Ray Dalio says bitcoin qualifies as a bubble based on Bridgewater's criteria. The founder of the world's largest hedge fund says cryptocurrencies like bitcoin meet his firm's criteria for a market bubble. Bitcoin and its peers can't be spent very easily and they make for a poor "storehold of wealth" compared with, say, gold, due to their extreme volatility, Ray Dalio of Bridgewater Associates told CNBC in a Tuesday morning interview.
Gold prices inched higher Tuesday, with many investors awaiting the next Federal Reserve policy statement for clues about future interest-rate increases. Gold for December delivery was recently up 0.1% at $1,312.70 a troy ounce on the Comex division of the New York Mercantile Exchange. Prices have fallen in the past week after hitting their highest level in more than a year earlier this month, weighed down by easing tensions between the U.S. and North Korea and a stronger dollar.
A farmer in Peru is suing Newmont
Mining Corp (NEM) in U.S. federal court over allegations the miner used violence and threats to try to evict her from her home to make way for a gold project, the environmental group representing her said Tuesday.
Zambia will resume talks with the International Monetary Fund on an aid programme in October and hopes to get IMF board approval by the end of the year, one of ist finance officials said on Tuesday. The country, which is Africa's second-biggest copper producer, has suffered from the steep commodity price drop of recent years. "The engagement with the fund is pretty advanced.
GOLD: Gold is slightly higher in Asia-Pac trade, the yellow metal last up $1.36
at $1,308.80, but holding near lows after declining yesterday. Gold dropped around $15/oz to hit lows of $1,304.71 yesterday as risk on sentiment continued
in the US, with equity indices continuing to make gains at record highs. Gold has hit the lowest levels so far this month amid continued signs of US economic
growth and growing expectations that the FOMC will being the process of running off the balance sheet at their meeting on Wednesday this week.
- Gold will likely remain supported ahead of the FOMC meeting, while further US military drills with South Korea underscore that the situation with North Korea
is still ongoing and will also likely reduce downside for gold. US President Trump is said to have spoken with Chinese President Xi yesterday and the two
agreed to keep pressure on North Korea. - MNI technical analysis sees support at $1304.6 - Low Sept 18, resistance is
seen at $1310.2 - Hourly support Sept 18 now resistance. Bears need a close below this level to confirm focus on 55 & 100-DMAs ($1266.1-1278.8). Daily
studies are well placed for a fresh leg lower.
Gold on Tuesday inched up from its
lowest in over two weeks as the dollar shed some of its gains from the previous session, with market focus on a two-day
Federal Reserve meeting that kicks off later ...
GOLD: In commodities, spot gold held near $1,307.85 per ounce, after trading in
a $1,304.71 to $1,320.14 range. - Support is seen at the psychological $1,300 mark and the August 31 low is
$1,298.46. - The $1,357.61 high, seen Sept. 8 at the peak of U.S. dollar sales and risk
aversion, was the highest since August 16, 2016, when the precious metal peaked at $1,358.21.
- Barring a larger gold pullback below $1,300, there is still scope for gains toward the 2016 twin-peak highs of $1,375.28 and $1,375.34, seen July 6 and July
11 respectively. - OUTLOOK: Pressure on the 21-DMA ($1316.9) has taken its toll with a close
below that sees bears firmly focused on $1294.4. Bears need a close below this level to confirm focus on 55 & 100-DMAs ($1265.7-1277.3). Daily studies are well
placed for a fresh leg lower. Bulls now need a close above $1320.0 to ease bearish pressure and above $1342.1 to shift focus back to 2017 highs and the
bull channel top ($1358.3).
Impala Platinum Holdings Ltd. (IMPUF) is considering reducing the headcount at its Impala Rustenburg operation due to severe financial pressure, the company said on Monday. The South African platinum mining company said that it expects to let go some 2,500 people in the short term, with further staff reductions possible in the future. Low metal prices, higher production costs, and falling productivity has impacted the financial sustainability of the company, said Impala, making the...
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