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Coins & Bullion since 1973
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7:09 am Sat. June 6, 2020 (USMT)
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Daily Gold Market Report

Gold dives through $1700 support level on unemployment report

(USAGOLD – 6/5/2020) – Gold dove through support at the $1700 mark in early trading after the Labor Department reported an unemployment rate well below market expectations. It is down $29 at $1689.  Silver is down 38¢ at $17.44.  The better-than-expected showing raised hopes that a recovery might come sooner than markets originally anticipated.  The break to the downside comes after weeks of rangebound trading between $1700 and $1750 – a period of rising demand for both ETF shares and physical gold in the form of coins and bullion. The World Gold Council released a monthly update yesterday chronicling the rise in gold ETF stockpiles.

“Year-to-date,” it says, “inflows (623 tonnes, US$33.7 billion) now exceed the highest level of annual inflows (591 tonnes) seen in 2009. Positive flows combined with a rising gold price also pushed assets under management in gold ETFs to new record highs of $195 billion, even as stock and bond prices increased. Global gold ETFs had inflows in all but two trading days during April and May (41 of 43 days). The only other historical period with similarly consistent inflows occurred in May and June of 2016, when funds experienced inflows in all but four trading days. North American-listed gold ETFs led regional inflows during May.”  The strong showing is a reflection of continued interest in gold bullion among funds and institutions hedging an array of economic, financial, and geopolitical concerns.  North American stockpiles were up 20.1% in May.

Chart of the Day

Line chart showing totals through June 4, 2020l holdings in gold ETFs through June Chart courtesy of GoldChartsRUs


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Update 4/7/20: We continue to monitor the pricing discrepancies between New York Comex and FOREX spot price, which vary day to day.  As of this posting, the spot price in the menu bar above reflects the price at which we can hedge and therefore the price upon which we base pricing for our coin and bullion products. OOD is now open again for orders. We are also taking orders by telephone. FOREX spot pricing is posted in our sidebar and on the Live Gold Price Today page.

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