$2,433 now

https://www.cnbc.com/2024/06/10/gold-miners...ld-council.html

GOLD
Gold is getting harder to find as miners struggle to excavate more, World Gold Council says

The gold mining industry is struggling to sustain production growth as deposits of the yellow metal become harder to find, according to the World Gold Council.

“We’ve seen record first quarter mine production in 2024 up 4% year on year. But the bigger picture, I think about mine production is that, effectively, it plateaued around 2016, 2018 and we’ve seen no growth since then,” WGC Chief Market Strategist John Reade said.

According to data from the international trade association, mine production inched up only 0.5% in 2023 compared to a year ago.

In 2022, the growth was 1.35% year on year, the year before it was 2.7%, while in 2020, global gold production logged the first decline in a decade, sliding 1%.

“I think the overwhelming story there is: after 10 years of rapid growth from around 2008, the mining industry is struggling to report sustained growth in production,” said Reade.

New gold deposits are becoming harder to find around the world as many prospective areas have already been explored, he elaborated.

It’s getting harder to find gold, permit it, finance it, and operate it.
John Reade
WORLD GOLD COUNCIL
Large-scale gold mining is capital-intensive, and requires significant exploration and development, taking an average of 10 to 20 years before a mine is ready for production, according to WGC.

Even during the exploration process, the likelihood of a discovery progressing into the development of a mine is low, with only about 10% of global gold discoveries containing sufficient metal to warrant mining.

Around 187,000 metric tons of gold has been mined to date, with the majority coming from China, South Africa and Australia. Gold reserves that can be excavated are estimated at around 57,000 tonnes, according to the United States Geological Survey.

Aside from the discovery process, government permits getting harder to secure and requiring more time to come through have made mining more difficult, Reade added. Securing licenses and permits needed before mining companies can start operations can take several years.

Additionally, many mining projects are planned for remote areas that require infrastructure such as roads, power, and water, resulting in added costs in building these mines and financing operations, Reade said.

“It’s getting harder to find gold, permit it, finance it, and operate it,” he said.

Gold prices are taking a breather after rallying to record highs in recent months bolstered by strong demand led by China. Spot gold
is currently trading at $2,294.3 per ounce.

Long time no see!

Cut through like butter.
Msian gold was record high at 17 Apr 2024 12,106 11,639 per oz.
Let's see what today's price will be.

Today's price: 12,240.00 11,757.00

All time high in Runggit.

DJ went up 700points due to Trump assassination? v

BRO UNKER!
How are you? Long time no see!

This post has been edited by prophetjul: Jul 18 2024, 10:20 AM

What situation?
What is your objective in buying gold?

We buy every 'investment' for profit.
The question is are you buying gold for fast trading? I would advise against that.
I bought gold in 2002 to hedge against money printing.
I knew the returns would be at least better than FD.
I plunked my FD monies into gold.
I have been holding still.
After more than 20 years, It has been a good ride in runggit terms.
I will sell when I need the money.
I will leave the gold collectibles to my children.

Gold breaks to new high above $2,490 as investors continue to expect the Fed to cut interest rates in September.
Gold had pulled back earlier after the release of strong US retail sales data.
Lower US initial jobless claims brought more positive news about the US economy, helping to dispel recession fears.
The precious metal is probably unfolding a leg down within a sideways trend.

(Kitco News) – Gold prices hit new all-time highs in both spot and futures markets on Friday after weaker-than-expected U.S. housing data stoked worries that downside risks to growth are rapidly overshadowing the upside risks of inflation that have dominated the attention of investors and central banks for the last two years.

Spot gold first breached the $2,500 per ounce level shortly before 10 am EDT, just half an hour into the North American trading session and less than 90 minutes after the housing data was released.

After pulling back as low as $2,479 per ounce, the yellow metal began its steady march higher once again, and broke definitively above $2,500 just after 2:30 pm EDT.


At the time of writing, spot gold last traded at $2,509.42 for a gain of 2.15% on the session.

“Gold has been on an unstoppable run since October last year, surging from near the $1,800 level to score back-to-back all-time record highs – not once, not twice, but on multiple occasions this year,” wrote Phil Carr, Head of Trading at The Gold & Silver Club on FXEmpire. “The precious metal is up over 26% since mid-February. But here’s where it gets even better – Gold prices have now chalked up a whopping gain of more than 38% since October.”

http://www.aastocks.com/en/mobile/news.asp...newssource=AAFN

<Commodity>Spot Gold Once Soars to Reach Record High US$2,520 Per Ounce

https://www.fxstreet.com/news/gold-price-co...et-202408200253

Gold price attracts fresh buyers on Tuesday and advances to a fresh all-time peak.
Fed rate cut bets drag the USD to a multi-month low and benefit the XAU/USD.
Geopolitical risks lend additional support as traders await more Fed rate-cut cues.
Gold price (XAU/USD) breaks out of its consolidative price move and jumps to a fresh record high, around the $2,522-$2,523 area during the first half of the European session on Tuesday. The US Dollar (USD) selling bias remains unabated for the third straight day amid growing acceptance that the Federal Reserve (Fed) will begin its rate-cutting cycle in September. This, in turn, is seen as a key factor driving flows towards the non-yielding yellow metal.

This post has been edited by prophetjul: Aug 20 2024, 05:53 PM

This is very difficult drastic decision to make.
i have never sold everything. Nearest i have ever did was selling 80% of my equities in jan 2020 when i heard of the Covid virus in Dec 2019. Never 100% of everything. Certainly not gold.

However, having said that, i am at an age where i can sell everything and keep just cash and wait it out.

This post has been edited by prophetjul: Aug 25 2024, 09:25 AM

Nothing if free in this world!

https://www.kitco.com/news/article/2024-09-...z-metals-prices

(Kitco News) – Precious metals prices are rallying across the board on Friday morning as rate cut optimism breathes new life into risk assets, while also boosting the attractiveness of non-yielding safe havens like gold.

Spot gold hit a new all-time high of $2,581.23 per ounce just minutes before the North American market open and is up 0.84% on the session.

No. i have done all my buying from 2002 to 2009.
Enough. Gold is now 18% of my total assets.

No. Wait toll the Feds cut.
If anything to go by, when theu did that in 2009, gold went from $681 to $1900.
Hopeful.

https://stockcharts.com/sc3/ui/?s=%24GOLD

In the daily chart, the RSI and MACD does not look very extended. In fact, the MACD has just signalled a crossover.