lightning Network is a Layer-2 payment protocol built on top of the Bitcoin blockchain. It enables near-instant payments by using Bitcoin's native smart contract functionality.

While the Lightning Network is still in its early stages of adoption, the prospect of increased adoption looks very promising. In 2021, Visa handled more than $1 trillion in payment volume and close to 20 billion transactions per month. In comparison, the Lightning Network handled about $20 million in payment volume and slightly over 800,000 transactions in February 2022.

Payment processors will be instrumental in driving adoption of the Lightning Network. They will help to bridge the gap between traditional payment methods and the Lightning Network, making it easier for merchants and consumers to transact using Bitcoin.

In conclusion, payment processors have a significant impact on the adoption of Bitcoin's Lightning Network. As the network continues to grow and gain popularity, payment processors will be essential in facilitating transactions between buyers and sellers. The Lightning Network has the potential to become the default global payments processor, challenging the dominance of centralized payment processors such as Visa and Mastercard.

Demand and Market Dynamics of Bitcoin

Bitcoin's popularity has been on the rise since its inception. The market cap of Bitcoin has been increasing steadily, and it has become one of the most valuable cryptocurrencies in the world. The demand for Bitcoin-based tokens has also been on the rise, as more people are looking to invest in the cryptocurrency market.

However, the demand for Bitcoin has not been immune to market dynamics. During bear markets, the demand for Bitcoin has been known to decrease, as investors tend to shy away from risky investments. This has led to a decrease in the market cap of Bitcoin, as well as a decrease in demand for Bitcoin-based tokens.

Despite these market dynamics, the surge of Ordinals demonstrates a significant market that Bitcoin is built to sustain on the base layer. Ordinals have proven demand on Bitcoin, but fees will push users to Layer 2.

The sudden emergence of inscribed Bitcoin blocks has been met with criticism, but it offers a glimpse of how Bitcoin block space will evolve. The popularity of NFT-like Ordinal inscriptions and the experimental BRC-20 token standard has driven up transaction costs across the Bitcoin network. The frothy demand for “stamping” limited block space with new data pushed transaction costs so high that in May 2023, Binance twice had to pause BTC withdrawals, a risky and undesirable step.

In conclusion, while the demand for Bitcoin can be affected by market dynamics, the surge of Ordinals demonstrates a significant market that Bitcoin is built to sustain on the base layer. The emergence of inscribed Bitcoin blocks offers a glimpse of how Bitcoin block space will evolve, and it is expected to drive adoption of Bitcoin's Lightning Network.

Challenges and Solutions in Scaling Bitcoin Network

The limited block space in the Bitcoin network has been a major challenge in scaling the network. As more transactions are added to the network, the block size limit of 1MB becomes a bottleneck, leading to high transaction fees and longer confirmation times. This has made Bitcoin less attractive for everyday transactions, limiting its adoption as a currency.

To address this challenge, various scaling solutions and technologies have been proposed. One of the most promising solutions is the Lightning Network, which uses payment channels to enable instant and low-cost transactions off-chain. This reduces the load on the main blockchain, allowing for more transactions to be processed without increasing the block size limit.

However, the Lightning Network also presents its own challenges. For instance, the network requires users to lock up funds in payment channels, limiting liquidity and making it difficult to route payments across the network. To address this challenge, solutions such as Atomic Multi-Path Payments (AMP) have been proposed, which allow for payments to be split across multiple paths, increasing liquidity and reducing the risk of channel depletion.

Another challenge in scaling the Bitcoin network is ensuring decentralization. As the network grows, the number of nodes required to validate transactions increases, leading to higher resource requirements and potential centralization. To address this challenge, technologies such as sharding and sidechains have been proposed, which allow for the network to be divided into smaller, more manageable parts, while still maintaining decentralization.

