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Gold could have room for further upside as tensions in the Middle East mount, according to JPMorgan. Spot gold has been on a tear in 2024 with a gain of more than 14%. Prices hit an all-time high of $2,448.80 per ounce intraday on Friday as investors braced for a further escalation in the Middle East. @GC.1 YTD mountain Gold hit a fresh all-time high on Friday, but JPMorgan thinks bullion has more room to run. "Given positioning and recent price action, mean reversion risk in gold still remains elevated in the near-term though geopolitics remain a bullish-skewed wildcard amid risks of an escalating retaliation cycle between Israel and Iran," Shearer said.
Persons: Gregory C, Shearer, " Shearer, Michael Bloom Organizations: JPMorgan, Investors, Federal Reserve Locations: Iran, Israel, Damascus, Syria, @GC
JPMorgan CEO Jamie Dimon issued a warning in the bank's earnings report Friday. With so much at stake, here's an earnings season cheat sheet of when some of the biggest companies are reporting and the storylines to follow. Themes to watch: AI could reduce the number of junior bank employees thanks to the tech automating their grunt work . Themes to watch: Netflix was dubbed the king of streaming earlier this year after a big earnings report. The bank's earnings report beat analysts' expectations, but advisory revenues were down 21% year-over-year.
Persons: , Donald Trump's, iStock, Rebecca Zisser, Jamie Dimon, Dimon, Michael M, Goldman Sachs, Blackstone, Will Meta, Bob Iger's, Brooks Kraft, Jeremy Barnum, it's, Jeff Currie, Justin Sullivan, Tesla, Elon Musk, Musk, Marco Bottigelli, Yevgen Romanenko, Tyler Le, Michelle Grisé, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover, Grace Lett Organizations: Service, Business, JPMorgan . Tech, JPMorgan, New York Stock Exchange, Finance Key Companies, Bank of America, Companies, Meta, Microsoft, Apple, Nvidia, Amazon, Retail, Walmart, Costco, Netflix, Disney, Paramount Global, Boeing, Brooks Kraft LLC, Getty, BI, Healthcare, RAND, Boston Marathon Locations: Israel, Russia, United States, New York, London, Chicago
This week, a reader's car was damaged when their friend drove it with the parking brake engaged. When he finally finished, my best friend did me a huge favor by driving from Portland to Seattle to bring me my car. While these feelings are perfectly natural, allowing them to ruin your relationship with your best friend would be unfair to you both. Knowing that your best friend "can barely afford rent" and still expecting her to repay you for the car parts is the wrong choice. But even if it isn't, I hope you don't lose your best friend over a single space-out.
Persons: I've, I'd, doesn't Organizations: VW Locations: Seattle, Portland , Oregon, Portland
"Gold ... has two significant shortcomings, being neither of much use nor procreative," Buffett said in his 2011 annual letter. Meanwhile, if you own one ounce of gold for an eternity, you will still own one ounce at its end." Gold hit a new, all-time high above $2,400 an ounce on Friday, enjoying its third straight week of gains. Silver buying spree Buffett's vocal criticism of gold doesn't mean that he's never dabbled in precious metals. In the late 1990s, the Ben Graham acolyte went on a big silver buying spree, with Berkshire owning 129.7 million ounces of silver.
Persons: — Warren Buffett, Buffett, Gold Buffett, Croesus, Berkshire Hathaway, Ben Graham acolyte Organizations: Oracle, Investors, Berkshire Locations: East, Europe, Asia, Omaha, United States
In the Nigeria Pavilion, Criticism Meets Optimism
  + stars: | 2024-04-13 | by ( Siddhartha Mitter | ) www.nytimes.com   time to read: +1 min
The artist was collecting material for a sonic and sculptural installation that will be presented in the Nigeria Pavilion at this year’s Venice Biennale. The event, one of the art world’s most important, opens for previews next week and to the public on April 20. Okoyomon’s steel-framed structure, erected in a courtyard, imagines a kind of radio tower, decked with bells and colonized by creeping vines. Motion sensors on the tower activate a soundtrack: It will play in the courtyard and also online, for anyone to tune in. It mixes poems by Okoyomon with music and passages from those interviews, whose respondents range from fellow artists to “strangers, someone’s cook, someone’s auntie,” Okoyomon said.
