Digital Currency Group CEO says most cryptocurrencies will fail, but bitcoin is still king

Barry Silbert, CEO and founder of Digital Currency Group, said besides bitcoin the majority of the once blazing hot crypto market will eventually be worthless. The world’s first and best-known digital currency is down more than 80 percent since its peak and was trading near $3,572 as of Wednesday. Digital Currency Group has made the most active seed investments in the industry, more than three times the amount of Andreessen Horowitz, according to Pitchbook. The company owns and operates bitcoin


Barry Silbert, CEO and founder of Digital Currency Group, said besides bitcoin the majority of the once blazing hot crypto market will eventually be worthless. The world’s first and best-known digital currency is down more than 80 percent since its peak and was trading near $3,572 as of Wednesday. Digital Currency Group has made the most active seed investments in the industry, more than three times the amount of Andreessen Horowitz, according to Pitchbook. The company owns and operates bitcoin
Digital Currency Group CEO says most cryptocurrencies will fail, but bitcoin is still king Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-13  Authors: kate rooney, david a grogan
Keywords: news, cnbc, companies, fail, money, majority, cryptocurrencies, digital, gold, king, currency, ceo, market, investors, price, group, bitcoin, silbert


Digital Currency Group CEO says most cryptocurrencies will fail, but bitcoin is still king

A bear market could be just the beginning of the pain for most cryptocurrencies, according to one widely followed industry expert.

Barry Silbert, CEO and founder of Digital Currency Group, said besides bitcoin the majority of the once blazing hot crypto market will eventually be worthless.

“I’m not a believer in the vast majority of digital tokens and believe most will go to zero,” Silbert told CNBC in a phone interview following its quarterly call with investors.

The rise in initial coin offerings helped bring the industry’s market capitalization to more than $800 billion at the start of last year, according to CoinMarketCap.com. Bitcoin made up roughly 50 percent of that total, with its price climbing to nearly $20,000 in December 2017. Amidst the buying mania, Initial coin offerings, or ICOs, became a popular way to raise money from eager retail investors. But they often touted a project that wasn’t live yet, or in some cases turned out to be outright fraud.

“Almost every ICO was just an attempt to raise money but there was no use for the underlying token,” Silbert said. “The vast majority of what’s out there will be eliminated.”

That elimination is already starting. The Securities and Exchange Commission cracked down on the fundraising method last year, and Chairman Jay Clayton repeatedly urged crypto founders to register with the agency. Silbert applauded the SEC’s actions and said most of the tokens were illegal offerings.

Bitcoin’s price, along with that of other other major cryptocurrencies, came crashing down last year. The world’s first and best-known digital currency is down more than 80 percent since its peak and was trading near $3,572 as of Wednesday.

Still, Silbert said he is “as bullish as he has ever been” on bitcoin. As an early investor, he lived through multiple price plunges, all of which were followed by a full recovery. Despite bitcoin’s relatively short 10-year existence, it’s already on its third bear market plunge of 80 percent or more. The most recent one has yet to bounce back.

Although bitcoin has seen “a really ugly technical chart,” Silbert said there’s still a high degree of interest from institutional investors. Digital Currency Group has made the most active seed investments in the industry, more than three times the amount of Andreessen Horowitz, according to Pitchbook. The company owns and operates bitcoin brokerage firm Genesis Trading, and the largest digital currency asset management firm, Grayscale Investments.

Grayscale also started the first publicly traded bitcoin investment vehicle, the Bitcoin Investment Trust, which trades under the symbol GBTC on over the counter markets.

Part of the upside Silbert sees in bitcoin is based on its potential to replace gold as a safe haven asset.

“As far as I’m concerned bitcoin has won the race to be digital gold,” Silbert said.

Younger investors don’t view gold as the same non-correlated, safe haven as their parents, Silbert said. He quoted an Accenture statistic on the investor call, that $30 trillion of baby boomer wealth is going to be handed down in the next 20 years. Some of that is currently in gold, which Silbert is predicting a younger generation would convert to bitcoin as a hedge instead.

“I’m convinced that whatever money is in gold is not going to stay in gold,” Silbert said. “That gets handed down to millennials — I’m highly confident a lot of that will go into bitcoin.”

He said the speculation use case has been proven for bitcoin as a “buy and hold strategy.” But the question of when meaningful institutional money starts flowing in still remains. Silbert said that heading into 2019, the infrastructure for that to happen safely is finally in place. Fidelity’s custody solution and other investment opportunities like a futures market from the Intercontinental Exchange, parent company of the New York Stock Exchange, are all set to go live early this year.

