Gold hits $1,800 an ounce

Discussion in 'Politics' started by JoeNation, Jun 30, 2020.

  1. JoeNation
    Angelic

    JoeNation Patron Saint of Idiots

    It will likely drop back somewhat as normal profit taking takes a bite out of the highs in gold prices that have reached highs we haven't seen in about a decade. I personally invested in gold not too long after Trump took office because I couldn't think of one thing Trump ever touched that didn't go straight to hell. Turns out, we are living through the triple threat of a badly botch pandemic response, an unemployment rate unmatched since the Great Depression, and a pandemic fueled recession that will take a decade or more to recover from.

    Good call me!!!
     
  2. JoeNation
    Angelic

    JoeNation Patron Saint of Idiots

    Metals Stocks
    Gold prices top $1,800 an ounce, on track for highest finish since 2011
    Published: June 30, 2020 at 11:44 a.m. ET
    By Myra P. Saefong and Mark DeCambre

    Gold futures topped $1,800 an ounce on Tuesday, heading for their highest finish since 2011, as uncertainty created by the coronavirus pandemic fed the metal’s appeal as a haven investment.

    “Gold is one of the only major asset classes to have a positive [year-to-date] return,” said Jeff Klearman, portfolio manager at GraniteShares, which offers the GraniteShares Gold Trust BAR, +0.62%. “The demand destruction wreaked upon the U.S. and global economies and then the resulting unprecedented monetary and fiscal stimulus response here and abroad is the primary driving force behind gold performance this year.”

    Rising numbers of new cases of COVID-19 in Florida, Texas, California and Arizona have raised concerns about the potential shape of the economic recovery from recession in the U.S. and the rest of the world.

    “Ongoing uncertainty on the effects of the coronavirus on U.S. and global economic recovery, increased stock market volatility, the upcoming U.S. presidential election, civil unrest in the U.S., global trade friction along with the continuation of massive monetary and perhaps fiscal stimulus all provide strong support for gold prices,” Klearman told MarketWatch. There’s “very little reason to see gold prices move lower in the near future.”

    August gold GCQ20, 1.11% rose $22.80, or 1.3%, at $1,803.80 an ounce. Prices haven’t settled above $1,800 since Sept. 2011, according to FactSet data trading the most-active contracts. In August 2011, gold futures settled at a record $1,891.90.

    In the first half of this year, prices based on the most-active contracts traded about 18% higher, over the quarter the commodity has gained nearly 13%, and almost 3% in June thus far, according to data from FactSet.

    Meanwhile, September silver SIU20, 3.11% which is the most-active contract, added 52 cents, or 2.9%, at $18.58 an ounce. For the first six months of the year, the white metal has climbed 3.7%, but has surged 31% over the quarter. It has tacked on 0.4% in June so far.

    Prices for the precious metals notched fresh intraday highs after New York Fed President John Williams said Tuesday that the economy seems to be on the mend, but remains damaged. “The economy is still far from healthy and a full recovery will likely take years to achieve,” Williams said.

    Meanwhile, the market awaited testimony from Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin later in the session.

    Powell and Mnuchin will offer a House Financial Services Committee guidance on the risks to lifting restrictions on commercial activity against keeping the pandemic in check. The pair will speak at 12:30 p.m. Eastern Time.

    What the News Means for Your Money
    Get the tools you need to succeed in the market, with real-time market data, news, and analysis from MarketWatch — one of Wall Street’s most reputable brands for personal finance, business, and market news. Become a MarketWatch subscriber today.

    On the day, the U.S. dollar was up 0.1% as gauged by the ICE U.S. Dollar Index DXY, -0.19%, a measure of the buck against a half-dozen other currencies. The index traded up by more than 1% so far this year. A stronger dollar can weigh on precious metals priced in the currency, deflating the appeal of dollar-pegged commodities.

    Rounding out action on Comex on the day, October platinum PLV20, 2.60% was up 2.4% at $847.90 an ounce, trading down around 13% year to date, while September palladium PAU20, -0.03% shed 0.5% to $1,923.20 an ounce, up around 0.6% so far this year.

