Gold takes a breather after six straight days of gains
In Gold We Trust: ‘For gold, recessions are typically a positive environment.’

(USAGOLD – 5/25/2022) – Gold looks to be taking a breather this morning after six straight days of gains. It is down $12 at $1857. Silver is down 36¢ at $21.83. The dollar is firm ahead of the Fed minutes release later today contributing to gold’s downside. Also factoring into today’s pricing is options expiration on the June gold and silver COMEX contracts. Bloomberg reports recession overtaking inflation as the number one concern among market participants. If that be the case, the safe-haven trade might get a boost in the days ahead.

“For gold,” says Ronald Stoferle and Mark Valek in their just-released “In Gold We Trust” report, “recessions are typically a positive environment.…If we look at performance over the entire recession cycle, it is notable that in each of the four recessionary periods gold saw significant price gains on average in both US dollar and euro terms.…Moreover, it is striking that, on average, the higher the price losses of the S&P 500, the stronger gold performed. Once again, this worked well during the most recent recession in 2020.”

Gold and recessions
(1971 to present, green bars = recessions)
line chart showing gold and recessions 1971 to present

Chart courtesy of

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