Wow! What a week in the precious metals market. Gold wrapped up the week with a bang – the gold price this Friday was on a rip, hitting a fresh 52-week high.
Gold prices climbed a 13-month high in U.S. trading Friday. Silver prices are gaining too. August gold futures were up $12.90 an ounce at $1,356.30 while July Comex silver prices were last up $0.198 at $15.09 an ounce.
Trying to predict patterns, based on news, politics and other factors is foolish. The only true way to enter into high-probability deals is to let the market fingerprint guide you.
So what’s behind the move and momentum? China’s economic health is one big concern. Middle East tensions are certainly playing into the mix, also. Eyes and ears are on our southern border, watching Mexico’s role in stemming illegal immigration into our county . So, there’s a number of factors in play right now affecting the price of silver and gold.
The CPI report, which tracks and measures U.S. inflation came out earlier in the week. It clearly showed the core consumer price index rose 2% from the previous year.
Everyone seems to be excited about gold & silver right now. Currently, the sentiment among brokers is that if gold can break through $1,400 per ounce, in can then easily push toward $1,600 or $1,700 an ounce, getting close to the 2011 high of $1,800+. Gold has everything going for it right now.
As always, it’s my advise to consult a professional in the precious metals, numismatic, coin and financials industry before deciding to do any precious metals trading. Decatur Jewelry & Pawn has been buying, selling and trading silver and gold coins, bullion for the past 27 years. Our network of industry leaders is expansive and extremely professional. If you have any questions pertaining to buying or selling silver, gold or platinum coins or bullion, please feel free to reach out our experienced and friendly staff. Happy Fathers Day to all you wonderful fathers