Gold Climbs Above $1,800 for the First Time Since 2011
Comment of the Day

June 30 2020

Commentary by Eoin Treacy

Gold Climbs Above $1,800 for the First Time Since 2011

This article by Justina Vasquez for Bloomberg may be of interest to subscribers. Here is a section:

Goldman Sachs Group Inc. said gold could climb to a record $2,000 an ounce over the next 12 months, while JPMorgan Chase & Co. recommended investors stick with bullion.

“The Fed is being extremely accommodative and because these shutdowns are starting to reoccur globally, more central bank measures are probably going to be initiated,” Phil Streible, chief market strategist at Blue Line Futures in Chicago, said by phone.

Eoin Treacy's view

Gold’s front month futures traded above $1800 today while the spot price has yet to achieve that goal. The difference between the short-term patterns may give us some insight into what is animating the market in the short term.

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