It'll Happen OVERNIGHT! What's About to Happen to Gold & Silver Prices Will SHOCK You - Craig Hemke
It'll Happen OVERNIGHT! What's About to Happen to Gold & Silver Prices Will SHOCK You - Craig Hemke
Gold experienced modest gains on the spot market on Friday, rising by 0.7% to reach $2,349 per ounce, before releasing a crucial US inflation report. However, despite this uptick, gold is poised to record its first weekly decline in six weeks. In parallel, silver exhibited fluctuating movement during early trading hours on Thursday, oscillating between the $27.50 and $27 levels. Craig Hemke, from the TF Metals Report, reflects on the recent price movements of gold and silver, highlighting how silver initially lagged behind gold's upward trajectory but eventually caught up. Hemke emphasizes the historical relationship between gold and silver prices, suggesting that if one believes in the continued rise of gold, silver is likely to follow suit.
Silver prices found temporary support near the $27 mark during Thursday's European session, following a notable sell-off the previous week. The white metal garnered some buying interest as the US Dollar softened. However, the start of 2024 presents challenges, with silver anticipated to record a substantial deficit in 2023. Despite this, the precious metal could face headwinds amid the US Federal Reserve's commitment to maintaining higher interest rates in the new year.
From a technical standpoint, Hemke underscores the significance of silver's $29 price level in recent years. Despite the current pullback, Hemke remains optimistic about gold's potential to extend its rally, projecting a target of $2,400 to $2,500 by year-end, representing a notable increase compared to historical averages.
JP Morgan chimed in on Thursday, reaffirming gold's structural bull case with a peak target of $2,600 per ounce. The bank maintains a positive long-term outlook for gold, although it acknowledges a shift in favor of the US dollar in the near term.
Craig Hemke discusses recent events that have influenced gold prices, citing geopolitical concerns as a critical driver of a safe-haven bid for gold futures. Additionally, he notes increased retail speculation in China as another factor contributing to the market dynamics. However, Hemke highlights how margin hikes and profit-taking led to a sharp decline in gold prices after reaching highs above $2,400 per ounce.
Amidst global tensions and economic uncertainties, China is a dominant force propelling gold to new heights. With robust demand from consumers, investors, and even the central bank, China's insatiable appetite for gold is reshaping global investment trends and pushing the precious metal to unprecedented levels.
Looking ahead, Hemke anticipates that the next catalyst for gold prices could be a slowdown in the US economy, mainly if there are signs of weakness in the labor market. His insights come in light of recent data showing unexpected declines in the number of Americans filing new claims for unemployment benefits. According to the Labor Department, initial claims for state unemployment benefits dropped by 5,000 to a seasonally adjusted 207,000 for the week ending April 20, indicating tight labor market conditions. This unexpected data point adds another layer of complexity to the ongoing narrative surrounding gold prices and the broader economic outlook.
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