Gold up this morning in continuation of yesterday’s strong rally
(USAGOLD – 12/4/2019) – Gold got as high as $1484 overnight in a continuation of yesterday’s strong rally to the upside. It gave up some of those gains on a Bloomberg report that trade talks were not as imperiled as previously thought, then regained its footing on private jobs report that came in far below expectations. The yellow metal is now trading at $1479 – up $2 on the day. Silver is down 3¢ at $17.16.
“Stock markets are lower and there is flight to safety in gold right now. Gold prices are up with what Trump said about China-U.S. tariffs,” Bob Haberkorn, senior market strategist at RJO Futures, told CNBC in a market report posted yesterday afternoon “All signs point towards a move back above $1,485 on the February contract, which could be enough to push it above $1,500.” Gold Newsletter’s Brien Lundin had this to say about yesterday’s nearly $20 turnaround intraday: “Perhaps today’s surge in gold, and sell-off in equities, is the market recognizing this big-picture conundrum. Or perhaps it’s just a one-day reaction to the latest Trump comment. Regardless, it’s a good day for the metals, and likely a preview of what’s to come.”
Chart of the Day
Chart courtesy of Animated Stats
Chart note: Fascinating to watch. It takes about four minutes.