Daily Gold Market Report

Gold looks to solidify support just above the $1900 level
New survey shows Millenials have discovered gold

(USAGOLD – 7/6/2023) – Gold is moderately higher this morning as it looks to solidify support just above the $1900 level. It is up $12 at $1929.50. Silver is up 10¢ at $23.31. It could be a seesaw day in markets as traders brace for tomorrow’s unemployment and payrolls numbers. A recent State Street Global Advisors survey offers some insights into investor participation in the gold market.

“The study,” reports Vettafy, “includes more than 1,000 investors with at least $250,000 in investable assets. It showed a fifth of those own some type of gold exposure at an average of 14% of their portfolio. Just under half of those investors have gold exposure through ETFs. And a slight majority maintain exposure through physically holding the metal or owning gold mining stocks. Notably, 17% of Millennials surveyed had gold in their portfolios compared to 10% of Generation X and Baby Boomer respondents..… Nearly seven in 10 investors in the survey said they hold gold as a hedge against inflation and economic downturns.”

Cartoon courtesy of MichaelPRamirez.com