(Kitco, Monday, June 24th, 2019 ) – Gold prices are posting more big gains and are near last week’s six-year high of $1,415.40 in August futures. Safe-haven demand amid heightened geopolitical events is keeping gold prices on the rise. Also Palladium, which is up over $200/oz, in ONE MONTH and has DOUBLED in under ONE YEAR has investors running for the new best metals performer.
Additionally, a slumping U.S. dollar index that hit a three-month low today is also working in favor of the precious metals markets. Trader psychology in the gold and silver markets appears to have shifted to a “buy the dips” mentality from the “sell the rallies” attitude that had been in place since last winter. August gold futures were last up $11.50 an ounce at 1,411.60. July Comex silver prices were last up $0.04 at $15.33 an ounce.
Asian and European stock markets were mixed to weaker overnight. U.S. stock indexes are pointed toward slightly higher openings when the New York day session begins. This is likely to be a more important trading week, amid big events upcoming.
The U.S.-Iran confrontation in the Persian Gulf region continues to simmer on the front burner of the marketplace. News over the weekend surfaced that the U.S. last week employed a cyber-attack on Iran, specifically its ability to track big ships at sea, and to launch missiles. Also, President Trump says there will be “major” new sanctions put in Iran this week. This situation is likely to hang around the marketplace for a while, which is bullish for the safe-haven metals. Hey
U.S. President Trump and Chinese President Xi are scheduled to meet in Japan at the G20 meetings late this week and discuss their ongoing trade war. The outcome of that meeting could have huge implications for markets, especially if an agreement is reached to end the trade war.
The key “outside markets” today see Nymex crude oil prices higher and trading just below $58.00 a barrel. Meantime, the U.S. dollar index is weaker and hit a three-month low overnight.
U.S. economic data due for release Monday includes the Chicago Fed national activity index and the Texas manufacturing outlook survey.
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif?0.2924175530478188)
Technically, the gold bulls have the strong overall near-term technical advantage. Prices are moving thru resistance levels that mean something now, $1,500 an ounce is next for the inflation pundits that see the worm has turned for gold and the metals.
Posted by :
Jack Dempsey, President
401 Gold Consultants LLC
jdemp2003@gmail.com