Back in Aotearoa following farewell shows last year, Tess Liautaud today shares new alt-country twanger ‘Gold Digger‘ along with the announcement of a full-scale single release tour. Her new song is a dazedly overdriven gat-filled tune with a humorous but cautionary narrative, filmed by Jessie Shanks (The Eastern) and Gina Johns. The accompanying video depicts the Franco-American songwriter swaggering into a bar and kicking up the hay with her attitude at the Arthur’s Pass and the Otira Stagecoach Hotel — featuring trusty regular stage partner Adam Hattaway. Liautaud wrote ‘Gold Digger’ while in Otago, imagining a tune in the lighthearted but open style of the late US artist John Prine. She will be embarking on a twelve-date tour with band in celebration of her fresh track from May, probably sinking holes with her band at the pool table at the wild mix of bars across our motu. This Sunday, however, Liautaud will treat those in the loop to a private location show with full band, kai and inu. Order up…

Tess Liautaud – Gold Digger Tour

Thursday 2nd May –  Common Ground, Featherston
Friday 3rd May – Rogue & Vagabond, Wellington
Saturday 4th May – Wine Cellar, Auckland*
Wednesday 15th May – Blue Door, Arrowtown
Thursday 16th May – Rhyme & Reason, Wanaka*
Friday 17th May – Peace Memorial Hall, Ophir*
Saturday 18th May – Grainstore Gallery, Oamaru*
Sunday 19th May – Dunedin Folk Club, Dunedin
Friday 24th May – Pigeon Bay Social Club, Pigeon Bay*
Saturday 25th May – Lyttelton / Wunderbar*
Friday 31st May- The Playhouse, Mapua*
Saturday 1st June – Mussel Inn, Onekaka

*Tickets are available HERE via UTR

‘Gold Digger’ is out today on major streaming platforms.

Hyderabad: Out-dazzling itself with every passing day, gold scored a hat-trick of sorts on Thursday. The yellow metal’s price in the international market vaulted to yet another record high for the third straight day at $2,165-per-ounce, propelled mainly by US Federal Reserve chair Jeremy Powell’s dovish stance on interest rates. Historically, interest rates in the US and gold prices have had an inverse relationship.Following global cues, gold prices in the domestic market also surged to a new life-high level at Rs 65,587 per 10gm for 24K (995 purity for April contract) on MCX during the day.In the local market for physical gold bars, the price of the precious metal jumped by around Rs 500 and was quoting at around Rs 65,650 (pre-tax) and Rs 67,270 (including GST). In Delhi’s market, it was quoted marginally lower.“Gold continued its upward march after US Fed chief Jerome Powell reiterated that the US central bank will most likely lower interest rates later this year. Weak US economic data and banking jitters all together pushed the US dollar and bond yields to a multi-week low, helping gold prices rally more than 3% so far this week,” said Saumil Gandhi, senior analyst-commodities, HDFC Securities.The northward march for the yellow metal is not expected to halt soon, feels Gandhi. He said that from a technical standpoint, the bullish trend is likely to continue as gold prices broke the previous resistance and are now in new territory. “Comex gold now has immediate resistance at $2,180/$2,200 level and support at $2,119/$2,094 level,” he said.

We also published the following articles recently

Gold price today: Gold rate hits new high; March gains surpass Rs 2,700; what you should know

Gold prices on MCX reached a new peak of Rs 65,298 per 10 grams due to expectations of a US Federal Reserve interest rate cut. Silver futures increased. Dollar index weakened. Gold futures on Comex remained steady. The recent surge in gold prices is driven by weak US economic data, banking concerns, and geopolitical tensions.

Gold jumps Rs 500 to scale record high of Rs 65,650 per 10 grams

Gold prices in Delhi reached a lifetime high of Rs 65,650 per 10 grams, influenced by international markets. Silver prices also rose. The Federal Reserve Chair, Jerome Powell, reiterated potential rate cuts by the US central bank. Analysts predict that gold prices will be influenced by upcoming US CPI data and non-farm payroll and unemployment data.

