How high can the gold price go? … with the demand from institutional and pension funds, there is no reason to believe that we won’t be seeing $3000 gold in the next 12 months.
The positive momentum for precious metals continues, as the effects of COVID-19 linger and an overall risky marketplace continues to push investors towards safe havens.
The gold price is up another 2% since my last update on May 1st, trading today at $1736/oz USD. Analysts are making bullish predictions for the price almost daily and the ETF inflows have been net positive for the last 20 trading sessions.
Although gold and silver both experienced a bit of a dip this week, retail demand for physical products remained strong.
Last week saw the market lose yet another major producer to the COVID virus. The United States Mint, North America’s largest producer of gold and silver bullion products, announced the closure of its West Point, New York facility on Wednesday, due to concerns for their workers’ safety.
This past week was very positive for the precious metals. Not only were prices for both gold and silver up significantly, our industry has also had the chance to catch its collective breath following ‘March Madness’.
This week was a continuation of the ‘new normal’, which is anything but normal. COVID continues to complicate our work and personal lives, including the precious metals supply chain.
Written by Mark Yaxley, General Manager, Strategic Wealth Preservation. These have become regular weekly updates, which we will continue delivering to you until the precious metal market begins to settle back into normality. Please enjoy these nuggets of information until then. Price Action Gold closed last week at $1484/oz. A week later, the yellow metal…
I don’t generally comment on the markets unless I feel we’ve reached a critical point. My last communication with regards to the state of the market was back in September 2019 when I said that I believed we were entering the early stages of a precious metals bull market
One of our long-time clients recently submitted a question to our experts: What is the ideal ratio of metals to hold to weather the economic storms on the horizon?