As we approach the end of 2019, gold is on track for a healthy yearly gain. To date, the yellow metal is up over 16% on the year.
It’s always interesting talking about gains in the price of gold because when you get down to it, it all depends on when you got into the market. If you bought an ounce of gold on Jan. 1 of this year and sold it this morning, you’d have pocketed around $208 (less any taxes and fees). But if you bought your gold at the peak price this year and sold it this morning, you’d be out about $68.
So, when we say gold is up or down, you always have to ask a second question: since when? The price can be simultaneously up and down at the same moment depending on the answer to that question.
The bond market flashed a major recession warning sign as the yield curve inverted this week. Meanwhile, Trump whipsawed markets when he appeared to blink in the never-ending trade war with China. That made for an interesting week for gold. In this week’s Friday Gold Wrap podcast, host Mike Maharrey breaks down the events of the last few days and their impact on precious metals. He also remembers an important day in history that went mostly unnoticed in the mainstream.