In the wake of the Bitcoin crash, gold has shown to be a safe haven asset + more
Below are the top 5 market updates for gold and precious metals for the 22nd June 2022. You can read the excerpts and then click through to full article if you wish.
Gold A Safe Haven
The benefits of keeping bitcoin versus gold have been widely discussed and argued. These two digital assets, one a physical asset and the other dubbed “digital gold,” have been pitted against one other in a battle to see which is the best store of value.
With the bitcoin crisis raging last week, the debate about the benefits of maintaining a reasonably stable commodity like gold against a volatile one like bitcoin has resurfaced.
Kinross Gold has finalised the sale of its Russian holdings, according to a SWOT analysis.
Silver was the best-performing precious metal for the week, but it was still down 1.45%. As years of stimulus morph into a war to manage inflation, Tom Palmer, CEO of Newmont Mining, the world’s largest gold miner, sees a higher floor building underneath the gold market. As the wider markets have retreated, gold has fared far better than cryptocurrencies. Several prominent cryptocurrency exchanges have put a hold on client withdrawals this week.
Newmont Ventures, a wholly-owned subsidiary of Newmont Corporation, concluded a private placement with Awalé Resources. Glen Parson is the CEO of Awalé, which has projects in Côte d’Ivoire. The major project is Odienné, and the arrangement is structured in such a way that Newmont might earn up to 75% of the project.
In 2021, streaming sales reached $1.7 billion, the highest level since 2015. Year to far, the industry has brought in $487 million, compared to $455 million at this time last year. Wheaton Precious Metals, with $366 million in streams, is the most active, followed by Osisko Gold Royalties, with $110 million.
Hedge funds flocked to gold ahead of the Fed rate rise, but only for a short time.
According to the most recent trading data from the Commodity Futures Trading Commission, hedge funds left the gold market in anticipation of the Federal Reserve’s largest rate rise in 28 years.
Despite the fact that investors immediately liquidated their optimistic gold wagers and raised their negative positions, some experts believe sentiment is still fairly neutral. Gold prices are still stuck between $1,800 an ounce of support and $1,850 an ounce of resistance.
Where do the halts occur? Tuesday, June 21st, gold and silver will be traded.
For today’s active Comex gold and silver futures markets, the expected price locations of buy and sell stop orders are shown below. The asterisks (**) signify the day’s most important stop order placement level (or likely where the heaviest concentration of stop orders are placed on this day).
A thorough explanation of stop orders can be found below, as well as why knowing where they are likely to be situated in advance may be useful to a trader.
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