- The gold market is holding on to gains Wednesday morning but could struggle to attract new bullish momentum as the U.S. labor market continues to fire on all cylinders, according to private sector payrolls processor ADP.Wednesday, ADP said that 184,000 jobs were created last month. The report beat expectations as consensus forecasts called for job gains of 148,000.The nation’s private sector labor market is seeing its best employment gains since August 2023.
As gold set another record high, Canadian mining legends Frank Giustra, CEO of Fiore Group, and Pierre Lassonde, Chairman Emeritus at Franco-Nevada, say the West has lost its power to set the price of gold. Giustra and Lassonde also warn that in the new geopolitical reality of resource nationalism, Canada is failing its economy and citizens. - Gold prices are higher and hit another record high overnight, at $2,308.
- San Francisco Federal Reserve President and FOMC member Mary Daly said that she feels no urgency to lower interest rates, and that notwithstanding the central bank’s latest ‘dot plots’, three cuts this year is not guaranteed.The downturn in the crypto market intensified on Tuesday as Bitcoin fell to support at $66,000, altcoins recorded double-digit declines and stocks fell from their recent highs.
– Cleveland Federal Reserve President and FOMC member Loretta Mester ruled out a rate cut at the May meeting on Tuesday, saying that the strength of the U.S. economy gives the central bank room to wait and that the balance of risk was weighted firmly toward inflation. - There is a lot of focus on gold right now as prices push to within striking distance of $2,300 an ounce; however, one bank is telling investors that silver is the metal to watch.
Kitco Crypto spoke with Tether CEO Paul Ardoino to discuss stablecoins, blockchain technology, and what is needed to achieve mass adoption. - With gold prices pushing to within striking distance of $2,300 an ounce, it is the gift that keeps on giving, especially when you’ve been holding it for the last two years. – Silver appears to be gearing up for its cyclical outperformance of gold, according to Mobeen Tahir, Director of Research at WisdomTree.
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