Goldman Sachs sees a big upside in gold raising its target price to $2,500 an ounce by the end of the year.
The investment bank cites recession worries and persistent inflation as reasons to be bullish on gold.
Gold demand in India was strong in May with retail sales rebounding and imports up both month-on-month and year-on-year.
The G7 plans to add gold to its list of sanctions against Russia. This could have an impact on the global gold market. Just how much remains to be seen.
As interest rates rise, the air continues to hiss out of the housing bubble.
Existing home sales tumbled to a two-year low in May. Sales fell to a seasonally adjusted 5.41 million units, according to the latest data from the National Association of Realtors. It was a 3.4% drop, bringing existing home sales to the lowest level since June 2020. May was the tenth consecutive month of year-over-year declines.
A few years ago, CNBC commentator Jim Leventhal made a pretty astounding comment. When asked about gold, he said he had no interest in it because gold has no uses as a metal.
This is a pretty absurd statement. Gold has multiple uses. And it would probably have even more if it wasn’t so rare and expensive.
In 2021, gold demand came in at 4,666 tons. Where did all of that gold go?
Retail sales unexpectedly dropped in May, casting doubt on Federal Reserve Chairman Jerome Powell’s “the American consumer is healthy” narrative.
Producer prices continue to rise at a near-record pace, further undercutting the notion that we’ve reached “peak inflation.”
Consumer sentiment plunged to record lows in June. The plummeting consumer sentiment numbers surprised mainstream analysts but they shouldn’t have given Americans are taking a pay cut month after month thanks to red-hot inflation.
After running a budget surplus in April thanks to an influx of tax-day tax receipts, the federal government reverted back to running a deficit in May.
The budget deficit was $66.22 billion last month, according to the monthly Treasury statement. That raises the current fiscal year deficit to $426.2 billion with four months left to go.
The Czech National Bank is about to go on a gold-buying spree. Incoming CNB Governor Ales Michl said he plans to increase the bank’s gold holdings nearly 10-fold during a recent magazine interview.