Overall, while the limited block space in the Bitcoin network presents a significant challenge to scaling, various solutions and technologies such as the Lightning Network, AMP, sharding, and sidechains offer promising ways to address this challenge. As these technologies continue to evolve and mature, they are likely to play a critical role in driving adoption of Bitcoin as a currency.

Privacy and Security Aspects of Bitcoin

Privacy and security are two critical aspects of Bitcoin that have been at the forefront of discussions since its inception. The decentralized nature of the network has made it an attractive option for many users, but it has also raised concerns about the privacy and security of transactions.

One of the most significant privacy upgrades to the Bitcoin network was the implementation of Segregated Witness (SegWit) in August 2017. This upgrade separated the transaction signature data from the transaction data, allowing for more efficient use of block space and increased transaction capacity. Additionally, SegWit enabled the implementation of second-layer solutions like the Lightning Network, which further enhances the privacy and security of transactions.

At the protocol level, Bitcoin's security is maintained through a consensus mechanism called Proof of Work (PoW). This mechanism ensures that all transactions are validated and added to the blockchain in a secure and tamper-proof manner. However, the PoW mechanism requires a significant amount of computational power, which has led to concerns about the environmental impact of Bitcoin mining.

Privacy is also a concern for Bitcoin users, as the public nature of the blockchain means that all transactions are visible to anyone who has access to the network. To address this, users can utilize various privacy-enhancing technologies like CoinJoin and Schnorr signatures. These technologies help to obfuscate the transaction data, making it more difficult to trace the flow of funds.

In conclusion, while Bitcoin's decentralized nature provides many benefits, it also presents challenges related to privacy and security. However, the implementation of upgrades like SegWit and the development of second-layer solutions like the Lightning Network have helped to address these concerns. As the network continues to evolve, it is likely that additional privacy and security enhancements will be implemented to ensure the continued growth and adoption of Bitcoin.

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The Intersection of Bitcoin and NFTs

Bitcoin's Lightning Network has been gaining popularity in recent years as a way to speed up transactions and reduce fees. However, the Lightning Network is not without its challenges, including the need for users to manage channels and the risk of channel closures.

Ordinal inscriptions may provide a solution to some of these challenges by allowing users to create NFT-like inscriptions on the Bitcoin blockchain. These inscriptions can be used to represent ownership of various assets, including non-fungible tokens (NFTs) and even profile picture (PFP) NFTs like the popular Bored Apes.

By inscribing ownership of these assets on the Bitcoin blockchain, users can ensure that their ownership is secure and immutable. This can also help to reduce the risk of fraud and theft, as the ownership of the asset can be easily verified on the blockchain.

While the use of ordinal inscriptions for NFTs is still in its early stages, it has the potential to drive adoption of Bitcoin's Lightning Network by providing a more seamless and secure way to manage channels and assets. As more developers work on ways to integrate ordinal inscriptions into Bitcoin wallets and other applications, we may see a new wave of innovation in the NFT space that is powered by Bitcoin's Lightning Network.

Overall, the intersection of Bitcoin and NFTs is an exciting area of development that has the potential to revolutionize the way we think about digital ownership and asset management. As more users and developers explore the possibilities of ordinal inscriptions, we may see a new era of innovation and growth in the Bitcoin ecosystem.

Bitcoin and Other Cryptocurrencies

Bitcoin is the world's first and most popular cryptocurrency. It was created in 2009 by an anonymous person or group under the pseudonym Satoshi Nakamoto. Bitcoin is decentralized, which means it is not controlled by any government or financial institution. Instead, it is powered by a network of computers around the world that validate transactions and maintain the ledger of all Bitcoin transactions, known as the blockchain.

Other cryptocurrencies have emerged in the wake of Bitcoin's success, such as Ethereum (ETH), Solana (SOL), Shiba Inu (SHIB), Uniswap (UNI), Crypto.com Coin (CRO), and many others. These cryptocurrencies have their own unique features and use cases, such as smart contracts on the Ethereum network, meme tokens like Dogecoin (DOGE), and BRC-20 and ERC-20 tokens that can be used on various blockchain platforms.

