Silver Rallies to Hit 3.5-Month High; Gold Higher on Bullish Outside Markets
The precious metal bulls are building upon the technical momentum they gained late last week with silver hitting a 3.5-month high Tuesday. Comex December silver has rallied for three consecutive sessions and pushed to its highest level since June, hitting an intra-day high of $16.070 an ounce. In early August, many analysts were bearish on silver, noting the market looked dire as prices hit new multi-year lows. The metal is now outperforming gold, which is also up for the third straight day. December Comex gold last traded up $9.00 at $1,146.60 an ounce. ‘Gold just had its worst quarterly loss in a year at the close of the third quarter, and close to its worst weekly loss since March. However, the shortfall in the jobs numbers on Friday was a sentiment changer on the likelihood of a Federal Reserve interest rate hike in October or December,’ said Frank Holmes, chief executive officer for U.S. Global Investors. Speaking with Kitco News on Tuesday, he explained, ‘Contrary to the majority, UBS and HSBC see gold as an excellent investment at current prices. UBS noted its belief that gold’s upside potential currently outweighs its downside risk.’ Kitco News, October 6, 2015. (show less)
The precious metal bulls are building upon the technical momentum they gained late last week with silver hitting a 3.5-month high Tuesday. Comex December silver has rallied for three consecutive sessions and pushed to its highest level since June, hitting an intra-day high of $16.070 an ounce. In early August, many analysts were bearish on silver, noting the market looked dire as prices hit new multi-year lows. The metal is now outperforming gold, which is also up ... (read more)
Gold Game Film
Gold Game Film features the founder of US Global Investors, Frank Holmes as he highlights play-by-play action in the gold market. Melding sports and precious metals, Holmes comments on gold’s touchdown pass of the week. Holmes also reflects on the opportunities and threats he sees for the gold market. Tune in every week to hear from our Monday Morning Quarterback, Frank Holmes.Disclaimer: The content on this website, including, without limitation, news, videos, interviews and commentaries, is provided by Kitco Metals Inc. ("Kitco") for informational purposes only and is not intended as any form of advice, whether legal, accounting, investment, financial or tax advice. Therefore, it cannot be relied upon as such. Should you require such advice, contact a licensed professional. The content provided herein is provided on an "as is" basis without any warranty of any kind, whether express or implied and your use of the information provided in said content is entirely at your own risk. In no event will Kitco be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content on this website.