US stocks rise on rate hopes as gold hits record high

US and European stock markets rose on rate cut expectations. Gold reached record heights. Bitcoin eased. World oil prices gained on strong US energy demand. Tight supplies, risk appetite, and tangible evidence influenced market participants and equity markets.

Mining and industrials gains pushed Canada’s main stock index higher on Thursday though the telecom sector was the only drag on the TSX. Traders assessed another day of Federal Reserve Chairman Jerome Powell’s congressional testimony and U.S. economic data. Spot gold hit a new all-time high during trading.

U.S. stocks scored another win across the board as major averages posted their second winning session in three days after Wall Street’s worst day in three weeks earlier this week.

The Canadian dollar traded for 74.27 cents compared with 73.96 cents U.S. on Wednesday.

U.S. crude futures traded $0.24 lower at $78.89 a barrel, and the Brent contract lost $0.17 to $82.79 a barrel.

The price of gold was up US$11.68 to US$2,159.40.

In world markets, the Nikkei was down 492.07 points to 39,598.71, the Hang Seng was down 208.31 points to 16,229.78, the FTSE was up 14.69 points to 7,694.00, and the DAX was up 126.14 points to 17,842.85.

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The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.

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To gain an edge, this is what you need to know today.

The Message For Prudent Investors

Please click here for an enlarged version of the chart of SPDR Gold Trust GLD.

Note the following:

• The chart shows that gold has broken out to an all time high.
• The chart shows higher volume. This indicates conviction in the breakout.
• RSI shown on the chart is at an all time high. This indicates there is high momentum behind the breakout. Breakouts that happen with RSI at all time high tend to lead to big moves in the longer term.  However, when RSI is this overbought, it often leads to a short term pullback.
• In The Arora Report analysis, there is an important message here for prudent investors:
• • Stock market sees clear skies as far as the eye can see.
  • Bitcoin is near all time high indicating that the speculative juices are running at all time high.
  • NVIDIA Corp NVDA is at an all time high and goes up every day indicating that many investors believe artificial intelligence is going to trump everything else.
  • YOLO (you only live once) is taking over in penny stocks, junk stocks, highly speculative tech stocks, as well as highly speculative biotech stocks indicating the breath of extremely positive sentiment. 
  • Gold is bought when investors want to hedge their portfolios, when investors see trouble ahead, and when investors want to be defensive.
  • Who is buying gold at a time when the sentiment is at extreme high? The answer is prudent investors who have studied the history of the markets and know that when sentiment gets this high, it is time to buy protection.
  • Historically when sentiment gets this high, something comes out of the blue that nobody has foreseen to drive the stock market lower.
• Initial jobless claims came at 217K vs 217K consensus. This indicates that the jobs picture is very strong, especially at the low end.  Jobs picture is weak in IT and is likely to get weaker in areas that are being impacted by AI.
• Unit Labor Costs – Rev. came at 0.4% vs 0.6% consensus. This indicates that costs are not rising as fast in manufacturing.  
• Productivity – Rev. came at 3.2% vs 3.1% consensus. Higher productivity drives the stock market higher.
• Powell will be repeating his testimony in front of the Congress. Expect momo gurus to twist his testimony to run the stock market higher.
• Jobs Report, mother of all reports, will be released at 8:30am ET tomorrow. As is their pattern, momo crowd is buying ahead of the Jobs Report on hopium.  
• As an actionable item, the sum total of the foregoing is in the protection band, which strikes the optimum balance between various crosscurrents. Please scroll down to see the protection band. 

Europe

European Central Bank (ECB) left interest rates unchanged as expected.

Japan

Speculation is building that Japan will raise interest rates in March. If this occurs, this will be the first interest rate hike since 2007.

As we have written before in detail, Bank of Japan (BOJ) policies will have a major impact on the stock market in the US.

As full disclosure, two Japan related ETFs are in ZYX Allocation Core Model Portfolio.

Magnificent Seven Money Flows

In the early trade, money flows are positive in Apple Inc AAPL, Amazon.com, Inc. AMZN, Alphabet Inc Class C GOOG, Meta Platforms Inc META, Microsoft Corp MSFT and NVDA.

