Gold, silver continue push through summer doldrums
(USAGOLD – 7/23/2019) – Gold pushed higher this morning on what’s been a quiet news day thus far. It is up $2.75 at $1426.50. Silver continues to outperform gold – up another 18¢ on the day at $16.52. Both metals continue to defy the annual summer doldrums having logged strong price increases in what is usually the slowest month of the year for precious metals markets. Silver is up $1.24 in July as of this morning’s pricing or 7.7%. Gold is up $43 or 2.9%. A major unknown hanging over the gold market at this point in time is whether the United States is likely to intervene in the foreign exchange market to weaken the dollar. The potential for an intervention has been enough to keep dollar bulls on the defensive while providing added incentive for gold bulls already energized by interest rate and trade concerns.
Quote of the Day
“One of the most important warnings offered by firefighters is simple: get out early. In the face of wildfires, some homeowners get the idea of staying in their homes and riding it out. As one firefighter warned ‘The point is to go.’ But if you don’t, it’s better to stay than to panic and run in the midst of a firestorm of smoke and embers. It’s not the fire that gets you. It’s the heat. Even before the flames reach the house, it can be fatal to stand outside trying to protect what you have (h/t John Galvin). Similarly, our ‘Exit Rule for Bubbles’ is straightforward: You only get out if you panic before everyone else does. You have to decide whether to look like an idiot before the crash, or look like an idiot after it.” – John Hussman, Hussman Funds
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