Home 2020 Gold Posts New Record Highs

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!

Previous articleUS Stocks Finished Friday and July on High Notes
Next articleRepublican Lawmakers Rally to Pay American Businesses for Property Damage from the Violent Rioting
Paul A. Ebeling, a polymath, excels, in diverse fields of knowledge Including Pattern Recognition Analysis in Equities, Commodities and Foreign Exchange, and he is the author of "The Red Roadmaster's Technical Report on the US Major Market Indices, a highly regarded, weekly financial market commentary. He is a philosopher, issuing insights on a wide range of subjects to over a million cohorts. An international audience of opinion makers, business leaders, and global organizations recognize Ebeling as an expert.