History was made today when gold pricing closed near the highest daily level since August 22, 2011. In fact, as of 5:50 PM EDT gold futures basis the most active August contract is currently settling at approximately $1900.30. On a weekly chart gold closed at a new record price for the highest weekly close.

It was another day in which the precious metals ran strongly to higher pricing. Initially both gold and silver spiked strongly in mid-March when the coronavirus epidemic grew into a global pandemic. Gold gained almost $300 as it traded from $1450 to $1788.

The precious metals scored dynamic gains today, as a one-two punch knocked out many short-sellers. This knockout is the net result of two primary ingredients; extreme dollar weakness, and aggressive buying by traders and market participants.

The first day of trading this week resulted in moderate to strong moves in the precious metals across the board. The global economic recovery is the greatest challenge that the world has faced since the 2008 financial crisis. The necessary economic stimulus that will be needed from global central banks will require the largest capital expenditures in history

Even with the intermittent drawdowns that both gold and silver pricing have experienced over the last few months, overall gains in both metals have been impressive and significant.

Today gold sustained the largest single day drawdown since market participants bid gold prices above $1800 on a closing basis on Tuesday, July 7. As of 5 PM EDT gold futures bases the most active August contract is currently trading off by $17.50

Just over one week ago, on Tuesday, July 7^th, gold prices broke and closed above $1800 per ounce for the first time since November 19, 2011. Over this last week there have been two occasions when gold pricing on an intraday basis dipped below $1800. However, in both instances’ gold closed above that key psychological and technical price point.

Gold futures and spot gold broke below $1800 in trading overseas last night, however once trading began in New York prices traded off of the lows breaking back above $1800 by the close of trading. With the exception of spot gold all of the precious metals closed lower, with gold futures sustaining the smallest percentage drawdown on the day.

Gold futures managed to close higher on the day for the first time since Tuesday of last week when gold traded to a high of $1820. Gold futures traded lower Thursday and Friday of last week, however in both days’ gold closed above $1800 per ounce. As of 4:50 PM EDT the most active August contract is currently up $3.10 and fixed at $1805.

For the first time since September 20, 2011 gold futures closed above $1800 per ounce. On Tuesday July 7^th, gold for bulls stormed the long standing in almost 10 years closed above that key price level. On Wednesday gold pricing traded to an intraday high of $1829 before settling at $1820.