Silver consumption in India, the country with the highest demand for the metal in the world, will be cut in half this year. This is the result of the dangerous state of its economy, especially in rural areas. On the other hand, the metal’s current price will force many citizens to postpone their purchases. According …
The impact of the Covid-19 pandemic on the global economy is changing the behavior of many investors. It is especially visible in the interest of precious metals. Besides, other changes are taking place. For example, the citizens of Egypt have stopped buying gold jewelry and are opting for bullion and coins. According to Al-monitor, a …
Egyptians Put Aside Jewelry and Buy Coins and Gold Bars Read More »
Silver prices decreased by more than 15%, from $29 to $24.40 in one single day. Analysts suggest not to buy much of an asset that is as explosive on the downside as it is on the upside. However, the silver bull market has not finished yet. Right now there is fear in the white metal …
The overdue correction in gold and silver prices has begun. It has been anticipated highly. Carsten Fritsch, an analyst at Commerzbank, asserts that there’s no need to worry and get desperate about it. After some profit-taking, the precious metals are likely to resume their rally. On Monday, after gold failed in an attempt to reach …
The price of Rhodium has increased by 31% this month, matching its record since 2008. The precious metal is applied in autocatalysts and it is five times more expensive than gold. In the past four years, rhodium outperformed all major commodities since the demand from the automotive sector has increased. The metal is mined as …
Saudi Aramco, the Saudi Arabian Oil Company, said in a report on Sunday that the company’s net profit in the second quarter of this year decreased by about 73.4%. This figure was higher than expected. Aramco also announced that capital expenditures will be between $25 billion and $30 billion this year. Companies and organizations spend …
The net profit of the Saudi Aramco fell by more than 73% Read More »
The stratospheric rise in the price of gold above 2,000 dollars an ounce has almost ceased to be news. In the markets of precious metals, the myth came true. This brutal invasion of the golden bulls should come as no surprise to anyone who pays attention to the current financial landscape. The Fed has injected …
Estimates say that the citizens of the Swiss Confederation hold a total of 920 tons of gold. The gold reserves of its central bank add another 1,040 tons. Besides, an enormous amount of gold guarded in the vaults of the country’s banks. The amount of gold in private hands amounts to about 231 grams per …
Swiss citizens have 231 grams of gold per capita Read More »
Oil futures recovered from early losses. The black gold prices settled higher Tuesday as traders awaited data on US crude supply. September delivery for WTI increased 67 cents, or 1.7% to trade at $41.70 a barrel on the New York Mercantile Exchange. Brent crude October deliveries gained 28 cents, or 0.6%, to settle at $44.43 …
Oil prices settled higher on US inventories data Read More »
The Central Bank of Turkey remains the most active in the official sector when it comes to buying gold for its reserves. Amid a slowdown in demand, compared to previous quarters, central banks in Turkey, India, and Kazakhstan were the most active in June. The latest data on official central bank reserves, recently published by …
Demand from the automotive sector is the largest platinum segment, accounting for around 40% of annual precious metal orders. The primary automotive use of platinum is in autocatalysts or ‘catalytic converters.’ These devices reduce harmful emissions from diesel vehicles with an internal combustion engine. Trends in the automotive sector strongly influence investor sentiment towards …
Challenges the auto industry faces for platinum demand Read More »
Oil prices dropped by around 4% on Thursday, since the surging coronavirus infections globally threatened a recovery in fuel demand. This is because major oil producers, including OPEC and its allies, are set to increase output. WTI crude oil futures dropped by $1.52, or 3.7%, and were trading at $39.75 a barrel in the midday …
Oil prices sank 4% as coronavirus surge weighs on demand Read More »
There is nothing that could make metals shine better than a benign dollar. Gold and silver prices are at an all-time high while the dollar is on a two-year low. The US Dollar Index fell by 0.52% to 93.365, with a forecasted GDP contraction at around 35%. Gold futures experienced a 0.19% hike, now at …
Gold’s value tends to increase when the US dollar is weak. Usually, nervous, conservative investors turn to the greenback and Treasuries as a safe haven. However, now that returns on currencies and bonds are insignificant, and worries about the weakening economy are rising, many have favored gold and silver. Goldman Sachs is an American multinational …
Fed stimulus has hurt the dollar and boosted gold Read More »
According to IHS Markit’s latest analysis, the coronavirus crisis and collapse in oil prices is not a death sentence for Canada’s oil sands. Its production will still rise through to 2030. It should reach 3.8 million barrels per day, which is just 100,000 bpd lower than pre-crisis production. Even before the coronavirus shock to the …
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