Bitcoin's Lightning Network is a layer-two scaling solution that allows for faster and cheaper Bitcoin transactions. It works by creating payment channels between users that can be used to send and receive Bitcoin without having to wait for confirmations on the blockchain. The Lightning Network has the potential to significantly increase the adoption of Bitcoin by making it more practical for everyday transactions.

Ordinal inscriptions, a new development in the Bitcoin space, allows users to create digital artifacts, such as NFTs, on the Bitcoin blockchain for storage, trade, and exchange. While inscriptions could increase the network's overall security budget, it may also increase fees and consistency of fees for Bitcoin miners, thereby increasing mining desirability, and ultimately increasing the network's security.

In conclusion, Bitcoin and other cryptocurrencies are rapidly evolving and changing the way we think about money and finance. The Lightning Network and ordinal inscriptions are just two examples of the innovations that are driving the adoption of Bitcoin and making it more practical for everyday use. As the cryptocurrency space continues to grow and mature, we can expect to see even more exciting developments in the future.

Role of Miners and Transaction Costs in Bitcoin Network

Miners play a crucial role in the Bitcoin network as they are responsible for verifying transactions and adding them to the blockchain. They are incentivized to do so by earning rewards in the form of newly minted bitcoins and transaction fees.

Transaction costs in the Bitcoin network are determined by the supply and demand for block space. Miners prioritize transactions with higher fees as they are more profitable to include in the next block. This has led to a situation where users who are willing to pay higher fees get their transactions processed faster, while those who are not willing to pay higher fees may have to wait longer.

Bitcoin miners have been facing a dilemma in recent years due to the increasing demand for block space and the limited block size. This has led to higher transaction fees and longer confirmation times, making Bitcoin less attractive as a payment option for small transactions.

Ordinal inscriptions can help solve this problem by reducing the amount of data that needs to be stored in each block. By encoding multiple transactions into a single ordinal, miners can process more transactions per block, reducing the demand for block space and lowering transaction costs.

Furthermore, the Lightning Network, a layer-two solution built on top of Bitcoin, can also help reduce transaction costs by enabling off-chain transactions that do not need to be recorded on the blockchain. This can significantly increase the scalability of the Bitcoin network and make it more attractive as a payment option for small transactions.

In conclusion, miners and transaction costs play a crucial role in the Bitcoin network. Ordinal inscriptions and the Lightning Network can help reduce transaction costs and increase the scalability of the network, driving adoption and making Bitcoin a more attractive payment option for small transactions.

Bitcoin as a Global Currency

Bitcoin has often been touted as a potential global currency due to its decentralized nature and borderless transactions. The use of ordinal inscriptions on the Bitcoin blockchain may further drive its adoption as a global currency. With the Lightning Network, transactions can be completed in a matter of seconds, making it a more practical option for everyday use.

The European Union (EU) has been exploring the potential of digital currencies, with some officials suggesting a digital euro could be introduced in the near future. While the EU has not yet made a decision on the matter, the use of Bitcoin as a global currency could provide an alternative for those looking for a decentralized and secure option.

The CEO of Twitter, Jack Dorsey, is a vocal proponent of Bitcoin and has stated that he believes it will eventually become the world's single currency. While this may be a lofty goal, the use of ordinal inscriptions on the Bitcoin blockchain could further drive its adoption and bring it closer to this vision.

In times of war or economic uncertainty, the use of a decentralized currency like Bitcoin could provide a more stable option for individuals and businesses. The ability to transact without relying on a centralized authority can provide a sense of security and stability in uncertain times.

As Bitcoin becomes more widely accepted, it may also become a more practical option for global exchange. The use of ordinal inscriptions on the blockchain can provide a level of transparency and security that traditional financial systems may not be able to match.

