Gold Price Crosses $1,900 Benchmark, Approaching All-Time Record

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Gold Price Crosses $1,900 Benchmark, Approaching All-Time Record

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Here we go with gold crossing the $1,900 mark. Think it will break the record anytime soon? :)

Gold Price Crosses $1,900 Benchmark, Approaching All-Time Record
July 24, 2020 by Rob Bates

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"On Friday, the spot price of gold crossed the psychologically important $1,900-an-ounce barrier for the first time since 2011, putting the metal close to its all-time record high.

At the time of publication, gold was trading at $1,902 an ounce, having hit $1,905 an ounce earlier in the day.

The news comes less than three weeks after the yellow metal crossed another important benchmark: $1,800 an ounce.

Analysts are now betting that it could soon top its all-time record price—$1,923, which it hit in 2011—and eventually cross the long-predicted $2,000-an-ounce barrier.

George Gero, managing director at RBC Wealth Management, calls the gold price “a barometer of economic and global well-being.”

He tells JCK that the metal’s current rise has been fueled by low interest rates, the weak U.S. dollar, and the steady drumbeat of negative headlines, including “escalating U.S.-China tensions, U.S. election headlines, unrest in U.S. cities, but mostly pandemic headlines. Everywhere the investor looks, he sees global worries.”

He thinks that $2,000 an ounce will probably be hit soon, though the price might fall next week due to some sell-off activity. But overall, Gero says, gold has “all the technicals that traders like, like higher open interest, higher volume, higher moving averages.”

The yellow metal was trading at $1,524 in January, which means it has risen around 25% since the beginning of the year.

At the same time, silver has also had a good 2020, with prices up about 25% since January. At the time of publication, it was trading at $22.89, its highest level in seven years.

“Silver, which is poor man’s gold, has now graduated to ... "

https://www.jckonline.com/editorial-art ... benchmark/
PinkDiamond
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