| Gold Is Resilient to the Fed’s Likely Questionable Liftoff Move | |
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Gold Is Buoyant despite Falling Equity Markets FOMC meets on Wednesday
The FOMC (Federal Open Market Committee) meeting on Wednesday, August 19 was more subdued than hawkish. Investors were expecting a likely settlement on the decision of a rate hike, but that didn’t happen. A liftoff in the near term, say September, may have adverse effects on the precious metal lovers.
With the confusing reviews from the Fed on Wednesday, gold on COMEX rose 2.20% on August 20 and closed at $1,153.20 per ounce. Silver for September expiry also rose almost equivalent to gold and settled at $15.56 per ounce. In contrast, platinum rose ~2.10% and palladium rose 2.20%. The volumes for the precious metals were slightly higher than the previous trading day—August 19. The other precious metals, like platinum and palladium, are also following the herd.
The Fed’s minutes suggested that a confidence stratum should exist before the liftoff. The unfavourable economic indicators like the CPI (consumer price index), manufacturing sales, and consumer confidence will likely delay the rate hike. Although an approaching rate move is confirmed, when it occurs is the question. The overall outcome of the meeting wasn’t conclusive. It had wide-ranging opinions.
ETFs
The SPDR Gold Shares ETF (GLD) rose 1.70% on August 20 and closed at $110.44 per share. It has risen 3.71% in August. The volume has seen an upswing compared to the early days in August. Gold has risen during the month. The iShares Gold Trust ETF (IAU) rose 3.78% in a month.
The Market Vectors Gold Miners ETF (GDX) also saw a rise of 2.62% in a month. Member companies of the Market Vectors Gold Miners ETF (GDX), like Franco-Nevada (FNY), Agnico-Eagle Mines (AEM), Pan America Silver (PAAS), and First Majestic Silver (AG) also showed positive returns in August. Together, these companies account for ~9% of GDX.
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PRODUCTEUR |
CODE : PAAS |
ISIN : CA6979001089 |
CUSIP : 697900108 |
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Pan American Silver est une société de production minière d'argent basée au Canada. Pan American Silver est productrice d'argent, de cuivre, d'or, de plomb et de zinc au Mexique, au Perou, en Argentine et en Bolivie, en développement de projets d'argent et d'or au Mexique, et détient divers projets d'exploration au Mexique et en Argentine. Ses principaux projets en production sont QUIRUVILCA MINE, HUARON et MOROCOCHA au Perou, LA COLORADA, ALAMO DORADO, LLUVIA DE ORO et DOLORES MINE au Mexique, SAN VICENTE en Bolivie et MANANTIAL ESPEJO en Argentine, son principal projet en développement est LA PRECIOSA au Mexique et ses principaux projets en exploration sont ORO BLANCO, EL DURAZNO, SAN ANTONIO ORO BLANCO, SANTA LUCIA, REAL VIEJO, PLANCHAS DE PLATA, LA DURA, LA RESERVA / EL CORREO, LA VIRGINIA GOLD/SILVER, LA CRUZ et LA BOLSA au Mexique, FLAMINGO, ESPEJO, REGALO, NAVIDAD, CALCATREAU, HOG HEAVEN, WATERLOO et LOMA DE LA PLATA (NAVIDAD) en Argentine, RIVER VALLEY PGM au Canada et PICO MACHAY au Perou. Pan American Silver est cotée au Canada, aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 997,2 millions (897,0 millions €). La valeur de son action a atteint son plus bas niveau récent le 07 novembre 2008 à 10,01 , et son plus haut niveau récent le 19 septembre 2024 à 21,02 . Pan American Silver possède 47 442 200 actions en circulation. |