Persons: Precious Okoyomon, ” —, Okoyomon, someone’s, ” Okoyomon Locations: Lagos, Nigeria’s, boisterousness, Brooklyn, Nigeria, Venice
Bridget Jones may be neurotic, absurd and mired in patriarchy, but she’s a hell of a lot more fun than any black coffee-glugging, Marx-bothering Sally Rooney heroine. The third film, 2016’s “Bridget Jones’s Baby” (which followed the 2004 sequel, “Bridget Jones: The Edge of Reason”) was enjoyable enough, but it left me feeling as though I’d filled my plate one too many times at a delicious but overstuffed buffet. (It is also a truth universally acknowledged that a piece of writing mentioning Bridget Jones or any Jane Austen adaptation must contain the phrase “it is a truth universally acknowledged,” so that’s out of the way). Bridget Jones changed that. The most disappointing thing about Bridget Jones was always the reaction to her, especially Renée Zellweger’s portrayal.
Persons: Holly Thomas, Katie Couric, Bridget Jones’s, , Bridget Jones, Marx, Sally Rooney, Holly Thomas Holly Thomas, Bridget —, “ Bridget Jones, Jane Austen, Renée Zellweger, Hugh Grant, Bridget, Daniel Cleaver, Leo Woodall, I’m, it’s, Bridget grapples, Mark Darcy, Colin Firth, Hugh Grant’s, Darcy, Cleaver, It’s, we’d, — Bertie Wooster, Adrian Mole, Harry Paget Flashman, William Boot —, Bennet, , Helen Fielding, isn’t, cussing Organizations: Katie Couric Media, CNN, Twitter Locations: London
Goldman Sachs reiterates Alphabet as buy Goldman said it's sticking with its buy rating following the company's Google Cloud Next event. "We are initiating coverage of Airbnb (ABNB) with a BUY rating and a $190 per share price target." "Following a period of restriction, we are moving to an Overweight rating and a December 2024 price target of $140." "Given the increase in stock price, we believe valuation levels have disconnected from the fundamental outlook." Piper Sandler reiterates Meta as overweight Piper raised its price target on the stock to $600 per share from $525. "
Persons: Evercore, it's bullish, Goldman Sachs, Goldman, Berenberg, TD Cowen, Visa, Oppenheimer, it's, Snowflake, Raymond James, Simona Jankowski, Wells, Morgan Stanley, Moffett, We've, Marsh, Bernstein, Kenvue, underperform Bernstein, Johnson, Needham, Airbnb, CVX, TTE, Piper Sandler, Meta, Piper, Wells Fargo Organizations: JPMorgan, Apple, Mastercard, Barclays, Nasdaq, Nvidia, UBS, Gartner, IT, Deutsche Bank, ATI, Deutsche, Disney, Microsoft, TEAM, " Bank of America, Nike, of America, Citi, Robinhood, MMC, Qualcomm, Johnson, Consumer, Scotiabank, Hamilton Insurance, Costco, ~$ Locations: Albemarle, Chevron
Ice sampling occurs on a blue ice area during the 2022 Chilean Antarctic Institute field mission. “As the climate continues to warm, Antarctic rocks are sinking into the ice at an increasing rate. Meteorites are particularly plentiful in blue ice fields. Steven Goderis/Vrije Universiteit BrusselResearchers have identified areas of meteorite-rich blue ice mostly by luck. “The main worry is the logistical aspect of searching for Antarctica meteorites, which is already difficult today due to the remoteness of Antarctica.
Persons: Maria Valdes, , Valdes, Robert A, , José, wasn’t, Balchenfjella, Steven Goderis, Veronica Tollenaar, ” Valdes, Tollenaar, ” Tollenaar, Harry Zekollari, Katherine Joy, Matthias van Ginneken, van Ginneken, Kevin Righter, Righter Organizations: CNN, Field, University of Chicago, Pritzker Center, Meteoritics, Polar Studies, Antarctic Institute, University of Santiago, Vrije Universiteit Brussel, Université Libre de Bruxelles, University of Manchester, University of Kent’s, Astrophysics, NASA Johnson Space Center Locations: Antarctica, Chile, Vrije, Université, Belgium, Houston
Gold, typically seen as a haven in periods of economic turmoil, especially as a hedge against inflation, has risen sharply in price over the past month, even as the outlook for the economy has improved and inflation, although still elevated, is well below recent highs. The precious metal has set a series of record highs as it surged roughly $300, to $2,350 per troy ounce, since the start of March. The move has been attributed, at least in part, to a burst of gold buying from central banks around the world, including China. But investors said that central bank purchases did not fully explain such a sudden price increase. “It’s perplexing to anybody in the gold market,” said Chris Mancini, a gold portfolio manager at Gabelli Funds.