Overall, the use of ordinal inscriptions on the Bitcoin blockchain can further drive its adoption as a global currency. While there are still challenges to overcome, such as regulatory hurdles and scalability issues, the potential benefits of a decentralized and secure global currency are hard to ignore.

Frequently Asked Questions

What is the Lightning Network and how does it improve Bitcoin transactions?

The Lightning Network is a second-layer payment protocol that operates on top of the Bitcoin blockchain. It allows for near-instant and low-cost transactions by creating payment channels between users. These channels enable parties to transact with each other without broadcasting every transaction to the Bitcoin network, thereby reducing transaction fees and increasing transaction speed.

Can payment channels like Lightning Network make Bitcoin more scalable?

Yes, payment channels like the Lightning Network can significantly improve the scalability of Bitcoin. By moving most transactions off-chain, the Lightning Network reduces the load on the Bitcoin network and allows for more transactions to be processed. This increased scalability can enable Bitcoin to become a more widely adopted payment system.

How do ordinal inscriptions enhance the security of Lightning Network transactions?

Ordinal inscriptions are a new type of non-fungible token (NFT) that can be used to create digital artifacts on the Bitcoin blockchain. These inscriptions can be used to verify the authenticity of Lightning Network transactions, making them more secure. Additionally, ordinal inscriptions can be used to create unique digital assets that can be traded or exchanged on the Lightning Network.

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What are the benefits of using Lightning Network for Bitcoin transactions?

The Lightning Network offers several benefits for Bitcoin transactions, including near-instant transaction confirmations, low transaction fees, and increased privacy. Additionally, the Lightning Network can enable micropayments, which can be used for a wide range of applications, including tipping content creators, paying for online services, and more.

Are there any potential drawbacks to using Lightning Network for Bitcoin transactions?

One potential drawback of the Lightning Network is that it requires users to lock up funds in payment channels. This can limit liquidity and make it more difficult to move funds between different payment channels. Additionally, the Lightning Network is still a relatively new technology and may be subject to bugs or other security issues.

How does Lightning Network compare to other scaling solutions for Bitcoin?

There are several other scaling solutions for Bitcoin, including increasing the block size limit and implementing Segregated Witness (SegWit). However, the Lightning Network offers several advantages over these solutions, including lower transaction fees, faster transaction confirmations, and increased scalability. Additionally, the Lightning Network can be used in conjunction with other scaling solutions to further improve Bitcoin's scalability.

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Gold pauses ahead of FOMC minutes release

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Gold pauses ahead of FOMC minutes release

Gold prices are near steady up and silver solidly higher in midday U.S. trading Wednesday. Short covering from the futures traders was featured, especially in silver, ahead of the afternoon FOMC minutes from the Federal Reserve. August gold was last up $0.10 at $1,929.60 and September silver was up $0.308 at $23.42.

Despite a holiday-shortened U.S. trading week, it’s still a busy one for the marketplace. The latest FOMC minutes from the Federal Reserve will be scrutinized for any fresh clues on the timing of the next monetary policy move by the central bank. The U.S. employment situation report for June is out Friday. The key non-farm payrolls number is forecast up 240,000 versus a gain of 339,000 in the May report.

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Asian and European stock markets were mostly lower in overnight trading. U.S. stock indexes are mixed at midday.

  Spot gold and silver prices hold gains, testing resistance in quiet holiday trading

The key outside markets today see the U.S. dollar index higher. Nymex crude oil prices are solidly higher and trading around $72.00 a barrel. Reports said Saudia Arabia and Russia will extend their oil-production cuts by another month. Meantime, the benchmark 10-year U.S. Treasury note yield is presently fetching around 3.898%.

Technically, August gold futures bears have the overall near-term technical advantage. Prices are in a two-month-old downtrend on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at $2,000.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at the February low of $1,846.80. First resistance is seen at today’s high of $1,942.90 and then at $1,950.00. First support is seen at this week’s low of $1,917.70 and then at $1,900.00. Wyckoff's Market Rating: 4.0.

