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Gold prices near record highs
  + stars: | 2024-03-18 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGold prices near record highsWheaton Precious Metals CEO Randy Smallwood joins 'Money Movers' to discuss what's driving the price of Gold, if it's sustainable, and if the move is higher from adjacent commodities.
Persons: Randy Smallwood Organizations: Wheaton Precious
Global silver demand is forecast to reach 1.2 billion ounces in 2024, which would mark the second-highest level on record, the Silver Institute said in a recent report. "We think silver will have a terrific year, especially in terms of demand," Michael DiRienzo, executive director of the Silver Institute told CNBC. He expects silver prices to reach $30 per ounce, which would be a 10-year high, according to data from LSEG. Silver prices, like gold, tend to have an inverse relationship with interest rates. In contrast, gold prices usually rise during times of economic weakness or uncertainty.
Persons: Nicky Loh, Michael DiRienzo, Randy Smallwood Organizations: Silver Bullion, Bloomberg, Getty, Silver Institute, CNBC, Wheaton, Metals, U.S . Federal Reserve, Wheaton Precious Metals, Vw Locations: Singapore, India, U.S
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGold could break out to $2,500 'at some point here', says Wheaton CEO Randy SmallwoodRandy Smallwood, Wheaton Precious Metals CEO, joins 'Squawk on the Street' to discuss why gold prices could hit $2,500.
Persons: Randy Smallwood Randy Smallwood Organizations: Wheaton Precious Metals
Spot gold prices hit a record intraday high of $2,072.5 on Aug. 7, 2020, according to data from Refinitiv. We also see a return of physical gold jewelry demand from China and India as both economies stabilize and retail spending returns. Gold prices tend to have an inverse relationship with interest rates. "We also see a return of physical gold jewelry demand from China and India as both economies stabilize and retail spending returns," Heng said. Chinese retail gold demand has been resilient in 2023 even as consumption of other commodities remained weak, Citi said in a July report.
Persons: Sven Hoppe, Bart Melek, Melek, David Neuhauser, Neuhauser, Randy Smallwood, Heng, Heng Koon, UOB Heng, Citi's, Doshi Organizations: Getty, Refinitiv, CNBC, Securities, U.S . Federal, Livermore Partners, Fed, Wheaton Precious Metals, greenback, Markets, Federal Reserve, Citi, Commodities, Future Publishing Locations: U.S, China, India, Yichang, Hubei province
Wheaton Precious Metals CEO Randy Smallwood goes one-on-one with Jim CramerWheaton Precious Metals President and CEO Randy Smallwood joins 'Mad Money' host Jim Cramer to discuss mining precious metals, gold production and company growth.
Persons: Randy Smallwood, Jim Cramer Wheaton Precious, Jim Cramer Organizations: Wheaton Precious, Jim Cramer Wheaton Precious Metals
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWheaton Precious Metals CEO Randy Smallwood: Our growth profile will add more happy shareholdersWheaton Precious Metals President and CEO Randy Smallwood joins 'Mad Money' host Jim Cramer to discuss mining precious metals, gold production and company growth.
Persons: Randy Smallwood, Jim Cramer Organizations: Wheaton Precious, Wheaton Precious Metals
Randy Smallwood, the CEO of precious metals streaming company Wheaton, told CNBC's Jim Cramer on Thursday that gold and silver have perpetual power on the market due to their very nature as one of the world's oldest currencies. "I mean that's what gold has been forever, a store of value, a measure of value that lasts," Smallwood said. But Smallwood said the company expects to see 50% growth by 2027, or close to a million gold equivalent ounces. As a streaming company, Wheaton funds mining operations in order to then buy metals at a discount. Although Smallwood is the chair of the World Gold Council, his favorite metal is silver, which is harder to find than its flashy counterpart because there are fewer silver mines in the world, he said.
Persons: Randy Smallwood, CNBC's Jim Cramer, Smallwood, Wheaton, there's Organizations: Wheaton, World Gold Council Locations: Wheaton
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWheaton Precious Metals CEO: Gold remains the ultimate reserve in 'fragile' marketRandy Smallwood, Wheaton Precious Metals CEO, joins 'Squawk on the Street' to discuss state of metals market.
Investors have been flocking to gold and Treasurys as bank stocks have been whacked by the shuttering of Silicon Valley Bank and Credit Suisse's implosion. Gold prices have more room to run as global banks struggle and the U.S. Federal Reserve renders another interest rate decision, potentially breaking all-time highs — and staying there. Investors have been flocking to gold and Treasurys as bank stocks have been whacked by the shuttering of Silicon Valley Bank and Credit Suisse's implosion. Gold has risen around 10% since early March when SVB was hit by a bank run. "Continued central bank buying of gold bodes well for long-term prices," said CEO Randy Smallwood of Wheaton Precious Metals, a precious metals streaming company.
Akos Stiller | Bloomberg | Getty ImagesPrices of silver could hit a nine-year high of $30 per ounce this year — possibly outpacing gold prices. No silver lining for silver supplies"We hit peak silver supply back about five, six years ago. The supply of silver, which is largely produced as a byproduct of lead-zinc, copper and gold mines, does not generally respond as quickly to demand. Andrey Rudakov | Bloomberg | Getty Images"When silver prices go up, it's not like the silver mines can increase production, because the silver mines only supply about 25% of the silver," Smallwood said, adding that the market often relies on the lead-zinc mines to satisfy the higher demand. "I'm very bullish on gold, but I'm even more bullish on silver," Smallwood said.
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email2023 is shaping up to be the 'year of gold,' says precious metals streaming companyRandy Smallwood of Wheaton Precious Metals says 2022 was "the year of the U.S.
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