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Precious metals remain under pressure amid rally in the oil markets.
Reacting to Gold's $116 drop on October 22, the popular American economist Peter Schiff estimated that the downturn is likely driven by stock market turmoil but will, eventually, prove bullish for the precious metal.
Gold and silver face pressure from high oil prices and Fed rate hike risks, with gold testing $4,000 and silver vulnerable below $55.
Gold remains under pressure but weakening bearish momentum and tightening trendlines suggest a decisive breakout may be approaching, with bullish confirmation potentially opening the way toward $4,847.
Gold will continue to appreciate as the systemic problems of ballooning debt, runaway deficits, and currency depreciation worsen, and the mining equities are once again providing multiples of leverage to the gold price, according to Evy Hambro, global head of thematic and sector investing at BlackRock.Hambro was asked in a recent interview with MoneyWeek whether he expects the mild stagflation, weak dollar, and geopolitical turmoil that characterizes the current market environment to continue.
Gold and silver faced significant headwinds through the summer as persistent inflation and higher bond yields raised the opportunity cost of holding non-yielding assets.
The broader backdrop for Australian junior resources companies remains supportive in several key commodities, with gold continuing to provide one of the strongest macro tailwinds for transactions and project development. The latest federal Resources and Energy Quarterly forecasts annual Australian gold export earnings of around A$68 billion over the coming years, supporting strategic consolidation and continued interest from larger producers in established exploration and development assets.
Silver and platinum gained ground in today's trading session.
SEC filings for SGOL aren't indexed yet (common for recently launched funds). Browse the issuer's filings on SEC EDGAR directly.