Persons: , Chris Mancini Organizations: Gabelli Funds Locations: China
Neither Paris F.C. There was, really, precious little to remember at all: no goals, few shots, little drama — a drab, rain-sodden stalemate between the French capital’s third-most successful soccer team and the country’s sleepiest giant. Last November, Paris F.C. There were a couple of exceptions: a nominal fee for fans supporting the visiting team, and market rates for those using hospitality suites. Everyone else, however, could come to the Stade Charléty — the compact stadium that Paris F.C.
Organizations: Paris F.C, Stade Charléty
Stuck in the extended position on the leg machine, I couldn't believe small talk at the gym could go so awry. When she went to speak to the doctor, my body knew: it was over. The doctor told me the egg was not in the uterus. We have an only child for a reasonIt seemed almost quaint to decide whether to have another child after the grief of losing two pregnancies. AdvertisementIn a perfect world, I would have told the gym lady, "With all due respect, it's none of your business."
Persons: I've, We'd, Let's, Olivia, , doesn't, There's Organizations: Service, Business Locations: San Antonio
CNN —A museum in Australia is being forced to allow men into art exhibit originally conceived for women only, after a tribunal ruled it “discriminatory,” following a complaint by a disgruntled man who was denied entry. During proceedings, Kaechele told the tribunal that denying men entry to the mysterious room is indeed part of the art — giving them a taste of the discrimination and exclusion many women have experienced through history. “Because the requirement is that it will have to open to men, and that’s not happening,” she said. After Tuesday’s ruling, MONA’s official spokesperson told CNN that the institution was “deeply disappointed” by the tribunal’s decision. It was beautiful, the room, the art installation, the meaning of it all.”
Persons: MONA, Kirsha Kaechele, , ” Jason Lau, Lau, , Kaechele, , Jesse Hunniford, ” Kaechele, Charlotte Vignau Kaechele, Tuesday’s Organizations: CNN, Tasmania’s, of, Tasmanian Civil, KK Locations: Australia, New South Wales, Lau’s
Robert Kiyosaki warned an "everything bubble" spanning stocks, bonds, and real estate would pop. The "Rich Dad Poor Dad" author touted gold, silver, and bitcoin for riding out the storm. "The EVERYTHING BUBBLE, stocks, bonds, real estate SET to CRASH," he said in a recent X post. Please buy more real gold, silver, Bitcoin." The Rich Dad Company founder's latest crash warning should be treated with skepticism as his previous ones have failed to pan out.
Persons: Robert Kiyosaki, Dad, , — he's, bitcoin, Rich Dad, founder's, Kiyosaki, Lehman Organizations: Service, Nasdaq, Federal Reserve, Credit Suisse, UBS Locations: Swiss
Hong Kong CNN —Fitch downgraded its outlook on China’s credit rating on Tuesday, citing increasing risks to its finances as it faces economic challenges. Lowering its outlook from stable to negative does not automatically mean the ratings agency will downgrade China’s creditworthiness, but it increases the chances. Fitch has kept its rating on Chinese sovereign bonds at A+. Fitch believes the general government deficit will rise to 7.1% of gross domestic product in 2024 from 5.8% last year. In December, rival ratings agency Moody’s downgraded its outlook on China’s credit rating from stable to negative, citing risks related to “structurally and persistently lower medium-term economic growth” and ongoing troubles in its property sector.
Persons: Hong Kong CNN — Fitch, China’s, Fitch, , Moody’s Organizations: Hong Kong CNN, Finance, Fitch Locations: China, Hong Kong
Hong Kong customs officials discovered 146 kilograms of suspected gold on board a freight plane headed for Japan. They say it is the largest gold-smuggling case on record in terms of value. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementHong Kong customs officials have seized 146 kilograms of suspected gold, worth more than $10 million, on board a freight plane headed for Japan. The discovery is the largest gold-smuggling case on record in Hong Kong in terms of seizure value, according to the Customs Department.
