Gold went on a run late last week, setting an all-time record high last Friday and breaking the $2,100 level for a brief time in overseas trading Sunday night.
The yellow metal rallied an incredible 7.3% last month to close at $1,983 an ounce, its strongest October since 1978 when it jumped 11.7%.
The kooks were indeed right. Those that called for higher prices -higher than what most mainstream investors would believe- were proven correct.
After rebounding in Q2, the gold price succumbed to the pressure of sharply rising Treasury yields in Q3, when the Fed began talking about tapering asset purchases
The most likely scenario for the second half of 2021 is one where gold continues to offer a meaningful and necessary hedge, along with the distinct possibility of yet another set of record high prices.
As we move into the final quarter of this tumultuous year, gold is increasingly likely to serve as a hedge of absolute necessity…
Since gold and silver are money, it’s important to view them as such, and not as “investments”. Yes, we’re convinced we’ll make a profit on them, but the deeper purpose lies in their monetary value.
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.
It came almost out of nowhere, a black swan event that engulfed the world. As everyone from citizens to governments scrambled to deal with COVID-19, the gold industry was impacted in unprecedented ways as well.
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…