Ernest Hoffman is a Crypto and Market Reporter for Kitco News. He has over 15 years of experience as a writer, editor, broadcaster and producer for media, educational and cultural organizations.
Physical reserves of gold have been shifting to Asia in recent years. Asia is increasingly the market where the gold price is set.
Jim Wyckoff has spent over 25 years involved with the stock, financial and commodity markets. He was a financial journalist with the FWN newswire service for many years, including stints as a reporter on the rough-and-tumble commodity futures trading floors in Chicago and New York.
Jim Wyckoff has spent over 25 years involved with the stock, financial and commodity markets. He was a financial journalist with the FWN newswire service for many years, including stints as a reporter on the rough-and-tumble commodity futures trading floors in Chicago and New York.
Gold has glittered this year, and so have the shares, just not in London. While global gold equities surged more than 120% in the third quarter, the UK-listed names have lagged.
What matters in U.S. and global markets today
Precious metals stocks were among the strongest performers in London on Wednesday as gold climbed to a record high above $4,000 (£2,985) an ounce, extending a months-long rally fuelled by global uncertainty and expectations of lower US interest rates. The surge follows a bullish forecast from Goldman Sachs, which said this week the metal could reach $4,900 by the end of the year.
Conroy Gold and Natural Resources PLC (AIM:CGNR, OTC:CGDNF) saw its shares rise sharply after it confirmed a previously announced private placing was oversubscribed. It raised £1.73 million from new and existing shareholders, with the new shares priced at 10p.
Investors are pouring money into dollar alternatives like bitcoin and precious metals.
CNBC's Martin Soong and Chery Kang talk about gold hitting another key milestone, topping $4,000/oz, plus the key factors driving the rally.
Gold hit $4,000 an ounce for the first time on Tuesday, extending its record run amid heightened economic uncertainty and surging interest from everyday investors.
There are many reasons these days to look for a hedge against uncertainty.