Gold vaulted higher at today’s open and stayed at elevated levels throughout the day. The precious metal was up almost $13.50 (+1.5%) on the day at $1310.53. Silver followed suit up 18¢ (+1.7%) on the day at $17.15. The strong, sudden spike at the open coincided with remarks from North Korea’s foreign minister Ho that the “United States declared war on our country.” Both metals are up marginally in Asia as this report is posted.
Here’s what today’s action looks like on a chart. Both metals are represented:
For greater detail, please scroll below. . . .
Quote of the day
“Well, first of all, the best way to structure a portfolio is to have the right kind of balance in your portfolio, and some amount of gold. Gold serves a purpose. It is first of all, a diversifier against other assets. You know, we have this risk on, risk off thing. We also have a monetary system. The Bretton Woods monetary system began after World War II, and it had the dollar as the world’s reserve currency. There’s a risk there. There’s a lot of dollar denominated debt and so on. If somebody felt they didn’t want to hold that, and so you could have exposures to that.” – Ray Dalio, Bridgewater Associates [9/22/2017]
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