In the early trade, money flows are negative in Tesla Inc TSLA.

In the early trade, money flows are positive in SPDR S&P 500 ETF Trust SPY and Invesco QQQ Trust Series 1 QQQ.

Momo Crowd And Smart Money In Stocks

The momo crowd is buying in the early trade. Smart money is inactive in the early trade.

Gold

The momo crowd is buying in the early trade. Smart money is inactive in the early trade.

For longer-term, please see gold and silver ratings.

The most popular ETF for gold is GLD. The most popular ETF for silver is iShares Silver Trust SLV. 

Oil

The momo crowd is buying oil in the early trade.  Smart money is inactive in the early trade.

For longer-term, please see oil ratings.

The most popular ETF for oil is United States Oil ETF USO.

Bitcoin

Bitcoin is range bound. Bitcoin whales are pushing the narrative of bitcoin going to $80K over the weekend. Bitcoin is trading at $67,027 as of this writing.

Protection Band And What To Do Now

It is important for investors to look ahead and not in the rearview mirror.

Consider continuing to hold good, very long term, existing positions. Based on individual risk preference, consider a protection band consisting of cash or Treasury bills or short-term tactical trades as well as short to medium term hedges and short term hedges. This is a good way to protect yourself and participate in the upside at the same time.

You can determine your protection bands by adding cash to hedges. The high band of the protection is appropriate for those who are older or conservative. The low band of the protection is appropriate for those who are younger or aggressive. If you do not hedge, the total cash level should be more than stated above but significantly less than cash plus hedges.

It is worth reminding that you cannot take advantage of new upcoming opportunities if you are not holding enough cash.  When adjusting hedge levels, consider adjusting partial stop quantities for stock positions (non ETF); consider using wider stops on remaining quantities and also allowing more room for high beta stocks.  High beta stocks are the ones that move more than the market.

Traditional 60/40 Portfolio

Probability based risk reward adjusted for inflation does not favor long duration strategic bond allocation at this time.

Those who want to stick to traditional 60% allocation to stocks and 40% to bonds may consider focusing on only high quality bonds and bonds of seven year duration or less.  Those willing to bring sophistication to their investing may consider using bond ETFs as tactical positions and not strategic positions at this time.

The Arora Report is known for its accurate calls. The Arora Report correctly called the big artificial intelligence rally before anyone else, the new bull market of 2023, the bear market of 2022, new stock market highs right after the virus low in 2020, the virus drop in 2020, the DJIA rally to 30,000 when it was trading at 16,000, the start of a mega bull market in 2009, and the financial crash of 2008. Please click here to sign up for a free forever Generate Wealth Newsletter.

This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

• US stock futures traded flat ahead of Thursday’s opening bell.

• Traders will be eyeing Jerome Powell’s congressional testimony, where he may give clues about rate cuts.

• Meanwhile, gold’s strong recent run continued as the precious metal set a new record high.

Stocks looked set to tread water at Thursday’s opening bell, but gold extended its strong recent run as the precious metal hit another record high.

Futures for the S&P 500 and Nasdaq 100 edged up by less than 0.2% in premarket trading, while Dow Jones Industrial Average futures slipped lower.

The muted trading came with investors waiting for the second day of Federal Reserve chair Jerome Powell’s congressional testimony.

His comments could give the market some much-needed signals about when the central bank will start cutting interest rates.

Powell stuck to the expected script when he appeared before the House Financial Services Committee on Wednesday.

He said the Fed will cut borrowing costs this year, but is waiting for more data that shows inflation is definitely cooling toward its 2% target level.

Meanwhile, gold climbed 0.3% to set a new high of $2,161.48 an ounce.

The precious metal tends to struggle when interest rates are likely to fall but may have drawn in buyers looking for safe havens due to ongoing tensions in Ukraine and the Middle East.

Read the original article on Business Insider

Yes, gold price confirmed its breakout – in daily closing price terms. Yes, it is important.

