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Gold could reach $4000 says Strategist Mick McGlone

ByVictoria

The yellow metal could zoom all the way to $4,000 if investors continue to lose their appetite for risk, which would mean ditching assets like stocks and cryptocurrencies, and redirecting that money into gold and Treasury bonds, according to a note Friday from Bloomberg Intelligence Strategist Mick McGlone.

“The key competitors for gold, at least for the past few years, have been the strong rise in U.S. stocks, the rise in U.S. bond yields, and the rise in digital gold—that is Bitcoin,”

Source – Barron’s

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    Gold futures hold record high

    ByVictoria
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    Investors are increasingly seeking safe-haven in hard assets like gold, silver, copper and platinum, historically viewed as stores of value in times of financial uncertainty, Saxo Bank’s Ole Hansen says in a note.

    Source – Wall Street Journal

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    Futures (in finance) – Are contracts to buy or sell a specific underlying asset at a future date.

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    Gold is struggling maybe not for long

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    Gold prices struggle to hold onto gains after key U.S. data showed inflation picked up in June as expected, potentially signaling companies are starting to pass on tariff costs to consumers. Futures are down 0.1% at $3,357.50 a troy ounce following a 0.5% rise earlier in the session.

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    Cochilco expects to hold copper price till 2026

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    “These projections are supported by a rise in copper demand from the energy transition, electricity grids and a limited supply,” Claudia Rodriguez, Cochilco’s interim VP, said in a statement, adding that geopolitical tensions also played a role.

    “Uncertainty about China’s economic recovery, tariffs implemented by the United States and the hardening of monetary policy could limit the demand for copper, affecting its price,” Rodriguez said.

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    Barrick Gold more than doubles its cash flow

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  • South African Rand strong

    ByVictoria
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    South Africa’s rand strengthened on Monday, as gold hit a fresh high and optimism grew over the prospect of an agreement between the two biggest government partners on the budget.

    At 0728 GMT, the rand traded at 18.2375 against the dollar, about 1.1% stronger than its previous close.

    Gold prices touched an all-time high on Monday as investors stressing over a global trade war and economic slowdown from the world’s biggest economy turned towards the safe-haven asset. South Africa is a major producer of the precious metal.

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    Gold bullion edged 0.2% lower

    ByVictoria
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    Bullion edged 0.2% lower to around $2,750 an ounce, roughly just $40 short of its all-time high and still set for a fourth straight weekly gain.

    The president has identified China, the EU, Canada and Mexico as potential targets for import levies, though there is uncertainty over whether he will follow through with the threats. 

    Gold traded at 2,751.44 an ounce as of 10:48 a.m. in London. Silver, platinum and palladium fell. The Bloomberg Dollar Spot Index was relatively unchanged.

    Source – Bloomberg