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Gold reaching $3,000/oz in near-term, says Citi

ByVictoria

“The gold bull market looks set to continue under Trump 2.0 with trade wars and geopolitical tensions reinforcing the reserve diversification/de-dollarization trend and supporting EM official sector gold demand, and with global growth concerns (tariff and cycle related) set to raise ETF and OTC investment demand,” Citi stated in a note.

“We expect gold to continue to rise as a hedge against growth and other risks, including actual and perceived rising growth risks, including trade wars, still-high interest rates weighing on growth, continued deterioration in the U.S. labor market, ex-U.S. currency devaluation risks, and potential U.S. equity drawdown risks,” the bank noted.

Source – Reuters

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    CEO says Barrick will continue in Mali once they can ship gold

    ByVictoria
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    Barrick Gold will resume operations at its shuttered Loulo-Gounkoto mine in Mali once authorities in the country allow it to resume gold shipments, CEO Mark Bristow said on Wednesday.

    “We will start the operations as soon as we get approval to ship the gold and we need to ship the gold to pay anything to the government,” Bristow said, adding that Barrick paid $460 million to the Mali government last year.

    “So if you calculate that to per week… and every week we don’t do this it hurts everyone,” he added.

    Source – Reuters

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    Barrick Gold more than doubles its cash flow

    ByVictoria
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    On Wednesday, ahead of the North American equity market open, Barrick Gold (NYSE: GOLD, TSX: ABX) reported a 69% increase in net earnings to $2.14 billion and a 51% rise in adjusted net earnings to $2.21 billion, significantly beating analyst expectations. The company also noted that its annual operating cash flow in 2024 increased by 20% to $4.49 billion, while free cash flow more than doubled to $1.32 billion.

    Source – KITCO News

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    Robert Kiyosaki Says Buy Silver ASAP

    ByVictoria
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    “I HATE to say this…. But the banking crash Jim Rickards, Jim Rogers, Ray Dallio and I have been warning you about has started. Even if you have very little money you may still be able to profit from this crash. All you need is a few extra dollars…. Because you can still afford to buy a few real silver coins… before silver double[s] and triple[s],” Kiyosaki wrote.

    Source – Nicholas Morine / GOBankingRates

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    Gold eases, Investors wait for US inflation data

    ByVictoria
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    Gold eased on Wednesday as the dollar ticked up, while investors awaited U.S. inflation data to gauge the Federal Reserve’s rate cut path amid trade tensions and economic slowdown fears and market focussed on news of a potential Ukraine-Russia ceasefire.

    Spot gold fell 0.2% to $2,908.93 an ounce as of 0720 GMT, while U.S. gold futures lost 0.2% to $2,908.93.

    “Gold is operating in ‘consolidation mode’ ahead of the next batch of U.S. inflation data,” KCM Trade chief market analyst Tim Waterer said.

    “I expect gold to remain a favoured asset whilst investors are concerned about tariff wars and growth slowdowns. So, the bias for gold remains to the upside due to ongoing tariff dramas,” Waterer said.

    Spot silver shed 0.7% to $32.70 an ounce, platinum rose 0.7% to $981.29 and palladium slipped 0.8% to $938.00.

    Source – Reuters

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    Gold gained .4%, market “choppy”

    ByVictoria
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    Spot gold gained 0.4% to $3,312.05 an ounce by 08:56 a.m. EDT (1255 GMT), after hitting a session low of $3,285.19 on Tuesday.

    U.S. gold futures rose 0.3% to $3,310.60.

    “The gold market has been kind of choppy recently, just reacting to fresh daily fundamental news events with no real trending price action. In the near term, market top is in place,” Jim Wyckoff, senior analyst at Kitco Metals, said.

    Goldman Sachs recommended on Wednesday a higher-than-usual allocation to gold in long-term portfolios, citing elevated risks to U.S. institutional credibility, pressure on the Fed, and sustained central bank demand.

    Spot silver fell 0.3% to $33.20 an ounce, platinum firmed 0.8% to $1,088.65 and palladium eased 0.6% at $972.36.

    Source – Reuters