All-time highs for #gold – a thread
Gold hit a new all-time high this morning, posting
All-time highs for #gold – a thread
Gold hit a new all-time high this morning, posting $1944.71/oz during late Asian trading and is currently near that level.
There has been a LOT of coverage of the all-time-high on social media – who knew there were so many #gold experts??? https://t.co/OfjfFhoa7R
It’s great timing as far as we are concerned, as it means that #gold is getting a lot of attention ahead of the launch of our Q2-2020 / H1-2020 #GoldDemandTrends release, which will come out on Thursday. https://t.co/P5jeZIa958
What can we say about #gold at the moment? Obviously I am not going to front run the release of GDT, but we can repeat themes we’ve been making for some time. https://t.co/7YKGdSf6qn
For those concerned about the all-time high in #gold, look at a previous significant high, $850/oz from 1980.
When gold approached this level in 2007 many wondered about its significance. But gold went on to trade to a high more than double the prior ATH. (#NotAForecast) https://t.co/5ywWuCxwyu
With US real interest rates heading lower, the most important financial market signal is supporting #gold at this point.
A weak US dollar has also helped gold over the past two months. https://t.co/goJdYoJSxT
Investor #gold buying, most evident via inflows into physically-backed ETFs, continues at a strong and steady rate. https://t.co/U53KXIzzGH
And some technical indicators suggest that #gold has come a long way, quickly, which should give short-term traders qualms about the prospect for further gains. https://t.co/6milyC0kPI
We don’t forecast the gold price, something that is often a frustration for me (but at other times, like now, is a bit of a relief).
But we do have a tool that helps you understand the performance of gold. https://t.co/2wIBNQE6Je
We make the case that #gold should be in your portfolios as a source of returns, diversification and liquidity, and events of the past twelve months have again demonstrated why this is the case.
https://t.co/FxTfPUE5Bn https://t.co/LuqfJX1FlS
So for all the gold bulls out there, enjoy your time in the sun and I wish you best of luck in trading.
For everyone else, #gold has shown why it is a mainstream asset and that you should spend time understanding the arguments about why you should own some. https://t.co/wyn3RMtV3f
What should you look at for the rest of 2020?
I was asked recently by @JGCCrawley for the three most important things to watch in #gold for the balance of the year. I have hundreds of spreadsheets and market data feeds, but these three are key (at least for now).
Visit #goldhub and our #blog to stay in touch with our current thinking on gold.
And do watch out for #GoldDemandTrends on Thursday!