At the moment of writing these words, gold price is trading at about $2,161 – it’s new all-time highs in nominal terms, which is slightly higher than the late-2023 high. Gold price is trying to stay above this level, and while it’s been successful so far, the extremely overbought RSI suggests that it won’t stay as high for long.

And yet…

Gold is already after a confirmed breakout to new highs. Yesterday was the fourth consecutive daily close above the late-2023 highs (I marked the early-December one, but it was also the case with the late-December one). 

A confirmed breakout opens the door to higher prices, and since it was a breakout to new all-time highs, gold could move much higher in the medium term.

We see the same thing in the GLD ETF and while focusing on the 2022 top.

Generally, three daily closes are needed to confirm a breakout and we saw more than that. The breakout was confirmed, and the implications are bullish. 

Those are the facts.

But those are not the only facts that are present right now.

It’s also true that gold price is extremely overbought – the RSI based on the GLD ETF is almost as overbought as it was at the 2022 top. After that high, gold price declined for hundreds of dollars.

It’s also true that mining stocks are underperforming gold and the rally that we saw in gold was not even similarly big in case of silver. Nothing special happened in platinum nor palladium. So, we don’t have the bullish confirmations here.

Please just look at the long-term HUI Index chart below and see the recent rally’s size.

Barely noticeable, right? Gold – the metal those mining companies produce and sell just moved to new all-time highs. Why are the miners’ prices not soaring?

Why is this rally pretty much invisible from the long-term point of view, and why are gold stocks so low compared to their own all-time (2011) high? Those are extremely bearish signs for the precious metals market. 

We have the USD Index that’s likely to move higher in the medium term, and we have stock market that is extremely overbought, and we all remember what happened to the prices of gold, silver, and mining stocks when stocks plunged in 2020 or 2008.

The USDX is close to its recent intraday lows as well as its 50-day moving average. It’s also close to the levels that stopped its decline during the August 2023 correction. It seems that it can turn up any day or hour now.

Stocks moved below their late-Feb high recently and while they are trying to get back above it, the fact that they finally did move below the said high already makes the current situation different.

Was that the final top for stocks? If so, it could have been the case that gold (and bitcoin, which soared recently as well) we pushed higher on the wave of the overall dovish and bullish sentiment.

And as stocks move lower, gold might plunge as well.

All right, so what is gold likely to do now?

It’s extremely overbought, so it’s likely to decline – regardless of the breakout and the fact that the medium-term outlook for gold might have just changed to bullish.

Why? Because even if it is the case that gold is going to soar substantially in the following months – despite everything happening on other markets – it’s still likely to correct to the previous highs and verify them as support. Even in the bullish scenario.

And then the real test will take place. Will gold really be able to hold above the previous highs in terms of the closing prices?

If it does, it might be off to new highs shortly thereafter. If it doesn’t, it’s a long way down from there.

The above creates not one, but two major trading opportunities (one clear, and one will depend on the result of gold’s verification), and I’m discussing them both in today’s Gold Trading Alert. I’m also explaining the possibility of seeing a big disconnect within the precious metals sector. Times are changing, and you’ll likely thank yourself for being prepared for those changes. I encourage you to join my subscribers and get more details today, especially that for new subscribers, the first week is free.

Thank you.

Przemyslaw K. Radomski, CFA
Founder, Editor-in-chief

In global markets, gold is on the rise fueled by predictions
that the U.S. Federal Reserve (FED) will lower interest rates this
year, Azernews reports.

The sharp increase in the price of gold persists, reaching a new
record today.

In the past six sessions, bullion has gained approximately 7%,
with the price of one ounce of gold reaching $2167 today. Over the
past year, gold has appreciated by more than 18%.

Federal Reserve Chair Jerome Powell stated on Wednesday that it
would be appropriate to begin reducing interest rates. Citigroup
has raised its gold price forecast for the next three months to
$2200 per ounce and increased its forecast for the next 6-12 months
to $2300.

