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Daily Gold Market Report

Gold moves cautiously higher to close the week

(USAGOLD – 1/16/2020) – Gold moved cautiously to the upside this morning – trading $3 higher at $1555.  Silver is up 8¢ at $18.04.  Both metals look poised to close the week at levels pretty much where they were last Friday – an equilibrium some see as encouraging in a week of positive data releases and the signing of the trade accord between the United States and China.

“The implication of gold’s refusal to succumb to selling pressure,” says analyst Clif Droke in a report posted at Seeking Alpha, “is that the ‘fear trade’ which made gold one of last year’s top-performing assets is still very much alive. Gold, in other words, is the safety trade that refuses to die and there are compelling reasons for this. The most important reason for owning gold is arguably the simplest explanation behind gold’s consistent strength: there are too many uncertainties still clouding the global economic outlook.”

Droke goes on to point out that “informed investors and money managers still own gold and many believe in the case for a continued bull market.” One notable example of that attachment came yesterday from Bridgewater Associates’ David Jensen, its co-chief investment officer, in a Financial Times interview. Gold, he said, “could surge to a record high above $2,000 an ounce as central banks embrace higher inflation and political uncertainties increase.”  Bridgewater Associates is the world’s largest hedge fund.

Chart of the Day

Gold chart since 1970
Chart note:  The long-term gold chart is impressive in that it shows the uptrend that began in 1971 with the introduction of the fiat U.S. dollar and continues to this day.  The turn to the upside at the far right of the chart is impressive in its own right in that it hints at the potential for another upside breakout similar to what occurred during both the 1970s and the first decade of the 21st century.  Many analysts feel that the long side-ways, see-saw market has come to an end and a new leg to the long-term, secular bull market has begun.


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