Wednesday, July 1, 2020

News Note: Gold Hits Highest Quaterly Closing Prince Since 2012

It appears our recent educational article on gold was pretty timely. Gold ends the second quarter of 2020 closing at its highest quarter ending price since 2012. You can look at its chart over that time period here


Below I have pasted in links to some articles noting the strong closing price for gold for this quarter. Interest in gold is obviously on the increase with the pandemic and the central bank response to the pandemic likely being a couple of the primary reasons for that interest. Gold can be an important indicator so it is always useful to keep an eye on how its price is trending in relation to major currencies.

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"Safe-haven demand and dovish central bank expectations have sparked fund buying of precious metals in recent months. Long gold positions in ETFs on Monday rose to a new record high of 3,199.12 MT (data since 2002). Also, long silver positions in ETFs rose to a new record high of 773.68 million ounces on Monday."



“Bulls are delighted with what will almost certainly be a strong close, which provides the basis for a push to $1,800 in short order.” Gold, long considered a hedge against inflation and currency debasement, was headed for its third month of gains, driven by stimulus measures to support economies decimated by the pandemic."


"Gold prices are sharply higher and hit an 8.5-year high Tuesday, on technical buying based on very bullish charts that got even more bullish today—suggesting still more (likely much more) upside price potential to come, including new record highs."
                                            
Jim Rickards Weighs in on the Gold Price Action

"Today’s price of $1,782 per ounce is the highest since 2012 and a 70% gain from the low of $1,050 per ounce at the end of the last bear market in December 2015." (editors note: Jim called the low in December 2015 as a bottom and the start of a new bull market for gold years ago).


American Eagle 2020 One Ounce Gold Proof Coin

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