Lower interest rates enhance the attractiveness of gold.
Typically, when the FED reduces interest rates, the U.S. Dollar
depreciates. It is expected that central banks will continue their
gold purchases amid geopolitical uncertainties. The slowdown of the
Chinese economy is also anticipated to impact global economic
growth. Therefore, in an uncertain financial environment, gold
remains a secure investment for banks and investors. These factors
contribute to the ongoing appreciation of gold.

—

Follow us on Twitter @AzerNewsAz

What is the price of gold today?

The price of gold traded at $2,159.81 per troy ounce, as of 9 a.m. ET. That’s up 0.95% since yesterday’s gold price per ounce and up 4.52% from the beginning of the year.

The lowest trading price within the last 24 hours: $2,132.45 per ounce. The highest gold spot price in the last 24 hours: $2,164.77 per ounce.

Gold spot prices

XAU/USD is the label for finding the spot gold price traded in U.S. dollars. In this case, gold (XAU) is traded against the dollar, and the price represents the cost of one (troy) ounce of gold in USD. But there are other foreign exchange markets, such as XAU/EUR for trading in euros and XAU/GBP for trading in British pounds.

The spot gold price represents the price at which gold can be exchanged and delivered, and prices are typically quoted in gold price per troy ounce in U.S. dollars. But prices can also be quoted per gram and kilo. It’s worth noting that a troy ounce is slightly heavier than a standard ounce.

Gold price chart

The chart below shows how the spot price of gold is trending over the year. The data is as of 9 a.m. ET and doesn’t display intraday highs or lows.

Year to date, gold is up 4.52% from the beginning of the year, as of 9 a.m. ET. The 52-week intraday high reached $2,164.77 on March 7, 2024, and the 52-week intraday low dropped to $1,809.55 on March 8, 2023.

Remember that the spot price of gold is quoted in real time and represents the current price at which gold can be bought or sold for immediate delivery. For most investors, the spot price usually differs from the price they’ll pay or receive when they decide to purchase or sell their gold.

For example, buying physical gold involves overheads like storage costs and insurance.

When trading physical gold, the difference between the buying and selling price, known as the spread, can eat into returns. Dealers often incorporate their markups and transaction fees within these spreads, which means the actual price an investor pays might be higher than the current market rate, while the selling price they receive might be lower.

While gold certificates, gold exchange-traded funds and gold trusts offer more liquidity and are easier to manage than physical gold, they come with their own risks. These investment vehicles might only sometimes match the performance of the spot price of gold due to management fees and potential discrepancies in tracking.

In essence, while the spot price provides a general benchmark for the value of gold, the actual returns and costs an investor encounters differ based on the medium of purchase and the specifics of the investment.

Investing in gold

Buying physical gold involves overheads like storage costs and insurance.

When trading physical gold, the difference between the buying and selling price, known as the spread, can eat into returns. Dealers often incorporate their markups and transaction fees within these spreads, which means the actual price an investor pays might be higher than the current market rate, while the selling price they receive might be lower.

While gold certificates, gold exchange-traded funds and gold trusts offer more liquidity and are easier to manage than physical gold, they come with their own risks. These investment vehicles might only sometimes match the performance of the spot price of gold due to management fees and potential discrepancies in tracking.

In essence, while the spot price provides a general benchmark for the value of gold, the actual returns and costs an investor encounters differ based on the medium of purchase and the specifics of the investment.

Precious metals spot prices

Precious metals have long served as investment vehicles and industrial commodities. Like gold, the spot prices of silver, platinum and palladium fluctuate based on various market, economic and geopolitical factors.

Silver spot prices

Silver possesses both monetary and industrial value. While it’s used as a hedge against economic volatility, it’s also crucial in the electronics, automotive and medical industries. Its dual-use nature can lead to different market dynamics compared to gold.

The price of silver opened at $24.26 per ounce, as of 9 a.m. ET. That’s up 1.78% since the previous day’s silver price per ounce and up 1.40% since the beginning of the year.

The lowest trading price within the last day: $23.80 per ounce. The highest silver spot price in the last 24 hours: $24.35 per ounce.

Platinum spot prices

Platinum is another precious metal that commands attention. Rarer than gold and silver, its primary use is in automotive catalytic converters, which help reduce harmful emissions. Given the push for cleaner automotive technologies, the demand dynamics for platinum can vary, influencing its spot price.

