Rolling coverage of the latest economic and financial news, as gold and bitcoin both jump as traders bet on US interest rate cuts early next year
Some analysts are predicting that gold could continue to push higher, adding to the record high of $2,111/ounce set this morning
UOB’s Head of Markets Strategy, Global Economics and Markets Research, Heng Koon How, told CNBC:
“The anticipated retreat in both the USD and interest rates across 2024 are key positive drivers for gold,”
“Gold has had a Santa Claus rally and I expect that to continue until the end of this year.
A 50% rally since mid-October has “seemed to mark a decisive shift away from the bearishness of 2022 and early 2023,” said Justin d’Anethan – head of business development for Asia-Pacific at Keyrock, a digital assets market making firm.
He said evidence of institutional buying through November showed a new leg of interest and that although reversals ahead are not inconceivable, lows hit around $16,000 a year ago “probably marked the bottom”.
A spot bitcoin ETF could allow previously wary investors access to crypto via the stock market, ushering a new wave of capital into the sector.
Continue reading…Rolling coverage of the latest economic and financial news, as gold and bitcoin both jump as traders bet on US interest rate cuts early next yearSome analysts are predicting that gold could continue to push higher, adding to the record high of $2,111/ounce set this morningUOB’s Head of Markets Strategy, Global Economics and Markets Research, Heng Koon How, told CNBC:“The anticipated retreat in both the USD and interest rates across 2024 are key positive drivers for gold,”“Gold has had a Santa Claus rally and I expect that to continue until the end of this year.A 50% rally since mid-October has “seemed to mark a decisive shift away from the bearishness of 2022 and early 2023,” said Justin d’Anethan – head of business development for Asia-Pacific at Keyrock, a digital assets market making firm.He said evidence of institutional buying through November showed a new leg of interest and that although reversals ahead are not inconceivable, lows hit around $16,000 a year ago “probably marked the bottom”.A spot bitcoin ETF could allow previously wary investors access to crypto via the stock market, ushering a new wave of capital into the sector. Continue reading…