Here are the latest news items and commentary on current economics news, market trends, stocks, investing opportunities, and the precious metals markets. In this column, JWR also covers hedges, derivatives, and various obscura. This column emphasizes JWR’s “tangibles heavy” investing strategy and contrarian perspective. Today, another look at the roaring precious metals markets. (See the Precious Metals section.)
Precious Metals:
The precious metals bull market is continuing. The week started with a bang, as spot gold jumped to $2,742.20 (up .47%) and spot silver to $34.28 per Troy ounce (up 3.02%) in Monday morning Asian trading. (That is Sunday evening, here in the States.). By Tuesday afternoon, gold was up to $2,762.50 (another all-time high) and silver was at $35.10. There was some expected profit-taking starting at mid-week — down to $2,745 gold and $33.73 silver on Friday morning — but I doubt we will ever see spot silver below $30.50 per Troy ounce again. And I must mention that I still expect silver and platinum to outperform gold, as the current metals rally continues. In fact, I wouldn’t be surprised to see silver break out above $50 per ounce. That would bring the silver-to-gold ratio closer to reality. – JWR
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Five Reasons Why The Gold Rally Is Not Over Yet.
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Gold and silver prices surge to new records as haven demand mounts. An excerpt:
“The European Central Bank (ECB) also implemented its widely expected third rate cut of the year last month. Investors have been piling up safe-haven assets, especially gold, as a means of preserving value amid rising geopolitical tensions. Silver typically follows gold’s trend, albeit with more volatility.”
Economy & Finance:
The Consumer Confidence Index fell in September.
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Over at Zero Hedge: “Consumers Running Out Of Money”: Former Target Exec Offers Dire Warning Ahead Of Christmas.
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Saxo: Global Market Quick Take: Europe – 21 October 2024.
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The Conference Board LEI for the US Declined in September.
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The 2025 Tax Brackets Are Here. See Where You Land.
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‘A new day’: Tupperware cancels asset auction, agrees to lender takeover.