If and when sentiment changes, Silbert predicted bitcoin prices would “snap back hard.”

“There are certainty institutional investors that have put money to work and many more are are considering it,” Silbert said. “Until now they wanted to make sure they’re not catching a falling knife.”


Company: cnbc, Activity: cnbc, Date: 2019-02-13  Authors: kate rooney, david a grogan
Keywords: news, cnbc, companies, fail, money, majority, cryptocurrencies, digital, gold, king, currency, ceo, market, investors, price, group, bitcoin, silbert


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Digital Currency Group CEO says most cryptocurrencies will fail, but bitcoin is still king

Barry Silbert, CEO and founder of Digital Currency Group, said besides bitcoin the majority of the once blazing hot crypto market will eventually be worthless. The world’s first and best-known digital currency is down more than 80 percent since its peak and was trading near $3,572 as of Wednesday. Digital Currency Group has made the most active seed investments in the industry, more than three times the amount of Andreessen Horowitz, according to Pitchbook. The company owns and operates bitcoin


Barry Silbert, CEO and founder of Digital Currency Group, said besides bitcoin the majority of the once blazing hot crypto market will eventually be worthless. The world’s first and best-known digital currency is down more than 80 percent since its peak and was trading near $3,572 as of Wednesday. Digital Currency Group has made the most active seed investments in the industry, more than three times the amount of Andreessen Horowitz, according to Pitchbook. The company owns and operates bitcoin
Digital Currency Group CEO says most cryptocurrencies will fail, but bitcoin is still king Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-13  Authors: kate rooney, david a grogan
Keywords: news, cnbc, companies, fail, money, majority, cryptocurrencies, digital, gold, king, currency, ceo, market, investors, price, group, bitcoin, silbert


Digital Currency Group CEO says most cryptocurrencies will fail, but bitcoin is still king

A bear market could be just the beginning of the pain for most cryptocurrencies, according to one widely followed industry expert.

Barry Silbert, CEO and founder of Digital Currency Group, said besides bitcoin the majority of the once blazing hot crypto market will eventually be worthless.

“I’m not a believer in the vast majority of digital tokens and believe most will go to zero,” Silbert told CNBC in a phone interview following its quarterly call with investors.

The rise in initial coin offerings helped bring the industry’s market capitalization to more than $800 billion at the start of last year, according to CoinMarketCap.com. Bitcoin made up roughly 50 percent of that total, with its price climbing to nearly $20,000 in December 2017. Amidst the buying mania, Initial coin offerings, or ICOs, became a popular way to raise money from eager retail investors. But they often touted a project that wasn’t live yet, or in some cases turned out to be outright fraud.

“Almost every ICO was just an attempt to raise money but there was no use for the underlying token,” Silbert said. “The vast majority of what’s out there will be eliminated.”

That elimination is already starting. The Securities and Exchange Commission cracked down on the fundraising method last year, and Chairman Jay Clayton repeatedly urged crypto founders to register with the agency. Silbert applauded the SEC’s actions and said most of the tokens were illegal offerings.

Bitcoin’s price, along with that of other other major cryptocurrencies, came crashing down last year. The world’s first and best-known digital currency is down more than 80 percent since its peak and was trading near $3,572 as of Wednesday.

Still, Silbert said he is “as bullish as he has ever been” on bitcoin. As an early investor, he lived through multiple price plunges, all of which were followed by a full recovery. Despite bitcoin’s relatively short 10-year existence, it’s already on its third bear market plunge of 80 percent or more. The most recent one has yet to bounce back.

Although bitcoin has seen “a really ugly technical chart,” Silbert said there’s still a high degree of interest from institutional investors. Digital Currency Group has made the most active seed investments in the industry, more than three times the amount of Andreessen Horowitz, according to Pitchbook. The company owns and operates bitcoin brokerage firm Genesis Trading, and the largest digital currency asset management firm, Grayscale Investments.

Grayscale also started the first publicly traded bitcoin investment vehicle, the Bitcoin Investment Trust, which trades under the symbol GBTC on over the counter markets.

Part of the upside Silbert sees in bitcoin is based on its potential to replace gold as a safe haven asset.

“As far as I’m concerned bitcoin has won the race to be digital gold,” Silbert said.

Younger investors don’t view gold as the same non-correlated, safe haven as their parents, Silbert said. He quoted an Accenture statistic on the investor call, that $30 trillion of baby boomer wealth is going to be handed down in the next 20 years. Some of that is currently in gold, which Silbert is predicting a younger generation would convert to bitcoin as a hedge instead.

“I’m convinced that whatever money is in gold is not going to stay in gold,” Silbert said. “That gets handed down to millennials — I’m highly confident a lot of that will go into bitcoin.”

