The day's price movements

[Goldbrix]

Au up $50+
Ag up almost $1.50

The great move in Ag is that $1.50 is a bigger percentage move than a $50+ on Au.

 

[Joe King]

I think the Fed holds out on the pivot longer than most folk think.

They have to. If they allow the markets to correctly predict a pivot, it will cause what they are trying to do, to fail.

 

[BigJim]

 

[pmbug]

... Swiss Bank UBS ...

The bank's precious metals expert Joni Teves, released her 2023 gold price outlook, saying that she sees the precious metal pushing to $1,900 an ounce by the end of next year.
...
The biggest factor Teves said she sees driving gold prices up by double digits next year is a shift in U.S. monetary policy.

Not only does UBS expect the Fed to end its aggressive tightening cycle in 2023, but it is looking for the central bank to cut rates by 175 basis points by the end of the year.
...

Gold to hit $1,900 by end of 2023 - UBS

Kitco News' general-interest stories takes a look at what is making headlines in the marketplace and how that is impacting precious metals prices

www.kitco.com

Similar to Goldman's 4th scenario (see here), but they have 100% expectation for recession.

 

[pmbug]

FWIW:

A potential peak in the U.S. dollar because of shifting interest rate expectations is creating broad-based positive sentiment for gold in the marketplace, according to the latest Kitco News Weekly Gold Survey.
...
This week, a total of 19 market professionals took part in Kitco News' Wall Street survey. Twelve analysts, or 63%, said they were bullish on gold next week. Two analysts, or 11%, said they were bearish. Five analysts, or 26%, said they were neutral on the precious metal.

On the retail side, 905 respondents took part in online polls. A total of 588 voters, or 65%, called for gold to rise. Another 199, or 22%, predicted gold would fall, while the remaining 118 voters, or 13%, called for a sideways market.
...
Main Street is not only significantly bullish on gold, with sentiment at its highest level since June, but interest in the precious metal appears to be rising, as participation in this week's survey rose to its highest level since late September.
...

Gold prices have room to run as sentiment turns solidly bullish after best week in two years

Bulls or Bears? Wall Street vs. Main Street puts together leading analysts and regular metals investors to find out where they think gold is headed next week. Picked up and quoted by other leading news organizations, this feature has become a cornerstone for the industry and an indicative benchmark.

www.kitco.com

So when the Fed keeps the gas on (doesn't pivot like market expects), there will be headwinds.

 

[Goldbrix]

FWIW:

Gold prices have room to run as sentiment turns solidly bullish after best week in two years

Bulls or Bears? Wall Street vs. Main Street puts together leading analysts and regular metals investors to find out where they think gold is headed next week. Picked up and quoted by other leading news organizations, this feature has become a cornerstone for the industry and an indicative benchmark.

www.kitco.com

So when the Fed keeps the gas on (doesn't pivot like market expects), there will be headwinds.

IMO, Best keep any eye on silver spot price especially now. On Nov. 3,2022 Silver spot was $19.47. The next day the price jumped over $1.00usd to $20.87 T.oz and has not looked back at $19.00 since.
Stayed about level for three days then popped up to $21.37 on Nov. 8th.
Dropped 32 cents on the 9th and popped UP again on the 10th at $21.64 and within pennies since.
The Monkeys Lost Their Hammer, but when they strike it is only pennies of reaction. Closed for the weekend at $21.72.
" The Bull Claims a Wall of Worry" ( stock market saying).
More people waking up to their "fiat crisis" and most people can afford silver more so than gold.
DYODD
YMMV
Best of Luck

Silver Spot Prices Per Ounce Today, Live Bullion Price Chart USD

Get live & historical silver spot prices with our interactive charts updated every minute. Find the best time to buy silver bullion bars, coins & rounds...

www.moneymetals.com

 

[gringott]

I know I was asleep at the wheel and wasn't paying attention, but plat it appears is up pretty good. Last I looked I swear it was like sub $700 or so.
Looking at these charts they don't match my memories. The sub $700 spike was around May 2 years ago.

Did CERN do this? I know I am crazzzzzzyyyyy but I'm not stupid.




ManMooDella Effect?

moooo

 

[Goldbrix]

Ag in the Pre-Market was was down 7 cents. Now it's UP $21.99, may bust $22.00 before EOD.

 

[Viking]

Ag in the Pre-Market was was down 7 cents. Now it's UP $21.99, may bust $22.00 before EOD.

I already have an eye on that house I’m gonna buy for 75 ounces.

 

[pmbug]

...
As dismal as the price action is expected to be in the first half of the year, Bank of America expects a dramatic reversal of fortunes when the Federal Reserve stops raising interest rates. The bank sees gold prices averaging $2,000 an ounce in the third and fourth quarters of next year.

Looking to 2024, Bank of America sees gold prices remaining elevated with an average price of $2,086 an ounce.
...
"Once the Federal Reserve stops raising interest rates, there should be a good market for gold," he said.
...
Along with gold, Bank of America is also bullish on silver, with prices expected to push to $25 an ounce by the third quarter and remain elevated through 2024.
...

Gold has a path to $2,000 and silver to $25 in the second half of 2023 - Bank of America

Kitco News' general-interest stories takes a look at what is making headlines in the marketplace and how that is impacting precious metals prices

www.kitco.com

 

[Goldbrix]

The monkeys have not been able to hammer Ag back into $19.00 or $20.00 spot for over a month now.
Now silver is liking the high $21 -22+ range.
Good chance we get to $25.00 Ag EARLY in 2023. IMO
YMMV

 

[BigJim]

Au over $1800.00 & Ag heading for $23.00 as of this post.

 

[rblong2us]

I always enjoy seeing a new all time high especially in UK£
the current Bullionvault display shows Gold at £1561 / oz

Gold Price Chart, Live Spot Gold Rates, Gold Price Per Ounce/Gram | BullionVault

Live Gold Price Charts for International Markets. View Spot Gold, Silver, Platinum and Palladium Prices for USD Dollar, GBP Pounds, and EUR Euro.

www.bullionvault.co.uk

and while the chart tends to chop out short term spikes when looked at over longer time frames, the previous ath was £1560 on March 7th last year.
This was a fairly large short term spike that ran up £200 in just over a month then dropped £100 over the next two weeks.
I guess this was all Russias fault and it may be that this run up holds up for longer. Lets see.

 

[rblong2us]

The monkeys have not been able to hammer Ag back into $19.00 or $20.00 spot for over a month now.
Now silver is liking the high $21 -22+ range.
Good chance we get to $25.00 Ag EARLY in 2023. IMO
YMMV

well we briefly hit $24 today so good progress

 

[pmbug]

There seems to be some market optimism that inflation is being tamed and there is light at the end of the Fed's rate increase tunnel. Gold and silver should continue to rise as long as that environment holds.