After a quiet day today in Stateside trading, gold is bolting higher in the overnight, Asian market – up about $6 at $1284. The yen is pushing higher as well, a scenario that raises questions about the yen/gold relationship mentioned in these reports several times over the past few months. The dollar, in fact, is down across the boards in overnight trading. Here’s a snapshot on tonight’s trading, i.e., the yen-gold correlation. There is a reason for the Japanese yen heading North and it’s made an impression on gold. That reason is not evident at the moment. We might know more as the evening unfolds.
Quote of the Day
“In a matter of only 2 quarters, Bridgewater has accumulated 3.894 million shares of GLD, which are worth $473M today and 11.3 million IAU shares, which are worth $140M today. Put together, Bridgewater is betting $613M of clients’ money that gold will perform well, and we know the benchmark is 21%, so Mr. [Ray]Dalio has a conservative outlook that gold prices will reach $1,556 by the end of 2018. . .gold has weathered through huge paper smashes that have proven to bears that demand is too strong right now. . . Gold held above its 200-DMA. It’s now trading above its 100-DMA and is on the brink of moving higher than the 50-DMA. ” – Wealth Research Group
If you are looking for a quick snapshot of the day’s events with respect to gold, or if you are attempting to put together an explanation as to why gold is up or down at any given point in time, you would gain from bookmarking our GOLD TODAY! page. This page is heavily traveled and always has been. We invite you to take advantage of this service provided by USAGOLD and check back here regularly for our take when the market breaks in one direction or the other.