HYMC CEO Now Predicts Precious Metals Will Continue to Skyrocket
HYMC CEO Diane Garrett now predicts precious metals will continue to skyrocket as silver and gold break major levels.
Diane Garett, known as the CEO of Hycroft Mining (HYMC), the company acquired by AMC Entertainment in 2022, shared her thoughts on X.
“Silver breaking past $32 today is yet another indication we’re at the start of a precious metals bull market.
UBS Group says that #silver will ultimately outperform gold.”
Gold has emerged as one of the top-performing assets of 2024, reaching new record highs several times against a backdrop of worsening economic conditions and ongoing debt accumulation.
According to analysts at UBS, this upward trend is likely to persist, driven by expectations of lower interest rates and increasing geopolitical tensions.
Earlier this month, gold hit an all-time peak of $2,607 per ounce, marking a more than 25% increase year-to-date.
UBS analysts pointed out that this surge is influenced not only by anticipated lower yields but also by macroeconomic and geopolitical uncertainties, as well as central banks diversifying their reserves away from the U.S. dollar.
The analysts noted that geopolitical tensions are expected to last beyond the fourth quarter, especially with uncertainty surrounding future U.S. government policies and ongoing conflicts in Ukraine and Gaza that show no clear resolution in sight.
They emphasized that gold is likely to remain a preferred hedge against both geopolitical risks and interest rate fluctuations.
Historically, gold has outperformed equities during times of high volatility, a trend that has continued in recent months despite a more cautious market outlook on the Federal Reserve’s pace of rate cuts.
However, UBS forecasts that the rally in gold prices could extend further, projecting a price target of $2,700 per ounce by mid-2025.
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Also Read: AMC CEO Adam Aron Now Announces A New Investor Incentive
Other Market News Today
TD Bank now gets caught with illegal market manipulation and has agreed to pay over $20 million under a deal with the SEC.
Investors are calling it ‘pay to play’.
The U.S. broker-dealer unit of Toronto Dominion Bank (TD Securities USA) has agreed to pay more than $20 million to resolve allegations of manipulating the U.S. Treasuries market.
This settlement comes as part of an agreement with U.S. authorities, concluding a lengthy investigation, per Reuters.
In a court filing on Monday, TD Securities admitted to engaging in spoofing practices within the U.S. Treasuries market as part of a deal with the U.S. Justice Department.
The firm also settled related civil charges with the Securities and Exchange Commission (SEC).
Additionally, the bank faced charges for not properly supervising its former head of the U.S. Treasuries trading desk.
From April 2018 to May 2019, a former employee manipulated the U.S. Treasury cash securities market by placing orders he had no intention of executing, a tactic known as “spoofing.”
This practice aims to create a misleading impression of market demand.
U.S. regulators have taken a strong stance against spoofing, which is designed to distort market activity.
However, the criminal bank has now been let go off what investors deem as ‘easily’.
Under the terms of TD’s agreement, the Justice Department will refrain from prosecuting the firm as long as it adheres to the three-year agreement and implements significant compliance improvements.
The DOJ decided not to appoint a third-party monitor for compliance, based on the company’s efforts to address the issues.
As part of the settlement, TD Securities will pay a $12.5 million criminal penalty related to civil investigations by the SEC and the Financial Industry Regulatory Authority (FINRA).
This amount is in addition to an approximately $9.5 million criminal penalty outlined in the agreement.
The bank will also compensate victims with $4.7 million and forfeit $1.4 million.
This settlement comes at a time when the Canadian bank is reportedly on the verge of pleading guilty to separate charges concerning its U.S. retail bank’s alleged failure to prevent money laundering linked to Chinese crime groups and illegal fentanyl sales, as reported by the Wall Street Journal last week.
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Also Read: TD Bank Customers Now Say They Cannot Access Their Money
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