Latest news with #NickyShiels
Reuters
7 days ago
- Business
- Reuters
Silver's hot streak gathers pace; market at highest since 2011
July 23 (Reuters) - Silver prices surged to their highest in almost 14 years on Wednesday, aided by worries about U.S. tariff policy, signs of tightness in the spot market and growing investor interest in alternatives to gold. Spot silver was up 0.3% at $39.40 per troy ounce as of 1354 GMT, its highest level since September 2011. Silver, both a precious and industrial metal, is up 36% this year, outperforming gold's 31% growth and coming within a whisker of the key $40-per-ounce mark. The metal hit a record high of $49 in 2011. U.S. President Donald Trump's plan to impose 50% import tariffs on copper from August 1 and the U.S. import tariffs for Mexico widened the premium of the U.S. futures for silver and other metals against the London benchmarks in July, leading to a growth in lease rates in the spot market. Gold, silver, platinum and palladium were excluded from Trump's April reciprocal tariffs, but "the broader market isn't trading it that way and is taking a page out of Comex copper's handbook", Nicky Shiels, head of metals strategy at MKS PAMP. Spot silver prices may hit $42 per ounce this year, according to Shiels. Analysts also noted that industrial demand for silver, heading for the fifth year of structural market deficit, remains solid, while investment demand is gaining momentum as a more affordable alternative to gold. Silver's recent rally has improved its ratio with gold to the strongest level in seven months. It currently takes 87 ounces of silver to buy an ounce of gold , compared with 105 ounces in April. "It is the copper tariff that sent some spinning off at odd tangents that captured the other metals," said a precious metal trader based in London, adding that the lease rates in the spot market should fall once the borrowing activity caused by the U.S. tariff fears subside. The current momentum could be hot enough to take silver over $40/oz in the short term, said Nitesh Shah, commodity strategist at WisdomTree. "But with positioning stretched, we would not be surprised if it fell back to $35/oz, before it starts its march higher to $45/oz next year," Shah added.
Yahoo
06-06-2025
- Business
- Yahoo
Gold's Cheaper Precious Metals Peers Surge to Multi-Year Highs
(Bloomberg) -- Silver extended gains to trade just below a 13-year high while platinum hit highest level in more than two years, signaling growing investor appetite for precious metals used by the industrial sector. Next Stop: Rancho Cucamonga! ICE Moves to DNA-Test Families Targeted for Deportation with New Contract Where Public Transit Systems Are Bouncing Back Around the World US Housing Agency Vulnerable to Fraud After DOGE Cuts, Documents Warn The Global Struggle to Build Safer Cars Spot silver rose on Friday, following a 4.5% move in the previous session that saw it edge above $36 an ounce for the first time since February 2012. Platinum's rally continued, gaining as much as 1.2% to a high of $1,154.73 an ounce. The commodities were aided by technical momentum across the metals complex as well as improving fundamentals, with strong appetite for physical silver in India and resurgent Chinese platinum demand reinforcing the rallies, according to a note from Nicky Shiels, head of metals strategy at Geneva-based MKS PAMP SA. Silver — and oftentimes platinum — tend to trade in tandem with gold, which is seen as a time-honored haven in times of geopolitical uncertainty. Gold is up more than 40% in the past 12 months, as an expanding US-led tariff war boosted its safety appeal and central banks maintained elevated levels of buying. While silver and platinum — up 19% and 13%, respectively, in the 12-month period to Thursday — have lagged behind their more expensive precious metal peer, they are also valued by the industrial sector. Silver is a key ingredient in solar panels, while platinum is used in catalytic converters and laboratory equipment. Both markets are heading for a deficit this year, following several years where demand has outstripped supply. A hold above $35 remains a 'critical inflection point' for silver, and if sustained should reignite sidelined retail interest, MKS PAMP's Shiels said. Meanwhile, a potential renewal in demand for platinum-backed exchange-traded funds could produce a speculative rally, given sticky and elevated lease rates indicate the market is tightening, she added. Platinum ETF holdings are showing signs of picking up, and have expanded more than 3% since mid-May, according to data compiled by Bloomberg. Meanwhile inflows into silver-backed ETFs have continued to grow since February, with holdings up by nearly 8%. Meanwhile, palladium also benefited from growing positive sentiment across the precious metals complex, climbing as much as 1.2% on Friday. Gold rose 0.5% to $3,368.79 an ounce as of 11:40 a.m. in