He said the speculation use case has been proven for bitcoin as a “buy and hold strategy.” But the question of when meaningful institutional money starts flowing in still remains. Silbert said that heading into 2019, the infrastructure for that to happen safely is finally in place. Fidelity’s custody solution and other investment opportunities like a futures market from the Intercontinental Exchange, parent company of the New York Stock Exchange, are all set to go live early this year.

If and when sentiment changes, Silbert predicted bitcoin prices would “snap back hard.”

“There are certainty institutional investors that have put money to work and many more are are considering it,” Silbert said. “Until now they wanted to make sure they’re not catching a falling knife.”


Company: cnbc, Activity: cnbc, Date: 2019-02-13  Authors: kate rooney, david a grogan
Keywords: news, cnbc, companies, fail, money, majority, cryptocurrencies, digital, gold, king, currency, ceo, market, investors, price, group, bitcoin, silbert


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Using Italy’s gold reserves to plug budget hole an ‘interesting idea’: Deputy PM

Using Italy’s gold reserves to plug budget holes could be an interesting idea, Deputy Prime Minister Matteo Salvini said on Monday after a media report said the government was considering such a move. “It’s not an issue that I am following, but it could be an interesting idea,” Salvini, who is also the League party’s leader, told reporters in Rome when asked about the possibility of tapping gold reserves. Italian Agriculture Minister Gian Marco Centinaio, who is also a member of the League, said


Using Italy’s gold reserves to plug budget holes could be an interesting idea, Deputy Prime Minister Matteo Salvini said on Monday after a media report said the government was considering such a move. “It’s not an issue that I am following, but it could be an interesting idea,” Salvini, who is also the League party’s leader, told reporters in Rome when asked about the possibility of tapping gold reserves. Italian Agriculture Minister Gian Marco Centinaio, who is also a member of the League, said
Using Italy’s gold reserves to plug budget hole an ‘interesting idea’: Deputy PM Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-11  Authors: simona granati – corbis, corbis news, getty images
Keywords: news, cnbc, companies, interesting, gold, talk, plug, league, salvini, using, bank, reserves, italys, deputy, idea, budget, hole


Using Italy's gold reserves to plug budget hole an 'interesting idea': Deputy PM

Using Italy’s gold reserves to plug budget holes could be an interesting idea, Deputy Prime Minister Matteo Salvini said on Monday after a media report said the government was considering such a move.

Earlier, La Stampa newspaper said that the government was considering using part of the country’s gold reserves, which are held by the Bank of Italy, to rein in its budget deficit this year and avoid a planned VAT increase in 2020.

“It’s not an issue that I am following, but it could be an interesting idea,” Salvini, who is also the League party’s leader, told reporters in Rome when asked about the possibility of tapping gold reserves.

Previous attempts by Italian governments to tax the gold reserves or to sell part of them to help balance the public accounts were stopped by European authorities because they would have undermined the Bank of Italy’s independence or broken public financing rules.

The talk of using the central bank-managed gold reserves comes after the leaders of the ruling coalition, formed by the far-right League and the anti-establishment 5-Star Movement, promised at the weekend to replace top officials at the Bank of Italy who they said must pay for failing to prevent bank failures.

Italian Agriculture Minister Gian Marco Centinaio, who is also a member of the League, said on Monday he had never heard anyone in the government speak about the idea of using gold reserves to plug budget shortfalls.

“I’ve never heard talk in cabinet meetings or any other political settings about getting our hands on the Bank of Italy’s gold,” Centinaio said in an interview with Radio Capital.

Italy is the world’s third-largest holder of gold reserves, behind the United States and Germany, with 2,451.8 tonnes as of last year, according to the World Gold Council.


Company: cnbc, Activity: cnbc, Date: 2019-02-11  Authors: simona granati – corbis, corbis news, getty images
Keywords: news, cnbc, companies, interesting, gold, talk, plug, league, salvini, using, bank, reserves, italys, deputy, idea, budget, hole


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Bernstein: There is now a ‘strong case’ for gold over bonds, stocks

As recession fears rise, Bernstein is suggesting investors look to gold and gold mining stocks to reduce risk. The firm’s global quantitative trading strategy group on Monday sent a note titled “a strong case for holding gold.” “We show that from current equity valuations and from similar points in previous cycles gold and equities give more similar returns … [to] risk assets such as equities,” Bernstein said. Bernstein is tracking two key measures, both of which are at levels not seen since W


