(Kitco News) – The U.S. labor market has defied all expectations in 2024, but sentiment has started to shift as five months of consecutive outperformance come to an end. Heading into the weekend, markets continue to digest the disappointing nonfarm payrolls numbers. The U.S. economy created 175,000 jobs last month, according to the Bureau of
Gold investors and traders witnessed the largest single-day drop in gold futures in over three years on Monday. Gold futures plummeted by $65.60, or 2.73%, marking the steepest decline since February 2021. The catalyst behind this sharp sell-off was Israel’s restrained response to the recent missile and drone attack launched by Iran. Despite the massive
(Kitco News) – Gold’s unprecedented rally in record territory has attracted a lot of attention from fund managers; however, some funds are worried that the precious metal run has gone a little too far. According to Bank of America’s latest Fund Manager Survey, 26% of survey participants said gold is overvalued. According to the survey,
(Kitco News) – After posting dramatic declines late last week and through the weekend, the cryptocurrency market continued its downward trajectory on Monday. Bitcoin (BTC) did manage to hold key support around $62k over the weekend, but after bulls managed to push King Crypto close to $67k by 6 am EDT, they ran out of
(Kitco News) – The gold market is not paying attention to U.S. inflation or U.S. interest rates as investors aren’t worried about opportunity costs in a world with unprecedented geopolitical and economic uncertainty, according to one market strategist. Thursday, in an interview with Kitco News, Kristina Hooper, chief investment strategist at Invesco, said that despite
(Kitco News) – Monday saw the return of bull market momentum for cryptos as Bitcoin (BTC) climbed back above $70,000 while several dozen altcoins recorded double-digit gains, exciting crypto traders and reigniting FOMO for underexposed investors. It was the opposite story for stocks, which fell under pressure at the market open to start the
The cryptocurrency bull market was firing on all cylinders in trading on Tuesday as Bitcoin (BTC) surged above $57,000 for the first time in more than two years, a disheartening move for traders who had been hoping for a significant pullback as an opportunity to allocate fund into the top crypto. While the rally
Digital assets entered a new era of legitimacy with the launch of the first spot Bitcoin (BTC) exchange-traded funds (ETFs) in the U.S., and as the flow data for the ETFs show, there is a healthy level of demand for access to BTC once the technical know-how to deal with crypto is eliminated as a
Overseas investment has also declined as tensions between China and the West have risen. Beijing’s relationship with Washington has hit its lowest point since diplomatic relations between the US and China were first established in the late 1970s, with tensions rising over a range of issues ranging from Chinese military activity around Taiwan to a
A rising dollar spells trouble for investors
So why is the dollar so strong today? Three reasons. First, the US economy is on fire. It has shrugged off the last two years’ rising interest rates, creating new jobs, increasing wages and keeping a lid on unemployment. Money follows growth. The second reason is those interest rates, which are showing no signs of