Gold keeps quiet summer uptrend intact, replaces computers as top U.S. import in May
(USAGOLD – 7/6/2020) – Gold kept its quiet summer uptrend intact this morning pushing past the $1780 mark to $1786 – up $9 on the day. Silver also continued its strong move to the upside – up 28¢ on the day at $18.39. Typically the summer months feature dull price action for the precious metals, but for the past two years prices have moved sharply higher. Gold is up a respectable 5.8% since the May 1 official start to the doldrums and silver notably is up 22.6% (as of this morning’s pricing). Surprisingly, gold was the top import for the U.S. in May. “Gold is a big red flag,” writes trade analyst Ken Roberts in a Forbes article. “It attracts buyers frightened by the economic outlook, sending the price higher. The value of gold imports increased more than 1,700% over the previous month of May, replacing computers as the top U.S. import.”
Chart[s] of the Day
Gold, silver and the DJIA – Year to Date
Gold, silver and the DJIA – One Year
Chart note: As of last Thursday, gold is up 25.06% over the past 12 months. Silver is up 17.7% and the Dow Jones Industrial Average is down 4.22%. Year to date, gold is up 16.05%. Silver is level and the DJIA is down 10.54%.