Gold inches higher in quiet early trading

(USAGOLD – 6/16/2020) – Gold inched higher in quiet early trading with little in the way of news to motivate anything more substantial in either direction. It is up $2 at $1729. Silver is up 4¢ at $17.47.  The gold market was headed for a decline yesterday when the Fed announced the launch of its corporate bond-buying program. It then promptly retraced most of the more than $20 early loss. Stocks also reversed course on the announcement. This morning’s Chart[s] of the Day explore the performances of gold, silver, and stocks over the past 12 months and year to date.  Given the amount of publicity the stock market receives on a daily basis, many readers, we believe, will be surprised by the results – even with the stock market’s 900 point advance this morning taken into account.

Chart[s] of the Day

Gold, silver and Dow Jones Industrial Average – One Year

overlay chart showing gold, silver, stocks performs as percent 12 months 6-16-20
Chart courtesy of TradingView.com
Click to enlarge

Gold, silver and Dow Jones Industrial Average – Year to Date

overlay chart showing performance in percent gold silver stocks 6-16-20

Chart courtesy of TradingView.com
Click to enlarge

Chart note:   While stocks have continued to garner considerable attention in the mainstream financial media, gold and silver have quietly outperformed the Dow Jones Industrial Average – even with today’s 900-point stock market advance taken into account. Over the past twelve months, gold is up 28.5%, silver is up 17.2%, and the Dow Jones Industrial Average is down 2.2%.  Year to date, gold is up 12.5%, silver is down 3.5% and the Dow Jones Industrial Average is down 7.6%. 

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