Gold has consolidated on the strong gains seen last week of 6.43% rise in the week (silver +6.6%). Gold fell initially in Asia to $890/oz before rising sharply in early trading in Europe to over $907/oz. Much of the technical damage done in recent weeks has been overcome and gold is again looking bullish from a technical and fundamental viewpoint. But it needs a daily or better a weekly close above the recent October high of $925/oz if it is to again surpass last year’s record high of over $1,000/oz. Gold rose 4.3% on Friday alone (silver up 5.1%) as deepening concerns regarding the global financial system and economy led to continuing flight to quality and a desire for wealth preservation rather than wealth accumulation. Most stock markets were down by at least 2% on the week and also of note was the fact that US bonds and many government bonds internationally fell quite sharply for the week (bond prices fell sharply with a corresponding increase in yield). The US 10-Year bond saw a 4.5% fall in price (bond was down -0.328125 to 129.609375) (see more on important bond market concerns below).
Gold Investments Market Update – Gold Surges 6% in USD in Week; New Record Highs in GBP (over 655/oz) and EUR (over 700/oz) This
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Is Gold Starting to Behave Itself?
Gold is doing what it is supposed to do! Equity markets are tumbling, “NASDAQ 100 Rout Erases $1.5 Trillion in Market Value in 3 Days” reads one Bloomberg headline. The big names such as Apple lost over US$225 billion, Microsoft almost US$200 billion, Amazon and Tesla each lost US$175 billion market value over the three […]
This Little Known Indicator Says Gold Is Still Set For A Major Rally In 2022
If you’ve been looking at the gold and silver prices lately and wondering when the broad-based asset sell-off will take the pressure off, then you will enjoy this week’s offering on GoldCore TV. This week David Russell has been speaking to Patrick Karim of NorthStarBadCharts.com, the website that provides technical analysis for the inspired. Patrick […]
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“I think he was…the greatest economic public servant of the era.’ It’s common knowledge that Paul Volcker is a professional hero of Fed Chair Jerome Powell. As inflation in the US climbs, the head of the reserve is working hard to channel some of his hero, but not so much to cause alarm. Unsurprisingly gold […]
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