Gold market update
The gold market’s spot gold price fell 1% to $1,738.43 per ounce having hit its highest since March 1 at $1,758.45 on Thursday. For the week, however, prices were up 0.5%. US gold futures slipped 1.1% to $1,738.50.
“Gold’s had a fairly decent week on the back of weaker US yields and the dollar, but they are slightly up now and that’s weighing on prices,” said CMC Markets UK’s chief market analyst, Michael Hewson.
“Gold’s retreat from last year’s peak is a ‘mini correction’ in a longer bull market,” said Davis Hall, head of capital markets in Asia at Indosuez Wealth Management.
“As long as real yields remain flat to negative, gold has that underlying long-term support.”
Gold price this month in AUD/OZ
This week we take a look at the price “pauses” in the previous gold market and how they can be opportunities to accumulate gold at favourable prices:
Read the article: The gold bull market pause that refreshes
Gold in the news
Here are a few articles trending on the subject of gold:
- At Rush Gold, we assisted the World Gold Council (WGC) with the establishment of their Retail Gold Investment Principles. The WGC presents a quick summary of the top 3 reasons to own gold: diversification, liquidity, and returns. We agree: https://www.invest.gold/
- Egon von Greyerz is a gold permabull so we read his writings with that in mind. He suggests, however, that the Archegos derivatives collapse (which took just a single weekend to play out and instantly vapourised $30B at Credit Suisse and other banks) is just a tiny fraction of the global derivatives risk underlying today’s banking and investment markets: https://kingworldnews.com/greyerz-investors-have-two-choices-ahead-of-the-coming-global-collapse/
- We think this article in Moneyweek correctly identifies key differences between gold and Bitcoin. Some commenters have declared they are very similar but we think the reasons to own both are actually quite different: https://moneyweek.com/investments/commodities/gold/602990/why-you-should-own-bitcoin-and-gold-as-inflation-returns
- Recently, Rush Gold co-founders Jodi Stanton and Mark Pey were featured as guests on Singularity University’s podcast series, discussing how and why they started Rush Gold: https://anchor.fm/inspire-for-5/episodes/5-Points-of-Inspiration-with-Mark-and-Jodi-from-Rush-Gold-etc89a/a-a51k447
Add a bank account to your Rush app
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