Gold rallies as Bitcoin languishes around $56K

Gold rallies as Bitcoin languishes around $56K

Gold rallies as Bitcoin languishes around $56K     Bitcoin was trading sideways on Friday, even as gold rallied to three-month highs amid a renewed drop in U.S. real (inflation-adjusted) bond yields. The cryptocurrency was changing hands for $56,500 at 11:00 UTC, continuing a week-long consolidation in the range of $52,000 to $59,000, according to CoinDesk 20 data. Gold, a traditional store-of-value asset, rose to $1,820 per ounce, the highest level since Feb. 16. The move came a day after the U.S. 10-year real yield fell to a three-month low…

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Lagos Commodities Exchange to begin gold trading

Lagos Commodities Exchange to begin gold trading

Lagos Commodities Exchange to begin gold trading The Lagos Commodities and Futures Exchange is set to begin gold trading with the admission of Dukia Gold‘s diversified financial instruments, backed by gold as the underlying asset. Dukia Gold said the instruments, which would be in form of exchange traded notes, commercial papers and other gold-backed securities, would enable the company to deepen the commodities market in Nigeria, increase capacity, generate foreign exchange for the government to diversify external reserves and create jobs across the metal production value chain. The Chairman, Dukia…

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Gold prices to average above $2,000, Silver to average above $30 through 2024

Gold and silver’s impressive rally this summer is just the start of the precious metal bull market, according to one Canadian Bank. In a report published Tuesday, commodity analysts at Canadian Imperial Bank of Commerce (CIBC) upgraded their gold and silver forecasts for the rest of the year into 2021. The analysts said that they see gold prices averaging the third quarter around $1,925 an ounce. The average goes up to $2,000 for the fourth quarter, the analysts said. Looking ahead, CIBC sees gold prices averaging $2,300 an ounce in…

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Gold needs to be embraced as portfolio diversifier – experts

Lagos Commodities Exchange to begin gold trading

There is a need for investors to embrace gold as a portfolio diversifier and for hedging strategy especially in the current environment that presents uncertainties, according to experts. The yellow metal is expected to have a good run in the coming times as demand will emerge, and it should be seen as part of portfolio diversifier by an investor at this juncture. The experts said this in a webinar on ‘Gold Investment Opportunity and Price Outlook’ organised by the PHD Chamber of Commerce and Industry (PHDCCI) on Wednesday, The Economic…

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Illegal gold smuggling costs Nigeria $3b – Buhari

Gold smuggling

Forecasts $500m yearly earnings from royalties, taxes   President Muhammadu Buhari has decried that Nigeria lost close to $3b from 2012 – 2018 due to illegal smuggling of gold. He spoke yesterday during the official presentation of locally mined gold bars by the Presidential Artisanal Gold Mining Development Initiative (PAGMDI) at the Presidential Villa, Abuja. The president, who restated the determination of his administration to combat illegal mining activities, said improved gold mining operations in the country would generate no fewer than 250,000 jobs and over $500m annually in royalties…

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