Alan Hibbard says he remains "super bullish" on Gold (/GC) as its stock price continues to scrape all-time high levels. He and David McAlvany zoom out on the big picture to look at how the metal maintained market strength for years.
Precious metals are losing ground as U.S. dollar moves away from weekly lows.
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.
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.
The gold market continues to see a lot of noisy strength, as we are looking forward to the FOMC interest rate decision, and the press conference afterwards. This is a market that will also be paying close attention to the geopolitical ramifications, and the central bank buying around the world.
The report showed that builder confidence increased as interest rates moved lower.
The upside breakout in gold prices has more room to run.
Current projections from the CME FedWatch tool indicate a 67% likelihood of a 50 basis point cut in today's Fed meeting, a significant increase from the 40% chance noted yesterday. Additionally, there's a 33% probability of a more modest 25 basis point reduction. These expectations have significantly influenced market sentiment, prompting investors to flock to gold as a protective asset.
This week, the global financial markets will be on edge as three major central banks—the Federal Reserve, Bank of England, and Bank of Japan—unveil their interest rate decisions. With potential market volatility on the horizon, Octa Broker offers expert insights into what to expect from these crucial announcements.
Neils Christensen has a diploma in journalism from Lethbridge College and has more than a decade of reporting experience working for news organizations throughout Canada. His experiences include covering territorial and federal politics in Nunavut, Canada.
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.
The rally on gold prices shows no sign of letting up, with the precious element touching all-time highs of U$2,580 (£1,951) on Tuesday. It comes amid expectations of an interest rate cut from the US Federal Reserve on Wednesday, with the most dovish of forecasts anticipating a jumbo 50-basis-point cut to the bank rate.