Singapore, putting it on track for a weekly gain of around 2.4%. The Bloomberg Dollar Spot Index was little changed. Elsewhere, investors will be looking ahead to a key US jobs report due later on Friday, following an unexpected jump in unemployment claims that boosted investors' bets the Federal Reserve will cut rates at least twice this year. Lower borrowing costs tend to benefit gold and other precious metals, as they do not pay interest. Cavs Owner Dan Gilbert Wants to Donate His Billions—and Walk Again YouTube Is Swallowing TV Whole, and It's Coming for the Sitcom Millions of Americans Are Obsessed With This Japanese Barbecue Sauce Is Elon Musk's Political Capital Spent? Trump Considers Deporting Migrants to Rwanda After the UK Decides Not To ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
06-06-2025
- Business
- Yahoo
Gold's Cheaper Precious Metals Peers Surge to Multi-Year Highs
(Bloomberg) -- Silver held near a 13-year high, supported by a technical breakout that also drove platinum to the highest level since 2022, signaling growing investor appetite for precious metals used by the industrial sector. Next Stop: Rancho Cucamonga! ICE Moves to DNA-Test Families Targeted for Deportation with New Contract Where Public Transit Systems Are Bouncing Back Around the World US Housing Agency Vulnerable to Fraud After DOGE Cuts, Documents Warn The Global Struggle to Build Safer Cars Spot silver rose as much as 4.5% on Thursday to $36.06 an ounce — the highest since February 2012 — while platinum surged 4.8% to above $1,146 an ounce. Prices on Friday held close to those peaks. The metals were aided by technical momentum across the metals complex as well as improving fundamentals, with strong appetite for physical silver in India and resurgent Chinese platinum demand reinforcing the rallies, according to a note from Nicky Shiels, head of metals strategy at Geneva-based MKS PAMP SA. Silver — and oftentimes platinum — tend to trade in tandem with gold, which is seen as a time-honored haven in times of geopolitical uncertainty. Gold is up more than 40% in the past 12 months, as an expanding US-led tariff war boosted its safety appeal and central banks maintained elevated levels of buying. While silver and platinum — up 19% and 13%, respectively, in the 12-month period to Thursday — have lagged behind their more expensive precious metal cousin, they are also valued by the industrial sector. Silver is a key ingredient in solar panels, while platinum is used in catalytic converters and laboratory equipment. Both markets are heading for a deficit this year, following several years where demand has outstripped supply. A hold above $35 remains a 'critical inflection point' for silver, and if sustained should reignite sidelined retail interest, MKS PAMP's Shiels said. Meanwhile, a potential renewal in demand for platinum-backed exchange-traded funds could produce a speculative rally, given sticky and elevated lease rates indicate the market is tightening, she added. Platinum ETF holdings are showing signs of picking up, and have expanded more than 3% since mid-May, according to data compiled by Bloomberg. Meanwhile inflows into silver-backed ETFs have continued to grow since February, with holdings up by nearly 8%. Meanwhile, spot gold edged up 0.2% to $3,358.53 an ounce as of 8:52 a.m. in Singapore, on track for a weekly gain of around 2%. The Bloomberg Dollar Spot Index was down 0.1%. Palladium was steady. Elsewhere, investors will be looking ahead to a key US jobs report due later on Friday, following an unexpected jump in unemployment claims that boosted investors' bets the Federal Reserve will cut rates at least twice this year. Lower borrowing costs tend to benefit gold and other precious metals, as they do not pay interest. Cavs Owner Dan Gilbert Wants to Donate His Billions—and Walk Again YouTube Is Swallowing TV Whole, and It's Coming for the Sitcom Millions of Americans Are Obsessed With This Japanese Barbecue Sauce Is Elon Musk's Political Capital Spent? Trump Considers Deporting Migrants to Rwanda After the UK Decides Not To ©2025 Bloomberg L.P. Sign in to access your portfolio
Mint
22-04-2025
- Business
- Mint
Gold Trades Steady on Profit Booking After Topping $3,500
