Gold production: limited yet crafted
In the European trading session, silver is experiencing a dip, but has generated a new buy signal, reaching a 14-year high of over $40 per ounce. Gold, on the other hand, has surpassed its previous record from April, touching a new high of $3,508.
The mining industry is showing signs of success, with mining stocks performing well in recent weeks and months. Goldfolio, a popular platform for investors, has benefited from this trend, with its strategy of early exposure to silver miners resulting in a portfolio increase of over 40% year-to-date.
Central banks are showing a high interest in gold, and there have been continued inflows into gold-backed ETFs. This trend is expected to continue, with more than 80% of market participants anticipating a rate cut at the Fed's September 17 meeting.
The US jobs report is due out on Friday, following the return of US and Canadian traders from the Labor Day holiday. Recent jobs data has been disappointing, with the jobs data for the preceding months being significantly revised downwards.
Amidst this economic uncertainty, Goldfolio is offering a new 1-month subscription for €48. The platform is also positioning itself in another commodity that is showing signs of a potential mega rally. Goldfolio's readers are well-positioned to benefit from the rise in gold and silver miners.
In other news, US President Donald Trump has fired his statistics chief, adding to the political uncertainties that could impact the markets. Goldman Sachs, however, remains optimistic, raising its year-end gold price forecast from $3,300 to $3,700 per ounce.
Despite the search results not providing specific names of companies currently generating successful profits in the Goldfolio portfolio, the mining industry continues to be a promising sector for investors. With gold and silver reaching new highs and the potential for a mega rally, it seems the commodities market is set for an exciting ride.
