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$1,391.7 gold futures

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clivemax

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05/08/20

14:53

Post #: 46322003
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Originally posted by m0ngy ↑

Gold Barrels Past $2,000 With Stage Set for Prices to Rally More

Bloomberg

5 August 2020, 10:24 am ACST

Gold’s scorching rally gathered more force, with prices driven higher into record territory above $2,000 an ounce as investors assessed prospects of more stimulus to combat the pandemic’s fallout, another slide in U.S. real yields and increased geopolitical risks.

Bullion is up more than 30% this year, and could extend gains as governments and central banks respond to slowing growth with vast amounts of support. The haven’s allure as a store of wealth is strengthening as investors face the prospect of a long global recovery, and the debasement of fiat currencies, with banks including Goldman Sachs Group Inc. forecasting a rally to $2,300.

“The stage has been set for gold to continue to climb higher,” Paul Wong, market strategist at Sprott Inc., said in a report. “We see increased fiscal spending ahead, extremely accommodative monetary policy in place for years and a challenging economic recovery, as stated by the Fed.”

Futures traded as high as $2,048.60 on the Comex

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Perhaps some profit taking may have been happening recently however, Gold appears to be on the rise at this point in time!

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Gold Bug!
6 Upvote

0 Great analysis

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