Gold pushes south to open week, wait-and-see mode prevails

(USAGOLD – 12/2/2019) – Gold continued its push south to open the week – down $5 at $1459. Silver is down 11¢ at $16.94. For the most part, gold market traders are attempting to sort out just where the trade talks stand and the impact of Fed interventions to keep money markets liquid. ANZ analyst David Hines summed up the prevailing sentiment in the gold market at present in a Business Day article. “Nothing particularly has really changed [on the trade front] from last week,” he said, “the market remains in the dark about how things will progress. Investor appetite for gold is just waning a little bit on lack of direction.” He went on to say that “the fundamentals [for gold] are still quite supportive” and that perhaps by year-end “we will see gold prices recommit to the uptrend we saw earlier this year.”  At the moment, the metals remain stuck in the wait-and-see mode we described mid-last week, but it would not take much, it seems, to jar it loose and push prices one direction or the other.

Chart of the Day

graphic image map showing the money in circulation in each country in the worldImage courtesy of

Chart note:  “Broad money,” says, “refers to the amount of currency in circulation in a given economy. It includes paper money, funds in a bank account and basically any other financial instrument that you can use to make payments. We plotted the most recent estimates from the CIA’s World Factbook on a map, where one dot equals $10B of broad money. For the sake of simplicity, we grouped every country with less than $100B in a gray category for ‘other.’ This lets you quickly and easily see which ones have the most loot in circulation.”

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