Daily Gold Market Report

No DGMR today. Back Monday.
Below is yesterday’s report.

Gold is cautiously higher following yesterday’s inflation numbers
Gallup finds 26% of Americans view gold as the best long-term investment

(USAGOLD – 5/11/2023) – Gold is cautiously higher this morning as part of the generally muted market reaction to yesterday’s inflation numbers. It is up $6.50 at $2039. Silver is down 34¢ at $25.13. “There’s nothing in the April numbers to make the Federal Reserve feel it has to raise borrowing costs further,” writes Bloomberg’s John Authers in his column this morning. “That helped risk assets, with stocks rising and bond yields falling — but not by enough to jolt any of the major markets out of settled trends.” He reports that the futures and swap markets now rate a pause as a virtual certainty. A recent Gallup poll finds that 26% of Americans view gold as the best investment over the long term – the highest polling since 2012 and a nearly two-fold increase from last year. Gallup found that investors favored gold over stocks and mutual funds for the first time in a decade and by a significant margin – 26% to 18%. [Source: Forbes]

Gold and stocks performance
(%, year to date)overlay line chart showing the performance of gold stocks year to date 5-2023Chart courtesy of TradingView.com • • • Click to enlarge

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