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12:56 pm Thu. February 20, 2020 (USMT)
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Daily Gold Market Report

Gold solidifies beachhead above $1600, a new incentive for higher prices comes into play

(USAGOLD – 2/20/2019) – Gold moved to solidify a beachhead above the $1600 mark this morning as a new incentive for higher prices came into play – a rapidly depreciating Japanese yen.  Gold is up $7 at $1618. Silver is level on the day at $18.39. The yen is down about 1.7% over the past two days as the specter of recession looms in Japan and raises the possibility of further central bank stimulation. That combination, in turn, is undermining the Japanese currency’s long-standing reputation as a safe-haven competitor to the dollar and gold. Gold, as a result, is up almost 2.5% over the past two days in yen as Japanese investors moved to protect their portfolios against further currency depreciation. Beyond the impact in Japan, global capital is likely to see gold as a primary beneficiary of the yen’s being sidelined as a safe-haven.

Chart of the Day

Bar chart show gold's annual average price since 1970

Chart note: This long-term chart on the annual average price of gold since 1970 dispels the notion that gold is somehow volatile or unpredictable and as a result unreliable as a long-term portfolio safe haven. To the contrary, it shows gold living up to its reputation as a reliable portfolio safe haven during times of rapidly changing economic circumstances.  The strong showing for 2019 is worth noting.


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