GoldCore Precious Metals Update – Gold New Record High at $1,058/oz but Remains Less than Half its Real Price of 30 Years Ago

Gold
Gold continues to push higher and took out resistance of $1,050/oz yesterday and moved toward $1,060/oz before retreating slightly. With investors continuing to allocate funds into the gold market, the next target is likely to be an assault on the psychological $1,100/oz level. Increasing concerns of a double dip recession and of the outlook for major currencies is leading to continuing robust investment demand (significant gold ETF demand in recent days).

A period of profit taking and correction is likely after the sharp moves up. Such a sell off will likely be very sharp but would be expected to be shallow and previous resistance at the $1,020/oz to $1,030/oz level would likely provide support. Those calling gold a speculative bubble would do well to adjust the gold price for inflation and into real terms and study the history of bubbles. Bubbles and manias are when assets rise to multiples of their former price. Today gold is less than half its real price of nearly 30 years ago. It is one of the few asset classes to be so undervalued on a historical basis. Gold is currently trading at $1,053.10/oz.

Silver
Silver is shadowing gold’s progress and is currently $17.74/oz.

Platinum Group Metals
Platinum is currently trading at $1,334/oz, palladium is $315/oz and rhodium is $1,575/$1,75/oz.

 

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Stephen Flood

Stephen Flood is the CEO of GoldCore. He is a former Wall Street equity trader and FinTech expert. He has been involved in the precious metals markets since 2004 and has appeared as an expert contributor on CNBC, CNN, BBC, RTE & Bloomberg TV and has had articles published in the Irish Times, Irish Independent and The Sunday Business Post.

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