Gold shorts have had a tough few trading days since the release of NFP's, with gold continuing its winning streak overnight, trading as high as USD $1269...

Jordan Eliseo

Gold shorts have had a tough few trading days since the release of NFP's, with gold continuing its winning streak overnight, trading as high as USD $1269 before settling above USD $1260. Silver caught a bid too, trading just shy of USD $20.50. A mix of good, bad and ugly industrial production out of Europe overnight and a rise in wholesale inventories in the US were the only data points of note, with shorts continuing to cover after the strong set of US data last week wasn't enough to push gold through the critical USD $1200 barrier. Whether this is just a short term bounce for bullion, or the start of a pronounced move higher is still open to question, especially with the Fed meeting next week, but the Godfather of the investing industry, Richard Russell, is certainly warming to gold. Incredible read attached for those with 2mins to spare (VIEW LINK)


Jordan Eliseo

ABC Bullion Chief Economist. Gold bull since early 2000s, have spent +20yrs working in investment analytics, research & portfolio construction. Author of two books on investing in gold and causes of the GFC. Lover of markets, competition & technology

Expertise

Comments

Please sign in to comment on this wire.