Gold once again finds support below the $1500 mark
(USAGOLD – 10/8/2019) – Gold is trading higher this morning after once again finding support below the $1500 mark. It is trading at $1506 – up $14 on the day, a gain roughly matching yesterday’s decline. Silver is up 33¢ at $17.75. In this month’s edition of News & Views, we identify five contributing factors that make this gold market different from all others. Those five factors go a long way in describing the forces at work in the gold market including consistent support in recent weeks on price dips. The newsletter’s release is scheduled for today. If you would like to receive publication notice for future issues by email, please subscribe below. We offer News & Views as a service to current and would-be clientele. Your interest is welcome!
Quote of the Day
“The ‘threat’ is best seen through the emergence of exchange-traded funds (ETFs), which allow investors to get a proxy physical gold exposure through an investment via their stockbroker. In truth, these products are, in many cases, more expensive than trading and storing physical gold (especially for larger investors with a long-term investment time frame), have less trading flexibility, and are less secure than owning real physical gold.” – Jordan Eliseo, ABC Bullion/Australia
Chart of the Day
Chart note: The spike you see at the farthest right of the long-term chart of gold has elevated optimism in some quarters that the long side-ways, see-saw market has come to an end. Since the late May bottom at $1277, gold is up over 15.25%.