Persons: Organizations: Service, Customs Department, Hong Kong International Airport, Business Locations: Hong Kong, Japan
Why gold prices are at record highs
  + stars: | 2024-04-09 | by ( John Towfighi | ) edition.cnn.com   time to read: +6 min
Central banks see gold as a long-term store of value and a safe haven during times of economic and international turmoil. When interest rates fall, gold prices tend to rise, as bullion becomes more appealing than income-paying assets like bonds. Investors also regard gold as a hedge against inflation, betting bullion will retain its value when prices rise. The People’s Bank of China bought gold for the 17th straight month in March, adding 160,000 ounces to bring reserves to 72.74 million troy ounces of gold, according to Reuters. Higher oil prices are likely to stoke concerns over inflation, boosting gold prices, according to the UBS research note.
Persons: China —, Ulf Lindahl, Lindahl, Morgan, JP Morgan, Janet Yellen’s, Yellen, Mark Zandi, Jerome Powell, Wells, Richard Galanti, It’s Organizations: New, New York CNN, Investors, Federal Reserve, China, People’s Bank of China, Reuters, UBS, Research Associates, Moody’s, of Commerce, Costco Locations: New York, China, India, Turkey, Central, Wells Fargo
In Hong Kong's largest gold smuggling bust, the city authorities seized an estimated $10.7 million worth of the precious metal that had been concealed as machine parts being shipped to Japan. Under Hong Kong law, any person found guilty of smuggling cargo is liable to a maximum fine of $2 million and imprisonment for seven years. A customs official told local reporters on Monday that this was the first case in which gold had been found concealed as machine parts. Hong Kong, which is one of the world's largest gold trading hubs, in February arrested another suspect for trying to smuggle gold bars out of the city. Both the cases had involved Macau-bound vehicles smuggling gold worth more than $1 million.
Organizations: Hong Kong's Locations: Hong, Japan, Hong Kong, There's, Macau, U.S
Four years ago, I got the news that every parent dreads. Without warning, my healthy 25-year-old son, Raphaël — a wildlife biologist and an environmental activist — had collapsed and died, likely from a rare heart disorder nobody knew he had. You no longer see your life in the same way afterward. But must grief diminish you, or can it do the opposite? And the emotional arc of both, I came to believe, could create the strength and purpose needed to navigate an increasingly unstable future.
Persons: Raphaël,
Nicholas Worley, founder of Inalife, with his three toddler sons at home in Hong Kong. Nicholas Worley | InalifeIt wasn't until he became a father that Nicholas Worley rekindled the idea of preserving memories of his loved ones and their legacies. The death of family members, a failed business partnership and the Covid-19 pandemic played a part in helping three millennials plunge into new businesses that help others memorialize relationships and preserve their family legacy. The company provides digital storage for photographs, video and audio clips of family members so the family can view them now or in the future. Nicholas Worley Founder of InalifeIn July last year, he finally launched Inalife, hoping to break even in about two years.
Persons: Nicholas Worley, Worley, granddad, Inalife Worley, he's, Haresh Tilani, Terence Chia, Tilani, Chia, It's Organizations: Inalife, Subscribers, University of Pennsylvania's Wharton School Locations: Hong Kong
Some equity funds closely tied to those commodities, such as those that invest in gold and silver miners, have soared even more. Five of the six biggest gold ETFs have seen outflows this year, totaling almost $3 billion, according to FactSet. GLD 5Y mountain Gold, and the ETFs that track it, are trading at record highs in early 2024. The fund's holdings include gold, silver, platinum and palladium. Meanwhile, Teucrium has several ETFs focused on agricultural commodities that have climbed over the past month as well, including the the Teucrium Soybean Fund (SOYB) , up over 3%.
Persons: Jake Hanley, Hanley, Robert Minter, Minter, Teucrium Organizations: United States Oil Fund, Hershey Locations: East, Europe
An American veteran in Ukraine said Republicans blocking support for Ukraine is making his party support falter. He said the lack of GOP support for Ukraine may stop him from voting for the party next time. AdvertisementAn American veteran in Ukraine said the Republican Party's moves to block further aid to the war-torn nation is shattering his longstanding loyalty to the party. Support Ukraine, help us win this war." "The way they're walking away from the threat of Russia, the way they're walking away from NATO, the way they're walking away from leaving our obligations, it's just shocking," Biden said.
