Daily Gold Market Report
Gold marginally lower as we close first half and head into the long holiday break
Lundin says we are fully into the seasonal doldrum of the metals
(USAGOLD 6/30/2023) – Gold is marginally lower as we head into a long holiday break. It is down $3 at $1907. Silver is up 17¢ at $22.48. The first half of the year has been a hard grind for gold, but it still managed to post a respectable 5.7% gain. Silver, always the more volatile of the two headline precious metals, was down 5.7%. Gold Newsletter’s Brien Lundin says, “we are fully into the seasonal doldrums for metals” with “much of the investing world on vacation or thinking about it.”
“Simply put,” he continues in an analysis released yesterday, “the only thing moving the gold market right now, or any other market for that matter, has been Fed rhetoric and actions. The expected pause in their June meeting had little lingering effect on gold, thanks to Powell and his compatriots ramping up the hawkish talk at that meeting and in the days since. In addition to that and the summer-time slowdown, we also have the deteriorating technical picture and the magnetic effect of the $1,900 price level.”
Chart courtesy of GoldChartsRUs
