Gold surged passed another key level this week, breaking above $1,800 an ounce for the first time since 2011. And the yellow metal is pulling silver up along with it. What’s driving precious metals higher? And can we expect this bull run to continue? In this episode of the Friday Gold Wrap podcast, host Mike Maharrey takes a close look at both the gold and silver markets – what’s driving them and where they might be heading next, and why this is different than 2011. He also touches on the escalating war on cash.
Gold-backed ETFs closed out the first half of 2020 with their seventh consecutive month of inflows and significantly above the highest level of annual inflows, both in tonnage and US dollar terms.
Globally, gold-backed funds added 104 tons of gold to their holdings in June. Global holdings now stand at an all-time high of 3,621 tons, according to the latest data from the World Gold Council.
Gold has pierced another significant level, pushing above $1,800 an ounce on Wednesday. That’s the highest spot price for gold since 2011.
Breaking through $1,800 was a significant move for the yellow metal, but during his podcast earlier this week – before gold breached that level – Peter Schiff said he thinks gold has a long way to run up, and he explained why the dynamics are different now than the last time gold was above $1,800.
Gold just finished Q2 at its highest level in over 8 years, wrapping up its best quarter since 2016. The Fed monetary policy in response to the coronavirus pandemic has put a strong tailwind behind gold. But as host Mike Maharrey details in this week’s Friday Gold Wrap podcast, gold has been on a bull run for quite some time – long before COVID-19 reared its ugly head. Why? And what might this tell us about what’s ahead?
Gold just had its best quarter since 2016 and finished at its highest level in over eight years. But Q2 2020 wasn’t an anomaly. Gold has charted gains for seven consecutive quarters.
That represents the longest quarterly run of gains for the yellow metal since the 2008 financial crisis.
Q2 was one heck of a quarter for US stock markets. But in his podcast, Peter Schiff called it a “phony rally.” The real bull run to watch is gold.
The Dow Jones just wrapped up its best quarter since 1987. The S&P 500, finished out its best three-month run since 1998 during the dot-com bubble. But as Peter pointed out, you have to put the big gains in perspective. Stocks were coming off an abysmal first quarter, and other than the NASDAQ, the major indexes remain negative on the year.
Citibank has joined other mainstream gold bulls calling for record gold prices.
Citi raised its gold price forecast this week. It now projects a three-month price of $1,825 per ounce and for the yellow metal to head into record territory in 2021. Citi analysts expect gold to eclipse the $2,000 mark early next year.
If history is any guide, we could be heading toward $4,000 gold. This according to analysis by US Global CEO Frank Holmes.
Gold staged a solid rally and finally broke above a key resistance level this week. The yellow metal hit an 8-year high on Wednesday and continues to hold above $1,750 an ounce. Meanwhile, we’re suddenly starting to see some mainstream bullishness for gold. In this episode of the Friday Gold Wrap podcast, host Mike Maharrey talks about the economic dynamics in play and highlights some of the mainstream attention suddenly being showered on the yellow metal.