[View this email in your browser]( [Youtube]( [Kitco Metals]( Editor's Picks [@neils_C]( At the start of the month, we warned investors that September can be a difficult month for the precious metals market in recent history; well, I think it is safe to say that, at least for this year, that seasonal curse has been broken. I know I am breaking the first rule of curses by talking about it, but I feel like this one is in the bag⦠or these might be the most famous last words on record. This week, December gold futures touched $2,700 an ounce, and while the price is down nearly 1% from those record highs, it still has plenty of potential. Even with Fridayâs selloff, the precious metal is seeing a record weekly close around $2,670 an ounce. At the same time, prices are up 5.6% this month. [Gold]( is looking at its best monthly gain since March, when this unprecedented run of consecutive record highs started. Goldâs run is impressive, and while it gets a lot of attention, itâs time to look at other precious metals. While silver has seen some messy volatility in recent weeks, it is starting to attract new momentum. [Silver]( ending Friday with some solid selling pressure after prices rallied to a new 12-year high at $33 an ounce. December silver futures last traded at $31.74 an ounce, down nearly 2% on the day. But when we stretch out the time frame, silver prices are up 4.6% since last week and up 8.8% for the month. For the year, gold prices have rallied 28.8%, while silver prices are up nearly 32%. Silver saw renewed momentum this week after China launched its most impressive stimulus package since the global economy was devastated by the COVID-19 pandemic. The government is pumping more liquidity into financial markets and cutting interest rates to try to pull its economy out of a deflationary spiral and back toward its growth target. Chinaâs efforts to support its economy are good news because one of its biggest industries remains photovoltaic solar panel manufacturing, which requires a lot of silver. Nearly 50% of demand for silver comes from industrial applications, with most of that demand from the solar power sector. According to the Silver Institute, silver demand in photovoltaic solar panels is projected to represent about 19% of global silver demand this year, equivalent to 232 million ounces. However, despite these positive steps, there is some bad news. According to some analysts, Chinaâs stimulus measures appear to be coming too late and might not be enough. Economists at Capital Economics estimate these measures could lift GDP by around 0.4 percentage points. âThe stimulus measures are no silver bullet for the structural headwinds to the sector, so we think the stimulus-inspired turnaround in industrial metals prices is likely to prove short-lived,â said Kieran Tompkins, Climate and Commodities Economist at Capital Economics, in a note Friday. Moving further along the value chain, it appears platinum is also starting to make a move. October platinum futures are looking to end the week above $1,000 an ounce. Prices are trading at their highest level in nearly 10 weeks. [Platinum is becoming an attractive asset to watch as some analysts see the metal as significantly undervalued when looking at its fundamentals.]( This week, the World Platinum Investment Council increased its long-term deficit projections. Platinumâs supply deficit is expected to average around 769,000 ounces between 2025 and 2028, a downward revision from Januaryâs long-term projected average deficit of 546,000 ounces. âAll told, the compelling elements of resilient demand, supply-side risks, and a depleting stockpile combine to underpin platinumâs attractive investment case,â the analysts at WPIC said in the report. Neils C. Editor's picks [BMO increases gold price forecast as its role as a global currency grows]( increases gold price forecast as its role as a global currency grows]( [Will Base Metals Follow Goldâs Lead? 'Copper Rally Could Be Next' - Tavi Costa]( Base Metals Follow Goldâs Lead? 'Copper Rally Could Be Next' - Tavi Costa]( [Hedge Funds Bet Big as 'Cold War 2.0' Drives Gold Toward $3,000 â Mike McGlone]( Funds Bet Big as 'Cold War 2.0' Drives Gold Toward $3,000 â Mike McGlone]( [West versus the rest of the world - Willem Middelkoop on the chief reason why gold is spiking]( versus the rest of the world - Willem Middelkoop on the chief reason why gold is spiking]( [Kitco News]( [All roads lead to gold and prices above $3,000 - Sprott Incâs Ryan McIntyre]( [Donât bet against gold; TD Securities loses 4.4% in tactical short trade]( [Swiss National Bank should rebuild its gold reserves despite all-time high prices â Analysis]( [Gold is actually starting its second rally, and $3,000 is not far away â Dylan Smith of Rosenberg Research]( [Over 70% of leading financial advisors admit to holding Bitcoin, client allocations expected within a year â Bitwise CIO]( [International âgold ATMâ offers self-service buying and selling of precious metals]( [Bitcoin/gold ratio could increase by 400% in 2025 â Peter Brandt]( [Goldâs rally to record highs is not slowing physical buying - British Mint]( [Gold prices to be capped at $2,600 in 2025 as inflation keeps Feds from aggressively easing - Commerzbank]( [Israel considers new limits on precious metals and cash to combat crime]( [Platinum remains a compelling investment as supply deficits are expected to grow through 2028 - WPIC]( [Gold price could hit $2,700 by mid-2025, silver will outperform gold â UBS]( [Proposed U.S. recycling legislation could threaten PGM market, says ReMA and IPMI]( [With gold at all-time highs, silver remains cheap]( [Gold Forum America]( [Wall Street split between gains and losses for gold, Main Street tempers its enthusiasm for next week]( [Gold Live App]( [Kitco Mining]( [Gold soars to new heights, but miners are the real opportunity â VanEck portfolio manager]( soars to new heights, but miners are the real opportunity â VanEck portfolio manager]( [Why consolidation is a 'real dilemma' for the miners - B2Gold's Clive Johnson]( [Imagine if the miners hadn't converted all that gold to cash - David Baker on missed opportunity]( [Uranium Energy trades up after announcing $175 million purchase of Rio Tinto's uranium assets]( [Kitco Gold Chart]( [Kitco Gold Chart]( Technically Speaking Jim Wyckoff Market Analyst and Columnist
jwyckoff@kitco.com [Gold price near steady after mostly as-expected U.S. inflation data]( Promotion [Silver Coin]( This message was intended for {EMAIL} , as a subscriber and/or customer of Kitco.
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