As recession fears rise, Bernstein is suggesting investors look to gold and gold mining stocks to reduce risk. The firm’s global quantitative trading strategy group on Monday sent a note titled “a strong case for holding gold.” “We show that from current equity valuations and from similar points in previous cycles gold and equities give more similar returns … [to] risk assets such as equities,” Bernstein said. Bernstein is tracking two key measures, both of which are at levels not seen since W
Bernstein: There is now a ‘strong case’ for gold over bonds, stocks Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-11  Authors: michael sheetz
Keywords: news, cnbc, companies, case, debt, stocks, risk, equities, similar, bonds, inflation, bernstein, gold, note, global, temptation, strong


Bernstein: There is now a 'strong case' for gold over bonds, stocks

As recession fears rise, Bernstein is suggesting investors look to gold and gold mining stocks to reduce risk.

The firm’s global quantitative trading strategy group on Monday sent a note titled “a strong case for holding gold.”

“We show that from current equity valuations and from similar points in previous cycles gold and equities give more similar returns … [to] risk assets such as equities,” Bernstein said.

“A material shift in geopolitical risk and a near-record build up in government debt make other potential risk-free assets more questionable and also bring a temptation to create inflation, thereby further enhancing the case for gold,” the note added.

Bernstein is tracking two key measures, both of which are at levels not seen since World War II: global government debt and central bank buying of gold. The former “creates a temptation to manufacture inflation,” Bernstein said. The latter is a “trend that is likely to continue for as long as the US share of global GDP continues to decline,” the firm said.


Company: cnbc, Activity: cnbc, Date: 2019-02-11  Authors: michael sheetz
Keywords: news, cnbc, companies, case, debt, stocks, risk, equities, similar, bonds, inflation, bernstein, gold, note, global, temptation, strong


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Gold holds firm on trade, growth worries; heads for weekly fall

Gold held steady on Friday on worries that a prolonged Sino-U.S. trade war could worsen global economic slowdown, but a strong dollar put bullion on track for its first weekly loss in three. The two countries had taken a 90-day hiatus in their trade war to work out a deal. Stocks pulled back sharply around the world on fears of a global growth slowdown spreading to Europe and uncertainties around U.S.-China trade tensions. “People are still not sure in what direction the trade war might go,” Sha


Gold held steady on Friday on worries that a prolonged Sino-U.S. trade war could worsen global economic slowdown, but a strong dollar put bullion on track for its first weekly loss in three. The two countries had taken a 90-day hiatus in their trade war to work out a deal. Stocks pulled back sharply around the world on fears of a global growth slowdown spreading to Europe and uncertainties around U.S.-China trade tensions. “People are still not sure in what direction the trade war might go,” Sha
Gold holds firm on trade, growth worries; heads for weekly fall Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-08  Authors: getty images
Keywords: news, cnbc, companies, war, heads, global, weekly, firm, dollar, fall, steady, worries, growth, week, countries, trade, strong, holds, gold


Gold holds firm on trade, growth worries; heads for weekly fall

Gold held steady on Friday on worries that a prolonged Sino-U.S. trade war could worsen global economic slowdown, but a strong dollar put bullion on track for its first weekly loss in three.

Spot gold was steady at $1,309.34 per ounce, as of 0320 GMT, after the metal hit its lowest since Jan. 29 at $1,302.11 on Thursday.

U.S. gold futures were also unchanged at $1,313.10.

U.S. President Donald Trump said on Thursday he did not plan to meet with Chinese President Xi Jinping before a March 1 deadline set by the two countries to achieve a trade deal. The two countries had taken a 90-day hiatus in their trade war to work out a deal.

Stocks pulled back sharply around the world on fears of a global growth slowdown spreading to Europe and uncertainties around U.S.-China trade tensions.

“Some of our growth indicators are clearly seeing easing global activity and trade volumes are being hit. That makes people cautious and could derive support for gold around $1,300-$1,330 range,” said John Sharma, an economist with National Australian Bank.

The European Commission on Thursday sharply cut its forecasts for euro zone economic growth this year and next on expectations the bloc’s largest countries will be held back by global trade tensions and domestic challenges.

“People are still not sure in what direction the trade war might go,” Sharma said, adding that the U.S. dollar’s strength was also capping gold’s gains.

The dollar index, a gauge of its value versus six major peers, was hovering close to its two-week high.

“The negative trade talk headlines saw some safe-haven buying re-emerge,” ANZ analysts said in a note, adding that sharp falls in equity markets had been supportive for gold.

Bullion prices have risen about 13 percent since touching over 1-1/2-year lows in August, mostly due to volatile stock markets, a pull-back in dollar and dovish U.S. Federal Reserve.

