Newmont Upgraded, AngloGold Downgraded at Scotiabank in Upbeat Gold Outlook
Gold prices continue to break records, and bullish sentiment remains high. Major banks predict that it may reach 3,000 next year.
Sabrin Chowdhury, the head of BMI commodity analysis, said "2024 is expected to be a year when gold sets multiple new highs", emphasizing the appeal of gold as a safe haven asset. Citigroup analysts predict a target price of $3,000 per ounce by mid-2025, with an average price expected to be $2,550 in the fourth quarter of this year.
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① S&P, Nasdaq rose for 7 consecutive days, and the three major indexes of US stocks jointly recorded the largest weekly increase this year; ② The Fed's interest rate cut cycle is approaching, and spot gold has historically exceeded $2,500/ounce for the first time; ③ Officials in multiple countries expect that "Iran will postpone retaliation plans" and US Secretary of State flew to the Middle East on Saturday; ④ The EU has raised the monkeypox epidemic alert level, and multiple news have stimulated monkeypox concept stocks to continue rising.
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Rate cut in September? Wall Street analysts interpret the Fed's decision: not so absolute.
The Federal Reserve has sent a message to the public that they do not want investors to be certain that they will cut interest rates by 25 basis points in September, because there is still more economic data to consider before September.
Gold - The most certain direction of the 'Trump trade'?
According to a survey, in the event of Trump winning the election, the number of people who support gold as a safe-haven asset is twice that of the US dollar. Taking history as a reference, spot gold has risen by more than 50% during President Trump's term, while the US dollar has fallen by more than 10%.
NASDAQ is experiencing a major correction, where can you hide? The Dow Jones, gold, and US bonds are all falling, but bitcoin remains 'strong'.
Market style has changed due to factors such as improved prospects for Trump's campaign and increased expectations for interest rate cuts.
"Rate cut trade" and "Trump trade" double blessing: Gold prices approach historic highs.
The market's expectation of a rate cut in September has pushed up the price of gold, while the failed assassination attempt on Trump has further boosted demand for metals as a safe haven.
Ubs Group: Gold still has room for growth, but silver will perform better.
With the call for a rate cut growing louder, international gold prices have regained their upward momentum after a brief slump in the summer. UBS, which predicted that gold will rise to $2,700 next year, reiterated its bullish outlook on gold. However, UBS expects silver to outperform gold and have a greater potential to beat the market.
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AngloGold Ashanti Shares Are Trading Lower Amid a Pullback in Gold Prices.
Optimistic prospects for interest rate cuts have led to a general increase in major overseas asset classes such as US stocks, gold, silver, and crude oil. Weekly report on major overseas assets.
After the release of non-farm data for the week of July 1-5, the US stock and bond markets rose and the US dollar came under pressure. Upon realizing the 'data detail' that the data in the first two months before non-farm was cut by 0.11 million, US bonds sharply rebounded and the yield curve became steeper.
Gold and silver hit new one-month highs! Behind it is not only the boost of non-agricultural employment, but also the "big purchases" of the Reserve Bank of India.
The Non-Farm Payroll report released a significant signal of cooling in the US labor market, with expectations of a Fed interest rate cut rising and the US dollar under pressure. India's central bank gold reserves increased by over 9 tons in June, the highest level since July 2022.
Amidst the low battery prices, hedge funds quietly bought physical cobalt.
This year, the sales of electric autos have been weaker than expected and the cobalt market has experienced a record oversupply, causing spot cobalt prices to drop to a seven-year low. The cobalt futures price, which will be delivered in one year, is already 20% higher than the spot price. A significant spot discount creates opportunities for arbitrage.
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