Gold finished up today to end a difficult week. On the day gold was up $6 at $1297.15; silver was up 5¢ at $16.97. On the week, gold finished down 1.7% (- $22.93); silver was down 3.4% (- 59¢). It is the second week in a row gold and silver finished on the downside. The precious metals are being pushed in one direction by the increasingly dangerous threats from North Korea, and the other by concerns about Fed policy.
In the meantime, disinflation reigns and with it the ever-present financial system risks globally – a prospect elevating physical demand. As reported earlier today, gold ETFs inventories have risen this week as prices have fallen – an indication of professional money buying the dip.
Asia is closed. Stay tuned. We might put up a post or two over the weekend if anything interesting surfaces. Have a pleasant weekend.
We invite you to scroll – a useful review of the week’s events from a golden perspective awaits . . . .
In the upcoming issue of our monthly newsletter, we tell a forgotten story about the currency markets. Hint: Gold is the hero of this tale and it provides clues as to where we might be headed in the future. We also offer a tribute to the 300th anniversary of Sir Isaac Newton’s inadvertent discovery of the gold standard. Mercifully, we are going to try avoid commentary on the Federal Reserve.
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