The price of platinum opened at $922.60 per ounce, as of 9 a.m. ET. That’s up 2.70% since yesterday’s platinum price per ounce and down 6.60% year to date.

The lowest trading price within the last 24 hours: $896.65 per ounce. The highest platinum spot price in the last 24 hours: $926.05 per ounce.

Palladium spot prices

Palladium, like platinum, is pivotal in the automotive industry for catalytic converters. In recent times, there has been a surge in palladium demand due to stricter emission standards worldwide. Its scarcity and rising industrial demand have led to significant price volatility.

The price of palladium is $1,031.92 per ounce, as of 9 a.m. ET. That’s up 1.89% since yesterday’s palladium price per ounce and down 6.15% year to date.

The lowest trading price within the last 24 hours: $1,019.00 per ounce. The highest palladium spot price in the last 24 hours: $1,066.75 per ounce.

Frequently asked questions (FAQs)

What’s the highest price gold has ever been?

The highest price gold ever reached was $2,164.77 on March 7, 2024.

One notable recent high includes the yellow metal’s high of $1,971.17 per troy ounce in August 2020. This surge can be partially attributed to the economic uncertainty surrounding the COVID-19 pandemic.

The global outbreak of COVID-19 brought about unprecedented economic challenges. With central banks worldwide implementing low interest rate policies and massive fiscal stimulus packages to support their economies, there were concerns about potential inflation and the devaluation of fiat currencies. In this scenario, some investors turned to gold as a safe asset, given its history as a store of value during times of economic instability.

Geopolitical tensions, trade wars, and supply chain disruptions during this period further contributed to investors seeking refuge in assets deemed more stable, and gold has historically been a preferred choice for many. As a result, demand for gold increased, driving its price to a record high in August 2020.

Remember that while the COVID-19 pandemic’s economic repercussions significantly contributed to gold’s price rise in 2020, other factors likely also played a part.

Is gold dropping in value?

Gold’s value tends to fluctuate based on economic, geopolitical and market factors, so the answer to this question depends on the measured period. It’s also difficult to pinpoint the direction of future price trends ahead of time.

From the beginning of the year to March 7, 2024, the price of gold rose from $2,066.32 per troy ounce to $2,159.81, representing a 4.52% increase.

Gold prices extended gains to hit an all-time high on Thursday after comments from Federal Reserve Chair Jerome Powell fostered expectations for lower U.S. interest rates this year.

Gold tends to rise when interest rates are low, which reduces the opportunity cost of holding non-yielding bullion.

Spot gold gained 0.4% to $2,157.51 per ounce, as of 1003 GMT. U.S. gold futures rose 0.3% to $2,165.20.

Bullion hit a record high of $2,161.09 earlier in the session and was on track for its longest intra-day winning streak since at least November 2021.

Powell said on Wednesday rate cuts will “likely be appropriate” later this year “if the economy evolves broadly as expected” and once officials gain more confidence in inflation’s steady deceleration. Powell will speak again on Thursday.

“The primary driver in this recent rally in gold is a continued decline in real yields, with inflation expectations continuing to cool, pushing buyers into gold from money market accounts and Treasuries,” said SP Angel analyst Arthur Parish.

Powell’s remarks, coupled with data released the same day indicating softer labour market conditions, pushed U.S. Treasury yields and the dollar lower, boosting demand for gold.

The near-time focus will be on European Central Bank’s rate decision, due at 1315 GMT, when the central bank is expected to keep interest rates unchanged at record highs.

Friday’s U.S. non-farm payrolls report for February is expected to provide more clarity on U.S. rate cuts. It is expected to show employers added 200,000 jobs during the month, according to economists’ polled by Reuters.

“A weaker-than-expected figure is likely to push gold closer to $2,200/oz in the spot market,” Parish said.

Spot silver was steady at $24.16, platinum climbed 0.9% to $915.60 per ounce, while palladium slipped 1.3% to $1,028.52, after a sharp rise in the last session.