But, a strong dollar, which makes bullion more expensive for holders of other currencies, has driven gold down 0.6 percent for this week.

Gold’s pull back from a nine-month high of $1,326.30 touched last week has driven outflows in the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust.

SPDR gold holdings fell for a fifth straight session on Thursday, shedding over 1 percent for the week in what could be their worst fall since the week ended Oct. 7.

Among other precious metals, palladium stood firm at $1,386 an ounce, silver was down 0.1 percent at $15.70 and platinum was 0.4 percent lower at $793.


Company: cnbc, Activity: cnbc, Date: 2019-02-08  Authors: getty images
Keywords: news, cnbc, companies, war, heads, global, weekly, firm, dollar, fall, steady, worries, growth, week, countries, trade, strong, holds, gold


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A 10 to 30 percent market drop could hit Wall Street, David Tice warns

Investor known for running bear fund sees stocks falling as much as 30 percent 6:05 PM ET Wed, 6 Feb 2019 | 02:41An investor known for running a bear fund is predicting a massive market setback. David Tice, who sold his Prudent Bear fund to Federated in 2008, describes 2019’s early bull run as a dead-cat bounce. “This is a rally inside a bear market,” he said Wednesday on CNBC’s “Trading Nation.” Whether there’s a market crash or just a slow move lower, Tice believes the Street could see a nasty


Investor known for running bear fund sees stocks falling as much as 30 percent 6:05 PM ET Wed, 6 Feb 2019 | 02:41An investor known for running a bear fund is predicting a massive market setback. David Tice, who sold his Prudent Bear fund to Federated in 2008, describes 2019’s early bull run as a dead-cat bounce. “This is a rally inside a bear market,” he said Wednesday on CNBC’s “Trading Nation.” Whether there’s a market crash or just a slow move lower, Tice believes the Street could see a nasty
A 10 to 30 percent market drop could hit Wall Street, David Tice warns Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-07  Authors: stephanie landsman, drew angerer, getty images, brendan mcdermid, kcna, thomas barwick getty images, source, lawrence mcdonald
Keywords: news, cnbc, companies, believes, warns, fund, street, massive, drop, david, 30, wall, tice, possible, market, bear, investors, hit, gold


A 10 to 30 percent market drop could hit Wall Street, David Tice warns

Investor known for running bear fund sees stocks falling as much as 30 percent 6:05 PM ET Wed, 6 Feb 2019 | 02:41

An investor known for running a bear fund is predicting a massive market setback.

David Tice, who sold his Prudent Bear fund to Federated in 2008, describes 2019’s early bull run as a dead-cat bounce.

“This is a rally inside a bear market,” he said Wednesday on CNBC’s “Trading Nation.” “We could have something between a 10 percent and a 30 percent decline [this year].”

He worries a scenario like that would take Wall Street by surprise because optimism is so widespread.

According to Investors Intelligence, the market is doing something right now it hasn’t done since September. The Street is seeing the most bulls since stocks were at all-time highs.

Tice believes there’s a 50-50 chance of a recession this year — blaming central banks’ monetary policies since the 2008 financial crisis, a global slowdown affecting earnings growth, and growing corporate debt.

“I tend to think with this massive amount of debt that we’ve added, and this massive about of monetary stimulus that we’ve added, it’s going to end very badly,” he added.

Despite his bearishness, he isn’t ruling out another near-term leg higher.

According to Tice, it’s possible to get a bounce as large as 20 percent if the U.S. and China make a trade deal. But he believes the bullish momentum will be fleeting once investors realize the environment isn’t favorable for long-term gains.

Whether there’s a market crash or just a slow move lower, Tice believes the Street could see a nasty period for 10 to 20 years.

“It’s possible we don’t have a massive crash,” Tice said. “It’s possible we could have a massive decline in a period of ugliness. It’s possible we just stay in a down 5 percent up 3 percent down 6 percent.”

Regardless of the path, Tice believes the risks are too high for individual investors right now.

“The market on a risk reward basis is dangerous,” he said. “We do feel as if individuals ought to cut back their equity exposure.”

Instead, Tice recommends buying gold, an asset he holds.

“I’m a believer that gold represents true money. We are in a fiat money world, and it’s dangerous not to have some gold in your portfolio,” Tice said.


