Gold rose more than 1% on Monday after Trump paused attack on Iran to make space for talks. Advisers told the president they were running out of targets and expressed worries about depleting the arsenal.
Rising interest rates and a robust US dollar have dulled the appeal of precious metals, while soaring oil prices driven by the conflict in Iran have redirected market momentum elsewhere.
Although precious metals bounced back over the last few days following a long stretch of selling, market experts warn that pushing back to the record highs seen earlier this year could be a tough climb for gold and silver.
BofA analysts believe gold prices could drop even further, while UBS is sceptical of the potential for a silver rebound and has cautioned against investors starting to build exposure to that.
Silver Institute confirms that industrial demand for the white metal has hit structural deficits for five consecutive years. The exponential explosion of AI infrastructure is unleashing a massive AI silver squeeze.
John Paulson, the hedge fund manager who made billions betting against subprime mortgages, said last week he believes the precious metal is only in the early stages of a long-term rally.
EBC financial group analyst says, silver demonstrated a critical structural trend shift. Classic bullish crossover indicated the aggressive sell-off was exhausting itself, so a break back above $60 seems likely.
Asset Recap
As of market close on 24 July, among EBC major products, Schlumberger shares led gains as strong performance in offshore activity helped boost Q2 revenues, helping to offset the impact of the Middle East conflict.
Intel reported better-than-expected results, notching its fastest revenue growth rate for any quarter since 2011 and issuing guidance that topped expectations. Still the shares sank.
The tech rout continued as the latest earnings updates from large technology companies revived concerns about heavy AI spending, while soaring oil prices amped up inflation worries, lifting bond yields.
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EBC Financial Group Disclaimer: This material is for general information purposes only and is not intended as (and should not be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by EBC Global Financial Collaboration or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.
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