Gold pushes marginally higher as markets await the next turn of the page in the bond market drama

(USAGOLD –2/29/2021) – Gold pushed marginally higher in early trading on a general lack of news and quiet financial markets across the boards, including government bonds. The markets, it seems, are awaiting the next turn of the page in the bond market drama and contemplating nervously what the Fed might do if the plot shifts again to the dark side. Gold is up $3 at $1729.50. Silver is down 27¢ at $26.38.

Chartered market technician AG Thorson is taking an aggressive stance in the face of gold’s sell-off since last August. “I am beginning to see investors panic and turn bearish on gold as prices slip below $1750,” he writes in an FX Empire article. “That tells me we could be approaching a selling climax and an important low. The big picture chart of gold remains decisively bullish and points to higher prices for years to come. … Just like there was a brief opportunity to buy gold at pre-911 prices a few months after the event, investors are receiving a similar chance in gold now, in my opinion. I believe now is the time to be greedy when others are fearful.”

Chart of the Day

Silver Price
Percent increase or decrease over the prior year

bar chart showing annual average gains in silver 2000 to 2020

Data source:• • • Chart by • • • Click to enlarge

Chart note: In 2020, silver recorded its best percentage gain in a decade – 46.3% – and posted its third-largest gain over the 20 year period. It has posted gains – sometimes significant – in twelve of the last twenty years.  So far in 2021, silver is down about 3%.

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