Company: cnbc, Activity: cnbc, Date: 2019-02-07  Authors: stephanie landsman, drew angerer, getty images, brendan mcdermid, kcna, thomas barwick getty images, source, lawrence mcdonald
Keywords: news, cnbc, companies, believes, warns, fund, street, massive, drop, david, 30, wall, tice, possible, market, bear, investors, hit, gold


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Gold falls to 1-week low on stronger dollar, but holds above $1,300 level

Gold fell to a more than one-week low on Thursday, pressured by a stronger dollar, but worries over slowing global economic growth and the specter of another U.S. government shutdown kept the safe-haven metal above the key $1,300 level. Spot gold fell 0.2 percent to $1,303.64 per ounce by 0341 GMT, after touching its lowest since Jan. 29 at $1,302.84. The dollar index, a gauge of its value versus six major peers, was hovering close to its two-week high. “But, if the dollar finds haven demand, th


Gold fell to a more than one-week low on Thursday, pressured by a stronger dollar, but worries over slowing global economic growth and the specter of another U.S. government shutdown kept the safe-haven metal above the key $1,300 level. Spot gold fell 0.2 percent to $1,303.64 per ounce by 0341 GMT, after touching its lowest since Jan. 29 at $1,302.84. The dollar index, a gauge of its value versus six major peers, was hovering close to its two-week high. “But, if the dollar finds haven demand, th
Gold falls to 1-week low on stronger dollar, but holds above $1,300 level Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-07  Authors: getty images
Keywords: news, cnbc, companies, 1week, falls, stronger, fell, economic, bank, concerns, low, dollar, growth, rate, gold, level, 1300, shutdown, possible, holds


Gold falls to 1-week low on stronger dollar, but holds above $1,300 level

Gold fell to a more than one-week low on Thursday, pressured by a stronger dollar, but worries over slowing global economic growth and the specter of another U.S. government shutdown kept the safe-haven metal above the key $1,300 level.

Spot gold fell 0.2 percent to $1,303.64 per ounce by 0341 GMT, after touching its lowest since Jan. 29 at $1,302.84. Prices fell 0.7 percent in the previous session in their biggest one-day drop since Jan. 18.

U.S. gold futures were down 0.5 percent at $1,307.30.

A possible rate cut by the Australian central bank stokes global slowdown concerns and the U.S. dollar has gained on safe-haven interest, pulling down old, said Ilya Spivak, a senior currency strategist with DailyFx.

Australia’s central bank on Wednesday opened the door to a possible rate cut as it acknowledged growing economic risks in a remarkable shift from its long-standing tightening bias that sent the local dollar sliding.

The dollar index, a gauge of its value versus six major peers, was hovering close to its two-week high.

A stronger greenback makes dollar-denominated gold more expensive for holders of other currencies.

Last week, the U.S. Federal Reserve said it would be patient on further rate hikes, while the European Central Bank sounded less certain that it would start tightening policy later this year.

The Bank of England looks set to trim its forecasts for Britain’s already sluggish growth on Thursday, reflecting the approach of a still uncertain Brexit in just 50 days’ time and a slowdown in many of the world’s big economies.

“Bullion appeal though demonstrating for pricing weakness in the current term, will hold an integral role in 2019 amidst heightened geopolitical and economic uncertainties,” analysts at Phillip Futures wrote in a note.

Wall Street’s benchmark S&P 500 slipped amid concerns over growth, disappointing earnings reports and another possible U.S. government shutdown in the wake of President Donald Trump’s State of the Union address.

“If there is another shutdown that would stoke concerns about growth which might fuel demand for haven assets like bonds, and gold might gain due to falling treasury yields,” Spivak of DailyFx said.

“But, if the dollar finds haven demand, then gold’s ability to move higher is going to be limited.”

Reflecting lackluster sentiment, holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell for a fourth straight session on Wednesday.

Liquidity in gold markets is expected to remain light in Asian hours with China closed for the Lunar New Year holiday this week.

In other metals, palladium rose 0.4 percent to $1,377.50 per ounce.

Silver was steady at $15.66, and platinum slipped 0.2 percent to $801.50.


Company: cnbc, Activity: cnbc, Date: 2019-02-07  Authors: getty images
Keywords: news, cnbc, companies, 1week, falls, stronger, fell, economic, bank, concerns, low, dollar, growth, rate, gold, level, 1300, shutdown, possible, holds


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Gold steady as Trump speech stokes fears of government shutdown

Spot gold was steady at $1,314.30 per ounce, as of 0546 GMT. U.S. gold futures were also steady at $1,318.20 an ounce. “There is a likely risk of another government shutdown with President Trump still sticking to the rhetoric of erecting a border wall,” said Hitesh Jain, vice president, Yes Securities, adding that a firmer dollar was capping gold’s gains. Trump’s demand for $5.7 billion in funding for a U.S.-Mexico border wall triggered a historic 35-day partial government shutdown, which ended