Persons: , Jonathan Poquette, Poquette, Rand Paul, I've, it's, Volodymyr Zelenskyy, Joe Biden, Biden Organizations: Service, Republican, Chosen Company, Ukraine's 59th Motorized Brigade, US Army, Republican Party, Ukraine, Republicans, NATO Locations: American, Ukraine, Ukraine's, Kyiv, Kentucky, That's, Russia, Russian, Southern, North Korea, Iran
Gold pauses record rally ahead of U.S. jobs data
  + stars: | 2024-04-05 | by ( ) www.cnbc.com   time to read: +2 min
Two Argor-Heraeus SA 250 gram gold bars at Solar Capital Gold Zrt. Spot gold was down 0.5% at $2,278.50 per ounce, as of 0328 GMT, after hitting a record high of $2,305.04 on Thursday. "Gold will continue to rally with normal pull-backs," Luca Santos, an analyst at ACY Securities said. Bullion was on track for a third straight weekly gain, up 2.3% so far, also driven by strong central bank buying and demand from momentum-following funds. Traders are currently pricing in about 65% chance that the Fed will cut rates in June, according to the CME FedWatch tool.
Persons: Luca Santos, Santos, Bullion, Hugo Pascal, Pascal, Jerome Powell Organizations: Heraeus, Solar, U.S ., Federal, ACY Securities, NFP, Palladium Locations: Budapest, Hungary, U.S
The precious metal has hit successive record highs this year, including another on Thursday when spot gold broke above $2,300 before easing slightly. Juerg Kiener, chief investment officer at Swiss Asia Capital, told CNBC's "Street Signs Asia" on Wednesday that his forward curve analysis for gold "looks fantastic." "If you look at your forward curve for a year it's about 26 [$2,600]. He added that an inventory collapse in the gold market is putting "a lot of derivative structures at risk." Kiener also cited geopolitics, a shift to a "multipolar world," and changing international trade structures as reasons for his bullishness on the gold price.
Persons: Kiener, CNBC's, , We've Organizations: Swiss Asia Capital, U.S . Federal Locations: Gaza, Ukraine, Asia
Our review of the charts of precious metals tells us that the recent rally in gold prices could be just the early stages of a broad advance in the second quarter and beyond. Interestingly enough, gold stocks have actually been underperforming gold for most of the last 12 months. But over the last six weeks, gold miners have shown renewed strength, outperforming spot gold. This may be just the beginning of a "catch up" trade where gold miners close the performance gap with gold. Gold stocks have been lagging behind spot gold, but that trend of underperformance has begun to change in the last six weeks.
Persons: Alan Shaw, David Keller Organizations: Gold Miners, CMT Locations: retest
In a country roiled by recession worries, those at the top of New York City — for better or worse — couldn't give a single gilded shit. For New York City, a brush with death called for a time of decadence. "New York City's restaurants and bars are experiencing an uneven pandemic recovery nearly four years after COVID-19 struck our city," Andrew Rigie, the executive director of the New York City Hospitality Alliance, said. AdvertisementIf a pandemic can't defeat New York City, a little inflation certainly isn't going to do it. And what that looks like is the affluent in New York City eating caviar, and poorer Americans eating cereal.
Persons: Steve Jobs, it's, Jennifer Saesue, Saesue, Fish Cheeks, Z, bistros, James Murphy, us Carbone, Casas — Cruz, Cipriani, Jean, Georges Vongerichten, Bongo, Andrew Rigie, Corey Mintz, we're, WK Kellogg, Gary Pilnick, Gary Pilnick's Organizations: Grand Prospect Hall, New, New York City, Apple, Mastercard, Chefs, Casas, Soho House, Bangkok Supper, Village, IBA, Hospitality Alliance, Nationwide, National Restaurant Association, Nasdaq, The University of Michigan Consumer, UBS, New York Locations: New York City, New York, Rome, Xinjiang, New, Manhattan, Coqodaq, Las Vegas, York, Bangkok, Hell, TouchBistro, Brooklyn, The Bronx
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