Gold Investors: Keep The Faith, Higher Prices Coming – Analysts
Frustration is starting to build among gold investors, but analysts are encouraging them to keep the faith as the market still has potential to break through $1,400 an ounce eventually. While the breakout may not be on the horizon in the short-term, many analysts think that it is only a matter of time and instead of giving up, many analysts see a drop back to the lower end of its current trading range. This week has been particularly vexing for investors as the yellow metal was unable to hold gains above $1,350 an ounce even after last week’s rally, which saw the best weekly gains in nearly two years. This week the gold market has given almost half of those gains. June gold futures settled the week at $1,327.3 an ounce, down almost 2% from the previous Friday. After hitting a three-week high, the silver market also ended up giving back all of its gains from the previous week. May silver futureslast traded at $16.268 an ounce, also down nearly 2% from last week. Read More @ http://www.kitco.com/news/2018-03-29/Gold-Investors-Keep-The-Faith-Higher-Prices-Coming-Analysts.html
Oil Prices Near $70 On Geopolitical Uncertainty
Oil prices continued their upward momentum on Friday, following a week of geopolitical uncertainty and bullish industry news. Read More @ https://oilprice.com/Energy/Energy-General/Oil-Prices-Near-70-On-Geopolitical-Uncertainty.html
China moves to purchase oil with yuan. Fresh off the launch of its yuan-denominated oil futures contract, China is reportedly preparing to make some oil purchases later this year in yuan instead of dollars. It would be a shot across the bow as China hopes the yuan will rival the greenback as a global currency. Because oil is the world’s most traded commodity, shifting part of the oil trade to yuan would have enormous ramifications. “Being the biggest buyer of oil, it’s only natural for China to push for the usage of yuan for payment settlement. This will also improve the yuan liquidity in the global market,” a source told Reuters.
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