September silver futures bears have the overall near-term technical advantage. A choppy, two-month-old price downtrend is still in place on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at the June high of $24.835. The next downside price objective for the bears is closing prices below solid support at the March low of $20.425. First resistance is seen at today’s high of $23.45 and then at $24.00. Next support is seen at $23.00 and then at last week’s low of $22.485. Wyckoff's Market Rating: 4.0.

September N.Y. copper closed down 180 points at 377.60 cents today. Prices closed near mid-range. The copper bears have the overall near-term technical advantage. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at the June high of 396.40 cents. The next downside price objective for the bears is closing prices below solid technical support at the May low of 356.50 cents. First resistance is seen at 382.50 cents and then at 385.00 cents. First support is seen at today’s low of 373.25 cents and then at last week’s low of 368.30 cents. Wyckoff's Market Rating: 3.5.

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Jim Wyckoff

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Tim Moseley

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Gold prices to remain in neutral territory for the rest of 2023 silver to see slightly higher prices – BMO Capital Markets

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Gold prices to remain in neutral territory for the rest of 2023, silver to see slightly higher prices – BMO Capital Markets

Gold's brief push above $2,000 an ounce in mid-May could represent the yellow metal's high-water mark for the year as markets continue to adjust to dynamic interest rate expectations and a resilient U.S. economy.

In their latest quarterly outlook, analysts at BMO Capital Markets said that they are leaving their year-end average gold price target unchanged at $1,905 an ounce, and warned that the precious metal is losing momentum as it has not been able to hold its gains above $2,000.

"Gold has struggled for direction over recent weeks as markets digest climbing treasury yields, dollar strength, the potential lagged impact of an unprecedented cumulative rate-hiking cycle, and elevated geopolitical risk," the analysts said in the report. "Our base case remains that uncertainty coupled with macro headwinds will see gold prices well supported into Q3; however, as we gain clarity on the central bank rate trajectory and the ‘hard landing' scenario is averted, we see gold losing some of its luster into year-end."

The neutral outlook comes as gold prices hold support above $1,900 an ounce but remain unable to break initial resistance around $1,930.

The report noted that BMO's chief economist Douglas Porter does not see any serious sign the U.S. economy is rolling over, which could support the Federal Reserve's aggressive monetary policy stance.

"In our view, a severe U.S. economic downturn and consequent reactionary Fed rate cuts anytime soon are unlikely, and as such, after we are likely past the nadir in the macrocycle, we do see gold and silver prices softening into year-end," the analysts said

While BMO sees gold running in place for the rest of the year, the Canadian bank is slightly more optimistic about silver. The bank raised its 2023 average silver price to $22.70 an ounce, up 3% from its second-quarter price forecast.

BMO's modest increase in its silver price outlook comes as the precious metal tests resistance around $23 an ounce. Although the bank is positive on silver, they do see some potential headwinds for the rest of the year.

  Spot gold and silver prices hold gains, testing resistance in quiet holiday trading

"Silver's supportive fundamentals have struggled to supplant muted institutional investor appetite, with little sign sustained ETP inflows will materialize near term," the analysts said.

"In our view, silver prices are poised to roll over into year-end, owing to weaker jewelry and silverware demand compared to the same period last year, industrial demand headwinds, and diminishing safe-haven demand."

Despite foreseeing challenges through the rest of 2023, the analysts noted that the silver market is supported by long-term bullish fundamentals.

"Longer-term silver demand from solar installations and the rollout of the 5G network should provide a multi-decade annuity as the world accelerates renewable targets and pushes to increase connectivity," the analysts said. "That said, despite the acceleration in renewable generation capacity targets owing to the increased emphasis on energy security, we expect ongoing thrifting and emerging technologies such as thin films to offset some of the potential gains in silver demand."

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Neils Christensen

For Kitco News

Time to Buy Gold and silver

Tim Moseley

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