Editor's Note: Updating earlier story with more details from report.(Kitco News) - Gold extended early gains after Labor Department data Thursday showed that initial weekly U.S. jobless claims rose by 7,000 to a seasonally adjusted 214,000 in the week to Saturday. Consensus expectations compiled by various news organizations had called for initial claims to be around 205,000 to 207,000. The g...Read More
Equities got clobbered on Wednesday and this morning we are seeing some follow-through to the downside. Gold and silver rallied on Wednesday but not as much as you would have thought based on the trashing of equities. However, both are joining the Jeffersons this morning and are “moving on up.” As we have written many times, we don’t look at gold as a safe-haven play; we look at...Read More
(Kitco News) - Gold finds its legs after the crush in global equity markets yesterday. The rising yields with the uncertainty of the trade war with China became too much for equity investors and the herd headed for the exits. The scenario suggests that it was a safe haven play, but generally when equities collapse the first move for gold is lower, as investors raise cash to meet margin calls. This...Read More