Gold Posts New Record Highs

#gold #silver #price #record #COMEX #Fed #ETFs


Friday, gold rose to a new record, driven by demand, USD weakness and low interest rates, and silver posted its best month since Y 1979.

Spot bullion is up more than 10% in July its best month since Y 2016 as US real yields hang near record lows and most market watchers predict there may be more gains ahead.

Both precious metals have added about 30% YTD, with gold and silver ETFs boosting holdings to a record.

The Fed this week repeated its pledge to use all its tools to support the US economy, with governments and central banks worldwide unleashing vast amounts of aid/relief/stimulus to bolster growth.

Spot gold rose as high as 1,983.36oz Friday and was trading up 0.7% at 1,970.66 as of 2:58p in New York.

December COMEX gold futures hit 2,005.40 before paring gains to settle 1% higher at 1,985.90oz, as USD capped a 5-day slump. The Buck is still weak.

Spot silver advanced 2.9% to 24.18oz after a 3-day pause in its rally.

We remain bullish with gold and silver and would not be surprised to see a speculative Bull run on silver, gold at 2,000 puts silver at 30.

Thursday, gold traders declared their intent to deliver 3.3-M oz against the August COMEX contract, the largest daily delivery notice in exchange data going back to Y 1994.

Have a healthy weekend, Keep the Faith!