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Gold pushes south of $1500, awaits Powell speech tomorrow

(USAGOLD – 8/22/2019) – Gold pushed south of the $1500 mark in today’s early trading as financial markets pretty much went on hold in anticipation of Fed chairman Powell’s speech tomorrow.  Gold is down $6 at $1496.50.  Silver is down 9¢ at $17.05.

As mentioned here last week, it wasn’t all that long ago that calls for $1500 gold were greeted with a considerable amount of skepticism. Now with $1500 gold a reality, some analysts are eying the potential for gold reaching another milestone – $2000 per ounce. In a recent CNBC interview, TD Securities’ Daniel Ghali and Bank of America Merrill Lynch’s Michael Widmer both said $2000 gold could materialize the result of unconventional, aggressive easing on the part of central banks. In a Bloomberg interview, BOAML’s chief technical analyst, Paul Ciana, outdoes them both by forecasting the yellow metal could “go as high as $2300 per ounce” in the years to come based on technical wave structure analysis that had its beginnings in the 1970s.

In the shorter run, however, some analysts, like ABN Ambro’s Georgette Boele, believe that we will see gold correct from these levels. Boele’s call for a correction is taken seriously in some quarters because she was early in forecasting gold’s strong performance this year.  With a formidable list of uncertainties hanging over financial markets these days, any downside, should it materialize, is likely to be tempered by those who see it as a buying opportunity.

Quote of the Day
“One of the most important warnings offered by firefighters is simple: get out early. In the face of wildfires, some homeowners get the idea of staying in their homes and riding it out. As one firefighter warned ‘The point is to go.’ But if you don’t, it’s better to stay than to panic and run in the midst of a firestorm of smoke and embers. It’s not the fire that gets you. It’s the heat. Even before the flames reach the house, it can be fatal to stand outside trying to protect what you have (h/t John Galvin). Similarly, our ‘Exit Rule for Bubbles’ is straightforward: You only get out if you panic before everyone else does. You have to decide whether to look like an idiot before the crash, or look like an idiot after it.”John Hussman, Hussman Funds

Chart of the Day

Click to enlarge



Live London Gold News Wire
10 to 15 minutes old
www.usagold.com --LIVE NEWS--
PRECIOUS-Gold inches lower as focus shifts to Fed chair speech20:03
London South East
30 minutes to 1 hour old
www.usagold.com --LIVE NEWS--
Ausmex Mining intersects additional wide zones of gold-copper-cobalt at Mt Freda Complex19:32
Proactive Investors (Australia)
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The News International - Business
1 to 2 hours old
www.usagold.com --LIVE NEWS--
Gold remains under pressure amid strong USD, risk recovery18:43
2 to 4 hours old
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The Chronicle - Business
Gold eases as investors await Fed signals16:15
Business News
4 to 6 hours old
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Seeking Alpha - Macro View
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Business Times Online - Banking & Finance
How to buy Gold at Spot Price?15:30
SD Bullion (Weblog) - Blog
Bloomberg Market Wrap 8/22: Copper and Gold Fall, Stocks Over Bonds14:59
Yahoo! UK & Ireland - Finance
3 Gold Stocks to Buy Before the Rally Continues14:21
The Motley Fool (Canada)
Bonterra Resources shares higher as gold producer Kirkland Lake Gold increases stake14:19
Proactive Investors (USA & Canada)
6 to 8 hours old
www.usagold.com --LIVE NEWS--
Hold Some But Not Too Much Gold, Says Wells Fargo14:10
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Daily FX
Russia's President Putin Cancels VAT on Gold and Other Precious Metals Investments14:00
Kitco - News Bites
WGC: Indian Gold Jewellery Demand to Face Headwinds13:31
Scrap Monster - Precious Metals
Gold Down Ahead of Powell13:23
Investing.com - Commodities
Zomato CEO stands by changes in Gold plan, rules out more tweaks13:09
Livemint.com - Companies
What Will Jackson Hole Bring To Us And Gold?13:00
What Will Jackson Hole Bring to Us and Gold?12:44
Gold steadies near $1,500 as trading action turns subdued ahead of Jackson Hole12:31
Semafo Inc. - Buy The Dip If You Believe In Gold12:28
Seeking Alpha - Investment Ideas
Earlier Today
www.usagold.com --LIVE NEWS--
Gold futures finish at their lowest in nearly 2 weeks11:47
MarketWatch - Economy and Politics
Futures Now: Gold facing pressure ahead of Fed meeting11:40
CNBC - Latest Video
Yield Curve Inversion Supports Gold Bulls11:37
Seeking Alpha - Macro View
Gold Weaker on Worries Federal Reserve Not So Easy11:29
Kitco - News Bites
Gold Price Trend Validation11:29
The Market Oracle - The Market Oracle
The global economy may be facing its ‘Minsky moment’ of excessive debt — and that is great for gold prices10:57
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Gold falls on profit-booking; Fed’s summit in focus10:19
Is It Time To Add Gold To Your Portfolio?10:19
Investing.com UK - Commodities
Credit crunch pushes small borrowers to pledge family gold to raise funds10:00
The Hindu Business Line - Markets
PRECIOUS-Gold eases as investors await further signals on Fed stance09:58
London South East
Investors hoard most gold in ETFs in six years09:57
Yahoo! US - Exclusives
Pueblo Viejo to produce gold ‘way beyond 2040’09:50
Business News Americas - Mining
Jittery Market Got You Anxious? This TSX Gold Stock Could Provide Safety09:49
The Motley Fool (Canada)
4 compelling reasons to be thinking about gold09:38
FXstreet - Latest Analysis
Gold Ahead of Jackson Hole - Dennis Gartman09:28
Kitco - News Bites
China Partially Lifts Restrictions On Gold Imports09:26
Zero Hedge (Weblog)
Less dollars, more gold: Russia continues adding to its international reserves09:08
RT - Business
This Top Hedge Fund Makes Gold Its No. 1 Holding Amid Recession Fears09:08
Kitco - News Bites
Katoro Gold agrees term sheet for disposal of Reef Miners08:58
London South East
Us Markit manufacturing PMI shrank for the first time in nearly a decade in August, spot gold prices soared by $4 in the short term08:53
Shanghai Metals Market - Translation
Gold Steady At $1,500 As Russia Buys Another 300,000 Ounces Of Gold In July08:48
Katoro Gold agrees term sheet for disposal of Reef Miners08:37
ShareCast - Market Reports
Gold Prices Maintain Uptrend, Eye Continuation Effort Around Jackson Hole08:36
Daily FX
Zomato Faces Challenges With Gold Subscription08:30
Mark Mobius Says Buy ‘Psycho Currencies’: When Bitcoin Rises, Buy Gold Too as Banks Reduce Rates08:21
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