GOLD SPOT MARKET IS OPEN
closes in 17 hrs. 58 mins.Jul 27, 2020 23:02 NY Time
| Bid/Ask | 1963.00 / 1964.00 | |
| Low/High | 1929.20 / 1981.50 | |
| Change | +20.00 | +1.03% |
| 30daychg | +191.50 | +10.81% |
| 1yearchg | +544.70 | +38.41% |
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Silver Price & PGMs
Jul 27, 2020 23:02 NY TimeKitco 10AM Silver Fix
| Silver | 25.75 | +1.14 |
| Platinum | 937.00 | -5.00 |
| Palladium | 2255.00 | +13.00 |
| Rhodium | 6800.00 | 0.00 |
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(Kitco News, Mon. July 27th, 2020) – The massive momentum in gold could take prices to $2,000 an ounce in just a few days, according to Commerzbank.
Gold prices hit new record highs of just above $1,940 an ounce early Monday morning, breaching the previous 2011 all-time high of $1,920 an ounce. At the time of writing, August Comex gold futures continued to trade near record highs, last seen at $1,935.90, up 2.02% on the day.
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“The momentum we are currently seeing suggests that the rally will persist, so gold may already tackle the $2,000 mark in the next few days, though profit-taking would then likely ensue,” said Commerzbank analyst Carsten Fritsch.
The sudden surge in prices could worry some investors that a correction is in the works. Still, a significant price fallback is looking very unlikely, Fritsch noted.
“The fact that the rise in the gold price has been hardly driven by speculation at all argues against any excessive correction. Net long positions held by speculative financial investors increased only slightly in the last reporting week, and still remain significantly short of their early-March level,” he said.
The major driver behind this unstoppable gold rally is the U.S. dollar weakness and a fear of dollar debasement.
“One key driving force behind the upswing is the weaker U.S, dollar, which on a trade-weighted basis has depreciated to its lowest level in almost two years,” Fritsch wrote on Monday.
Aside from the currency play, rising U.S.-China tensions, a sharp rise in money supply due to all the stimuli out there, and the negative real interest rates are all creating a positive macro environment for the yellow metal.
Silver is also seeing incredibly strong gains with prices posting seven-year highs on Monday. September silver Comex futures were last trading at $24.50 an ounce, up 7.2% on the day.
The situation for silver, however, is a bit different than for gold with a price correction looking more likely, Fritsch added.
“Net long positions here have doubled within six weeks to their highest level since February. This might be the first warning sign,” he said.
Posted by :
Jack Dempsey, President
401 Gold Consultants LLC
jdemp2003@gmail.com