Quiet day for gold, but up 11% on year

Gold traded marginally lower today – down $4.07 at $1280.90.  Silver was off 2¢ today finishing at $16.97.  With little in the way of news today, we thought it would be a good time to review the daily chart on gold.  As you can see, the uptrend on the year remains in place with gold still trading above the trend line.  Gold is up 11% on the year.  Silver is up 6.7%.

Quote of the Day
“Precious metals remain a relevant asset class in modern portfolios, despite their lack of yield.  They are neither a historic accident or a relic. . . Gold tends to preserve its real purchasing power over the very long run (albeit with substantial short-term deviations). Since Roman times, the real value of gold has remained more or less unchanged in the face of wars and political, social and technological shocks. Many investors therefore see gold as a way to hedge against structural tail risks, which could potentially erase the real value of all other financial assets.” – Jeffrey Currie and Michael Hinds, Goldman Sachs commodity analysts

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