Gold tracking lower as we close out a lackluster week
Gold is tracking lower again today in a continuation of yesterday’s trend – down almost $8 today at the $1336.50 level. Silver is down 10¢ at $17.15. Precious metals trading has been lackluster all week as investors await direction on a laundry list of economic and political issues. Gold, though, is not the only market in a holding pattern. Stocks and the dollar have also spent the week more or less tracking sideways. In some respects no news is always good news. On the other hand, quiet times in markets almost always illicit an unsettled feeling that something might be lurking in the shadows waiting to pounce.
Chart of the Day
Chart note: Commodities have been the bright spot in the investment arena this year – up almost 22% as measured by the Goldman Sachs Commodity Index shown in blue in the chart above. Gold, at times, has led the index over the past two years, even out-performed it in a couple of instances. Over the past year commodities have played catch-up. Perhaps it is time for gold to jump out and take the lead again. . . . . . .