    The most-active September copper contract HGU20, 0.91% added 1% to $2.719 a pound, with prices up 22% for the quarter but down around 2.8% so far this year.

    “Copper prices are significantly off their lows reached in depths of the coronavirus crisis,” said Klearman, pointing out that they traded down by nearly 30% year to date on March 23. Lockdowns in China and most major economies throughout the world, “reduced real and expected demand for copper,” he said.

    “Interestingly though, lockdowns also adversely affected copper production with a not insignificant number mines shutting down,” said Klearman. “This reduced copper production counterbalanced reduced demand and helped move prices significantly off their lows.”

    “With easing coronavirus restrictions throughout the world, both copper demand and supply should increase,” and infrastructure-related fiscal stimulus programs in the U.S., China and elsewhere “could help drive demand above levels pre-pandemic levels,” he said.
     
    FryDaddyJr likes this.
  3. FryDaddyJr

    FryDaddyJr Active Member

    I buy a few ounces per year no matter what
     
    LucyRay likes this.
  4. toughcoins

    toughcoins Well-Known Member

    Just a rumor . . . hasn't hit it yet . . . high was $1789.40
     
  5. JoeNation
    Angelic

    JoeNation Patron Saint of Idiots

    Gold.JPG
     
  6. FryDaddyJr

    FryDaddyJr Active Member

    democrat hoax
     
    JoeNation likes this.
  7. toughcoins

    toughcoins Well-Known Member


    You called it . . . MUST be true.
     
  8. FryDaddyJr

    FryDaddyJr Active Member

    upload_2020-7-6_21-57-50.png
     
  9. Mopar Dude

    Mopar Dude Well-Known Member

    I am beginning to think that you have some secret thing for fat rednecks. You sure do post lots of photos of them.
     
  10. toughcoins

    toughcoins Well-Known Member


    He's showing off his collection . . .
     
    Mopar Dude likes this.
  11. toughcoins

    toughcoins Well-Known Member

    Finally, almost two weeks later, gold breached $1800.

    It's not like JN to jump the gun, or get things wrong, or anything like that . . . NOOOOOOOOOOOOOOOOOO.
     
  12. JoeNation
    Angelic

    JoeNation Patron Saint of Idiots

    I posted the numbers when it hit 1800 you simply made a false claim which I disproved rather easily.
     
  13. Mopar Dude

    Mopar Dude Well-Known Member

    Are there different precious metal chart results? I follow the Kitco chart and it shows that gold broke $1800.00 on July 7th.
     
  14. JoeNation
    Angelic

    JoeNation Patron Saint of Idiots

    I was confident that gold futures vs spot gold prices accounted for his error but why bother correcting someone who is never wrong.
     
  15. toughcoins

    toughcoins Well-Known Member

    There are different publishers of charts, but the spot price never exceeded $1800 on June 30, 2020 . . . JN was looking at futures trading.
     
  16. JoeNation
    Angelic

    JoeNation Patron Saint of Idiots

    Duh!
     
  17. toughcoins

    toughcoins Well-Known Member

    I just saw an old open session of Partisan Lines on my tablet wherein I could still see JN posts (I’ve had him on ignore for a while now), and I never knew until now he that he referenced futures. Not sure why he would knowingly do that. Spot is the only good price for delivery at any given moment.
     
  18. toughcoins

    toughcoins Well-Known Member

    Now that I’ve signed in again I can no longer see him on my tablet either . . . I find life is much better this way.
     
  19. JoeNation
    Angelic

    JoeNation Patron Saint of Idiots

    When a coward can't defend his opinions, he runs away and hides. I am also in a better place, perhaps the best I could have hoped for. I can still post whatever I wish any time I wish and never have to waste time responding to a snowflake that has his wittle feewings crushed every time someone lays bare his parroted Faux News talking points.

    With poor old JH MIA, I have loved this place more than ever. Finally, peace and civility reign. I could handle this all the way through November 3rd. Here's to a win-win and good riddance.

    *******P.S. Some please hit reply to this post. It will piss him off.*********
     
  20. FryDaddyJr

    FryDaddyJr Active Member

    :)
     

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