Gold and silver traded sideways to down today after a solid week. Gold finished the week up 1.9% ($1,321.21 ––> $1,346.29, +$25.08); silver finished the week up 2.2% ($17.55 ––>$17.95. + 40¢). Gold’s upside Asian strength was blunted first in European trading then in New York on a slow day in most financial markets.
On the year thus far, gold is up 17% ($1,150.90 ––> $1,346.29, +$195.39); silver is up 13% ($15.90 ––> $17.95, + $2.05)
As for the events pushing gold and silver prices Monday through Thursday, we think you will find plenty to chew on in the long and illuminating roster of posts immediately below. You can develop you own list of protagonists.
One quick comment on gold and silver’s performances since the beginning of the year:
The fact that gold has outperformed silver points to an apparent safe-haven bias among investors which, in turn, suggests a disinflationary bias toward the economy and financial markets. We think that bias is in keeping with reality. However, silver could play catch-up when private investors finally catch-on that something is going on. This rally is led by global professional investors who are matching their public warnings about an overvalued stock market with diversifications into primarily gold via various investment avenues, including physical metal. Both gold and silver have outperformed the stock market thus far in 2017.
DJIA (19,762 ––> 21,797, + 10.2%) (Surprise!)
If you would like to see our take on what’s pushing gold and silver these days, you might want to sign-up for our free newsletter, available with appreciation to our current and prospective clientele. Immediate access. Weeks ago, we took the emphasis off North Korea (though we didn’t eliminate it as a cause) and put it on five other more enduring factors. Those are the factors covered in the newsletter. It was interesting to see that Goldman Sachs took the same tack this past week. (This gold note is under the heading, What is behind the ‘quiet’ summer rally in gold and silver.)