Spot gold was steady at $1,314.30 per ounce, as of 0546 GMT. U.S. gold futures were also steady at $1,318.20 an ounce. “There is a likely risk of another government shutdown with President Trump still sticking to the rhetoric of erecting a border wall,” said Hitesh Jain, vice president, Yes Securities, adding that a firmer dollar was capping gold’s gains. Trump’s demand for $5.7 billion in funding for a U.S.-Mexico border wall triggered a historic 35-day partial government shutdown, which ended
Gold steady as Trump speech stokes fears of government shutdown Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-06  Authors: leonhard foeger
Keywords: news, cnbc, companies, wall, trade, gold, dollar, trump, president, steady, fears, stokes, border, week, vowed, shutdown, speech


Gold steady as Trump speech stokes fears of government shutdown

Gold prices held firm on Wednesday after U.S. President Donald Trump, in his State of the Union speech, vowed to build a border wall and gave little clarity over the ongoing trade discussions with China, but a firmer dollar capped bullion’s gains.

Spot gold was steady at $1,314.30 per ounce, as of 0546 GMT.

U.S. gold futures were also steady at $1,318.20 an ounce.

Trump spoke in the chamber of the House of Representatives facing political discord over his demands that Democrats end their opposition to funding for a border wall he says is needed to stem illegal immigration and smuggled drugs.

“There is a likely risk of another government shutdown with President Trump still sticking to the rhetoric of erecting a border wall,” said Hitesh Jain, vice president, Yes Securities, adding that a firmer dollar was capping gold’s gains.

“Market participants remain cognizant of the fact that global macro numbers are slowing. Gold as an investment avenue remains very much in the reckoning.”

Trump’s demand for $5.7 billion in funding for a U.S.-Mexico border wall triggered a historic 35-day partial government shutdown, which ended on Jan. 25.

Trump has threatened to resume the shutdown if he is dissatisfied with the negotiations.

The dollar index stood near a two-week high.

Meanwhile, Dallas Federal Reserve President Robert Kaplan said on Tuesday that the Fed should leave interest rates where they are until the U.S. economic outlook is clearer, a process that in his view could take several more months.

The U.S. central bank last week promised to be “patient” in rate moves due to impending slowdown and uncertain trade backdrop.

While Trump’s address did not have anything significant on U.S-China trade front, senior U.S. and Chinese officials are poised to start another round of trade talks in Beijing next week, according to sources.

Trump has vowed to increase tariffs on $200 billion worth of Chinese imports to 25 percent from 10 percent currently if the two sides cannot reach a deal by 12:01 a.m. (0501 GMT) on March 2.

“For a very short term, the narrowing of trading range (in gold) is possible because the better-than-expected U.S. non-farm payroll makes it less likely for the Fed to be accommodative,” Wing Fung said in a research note.

Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, dropped 0.18 percent on Tuesday. Holdings have dropped for three straight sessions.

Liquidity remained low as China and several other markets in Asia still closed for the Lunar New Year holiday.

Among other precious metals, palladium dipped 0.2 percent to $1,379 per ounce.

Silver was down 0.3 percent at $15.79, and platinum edged 0.1 percent lower to $815.


Company: cnbc, Activity: cnbc, Date: 2019-02-06  Authors: leonhard foeger
Keywords: news, cnbc, companies, wall, trade, gold, dollar, trump, president, steady, fears, stokes, border, week, vowed, shutdown, speech


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Gold prices near one-week lows as investors turn to riskier assets

Gold prices on Tuesday held near one-week lows touched in the previous session, pressured by a firmer dollar and as investor appetite for riskier assets improved in the wake of strong U.S. economic data. Spot gold was steady at $1,313.95 per ounce at 0349 GMT. “There is strong technical support and the Fed is mostly dovish, which should see gold supported around the $1,300-area. Meanwhile, holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, dropped 0.50 percent to


Gold prices on Tuesday held near one-week lows touched in the previous session, pressured by a firmer dollar and as investor appetite for riskier assets improved in the wake of strong U.S. economic data. Spot gold was steady at $1,313.95 per ounce at 0349 GMT. “There is strong technical support and the Fed is mostly dovish, which should see gold supported around the $1,300-area. Meanwhile, holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, dropped 0.50 percent to
Gold prices near one-week lows as investors turn to riskier assets Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-05  Authors: umit bektas
Keywords: news, cnbc, companies, oneweek, supported, turn, strong, dollar, investors, 01, rose, steady, week, riskier, gold, assets, lows, fed, prices, near, session


Gold prices near one-week lows as investors turn to riskier assets

Gold prices on Tuesday held near one-week lows touched in the previous session, pressured by a firmer dollar and as investor appetite for riskier assets improved in the wake of strong U.S. economic data.