(Bloomberg) -- Gold prices were steady after topping $3,500 an ounce for the first time as traders booked profit following a nearly 10% rally this month. Bullion fell by as much as 0.4% during US hours after earlier surging to a fresh record as risk appetite improved with equities bouncing back, bonds and the dollar stabilizing. The precious metal is also in the overbought territory, signaling the recent price ascent may be overdone. Its 14-day relative-strength index — a gauge of the pace and intensity of moves — topped 78, above the level of 70 that can point to an asset being overbought. Follow The Big Take daily podcast wherever you listen. 'Gold's tactically very overbought and extended - it's risen $500 plus in 8 trading days, so naturally there's likely a mix of a buyers pause and some risk reduction,' said Nicky Shiels, head of research and metals strategy at MKS Pamp SA. Earlier, gold gained as much as 2.2% on Tuesday to briefly top $3,500, as concern that President Donald Trump could fire Federal Reserve Chair Jerome Powell triggered a flight from US stocks, bonds and the dollar. Safe havens such as the yen, the Swiss franc, and gold have rallied in recent sessions following Trump's repeated calls on the Fed to cut interest rates immediately, a move seen as a threat to the central bank's independence that drove the dollar to the lowest since 2023. 'But there can be a SLOWING of the economy unless Mr. Too Late, a major loser, lowers interest rates, NOW,' Trump said on social media on Monday, referring to Powell. Bullion has surged about 30% this year, outperforming nearly every other major asset class, as investors flee equities exposed to an expanding trade war. Typically in risk-off moments, traders turn to US government debt. But given a recent selloff in Treasuries and the US fiscal position generally, gold is now 'the only true safe haven left,' according to analysts at Jefferies Financial Group Inc. The precious metal's ferocious run began in early 2024, as central banks, seeking to diversify their foreign exchange holdings beyond the US dollar and insulate themselves from the threat of sanctions, became big buyers. More recently, flows into bullion-backed exchange-traded funds have picked up. Banks have also become progressively more positive about gold as this year's rally has gone from strength to strength. Among them, Goldman Sachs Group Inc forecast the metal could hit $4,000 an ounce midway through next year. The precious metal's rally shows 'that there is a desire to diversify out of dollar assets into a broader range of safe havens,' Kamakshya Trivedi, head of global FX, rates and emerging-market strategy at Goldman Sachs, told Bloomberg TV. Gold for immediate delivery traded less than 0.1% higher at $3,424.44 an ounce at 11:13 a.m. in New York, easing back from its fresh all-time high. The Bloomberg Dollar Index was up 0.1%. Silver and palladium rose, while platinum slipped. What Bloomberg strategists say... 'Bullion is extremely overbought in the short term, which makes it ripe for a correction. That, however, is not to be mistaken for its medium-term trajectory: bullion performs best when the global economy is in distress, and the scale of current economic uncertainty is immense.' Ven Ram, Macro Strategist, Dubai --With assistance from Yihui Xie. More stories like this are available on First Published: 22 Apr 2025, 09:20 PM IST
Khaleej Times
18-03-2025
- Business
- Khaleej Times
Middle East tensions, tariff jitters fuel gold's record rally
Gold prices rose 1% to hit a fresh record high on Tuesday, anchored above the $3,000/oz mark, as rising Middle East tensions and trade uncertainties due to US President Donald Trump's tariff plans fueled demand for the safe-haven asset. Spot gold hit a peak of $3,038.26 per ounce and by 12:00pm ET (1600 GMT) was up 1% at $3,031.22 an ounce. Prices climbed above $3,000 for the first time on March 14. US gold futures gained 1.1% to $3,038.80. Bullion, which had a stellar run last year, has maintained its momentum this year as well, gaining over 15% year-to-date and hitting record highs 14 times. "The escalation in the Middle East tensions – as Israel launched military strikes on Hamas targets in Gaza, which threatens to undermine the ceasefire – has injected a new bid into gold," said Nicky Shiels, head of metals strategy at MKS PAMP SA. Israeli airstrikes killed more than 400 people in Gaza, threatening a two-month ceasefire. Meanwhile, Donald Trump has floated a series of U.S. tariff plans, including a flat 25% duty on steel and aluminum that came into effect in February, as well as reciprocal and sectoral tariffs that he said will be imposed on April 2. Gold is traditionally regarded as a safe-haven investment during periods of economic or geopolitical instability. Investors will now closely watch Trump's talks with Putin, where he is expected to push for a Ukraine ceasefire, as well as the Federal Reserve's monetary policy meeting on Wednesday. Traders expect the Fed to keep interest rates unchanged on Wednesday, while they see nearly a 66% chance of a rate-cut in June, according to the CME Group's FedWatch Tool. "If gold holds above $3,040, the next resistance level is projected at $3,080 as an extreme scenario," said Razan Hilal, market analyst at City Index. Silver gained 0.5% to $33.99 an ounce, after hitting its highest level since late October. "We may see stronger gains in silver over the next couple of weeks as it is playing catch-up," said Jim Wyckoff, senior analyst at Kitco Metals. Platinum fell 0.1% to $998.85, and palladium added fell 0.3% to $962.00.
