Today gold broke out and above the narrow and sideways trading range that has been so dominant over the last nine trading days. As of 5:00 PM EDT gold futures are currently trading up $17.80 (+1.18%), and fixed at $1524.00. Silver is also trading higher on the day however it is gold that is outperforming silver in terms of its percentage gain today. Currently silver futures are fixed at $18.04, after factoring in today’s net gain of $0.156 (+0.87%).
Today’s solid gains in the precious metals complex had moderate headwinds from a stronger U.S. dollar index which gained .25%, and is currently... Read more
On September 4th gold futures closed at the highest value this year trading to an intraday high above $1565, and closing at $1560 per ounce. Immediately following gold futures reaching a new price high for the year it would close lower for four consecutive trading days, plunging below $1500 as it traded to an intraday low of $1492 on September 10th. From that point forward gold began a period of consolidation as it traded around $1500 which continues to this day.
Between September 10th and September 19th gold would trade as high as $1533, and as low... Read more
It will be remembered as one of the most famous broken promises in political history. In 1988, George H.W. Bush stood before delegates to the Republican National Convention and declared: "Read my lips: no new taxes."
According to Time Magazine, these six words became one of the most enduring quotes of Bush’s presidency. However, it also caught him in a political... Read more
After trading to the highest closing price this year, on September 4th gold closed at approximately $1558. For the following five trading days gold pricing would soften to the lows of approximately $1492, before moving back above $1500. Then on Saturday an attack by Iranian backed rebels devastated Saudi Arabia’s oil processing facility. This event caused gold prices to rally on the open in Australia and Hong Kong, but by the time gold closed in New York on Monday it had given up most of its gains.
The key to looking at recent price activity is that gold prices seem to be forming... Read more