Spot gold was steady at $1,313.95 per ounce at 0349 GMT. Prices in the last session fell to their lowest since Jan. 29 at $1,308.20.

U.S. gold futures dipped 0.1 percent to $1,318.40 an ounce.

Trading was muted in Asia with many markets closed for much of the week for Lunar New Year holidays.

“Gold fell overnight as bond yields ticked up and the dollar was also strong due to a risk-on environment,” said Jeffrey Halley, senior market analyst, OANDA.

“There is strong technical support and the Fed is mostly dovish, which should see gold supported around the $1,300-area. The focus would be more on the U.S. earnings season due to the absence of China for the whole week.”

The dollar held on to recent gains against its peers on Tuesday, supported by the recovery in investor risk appetite.

Spot gold rose to its highest since late April at $1,326.30, last week, after the U.S. Federal Reserve kept interest rates steady and said it would be patient on further hikes amid a suddenly cloudy outlook for the U.S. economy due to global growth concerns and the U.S.-China trade dispute.

However, solid U.S. jobs data that came out on Friday allayed concerns of an immediate slowdown in the U.S. economy.

The central bank may need to raise interest rates a bit further if the economy does well, Cleveland Fed President Loretta Mester said on Monday.

“It seems to us that investors will need to get more signals before getting more aggressive in (acquiring long positions in gold), which won’t come until $1,360 or so,” analysts at TD Securities said in a research note.

“Despite the fact that the Fed has gone dovish, they could still hike one more time.”

Meanwhile, holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, dropped 0.50 percent to 813.29 tonnes on Monday. Holdings have fallen for a second straight session.

Among other precious metals, palladium gained 0.2 percent to $1,367 per ounce.

Silver rose 0.1 percent to $15.88, while platinum dipped 0.1 percent to $817.00.


Company: cnbc, Activity: cnbc, Date: 2019-02-05  Authors: umit bektas
Keywords: news, cnbc, companies, oneweek, supported, turn, strong, dollar, investors, 01, rose, steady, week, riskier, gold, assets, lows, fed, prices, near, session


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Venezuela crisis: Major global powers ordered to stop trading oil and gold assets with Maduro

A coalition group of Latin American countries and Canada has urged the Venezuelan military to sever ties with President Nicolas Maduro. It comes at a time when political tensions in Venezuela are reaching boiling point, with the oil-rich, but cash-poor, country in the midst of the Western Hemisphere’s worst humanitarian crisis in recent memory. In a statement published Monday, 11 of the 14 members of the Lima Group called for a “peaceful transition through political and diplomatic means without


A coalition group of Latin American countries and Canada has urged the Venezuelan military to sever ties with President Nicolas Maduro. It comes at a time when political tensions in Venezuela are reaching boiling point, with the oil-rich, but cash-poor, country in the midst of the Western Hemisphere’s worst humanitarian crisis in recent memory. In a statement published Monday, 11 of the 14 members of the Lima Group called for a “peaceful transition through political and diplomatic means without
Venezuela crisis: Major global powers ordered to stop trading oil and gold assets with Maduro Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-05  Authors: sam meredith, carlos becerra, bloomberg, getty images, carlos garcia rawlins, david kawai, bloomberg via getty images
Keywords: news, cnbc, companies, political, group, venezuelan, stop, oil, urged, underscored, trading, maduro, worst, urgent, global, venezuela, ordered, western, humanitarian, powers, gold, major


Venezuela crisis: Major global powers ordered to stop trading oil and gold assets with Maduro

A coalition group of Latin American countries and Canada has urged the Venezuelan military to sever ties with President Nicolas Maduro.

It comes at a time when political tensions in Venezuela are reaching boiling point, with the oil-rich, but cash-poor, country in the midst of the Western Hemisphere’s worst humanitarian crisis in recent memory.

In a statement published Monday, 11 of the 14 members of the Lima Group called for a “peaceful transition through political and diplomatic means without the use of force.”

The group also underscored the need for an urgent delivery of humanitarian aid and insisted international governments “take measures to prevent the Maduro regime … from doing business in oil, gold and other assets.”


Company: cnbc, Activity: cnbc, Date: 2019-02-05  Authors: sam meredith, carlos becerra, bloomberg, getty images, carlos garcia rawlins, david kawai, bloomberg via getty images
Keywords: news, cnbc, companies, political, group, venezuelan, stop, oil, urged, underscored, trading, maduro, worst, urgent, global, venezuela, ordered, western, humanitarian, powers, gold, major


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